When taking clients, buyers, out to shop for a Chicago condo I hear a familiar statement when we are looking in different neighborhoods, “You get so much more for your money in this neighborhood.” I started to wonder if that was just clients perception or if it was actually true? I am not talking about comparing Lincoln Park to Sauganash but neighborhoods that are relatively close to each other such as the South Loop, Streeterville, and the Gold Coast. So let’s compare 3 homes that are almost the same price of $500,000, one in the South Loop, a condo at 1250 S. Michigan Avenue, a Streeterville condo at 680 N. Lake Shore and a condo in the Gold Coast at 1445 N. State Parkway.
$510,000 in the South Loop is a 1625 sq. ft. condo at 1250 S. Michigan with 3 bedrooms/2 baths, parking is $35k. Beautifully upgraded with stainless steel appliances, granite counters, hardwood floors, a balcony offering lake and city views. Full amenity building including 24 hour door staff, exercise room and an outdoor pool. If you worked downtown you could walk or take public transportation if the weather was bad that day. $313 sq. ft. including parking.
This home has been sold. View more South Loop condos here.
$500,000 in Streeterville is a 1550 sq. ft. condo at 680 N. Lake Shore Dr. with 2 bedrooms/2 baths with parking not included. You would have to lease a spot for $325 month. Nicely updated with cherry kitchen cabinets, black appliances and a slight peek at Lake Michigan. This is a full amenity building with 24 door staff, exercise room, indoor pool, grocery store, and all on-site exterior maintenance taken care of such as snow removal. Monthly assessments are $829/month. Close proximity to downtown, shopping, and restaurants. $322 sq. ft. not including parking.
This home has been sold. View more Streeterville condos here.
$500,000 in the Gold Coast is a 1600 sq. ft. condo at 1445 N. State Parkway. 3 bedroom/2 bath with a parking space costing $30,000 additional. Hardwood floors in the kitchen and one bedroom, slate in the living room and carpet in the 2nd bedroom. Stainless steel refrigerator in the kitchen with white dishwasher and stove. Amenities include 24 door staff, exercise room, bike room, and all on-site exterior maintenance taken care of such as snow removal. Monthly assessments are $1127/month. Walk to the Lake and Michigan Avenue shopping. Short commute to downtown via public transportation. $312.50 not including parking.
This home has been sold. View more Gold Coast condos here.
In conclusion, these 3 properties came in only $10 per sq. ft. different although the South Loop did offer a 3 bedroom while the Streeterville and Gold Coast condos only offered 2 bedrooms but in the same amount of space. So technically if you needed a 3 bedroom the South Loop would offer more for your money. In my opinion most people are willing to pay the price and get what they want. For instance, a Gold Coast buyer is just not a South Loop buyer and a Streeterville buyer wants Streeterville period. It is just not a perception, it is a fact that you do get more for your money in close proximity neighborhoods, although the difference is slight.