Monday, July 06, 2009

Trump for Chump Change: Gold Coast to River North One Bedroom Deals

Stepping out of 405 N Wabash, surrounded by iconic architecture everyday like Trump Tower and the Wrigley Building. 405 N Wabash is a solid building right next to Trump Tower with nice pool, fitness area and terrific entrance plaza. A one bedroom condo can be had for under $200,000.

I've been in Gold Coast and River North neighborhoods quite a bit lately with clients looking to take advantage of the currents market. There was a glut of condos sold to investors over the past several years... and of course that party is over. Many of those units are selling off short-sale and the buildings themselves pose a risk and reward. Sure you can get a good deal, but what will become of the condo association when everything shakes out? I think this opportunity is fit for the second home buyer or someone with reserve cash that can weather any issues in the coming 5 years.

For my first time buyers who covet these neighborhoods with their amenities and their views, we tend to look at established buildings that also offer good buys now. My clients have found out quickly that once you put all the puzzle pieces together- location, view, good building, nice unit, parking options, building amenities- the choices shrink fast.

A couple of my favorite buildings going north for deals and views include 10 E Ontario (great amenities, sharp looking building and you can score PARKING with a unit for the $240s!) and 88 W Schiller (The Lowell House) for great lake views and location near Lincoln Park as well.

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