Quote:
Originally Posted by DCReid
They are not selling them for less. Unless we are all billionaires on this blog, $8 million for 4000 sf is not cheap, and we don't know how much the HOA fee is (it's usually high for older building like the renovated Tribune. It may also be that Chicago's market is more skewed towards US and likely local residents compared to a city like NY and LA. Also, condo to rental conversions had been occurring because the many people had preferred to rent rather than buy for the flexibility and developers could buy up often older condos, refurbish them, and rent them out. Some of the older north side condos were bought out by developers to convert to residential.
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Given how thorough the renovation was (top to bottom) I'd be surprised if the HOA was high due to maintenance factors. All things equal, a gut rehab shouldn't have higher maintenance costs than a new building.
If it is a high HOA (and it probably is) it's probably because of amenities and/or services, which would apply equally in a new, ground-up tower.