Quote:
Originally Posted by Eightball
You said you are renting it out? Is it a couple or an individual in there?
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yeah, it was a studio condo that i purchased in 2007 right before the real estate collapse, so i was kinda locked into owning it for a while. when i moved out about 2.5 years ago, i rented it out to my cousin and her fiance (they've since gotten married). i know they're cramped in there with two people, but they say they love it because the location can't be beat. my cousin recently got a new job where she is making considerably more money than she used to, so i expect them to be moving out in the not too terribly distant future. she told me they want to trade up to a one-bedroom in marina city because, again, they both just love the central location so much.
when they do eventually move out, i haven't decided if i'm gonna try to sell it or find a new tenant. it would probably make some financial sense to keep it and rent it out for the time being. i'm no longer underwater on it, but i still think there's room to grow in the downtown chicago condo market that is ever so slowly starting to come back to life, so it'd be kind of dumb to sell it right now while prices are
still depressed from the real estate collapse.