Own a new South Loop 1-bedroom for less than rent

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

Unit 408, a 1-bedroom with a balcony, is priced at $233,900. With a 10% down payment, a $1,036 monthly payment on a mortgage of $210,510 at 4.25% with lender-paid PMI, monthly assessments and estimated property taxes of $243 and $312, respectively, your total out-of-pocket payment is $1,591 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.

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 on-site, and furnished models are available for viewing.

COMMENTS