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Chicago Condominium
Living in a condominium in Chicago has many pluses and minuses. Everyone is aware of the pluses. No worries about maintenance of the condo or the community facilities such as swimming pool, the spa or the gymnasium. The lawn and the greens are taken care of by someone else. Community social life and lots of friends are part of the package. Pick up the phone and someone will come up to repair your faucet or electricity. And, all this included in the monthly HOA.
This HOA or House Owner Association fees also includes fire and damage insurance charges. However, the very pluses that the Home Owners or Resident Association provides is the biggest deterrent in sales of Chicago Condos. Chicago city occupy third in the United States in condominium business. However, who wants to pay $500 a month for HOA charges on top of the rent or the monthly mortgage payment? Some HOA fees for a million dollar condo can go upto $800 a month.
Having listed the pluses and minuses, Chicago Condos still remain popular.
In fact, Chicago has been listed as an elite residents place. Living in a Chicago Condominium offers exciting and fun experience for the young, urban and career minded couples sans kids, who don’t mind the HOA fees, in return for convenience.
The condominium life style is efficient, convenient and saves time. This Chicago life style is also suitable for different communities.
There can't be a single dull moment when you live in Chicago condominium. Chicago, the city that gave us Obama and Oprah, is full of exciting thrills with numerous activities ranging from sports, adventure or family activities. You can find locals cheering for the Chicago Bear, dining at one of the many restaurants in the city or enjoying life in the lakeside condos.
Presently, there are 43% unsold condominiums in downtown Chicago alone. There is a huge completion to round on that among the real estate owners. Recently 2,000 new units of condominium have come up in the South Loop alone which is an increase of 66 % from 2008.
Increase in the number of condominium in the Chicago city could be attributed to the scheduled Olympics game in the city in the year 2016. It is the South Loop area, where most of the Olympics games are scheduled and no wonder why there is an increase in the upsurge.
Buying a condominium has its advantage as it ensures hassle-free ownership compared to the single-family ownership.
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