North Harbor Drive

Observations and insights into real estate happenings along N. Harbor Dr. in downtown Chicago

East Randolph Street, Chicago

Condo price drop at the 195 N Harbor

March 16th, 2010 · No Comments · Uncategorized

We have bought our place which is an original 06 unit at the parkshore 2 and a half year ago at the peak time for $527,000. Right now there are a few 06 units for sale at the 195 Harbor from $399,000 – $529,000, they all include a parking space, that means the value of our condo has dropped at least  10 – 15% during these last two year period, so that is around $52,700 – $79,050. But let’s assume that we were wise and did not buy a place in 2007, then we end up has to rent a two bedrooms for around $2,100 per month minimum, that would be around $63,000. So that means we have a wash, plus it is harder to get approved for the mortgage, maybe we will not be able to get approved for the loan. The last but not least is what if we put all the cash in the mutual fund, we might lose more money during these period.

So after all the thoughts and regrets, I want to conclude that it is right to buy a place than to rent as eventually this place will be ours! Also, comparing to the unit prices around this neighborhood, the Parkshore prices is holding up pretty well!

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