CMK Companies‘ 1345 Wabash, the first new-construction condominium in the South Loop in years, offers buyers an almost irresistible value proposition: a high-style, architecturally-distinctive home in a prime location for substantially less than the cost of renting.
A new 2-bedroom, 2-bath condo at 1345 Wabash can be purchased for $305,900. Buyers can currently lock in 30-year fixed-rate financing at a 4.586% APR with a 10% down payment. The monthly assessment on the unit is $315 and real estate taxes are estimated at $382 a month.
The result is a total monthly payment of $2,106, before taking into account the income tax benefits of ownership. Real estate taxes and interest are tax-deductible, resulting in an estimated first-year tax savings of approximately $428 a month for an individual in the 30% tax bracket. Over a 5-year period an owner would have reduced the principal balance on the mortgage by more than $25,000, another form of savings.
Individual benefits, of course, can vary, but the stated cost-of-ownership assumptions are fairly conservative.
You can see 2-bedroom rent levels at all of the South Loop apartment complexes in a YoChicago post from earlier today. Two-bedroom apartments are in demand in the South Loop and two of the buildings had none available for rent. Rents for 2-bedroom, 2-bath units in the remaining newer buildings typically range upwards from $2,500 a month.
The bottom line is that owning a condo at 1345 Wabash rather than renting in the South Loop results in substantially lower monthly out-of-pocket costs even before taking into account savings from tax benefits and principal reductions. Financial considerations, however, are only one of 1345’s attractions.
Owners also gain what many consider the prime advantage of ownership: the ability to individualize their unit in a way that a renter never can, and make it truly their home and truly commensurate with their personal style. 1345 Wabash starts with standards that surpass the upgrades in many buildings, including brands that are familiar to upscale buyers: Florense cabinetry, Duravit floating vanities, Grohe fixtures, TOTO toilets and TransCeramica architectural tile.
The biggest draw at 1345 Wabash is its stellar location. There’s a fabulous restaurant / bar cluster on the same block as 1345 Wabash, just a few steps north, including Gioco, Zapatista, Asian Outpost, Flo & Santos and The Scout.
There are dozens of additional restaurants and bars within a few minutes’ walk. Breakfast options are abundant, but you can expect a weekend wait at the popular Bongo Room, Eleven City Diner, and Yolk.
A variety of bus routes criss-cross the area and CTA’s Roosevelt Road station, a block-and-a-half north of 1345, has Red, Green and Orange Line stops for easy access to north, south and west side locations and to Midway Airport.
In brief, there are very few locations in Chicago that offer a comparable mix of convenience and urban excitement.
1345 Wabash has one-bedroom condos that are pre-completion priced from $219,900 and two-bedrooms from $289,900. Floor plans, detailed specifications and more information can be found at the 1345 Wabash website. A sales center is open at 1620 S Michigan Ave.