A few years ago, we had a recurring segment called Under $300K Club (older posts have been filed under the rebadged Under $400K Club) which featured condos and houses that could be purchased for under $300,000. And these listings weren’t for basket cases either—many of them were perfectly nice and desirable houses in their own right. However, as the market has changed over the last couple of years, finding listings in this price point in many popular neighborhoods has become increasingly difficult.
It used to be that you had plenty of options in the West Loop under the $300K price point. But as of today, there is a whopping total of 14 listings in this range. And of these 14 listings, only two are for two-bedroom units. There are only two units for sale in the West Loop for under $250,000. A few years ago, you had a number of options around the $200,000 range. But don’t get us wrong, there are still some nice places to be had for under $300,000 in the West Loop, but you’re not getting as much for your money as you were just a few years ago.
Here’s a quick glance at the two units currently for sale in the West Loop for under $250,000. They’re both located in the Park Alexandria tower near Greektown and both have been on the market for less than a week.
This one-bedroom, one-bathroom unit is quite simple as you might expect. It’s listed at being 620 square feet, so it’s not a micro-apartment. Finishes aren’t over the top, but everything here is nice. Heat, water, gas, and cable are all packaged in with the $310 monthly assessment.
This unit is more or less the same size and is located a few floors down, but it’s asking about $15,000 more. The big difference here is that this listing comes with a parking space. The floor plan is slightly different and looks a little more open with this one. Your monthly assessment is also a few dollars more at $329.
- Under $400K Club [Curbed Chicago]