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Chicago Real Estate Market |
The fees, restrictions and other aspects of the condo homeowner's association can also make or break your home's resale value, as can the management. You should also talk to current tenants and ask them the pros and cons of living in that particular condo. These environments tend to be highly social, so the prospective buyer should also consider whether that frequency of contact with social neighbors will be welcome or obnoxious. Good condo deals are becoming increasingly easier to find in the Chicago real estate market because after all, one man's glut is another man's steal. Condos will soon find themselves once again the rising stars of Chicago real estate. The current glut may simply be viewed as an opportunity to get a great deal on a piece of real estate that you can sell in three to five years at profit. There are some things to consider first, however. Parking access and geographical location will affect the condo's resale value, as will the quality of soundproofing. It is important to test how soundproof the walls are before buying. This is one of the most prevalent condo downfalls. Ask your neighbors on all sides - including ceiling and floor - to turn their televisions or radios to a volume in the normal-to-loud range. Some may worry about a possible glut in the market, and that is certainly a valid concern. But for the worker bees, condos are ideal because there is no time-consuming yard maintenance and very little home maintenance required. Pools and other amenities, plus a doorman and security, are all definite perks. The Chicago Loop or the north side could be ideal - public transportation affords a minimal commute to work. Frequent business travelers may find the condo a convenient crash pad. This is particularly true if the business traveler finds a deal that is not outrageously expensive and won't cut too far into their wallet. Overall, the Chicago real estate market offers a variety of residential choices. As far as condos go, some may be charming "vintage" ones, albeit probably requiring more upkeep and maintenance. There are high-rises and flats. Each building and condo community has its own personality, so a little careful research will help you decide which is right for you.
Brian Nygard
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There
is no doubt that lofts and condominiums are a huge part of the
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