The thing with this conversion is that they appear to have stripped out the natural features so it’s not really obvious you’re even living in a church. What’s the point then?

There are also 2 other units in this building for sale for 420k+

743 North PAULINA #6 for 420k (different address same building)

and

1658 West SUPERIOR #4 for 425k or 2k a month rent (lol)

If we can pick this unit up for 250k with parking, we’d move in immediately.

Whats odd about that is the 280k unit seems to be one of the two units with the special custom church windows like this unit.

I would hire a stained glass restoration specialist to do some archival work on the existing glass “just in case.”

And yes, the heating bill would be high. But I would gladly endure the bill for this level of double height drama. Just walking through your condo would be a religious experience. Maybe get a bed with heavy drapes [ala Ebeneezer Scrooge] and set the heat to 60 at night. Or install heavy drapes that can be pulled along the part of the bedroom that overlooks the downstairs.

We may look back and call these next few years The Great Recession caused by a massive credit bubble. During the credit bubble, demand had artificially increased beyond what incomes permitted. In fact, the savings rate had even reached a negative rate during the credit bubble. So the demand for goods and services was artificially high….I call it the “Credit Bubble Demand Rate” for goods and services and supply infrastructure and investments were made based on this CBDR. Now we realize that the CBDR exceeded our allowable demand based on our GDP as evidenced by the credit bubble burst and our demand has returned, is returning, and in some areas dipped below the balanced demand rate commensurate with our GDP. So, we must understand that demand had been artificially high and will not be returning to that level, period, no matter what the fed govt does. This applies to the entire economy, not just housing which housing credit burst first. In the short term, there has been a sudden pullback in credit in numerous areas with some overshooting on the downside as people tried to get an understanding of the risks…there was a lot of uncertainty and you can’t extend credit with high levels of uncertainty. Other credit areas did not drop so quickly and are continuing to be pull back (credit cards, in store credit promotions and financing, etc.).

Since the CBDR was an elevated demand rate and touched all areas of the economy, the entire economy must pull back to meet the balanced demand rate which is lower than the CBDR. That will mean a very nasty deep and long recession, plain and simple since the pullback in supply takes time. Not only in the U.S. but also the countries that supply the U.S. with goods and services will be hurt. ANYTHING that supplies the U.S. with goods and services will be made to cut back since those supply levels now exceed this new more accurate and sustainable demand. Just like the airlines that cut back on the number of plans and flights, many many parts of our economy will have to do the same. The fed govt will attempt to increase demand through massive federal spending but it really is a lost cause and is futile to a large extent. The CBDR was caused by too much credit and the fed govt is simply trying to keep this CBDR alive though more credit spending through federal deficits instead of private credit….MASSIVE federal deficits. While I agree that now is the time for deficit spending (not tax substantial increases) such fed spending MUST be understood as a way to soften the economy’s supply adjustment and to prevent as much as possible overshooting on the down side below what the demand rates is. We don’t want the fed govt to simply create a new bubble, in this case by crediting a federal government credit bubble, since that would end in a complete systemic financial collapse. As such, we need to hunker down, get through this recession and not try to reflate the bubble which was caused by private credit with new public credit. Otherwise it truly will be game over.

“HD,
If housing in Chicago gets 40% cheaper very few of us will be able to afford it because most will not have a job. I for one hope Gary is right.”

If John is correct about the US economy being stuck in a liquidity trap then 2009 = 1932 and the whole world is seriously F’d. Everybody, not just people who made stupid decisions on housing.

I don’t agree for two reasons:

1) The dollar is not going to crash because the economies in the rest of the world are worse off than the US.

2) The Fed can do more than lower interest rates, they can increase the size of their balance sheet. They have taken on > 2T in the past month or so. This will probably continue since Ben believes it is a way to increase liquidity enough to keep out of the trap.

HD,
If housing in Chicago gets 40% cheaper very few of us will be able to afford it because most will not have a job. I for one hope Gary is right.