The concerns of most buyers revolve around the abilities: stability, affordability and lend-ability. Given the current market, you are probably wondering if it is smart to purchase a condo in Chicago as many other buyers question.
So let’s look at a sustainable condo in Chicago, for example, 4531 Magnolia located in Chicago’s Uptown neighborhood. First let’s understand what sustainable means to me. I’m looking at a solid condo association with healthy financials, a well maintained building, and is located in a walkable neighborhood that is becoming more and more desirable as a result of the increasing amenties such as local transportation, shopping and dining.
As you cruise through the Uptown neighborhood you’ll notice many for sale signs. But let’s take a look at this property in particular. The condo association has very solid reserves that are well in excess of the required 10% by lenders. The building has been steadfastly maintained through the years. Not only is there evidence of leadership in managing the property but also the atmosphere among the owners is friendly. With a high walking score of 97% this location is just a few blocks from the bus, Chicago’s El, dining and shops.
With a low price of $279,000 and affordable assessments of $200 per month, which includes gated and secure parking, this two bedroom and two newer bath condo with back terrace and front balcony is sustainable. Boy do we Chicagoans love our outdoor space. Then you add the amenties of central air, fireplace, and bay windows to allow the maximum amount of light most of us sun-starved locals need. And to further show how much this property has going for it, there is a new kitchen that incorporates a sustainable cork floor and high efficiency appliances in addition to the condo being recently painted with low VOC paint.
Now that’s sustainable!
Maggie Finegan, ABR, Move with Maggie Chicago Real Estate Team