Quote:
Originally Posted by twister244
I'm not even talking about properties that cheap.....
I'm talking about the $100-$350k range. There's a TON of stock... In the nice parts of Chicago, and they are nice properties. From my Denver lenses, that's insane considering the median house price there is now >$600k and inventory is basement levels.
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Chicago has reasonable prices, but I'm highly skeptical you're seeing 100k (or even 350k, for that matter) SFH in nice, centrally located Chicago neighborhoods. $1 million is probably the absolute bottom for move-in ready SFH in prime areas.
You can't compare multifamily for-sale units to SFH. You could (theoretically) have a nearly "free" co-op in Manhattan, if you purchased an income-restricted co-op (which also has strict limits on future sales). But it can't really be compared to "normal" for sale housing because it functions more like a rental. And even "market rate" condos aren't comparable, because the monthlies can be crazy for older units. A 400k condo can be "more expensive" than a 600k SFH.