Should You Rent or Should You Buy? A 1-Bedroom at 6 N. Michigan in the Loop
This corner 1-bedroom at 6 North Michigan on Millennium Park in the Loop came on the market in May 2014.
It is one of the rare 1-bedrooms in the building that has a direct east-facing Millennium Park and lake view.
The 950-square foot unit has luxury finishes including a stainless steel Betazzoni stove, a Liebherr refrigerator, a Bosch dishwasher and quartz counter tops.
It has the features buyers look for including central air and washer/dryer in the unit but there is no parking included.
The listing says parking is available for purchase in the building.
Originally listed in May 2014 for $525,000, this unit has been reduced by $50,000 to $475,000.
OR you can also rent it.
It came on the market in October 2014 for $2700 a month and was recently reduced $100 to $2600.
Does it make more sense to buy it or rent it?
Patrick Ryan at Related Realty has the listing. See the pictures here.
Unit #901: 1 bedroom, 1 bath, 950 square feet
- Sold in September 2009 for $489,000
- Originally listed in May 2014 for $525,000
- Reduced several times
- Currently listed at $475,000
- Assessments of $537 a month (includes heat, a/c, gas, doorman and cable)
- Taxes of $699 (building has a historic tax freeze)
- OR you can rent it
- Available to rent in October 2014 for $2700 a month
- Reduced
- Currently available for $2600 a month
- No parking (available to buy in the building)
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×11
The rental market is a tough one for landlords right now. There’s a LOT of competition downtown.
Why would someone rent this when they can rent in that new high rise on Wacker, for instance? That’s a full amenity building. It has luxury finishes. It’s not across from Millennium Park however.
But renters have a TON of options- if they’re looking at living in a high rise.
Maybe if you’re renting a dump. We are renting a 1BR in SL for nearly $2K a month. We like our renter as he had no pets and is reasonably tidy. If he were to leave, we’d find a renter for a higher price in a heartbeat.
Great views. That tax credit is pretty key in the rent vs buy calc. Saves about $400-500 a month.
475k @ 3% = 1187
HOA = 537
Taxes = 58
——————-
total = 1782
Great view. The unit looks really small though even for a 1 bedroom but good looking finishes.
“The unit looks really small though even for a 1 bedroom”
They aren’t using the wide angle lens realtor photo trick.
There doesn’t appear to be any space at all for a dining table, even a small one. The living area is tiny.
I thought 2nd time buyers don’t qualify for tax credits such as this one?
also what’s up with picture #13?
“also what’s up with picture #13?”
maybe a party room?
“I thought 2nd time buyers don’t qualify for tax credits such as this one?”
They don’t. It’s only the original buyer. But the agent is just listing the taxes as they are right now.
I just saw the listings at that new Optima Tower in Streeterville (just off the Mag Mile.)
Their 1-bedrooms are listing at like $2400 and up (small though- only 650 square feet to 800 square feet) but you get 2 months free on a 14 month lease. The two bedrooms don’t look like they have incentives. I’m sure it’s harder to rent all those very expensive 1-bedrooms because you aren’t splitting the rent. At least with a $3300 a month two bedroom, you each can be paying $1700 which makes it a little more tolerable.
I think this has reduced to $2500 a month if you’re going to rent it.
It’s also still for sale for $475,000.