Chicago Luxury Condominium
Oh, to own a Chicago luxury condominium. Aren’t they incredible looking? Sleek, tall, new constructed glass high rises with breathtaking views. All the amenities at your door step. Grocery shopping, hair and nails and the dry cleaner’s literally just steps from the elevator opening. The pool and spa area, the restaurants and the magnificent open lobby entrance await you after a hard days work.Â
How is it possible to own such a piece of Chicago condo real estate? The word luxury means proving great comfort, expensive. What is expensive? We’re going to start with anything that is priced over $1,000,000. There are eight hundred and five Chicago luxury condos on the market priced between $1,000,000 and $5,000,000. Most of these are in Chicago’s River North, Chicago’s Downtown Loop, Chicago’s South Loop, Chicago’s West Loop, Chicago’s Gold Coast and Chicago’s Streeterville area.
To finance a luxury condo, most banks will require that you put down at least 25%-30% of the purchase price. For that one million dollar condo that you want to buy, you may need $300,000 for your down payment. That leaves a $700,000 mortgage. With today’s interest rate of 5.5%, it will cost you roughly $4,000 per month for your mortgage. Then there are the monthly taxes and association fees. You can predict the taxes to be about $1,000 per month, and depending on the property and its amenities, we’ll predict the association fees to be around $500 per month.Â
So, if you have $300,000 and can afford a monthly payment of $5,500 you are in the game. The choices for Chicago luxury condos are immense. There are so many developers that need to move product that the prices on these gems is at an all-time low. There are people that originally bought the units as speculators, wanting to flip the units for a profit, but got stuck with them when the market came down in value. Now they own these condos and cannot afford the $5,500 per month themselves. People are walking away from these units, being foreclosed on. Banks have a huge array of condos in their portfolio that they want to get rid of. It goes, on and on and on.Â
There’s so much opportunity to pick up a Chicago luxury condo at bargain basement prices today. The best way to start is get in front of local realtors that have knowledge in the area and pick their brains for all the possibilities. They work the market everyday and know about deals because they’re in the business. Study all the sale prices of condos to see if you’re really getting a good deal. When you finally find that Chicago luxury condo that you’ve always wanted, don’t hesitate. Treat yourself to the good life.
Chicago South Loop Condos
The Chicago neighborhood of the South Loop has been steadily increasing in popularity, driven by its proximity to the loop, the lakefront, Grant Park but in no small part to Chicago South Loop condos prevalent in the area. Many loft conversions, luxury new construction buildings and the new Soldier Field have further broadened the neighborhood appeal to visitors and prospective residents alike. Bordered by the lake, Cermak to the south and Canal Street to the west, the South Loop includes the historic row houses of Printer’s Row and the Dearborn Park residential developments.¦lt;br /> Like the Near South Side, the South Loop is a major player in the city’s residential and business plans for the next decade. The neighborhood is seriously up and coming!
Columbia College and the School of the Art Institute bring many your artists and students to the South Loop. Chicago’s Museum Campus is the cultural anchor of the South Loop and attracts an abundance of visitors and culture-seekers to see the World Famous Field Museum and Shedd Aquarium almost every day of the year.
Transportation in the South Loop is a snap, with access to Metra, the El Blue, Red, Green and Orange Lines and CTA busses on most major streets. The South Loop also has -90 on its western edge and US Route 41 along the lake shore.
The South Loop was one of Chicago’s first residential districts, which recent redevelopment has again transformed into a residential neighborhood packed with Chicago South Loop condos.
Working-class immigrants, primarily Irish, initially settled south of the young city near the river while the well-to-do built houses along Michigan and Wabash Avenues. By 1900, railroad tracks filled the area, serving freight depots and passenger stations. As Chicago became the nation’s printing center, high loft buildings filled the area near Dearborn Station which is the architectural hallmark of the South Loop. In 1973 business leaders worried about the derelict South Loop and called for construction of an urban town in the area. Downtown business leaders organized a corporation to build a community on 51 acres of Dearborn Station rail yards and residents moved into Dearborn Park in 1979. Middle class residents were attracted to the integrated neighborhood in the heart of the city, and a second phase was built south of Roosevelt Road in 1988.
Architecturally, the South Loop has many unique and special housing choices. The area features condominiums and lofts made from former warehouses, printing plants, and other historic buildings. Unique to the areas are also many acres of open land with new subdivisions containing single-family homes, townhomes, mid-rise condominiums and apartments.
