Rents in top-tier downtown Chicago apartment buildings surged in the first quarter of the year, up 7.6% over the previous quarter, according to a recent Crain’s Chicago Real Estate Daily report. “The market was on fire,” according to a local analyst quoted by Crain’s.
There’s a simple way to protect yourself against soaring rents: stop renting and buy a condo.
Buying an older condo may be jumping from the rent-increase frying pan into a special-assessment fire. There’s a simple way to avoid the risk of special assessments or soaring assessments to correct problems in an aging building: buy new construction. You gain additional protection against rising assessments when you buy into a building that doesn’t have a pool and other expensive-to-maintain common areas.
Limiting amenities to limit ownership costs is part of the value proposition for the new condos under construction at 1345 Wabash in the South Loop. Add an experienced developer, an award-winning architect, a prime location and a home with high-style finishes and the value proposition becomes compelling.
Pre-completion prices at 1345 Wabash start at $222,900 for 1-bedrooms and $289,900 for 2-bedrooms.
Check out the rent vs own comparisons for 1345 Wabash, then visit the sales / design center at 1620 S Michigan to learn more of the details and pencil out your personal savings from ownership.
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