Quote:
Originally Posted by Investing In Chicago
Those older highrises in Chicago typically don't make sense to purchase from an investment perspective. If you were looking to purchase a condo in Chicago, you'd be better off purchasing in a 3 unit building on a standard 25/30 x 125 foot lot. You'll have significantly lower HOAs and will see better appreciation / demand long term.
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Yep
The only caveat is a beautiful classic building in an exceptional location (Gold Coast, LP, Streeterville) with views of the lake. Those condos will probably hold their value.
Another good condo investment is a low cost, small, low HOA condo downtown that you can always keep rented at a good rate. 235 w VB, where I own my condo, is a good example of that. It’s a high volume, low amenity building and when pandemics aren’t happening it will always be in an area where you can snag renters at a good rate.
Otherwise, most highrise condos in Chicago are not a good investment when downturns hit.