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There's a wave currently in Chicago with investors who are buying buildings and deconverting the condos into apartments. I bought a condo 2br/1ba in Lakeview a month ago and have already received an offer for 35k more than what I paid for it. I can't guarantee that will happen to you but something to be conscious of. If you're looking for a long term hold, no one is ever sure how things will play out but real estate goes up in the long term so don't wait.
I'm super anti-rent because you're never going to see that money ever again. Build the equity in your property!
If you are going to live in a reasonably hot area, buy. You can always rent it out if you decide to move away. I did that 10 years ago when I moved to nyc from Chicago. And my place in the west loop has gone up about 100% and renting it is a piece of cake I actually refinanced, cashed out for a down payment on a vacation home just last month. Never would have been able to afford that otherwise. Good luck!
I’m curious too, I was thinking about
Buying a 250k 1 bed condo in Lakeview, but didn’t want to commit to staying in Chicago for greater than a couple years
Don't do it. 250 is very high end of market for 1br in Lakeview. With the market softening, this could be tough to resell in couple years without taking a loss.
We’re looking to buy and the market seems to be buyer friendly at least right now. Signs of things to come a.k.a real estate correction ??