Eric Rojas, Chicago Real Estate Broker

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Wednesday, January 04, 2012

Condo buyers back?

We've had more people contact us this past December about buying condos from neighborhoods spanning the South Loop to Lincoln Square than in quite some time. If you have a couple bucks to put down, it's true you may be able to own a condo for less than what you'd pay for rent for a similar quality rental.Owning a condo may be the right lifestyle or investment for you.  It depends on what you are after.


The living room photo from 3520 N Reta, a former condo listing of Bob's: VHT.com

There are a handful of "no brainer" very desirable opportunities for cash buyers and those ready to pull the trigger aggressively with stellar financing lined up. The fact that there were actual "investor purchases, renovations and quick re-sales" this year in the condo and town home markets really opened the eyes of our potential buyers. The $200,000-$300,000 condo market offers great value in desirable neighborhoods in our opinion... especially if you will purchase below your means, fix one up a little and live there as your primary residence for awhile.


Condo purchases were down for 2011 again in most of our neighborhoods we do business.  We see the number of unit sales turning around in core neighborhoods like Lincoln Park, Lake View and Lincoln Square for 2012.  That's the buzz we are feeling. The key is finding good buildings and paying less to own for more quality than you might pay to rent it.

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