The pied-á-terre, a charming French concept (and undoubtedly the sexiest word in the English real estate lexicon) that translates to a second, smaller living space in the city, is making a big comeback right now, says star Prudential Rubloff broker Joanne Nemerovski (312-720-4505; Joannesellschicago@gmail.com). “The prices are right and mortgage rates are unbelievably attractive,” she says. This double-whammy, combined with the uncertainty of the markets, “makes it a decent investment that can ultimately realize a profit. But it also has some immediate benefits. People put their money into things that aren’t secure, but this is something you can see, experience and enjoy. Plus, you can have a vacation without the airfare, or use it to host guests,” she adds.
So what should you look for in a pied-á-terre? Location and amenities top the list. You want to be near the action and have as many extras as possible, from a doorman and concierge to workout facilities and parking. Those points make Nemerovski’s one-bedroom, 1.5 bathroom listing at 950 N. Michigan, unit 2901, a standout for both the price and features. Look for 1,570 square feet, a great view, an updated kitchen with stainless-steel appliances, a spa-like master bath, two walk-in closets, a gym and pool in the building, valet parking, a 24-hour doorman and more for $479,000. Not to mention that it’s positioned at the intersection of two top shopping streets: the Mag Mile and Oak Street.
Other Smart Options
Here are a few more downtown pads that would make perfect pied-á-terres, thanks to ample amenities, attractive price points and ideal locations.
• 600 N. Dearborn, unit 1602 (shown above), a one-bedroom, 1.5-bathroom condo with 925 square feet for $285,000. Contact Baird & Warner broker Lois Harb, (708) 359-1401, Lois.firstname.lastname@example.org.
• 201 E. Chestnut, unit 24D, a sweeping duplex penthouse right behind Water Tower Place, has 18-foot-high windows and cathedral ceilings, two bedrooms, two bathrooms, 1,800 square feet and the most reasonably priced parking lot in the area for $469,000. Contact Prudential Rubloff broker Lanae Silvestri, (312) 268-2743, Lsilvestri@rubloff.com.
• 680 N. Lake Shore, unit 208, a two-bedroom, 1.5 bathroom spot with 1,500 square feet for $399,000. Contact @properties broker Vicky Keene, (312) 919-0014, Vickykeene@atproperties.com.
• 1000 N. Lake Shore, unit 2106, an 800-square-foot one-bedroom one-bathroom, also at the intersection of the Mag Mile and Oak Street, for $200,000. Contact Baird & Warner broker Wendy Kiang, (708) 254-3521, Wendy.email@example.com.
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