Quote:
Originally Posted by ithakas
I sure would like to see some proposals focused on starter condos, personally. I'm happy to see the Vista/One Bennett Park/No. 9 Waltons get built, but I wish there were projects like 235 W. Van Buren in the pipeline.
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My very first investment was a condo at 235 W VB.
For years I thought "what a sucker I am, condos are a horrible investment" and went on to actual buildings.
But now I'm rethinking that. I've managed to raise rents consistently given the downtown boom, particularly with the flow of jobs towards the western portion of the Loop. It's very low maintenance and easy to fill. Plus you can always get a parking spot and lease that out as well.
So I agree. We do need some more starter condos, not only for new homeowners but for investors who want to cash in on the fun, but aren't exactly in a position to buy a 100 unit apartment building in the SW Loop for $63 million.