The Hunt
They Wanted a Versatile One-Bedroom in Chicago for About $200,000. Which Option Did They Choose?
As their son moved to the city for college, a couple figured that buying a modest condo near campus could save money in the long run and offer appealing options for the future. Here’s what they found in Chicago’s South Loop.
After their son was accepted into Columbia College in Chicago last year, Brian McCutcheon and Donna Sink started looking for ways to cut down on expenses and make everyone’s life easier. A campus housing policy had kept Angus McCutcheon, now 19, in a dorm as a freshman, but the couple hoped they could find him a new living arrangement for his sophomore year. They studied student housing costs and local rental prices, and decided that buying a modest condominium in the city could be the best bet — the mortgage payments would be comparable to the dorm fees, and they could set up Angus with a long-term home.
Mr. McCutcheon, 57, who owns an art fabrication business, and Ms. Sink, 55, an architect, had recently downsized. They liquidated their assets — a midcentury family home in Indiana and a lakefront property in Michigan — and moved into a small bungalow in Indianapolis. “It was a major shift in our quality of life to feel able to survive, especially during the pandemic, and hopefully pay for college,” Mr. McCutcheon said.
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The next step was a place for Angus. A condo would give them several options: It could be a home for Angus after college if he stayed in Chicago, or a source of rental income, or they could even retire there.
For Ms. Sink, this kind of plan had worked before: Her parents bought a fixer-upper property for her and her sister when they were students at the University of Arizona. “I watched my friends have to find a new apartment and roommate every year,” she said. “Having that place really allowed me to focus on my studies.”
The couple worried that the Chicago market would be too competitive, but prices for midsize units were sagging at the time, so they set a budget of about $200,000 and focused on buildings in the Printers Row neighborhood in the South Loop.
“We decided the apartment needed to be 800 square feet or more, which took newer properties off the table in our price point,” Mr. McCutcheon said.
Angus was excited to be able to choose his home and wanted to be close to campus, restaurants and shops. “The view was important to me,” he said. “I’m a fan of natural light.”
The family connected with Daniel Eirinberg of eXp Realty, who agreed that Printers Row would be ideal. “You’ve got good train access and a bunch of great little cheap and delicious food choices that cater to the college students,” he said.
No. 1
Tiled Floors, Nice Terrace
This one-bedroom in a red-brick tower with a part-time doorman had about 1,100 square feet, with a den that could be enclosed to create a second bedroom. The sunny living room and dining area had tiled floors, the open kitchen was renovated, and the bedroom had a walk-in closet. The ceilings were a bit low, but the huge south-facing terrace had great views. The asking price was $249,900, with annual taxes of about $5,200 and a monthly $710 homeowner’s association fee.
No. 2
High-rise on Quiet Street
This one-bedroom in the industrial Transportation Building, once home to several printing companies, had about 1,000 square feet, with high ceilings, a big bedroom with walk-in closet, stainless steel appliances, and original hardwood floors. The partial lake view from the east-facing windows was a pleasant surprise, and the building sat on one of the quieter streets in the area. The asking price was $235,000, with about $5,200 in annual taxes and a monthly HOA fee of $450.
No. 3
Renovated With Big Windows
This corner unit with about 950 square feet was in an attractive high-rise with a fitness center. The layout was great and the walls were lined with windows, though the view of other buildings wasn’t ideal. The unit had been fully renovated with trendy light fixtures, cherry cabinets, stainless steel appliances, granite and marble surfaces and hardwood floors. The asking price was $209,500, with annual taxes of about $3,600 and a monthly HOA fee of $490.
Find out what happened next by answering these two questions:
Which Would You Choose?
Tiled Floors, Nice Terrace
High-rise on Quiet Street
Renovated With Big Windows
Which Did They Buy?
Tiled Floors, Nice Terrace
High-rise on Quiet Street
Renovated With Big Windows