This time of year, most of us have a lot on our minds. The holidays are fast approaching, we’re tidying up any end-of-the-year affairs, and winter is around the corner. But now through the end of the year is a great time to think of something else—making a Chicago real estate purchase.
Why now? For starters, the end of the year means Chicago new construction developers are looking to reduce their inventory before the calendar turns. The fall real estate market typically begins in September, and it’s not expected to be strong. While this might sound like another doom-and-gloom economic update, it’s great news for potential buyers. Combined with historically low interest rates, there are bargains to be had in real estate, especially in the high-end condo luxury market and Chicago luxury homes priced at $1.5 million and up.
The major caveat for making a Chicago real estate purchase is that, as a buyer, your credit has to speak for itself if you’re looking to secure a mortgage. An excellent FICO score is crucial to getting approved for a mortgage loan right now, as is being able to put down 20% to 30% as a down payment. Because of all of the requirements that come with mortgage lending, cash, of course, is king. A buyer who plans to pay in cash is in the most ideal position to negotiate a great deal.
One of the most desirable Chicago new construction properties is The Park Monroe. With a coveted downtown location—at the foot of Millennium Park and within walking distance of shopping, dining, entertainment and more—The Park Monroe offers unbeatable views of the city skyline and of Lake Michigan. Condos in this building begin at the 42nd floor, so no unit is without one of the city’s spectacular panoramas.
The Park Monroe is a great place to find a deal in Chicago real estate now. With lowered prices and several units available, this building is prime set for buyers looking to get a deal on a Chicago condo purchase. Here are a few examples of what’s available and how prices have changed:
Unit 4401: 2 bedroom, 2.5 bath; 2,577 total square feet
Price: $1.6 million
Unit 4517: 1 bedroom, 1 bath; 928 square feet
Price: $399,500 $299,500
Unit 4605: 2 bedroom, 2 bath; 1,455 square feet
Price: $769,500 $649,500
Unit 4606: 2 bedroom, 2 bath; 1,529 square feet
Price: $959,500 $799,500
Unit 4613: 2 bedroom + den, 2.5 bath; 1,955 square feet
Price: $1,449,500 $999,500
If you’re a buyer considering a purchase before the cold weather sets in, call me at 312-264-5853 or email me at [email protected] to set up an appointment and see firsthand what deals are available.