Urban lifestyle a big draw for buyers in West Loop
The West Loop is no longer just Oprah’s ‘hood. It’s known as a condo loft market, but as more people move to the neighborhood and start families, it has started to fill in with townhomes and further develop its retail and commercial amenities. The Tribune’s feature on the West Loop this week highlights some of the developments going on in one of our favorite neighborhoods.
West Loop townhome
Price: $750,000
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This newer town home complex was built by the reputable Belgravia Group and sold out about 2 years pre-construction. One of first re-sales of its floor plan now available, this wide town home is located in the inner courtyard with a patio that overlooks the lush, professionally landscaped grounds. Completed with the finest finishes throughout which include: mahogany stained hardwood floors and cabinets, up-graded carpet, 1 ¼ inch granite, stainless steel appliances and marble baths. This home boasts 10 ft. ceilings, large room sizes with 3 walk-in closets, custom paint, window treatments, and lighting throughout. A sizeable office nook is located on the 3rd level near the second and third bedrooms. The luxurious master is located on the top floor with a spa like bathroom with marble, Jacuzzi tub, separate shower and double bowl vanity. A private sun deck is situated off the master in addition to a front patio as well as a balcony off the kitchen ideal for grilling. An attached, heated, 2-car garage completes the package. A wonderful community feel!
Buying vs. renting, or cost vs. time — chicagotribune.com
Since the slumping home market has changed the equation determining the benefits of buying or renting, the Tribune is taking a fresh look at this age-old question. Prices are generally lower now, meaning it might be a good time to buy, but a tight credit market also means that buyers, particularly young people with little credit history, may have a harder time financing. Plus, overall energy cost increases mean that utilities and some repairs may cost more, adding to a homeowner’s responsibilities, whereas a landlord may pick up the tab for such things.
The best rule of thumb, as mentioned in the article, is to consider how long you will live in a particular place. In the past, three years was considered long enough to make it worth buying, but now that has gone up to five years.
Top 100 markets forecast: Where home prices are headed next
CNN/Money reports that housing prices should continue to decline in 75 of the top 100 U.S. markets over the next 12 months. As of May 2008, Chicago’s median home price is $279,000, a 29.2% increase in the past five years. However, this is expected to drop by 6.8% by next May.
