Are you ready to stop playing a monthly rent and start putting that money towards equity on your own place? Because of its relative low barrier of entry, the South Loop is a perfect neighborhood to buy your first place. It’s common to find one- and two-bedroom lofts in the neighborhood in the $300,000 to $400,000 price range. And believe it or not, you can still find places under the $300,000 mark. Here’s a look at three different properties that all listed within the last 24 hours and can each be had for under $300,000.
↑ 801 S. Wells Street #607 - $299,999
Located in the historic Polk-Wells Building designed by Daniel Burnham, you not only get a solid deal on a loft, but you get to own a little piece of Chicago architectural history with this listing. The unit is certainly a bit cavernous feeling, but this is a real industrial building that served a purpose before being converted into residences, not a cheap new construction that runs with the loft aesthetic as a cost-cutting measure. It’s got two bedrooms and has a monthly assessment of $440. No parking is included.
↑ 1601 S. State Street Unit R-4H - $294,900
For a few thousand dollars less, you can own this two-bedroom, two-bathroom unit on South State Street. In terms of square feet, it’s nearly the same size as the previous unit, but of course with this one you get a second bathroom. Finishes are nothing to get too excited about, but the place is move-in ready and low maintenance. The unit features a little balcony while the building has a common rooftop deck space. The monthly assessment is $428.
↑ 1910 S. Indiana Avenue #215 - $225,000
And finally, for just $225,000, you can have your very own one-bedroom space. The unit is located in a handsome brick low-rise that features a shared courtyard and amenity space. Again, finishes are not going to make you do backflips, but one thing worth noting is that the listing agent highlights the low monthly assessment ($247) and the association’s savings. An indoor parking space will bump the price up by $25,000 bringing the total ask to a quarter million dollars.