Are Starter 1-Bedroom Condos Still Popular in 2019? 548 W. Brompton in Lakeview
This 1-bedroom at 548 W. Brompton in East Lakeview just came on the market.
Built in 1923, this courtyard building has 61 units.
This unit has south facing windows that face the courtyard with 3-way blinds.
It has high ceilings with crown molding and French doors which open to the kitchen.
The listing calls the kitchen an “eat-in chef’s kitchen” with granite counter tops, white cabinets and stainless steel appliances.
There’s a walk-in-closet in the bedroom.
There’s no central air but there’s a window air conditioning unit.
There’s also no parking and no in-unit washer/dryer but the listing says the building has installed new washer/dryers.
In the past, many buyers have started out as owners with starter condos before moving on to other properties.
In 2019, is this still the path many will take towards ownership?
Brady Miller at Chicago Real Estate Artists has the listing. See the pictures and floor plan here.
Unit #2E: 1 bedroom, 1 bath, no square footage listed
- Sold in December 1996 for $71,500
- Sold in March 2001 for $160,000
- Sold in September 2003 for $175,000
- Sold in April 2007 for $220,000
- Sold in November 2009 for $195,000
- Sold in July 2018 for $210,000
- Currently listed at $224,900
- Assessments of $290 a month (includes heat, cable, Internet, exterior maintenance, lawn care)
- Taxes of $2867
- No central air- but a window unit
- No in-unit washer/dryer but there are some in the building
- No parking
- Bedroom: 13×9
- Living room: 17×12
- Kitchen: 12×11
Assuming you can come up with the a 10% downpayment, you’re still looking at &1750/mo for a <600sf condo. Not sure why anyone wouldn't just rent a new(er) apt with more amenities.
The kitchen table renders the kitchen pretty much useless
I wouldn't consider 13 X 9 a generous MBR
They better hope to find some rich parents that want to buy their snowflake a condo so they don't waste their money on rent or a spinster with 6 cats.
The only reason these were popular as starters is the Apt market was junk.
I purchased a small (aka tiny) Lakeview 1br condo when I was young, and it was the best decision I made. I never had student loans, car loans etc, so ten years later, a huge part of my credit history was my mortgage loan. I had the same monthly as this place, and it was nicer than the average rental. There are a lot of reasons for purchasing a place like this, and I would do it again if I was in the same place in life. I also sold my tiny 1BR for a gain within 24 hours of it being listed.
At least they included a floor plan.
“$1750/mo for a <600sf condo" … is about $3 per square ft of monthly expense. That's steep verses renting. Someone might mention about "buying builds personal equity", to which I would reply with "transaction costs".
Unless this was bought and held long-term, which is doubtful for a small one-bedroom, I don't see the appeal of buying this in a stagnant real estate market.
“a spinster with 6 cats.”
Or how about a single dude with 3 guitars?
“Or how about a single dude with 3 guitars?”
Has move of a cat lady vibe Vs the wannabe Clapton