630 North Franklin St Condo....any opinions? (Chicago, Lincoln: apartments, to rent, HOA)

[someonestolemyuser]

Moving to Chicago and saw a nice condo in River North (1BD) that's fairly reasonable price wise. I work nearby the area so it's ideal. My first impressions from the condo were good especially since I get parking, but I didn't spend long enough to know if its quiet especially with the train being close by.

Anyone have any experience with the building and have any thoughts?

[dtcbnd03]

That's at the intersection of Franklin and Ontario which will be very noisy and loud. Ontario is a busy street that feeds into highway 90 so expect lots of traffic noise. You're going to get traffic noise in any high rise downtown but avoid the major streets and try to find the side feeder streets with less traffic....and hopefully one not next to the el tracks.

On another note, I do not recommend buying a one bedroom condo in Chicago. Better to rent because when it's time to sell it will likely be very difficult.

[personone]

The building looks really modern and nice. The area is a pretty touristy area, and on Google Maps, it looks like the building is right next to the L train, so depending on which side of the building the condo is in, it could get noisy. As the other poster mentioned, you are also pretty much next to 90, so it could be a little hectic.

A bonus is that you are a few steps away from the Chicago brown line, which is really convenient.

For a good price, overall, it seems like a good deal.

[someonestolemyuser]

Originally Posted by dtcbnd03

That's at the intersection of Franklin and Ontario which will be very noisy and loud. Ontario is a busy street that feeds into highway 90 so expect lots of traffic noise. You're going to get traffic noise in any high rise downtown but avoid the major streets and try to find the side feeder streets with less traffic....and hopefully one not next to the el tracks.

On another note, I do not recommend buying a one bedroom condo in Chicago. Better to rent because when it's time to sell it will likely be very difficult.

Thanks. To play devils advocate: the 2BD apartments seem to not really be a 2BD, in that the 2nd room is like a wall that doesn't fully hit the ceiling.

Example: https://www.reddit.com/r/chicago/com...m_source=share

Even in situations like this...are 2BD condos still preferable?

Also does it matter if it only has 1 bathroom? Nothing with 2 bathrooms matches my budget, and I personally have no use for 2 bathrooms since I live alone.

[ChiGuy2.5]

Originally Posted by someonestolemyuser

Thanks. To play devils advocate: the 2BD apartments seem to not really be a 2BD, in that the 2nd room is like a wall that doesn't fully hit the ceiling.

Example: https://www.reddit.com/r/chicago/com...m_source=share

Even in situations like this...are 2BD condos still preferable?

Also does it matter if it only has 1 bathroom? Nothing with 2 bathrooms matches my budget, and I personally have no use for 2 bathrooms since I live alone.

Loft style bedrooms aren't uncommon. I wouldn't listen to dtcnb, 1 bedrooms sell just fine. As with anything there is a market price set by buyers. The thing with condos that most people don't realize is that the inventory is almost unlimited at any given time. A 1 bedroom in your building is pretty much the same as a 1bed in another. So you're constantly competing in price. As such condos prices don't appreciate as much as other forms of housing but you really won't have a problem selling it unless there are significant HOA issues.

So if you do plan to buy, make sure the HOA is solvent and has plenty in reserves.

[dtcbnd03]

ChiGuy proved most of my points about 1 bedroom condos in high rises. Unlimited market...most are the same...and they fit such a small market of people in a tight lifecycle window. Sure it will sell....but it's unlikely to appreciate and you'll have to compete on price (i.e. reduce price). Look at how cheap all the 1 bedrooms are in more dated buildings. I don't think they've appreciated in 20 years. I would only buy a 2 bed / 2 bath and up in Chicago....even if it's just a single person for resale and appreciation options. People always want that extra bed / bath....even if they never use it. It's like when married couples move to the burbs and buy a 4 bedroom 3 bathroom house even though they only plan on having 1 or 2 kids. People just want the space and resale potential.

[Hiruko]

Chicago condo prices are depressed for a myriad of reasons. The two biggest are COVID-19 era sensibilities that value space over location and increased perception of crime in Chicago's neighborhoods.

[GWoodle]

Originally Posted by someonestolemyuser

Moving to Chicago and saw a nice condo in River North (1BD) that's fairly reasonable price wise. I work nearby the area so it's ideal. My first impressions from the condo were good especially since I get parking, but I didn't spend long enough to know if its quiet especially with the train being close by.

Anyone have any experience with the building and have any thoughts?

Very walkable & bikeable area. Don't know about grocery, pharmacy. Close to downtown to explore. Close to Michigan Avenue one of the prime Chicago destinations. Since you work close to the area maybe you won't need the car except on shopping weekends.

Ontario a busy street with access to I-90. Franklin next to the L so can be noisy. Maybe in the condo not so bad with the windows shut. On the L easy access to Wrigley Field, Lincoln Park.

[MarianRavenwood]

In any downtown high rise, I would look strongly at the percentage of owner-occupied units. In general, high rises like this end up having lower owner occupancy. This is because over time owners come to realize what has been said above. 1BRs always have slightly lower appreciation. But it is even more true in bland high-rises like this, with floorpans, finishes, features, and amenities that are virtually ubiquitous downtown. Owners of 1BRs tend to sell in 10 years or less but in buildings like this they often find it difficult because there's so much competition to drive down the price, and so often the owners end up becoming small-time landlords and renting out their units.

OP doesn't indicate if they are interested in this building to buy or to rent, but either way its a concern. Non-occupying owners tend to care less about other poorly maintained units, and care little about maintaining sufficient reserves to properly maintain or manage the building. Your neighbors who actually live in the building won't care how their lifestyle affects your property values.

IMO, if you are looking for convenient access to a downtown job, there are far more interesting places to live. Chicago has excellent transportation. If you are looking to maintain a car-dependent lifestyle, I probably wouldn't choose anywhere in River North.