Own a new South Loop condo at 1345 Wabash for less than rent

1345 Wabash is the first new-construction condominium in the South Loop in years and it offers buyers a compelling value proposition: a high-style, architecturally-distinctive home in a prime location for substantially less than the cost of renting.

If you purchase a new 1-bedroom at 1345 Wabash for $225,900 with 90% financing at 4.335% your total payment will be $1,621 a month: $1,010 for principal and interest, $75 for mortgage insurance, a monthly assessment of $254 and estimated real estate taxes of $282.

Beginning this year mortgage insurance premiums are no longer tax-deductible. The tax benefit of the mortgage interest and real estate tax deduction could be as high as $253 a month for an individual in the 25% tax bracket, reducing the monthly cost-of-ownership to $1,368.

As of a few days ago a 1-bedroom in the South Loop wasn’t available at that low a rent, and rents were typically as much as $500 a month more in newer buildings.

Individual benefits, of course, will vary, but the stated cost-of-ownership assumptions are fairly conservative and don’t reflect principal reductions, which amounts to just over $18,000 in the first five years of ownership.

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.

Trader Joe’s and Jewel-Osco are a block north of the building and a recently-opened Mariano’s is a few blocks southwest. Target and Whole Foods are nearby on Roosevelt Road.

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, very few locations in Chicago 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.

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