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Hey, Fool! Should You Buy or Rent This Downtown Loft?

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After checking out construction on Biscuit Company Lofts' pool, we visited this sixth floor unit in the building, a 1,670 square foot loft with 16 foot ceilings that just hit the market. It's listed at $1.25 million. The homeowners association dues are $650 a month; amenities include the forthcoming pool and there's indoor parking. But wait--it's also available for lease for $3,250 a month. Given the ongoing debate between renters and home owners ("If you buy now, you're a fool!" "If you throw away your money on rent, you're a fool!"), what is the proper course of action to take here?