Quote:
Originally Posted by Tombstoner
Kind of hard to say unless you see the property in question. It could be an amazing deal (and I hope for SIGSEGV it was) but there are a number of Loop properties that are poorly located/no view/need extensive rehab/no amenities, etc. Good for future investment, perhaps... Something for 1-2M in a nice part of LA or NYC you could expect a very turnkey 850-1050 sqft. As marothisu says, there are certainly insanely overpriced properties in NYC, but it's not like Chicago is 75% cheaper.
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I was only talking about downtown, the most expensive part of Chicago (on average). Chicago is actually pretty much 50% or more cheaper than NYC anywhere you look no matter what. Literally a 3 bedroom in downtown Chicago is cheaper than the 1 bedrooms next to us here. Also the HOA prices on average in NYC are way higher than in Chicago so that needs to be factored in.
How about this $800K 2/1 in Chelsea with a $1700/mo HOA? Not very nice though with some character, a virtually non existent kitchen, and small with absolutely no view of anything:
https://www.realtor.com/realestatean...1_M38522-29800
By contrast, I can get a 1350 sq ft 2/2 in Lincoln Park just a few miles north of downtown basically right next to Lincoln Park with a much better view for $299K with a $975 HOA. You could spend $100K renovating this place and it would still be half the sale price as the Chelsea one above.
https://www.realtor.com/realestatean...4_M85860-62577
So let's contrast to some place not in Manhattan. How about this 1200 sq ft 2/2 in Forest Hills, Queens for $719K with a $1533 HOA. This is 9 miles east, in Queens, to Bryant Park in Manahttan:
https://www.realtor.com/realestatean...5_M43495-08187
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