Own a new, move-in ready South Loop 1-bedroom for less than rent

If it’s lease renewal time, it’s time to consider the financial benefits of purchasing a new, move-in ready condo at 1345 Wabash in the South Loop.

1345 Wabash was designed by the award-winning firm of Brininstool + Lynch. CMK Companies, the developer of 1345, is one of Chicago’s leading real estate firms and has a strong track record of building architecturally-distinctive, value-driven communities in prime locations.

Unit 408, a 1-bedroom with a balcony, is priced at $233,900. With a 10% down payment, a $1,051 monthly payment on a mortgage of $210,510 at 4.375% with lender-paid PMI, monthly assessments and estimated property taxes of $243 and $292, respectively, your total out-of-pocket payment is $1,586 a month. That’s less than the monthly rent on many South Loop studios.

Income tax benefits will vary with individual circumstances, but may reduce your effective cost of ownership by several hundred dollars a month.

Purchase incentives are available when you work with Wells Fargo or Wintrust, 1345 Wabash’s preferred lenders. A variety of fixed- and adjustable-rate mortgages are available with as little as 5% down.

Substantial monthly savings aren’t the only benefit of ownership. The condos at 1345 Wabash have a loft aesthetic with high ceilings, hardwood floors, exposed concrete ceilings and beams, open spaces, large windows, and private balconies.

One-bedrooms at 1345 Wabash currently start at $233,900 and two-bedrooms at $297,900.

1345 Wabash has a stellar, pedestrian-friendly South Loop location, with destination restaurants on the same block and scores more within a few minutes’ walk. The CTA transit hub at Roosevelt Road, Jewel-Osco and Trader Joe’s are just over a block north.

The 1345 Wabash sales center is open daily, and furnished models are available for viewing.

COMMENTS