The unit needs lots of work for sure but I think if you would like to spend around $75,000, this can be a very nice two units, I think it is better to split them and them to rent them out. As the rental income can be around $2,200 per two bedrooms unit in the building, that means you could get around $4,400 each month cash inflow. The assessment is around $1,700 and the tax would be around $600 per month, that means you will get a good cash inflow without calculating the mortgage, this means the tenants are helping with $2,100 each month with your mortgage payment.

I think no matter who bought it has got a great deal!

The Joffery Tower is located at the prime locating, walking distance to the trains, Macy’s. block 37 and the Millennium park.

It has nice city and river view, the listing price is $2,500 per month which includes basic cable and Internet. It can be rented furnished for $3,000 per month. Available immediately.

We went to the North Harbor Tower too, the room size is nice, the only draw back the washer and dryer in unit, they do have a one bedrooms comes out for $1,390 and most of other one bedrooms are asking $1,510. They do not need security deposit but need to get employment verification to show that you make 3 times of the rent, otherwise you need to give them a bank statement to show that you have that amount of money in the bank.

From the above we could tell that the banks do not like to give counter offers, so if you are bidding on foreclosures, should bid close to the listing price, otherwise, should just wait until they drop the price, otherwise, it is a really waste of time for all parties.

The Parkshore is a full amenity building with 24 hour doorman, management office on site 5 days a week, nice gym, roof top swimming pool, grocery store on site.

The unit has great view to the lake Michigan, the Chicago River, the Navy Pier etc. This is the best deal in the building!

Every room has built in closets. Both bathrooms are marble, the guest bathroom has bamboo floor, very nice granite counter and beautiful tiles. The master bathroom has a Jacuzzi, it is all marble throughout from the walls to the floor. The old tub has been converted to a marble shower. Modern venity with a glass sink bowl, medicine cabinets and mirror.

All the lights are on dimmer, customized curtains in the bedrooms. Nice design and finished balcony. The balcony is private between the master bedroom and the living room with entrance from the living room.

The unit is over looking the Chicago Lake, the Navy Pier and the south shore line. It has permanent views.

This is a must see, so many details in the entire unit, very beautifully done, the asking price is $905,000 with a self parking space included. Please contact me if you have more questions.

The unit is overlooking at the sun deck and the swimming pool, the new designer lakeshore East Park. So the view is great, lots of green plus you do not look at other people’s windows. So if you are good at getting a contractor to do some remodeling, this is not a bad deal!

Let’s assume that we did not buy at the high market and we have rent a similar unit, which is around $2,300 per month, using 36 months, the total would be $82,800, which is $25,800 more than the price drop for the unit. Plus we have paid 3 years of our loans and we have got tax deductions. From this calculation, I learned that the earlier you own an unit, the better, but of course you have to purchase the right unit as some the condo prices in downtown has dropped 50% percent from 2007. ParkShore is a great place to buy.

Currently there are three two plus den in the 08 tier for sale, the asking price is between $549,000 to $589,000, the price includes a parking space. The 08 tier has better views then the 06 tier right now and might be for the next 10 years as there is an empty lot right in front of the unit, so the developer is saying that they are not going to build until after 10 years. But nobody could predict the future. So that’s the reason of the 08 tier is a little more than the 06 tier. I am thinking after the buildings are being built, then the prices should be similar.

Also, I do here people asking about the big empty place next to the lakeshore Dr. Between the new Regatta building and the Parkshore. On the developer’s map, it is going to have three buildings there, and a small version of the lakeshore east park. After according to Magellan,  the developer of the lakeshore east neighborhood, they are not going to built anything there within the next 10 years.

As a Realtor we do hear people talking about the market differently these days. They tends to care more about it is the bottom of the market other than the market is so bad, that means people are getting back to the purchasing mood, at least that’s what we see here in downtown Chicago.

I am very excited to see these numbers as that means this building is still sit very strong, the price is still higher than the price in the 04 and 05 price. Which you do not see so many in the city.

Also, I heard that our building has been assessed a little less than the market value, means that our price is still hold up pretty strong too.

Some rental buildings located at the west of the downtown area, such as 215 West, the alta at the K Station offers completely new look of the rentals, they have a full amenity floor, which offers a private theater room with the theater chairs, game room, internet room, basket ball court and all the other common areas. The new young and professional renters do not mind to pay a little extra for the rent these days to get new look of the apartment.

Other good apartments buildings are Flair Tower, Parc Huron, EnV Chicago etc. Since I am a licensed Realtor in Chicago, I would be happy to show you all these apartments and if you get to rent one, you would be entitled to received a gift card!