1345 Wabash is setting a new standard in the South Loop with finishes that are familiar to readers of upscale design magazines: Florense cabinetry, Duravit floating vanities, Grohe fixtures, TOTO toilets and TransCeramica architectural tile.
1345 residents will enjoy the ability to individualize their home and make it truly commensurate with their personal style at a pre-tax cost that’s less than monthly rents in the neighborhood.
Buyers at 1345 Wabash can currently lock in 30-year fixed-rate financing at a 4.25% with a 10% down payment and lender-paid PMI (Private Mortgage Insurance).
Unit 405, a new 1-bedroom at 1345 Wabash can be purchased for $228,900. With 10% down, the principal and interest payment would be $1,013. The monthly assessment on the unit is $243 and real estate taxes and homeowners’ insurance are estimated at $286 and $20 a month, respectively. The total monthly cost of ownership is $1,562 before tax savings.
Unit 602, a new 2-bedroom can be purchased for $289,900. With 10% down, the principal and interest payment would be $1,283. The monthly assessment on the unit is $273 and real estate taxes and homeowners’ insurance are estimated at $362 and $20 a month, respectively. The total monthly cost of ownership is $1,948 before tax savings.
Real estate taxes and interest are tax-deductible, resulting in income tax savings that significantly reduce the cost of ownership. Monthly payments reduce the principal balance on the mortgage, another form of savings. Individual tax benefits, of course, can vary, but the stated cost-of-ownership assumptions are fairly conservative.
You can see current rent levels at all of the South Loop apartment complexes in a YoChicago post from yesterday.
The bottom line is that owning a condo at 1345 Wabash rather than renting in the South Loop results in lower monthly costs. Financial considerations, however, are only one of 1345’s attractions.
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.
One-bedroom condos at 1345 Wabash start at $228,900 and two-bedrooms at $290,900. 1345 Wabash will begin occupancy early this spring. The sales and design center is open at 1620 S Michigan Ave.