East Randolph Street – Call Kristine 312-933-1894

Observations and insights into real estate happenings along E. Randolph St. in downtown Chicago

East Randolph Street, Chicago

Two plus den sold at the ParkShore – 195 N Harbor in the last 6 months

July 13th, 2010 · No Comments · Uncategorized

Since we own a two plus den unit at the ParkShore, I am always very interested to see what’s going on with the similar units in the building. In the last 6 months, there are four two plus den closed in the 06 tier, starting from $465,000 to $485,000, the price includes a parking space. We have bought our unit at the top price in 2007 for $527,000 including a parking space, so if we use the average closed price of $470,000, that means we lost $57,000, that is 11% of our purchase price in three years.

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.

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