Have a Tenant Pay Your Mortgage On This 2-Flat: 4032 N. Ashland in Lakeview

This 2-flat greystone at 4032 N. Ashland in Lakeview has been on the market since April 2011.

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It has an upgraded duplex-down owners unit and an upstairs rental unit with the following features:

  • Unit #1: 2 bedrooms, 2 baths duplex down with master suite in the lower level. Also has central air and gas fireplace.
  • Unit #2: 3 bedrooms, 1 bath rented for $1500 a month. Window a/c units and non-working fireplace.

The greystone was built in 1906 and is on a 25×155 lot.

The owners unit has an updated kitchen with granite counter tops and stainless steel and black appliances.

For you wine collectors, there is also a large wine cellar.

The lower level master suite has a spa bath.

Since it was first listed, the 2-flat has been reduced $30,000.

Does it make financial sense to live in one and rent out the other?

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Santos Velazquez at Home Owners Realty has the listing. See more pictures here.

4032 N. Ashland: 2-flat, 5 bedrooms, 3 baths, 2 car garage

  • Sold in January 1990 for $260,000
  • Sold in May 1996 for $205,000
  • Sold in April 2002 for $460,000
  • Originally listed in April 2011 for $659,000
  • Reduced
  • Currently listed at $629,000
  • Taxes of $7884
  • Unit #2: 3 beds/1 bath rents for $1500 a month

153 Responses to “Have a Tenant Pay Your Mortgage On This 2-Flat: 4032 N. Ashland in Lakeview”

  1. there are better two flats for less money

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  2. Interesting place. Main strike against it is the location on Ashland.

    CH – what 2-flats did you have in mind?

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  3. As someone that owns an owner-occupied 2 flat, when shopping at the very least I wanted my tenants to pay 1/2 of my monthly PITI. If it didn’t work, I might as well have bought a SFH. This is priced too high for the target audience (and it’s on Ashland).

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  4. There is not much of a market for “high end” 2-flats. Usually they are sold with the intention of setting up separate PIN’s and reselling as condos. At this price why not buy a nice condo or better yet a SFH?

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  5. Landlording for Dummies, p.7:

    When you can’t afford to get the place you want without having a tenant, get a 2 flat and rent out the second unit. (Now here is the important part) Always make sure that, as the owner, you get the top floor unit so as to avoid having a tenant living above you. If you are willing to live in the basement with a tenant overhead, you are a total idiot.

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  6. chris m,

    i think there is one in bell school district on claremont for 550. and I know I’ve seen at least 1 other go for 450, it was on bell. both were on wide lots and not on ashland. to be honest, I don’t remember the details specifically, maybe I am wrong about them being better. mostly made that call bc this is on ashland. I like the greystone though.

    here is one I’m thinking of
    http://www.redfin.com/IL/Chicago/3531-N-Claremont-Ave-60618/home/13387217

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  7. Jon – not necessarily true. We live on the 1st floor; it makes it easier to let the dog out and, if we want to, we could expand directly into the basement. It does help that we have concrete sub-floors between the units so we never hear our tenants; if we didn’t have this (we didn’t expect it with a 100 year old place) we probably would have taken the top.

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  8. If someone put 20% down at $600k, you’re looking at about $1,618.31 per month after rent is deducted. Doesn’t seem to bad to me. But, living on Ashland is not for everyone and this is on the wrong side of Ashland–if it were on the east side it would be in Blaine. Still, even if this was on the other side of the street I don’t know if I’d feel comfortable buying on the border, since it could be changed at some point in the future. I’m guessing if your kid is in any change wouldn’t affect them–I’m sure anon (tfo) knows the details of that.

    Taxes are about 50% higher on that Claremont property and it needs a lot of money to bring it in line with this place on Ashland. But being on a residential street is much better. The numbers on 2-flats in Bell boundaries always boggle my mind…it seems best suited to SFH conversion or you could just rent in one of those 2-flats for about $1,200-$1,600 per month at far less the cost of owning to live in one of them.

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  9. “Jon – not necessarily true. We live on the 1st floor; it makes it easier to let the dog out and, if we want to, we could expand directly into the basement. It does help that we have concrete sub-floors between the units so we never hear our tenants; if we didn’t have this (we didn’t expect it with a 100 year old place) we probably would have taken the top.”

    Yeah, I agree. I am biased because I live in a 2-flat, but we are on the first floor and it’s duplexed with the basement. You can’t duplex a second floor and it would be too small of a footprint for us. We have great tenants on the second floor so it’s not an issue for us.

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  10. “If someone put 20% down at $600k, you’re looking at about $1,618.31 per month after rent is deducted. Doesn’t seem to bad to me”

    Seems pretty bad to me considering you’re living in a basement 2BR on Ashland and Irving with the added hassle of playing landlord.

    $500.

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  11. if you put down thick carpet and buy them very plush slippers, does that help with the ceiling sound?

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  12. “Ashland is not for everyone and this is on the wrong side of Ashland–if it were on the east side it would be in Blaine.”

    True, but if it were on the other side you’d be living inside Lake View High School. This seems like a good time to mention that living across the street from a High School is also not everyone.

    FWIW, the Ashland bus only goes up to IPR, so it’s not going right by your door – helps keeps things a little quieter.

    “Still, even if this was on the other side of the street I don’t know if I’d feel comfortable buying on the border, since it could be changed at some point in the future. I’m guessing if your kid is in any change wouldn’t affect them”

    Yup, you’d be fine if boundary were changed after your child enrolled, but if you buy before they’re school-aged trying to plan ahead, you wouldn’t have this recourse.

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  13. er, “not FOR everyone”

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  14. interesting info about the boundary change risk. what a ream that would be.

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  15. ” I’m guessing if your kid is in any change wouldn’t affect them–I’m sure anon (tfo) knows the details of that.”

    There might be exceptions, but yes, grandfathered in.

    “if you put down thick carpet and buy them very plush slippers, does that help with the ceiling sound?”

    Something liek this might be the better thing (tho slightly more involved to install):

    http://www.audimutesoundproofing.com/sound-barrier-products.aspx

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  16. you are just a few steps from Popeye’s chicken.
    I walk by this place a lot and finally glad to see the interior. Unfortunately although the owners unit is nice living in a basement on ashland across from Lakeview HS I can’t see this going over 550 max.

    There are a few two flats available in the neighborhood, but most of the good deals have gone quickly.

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  17. I agree that this is probably going to go for low to mid $500s. Fairly high taxes without a decent school to back them up and on a busy street across from LVHS. Also, agreed that the bedroom situation is not ideal for an owners’ unit–seems that they gave up 2 of the 3 on the first floor with the office and probably stairs to the basement.

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  18. “i think there is one in bell school district on claremont for 550. and I know I’ve seen at least 1 other go for 450, it was on bell.”

    The one on Bell was $474, and (apparently) hadn’t been touched with updating. So, 2, 2/1s. Need $150k+ (unless lotso DIY; and if not, prolly mucho ++) to get it close to comparable on the inside.

    This:

    http://www.redfin.com/IL/Chicago/2143-W-Bradley-Pl-60618/home/13388908

    at $485k, was the 2-flat deal in Bell, even with the 25′ lot.

    None of that is to say I think this is a good price to live across the street from LVHS, on Ashland. Put it on Greenview or (better) Paulina, and it’s a good buy, if you like the owner’s unit as is (I don’t, even tho it’s v.v. nice, bc of basement master).

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  19. is that the part of bradley that has the different lifestyle? or is that west of bradley lifestyle- wobl?

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  20. “is that the part of bradley that has the different lifestyle? or is that west of bradley lifestyle- wobl?”

    I think that is west of the favored Bradley lifestyle–perhaps sipping plonk from Argentina or South Africa rather than grand cru Bordeaux and vintage Dom.

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  21. Oh Gawd.

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  22. o/t alert:

    “EVERY SELLER IS “MOTIVATED” IN TODAY’S MARKET BUT THIS OWNER IS THE REAL DEAL”

    http://www.redfin.com/IL/Winnetka/382-Ridge-Ave-60093/home/13786155

    Just west of GBR in Winnetka.

    Per redfin, $1.67, in ’02, now listed for 999k.

    They’ve emptied out the place and removed pics of the old kitchen.

    Ouch.

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  23. wotfbl or wobl, it’s just nice to be near the magic

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  24. Despite its proximity to nicer areas (e.g. Graceland West, Southport, Ravenswood/lincoln Square), there’s something about this stretch of Ashland between Irving-Montrose that is completely sketchy, and more similar in feeling to Uptown than Lakeview.

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  25. very nice roma. wonder what the previous prices were

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  26. found it. 1.295mil

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  27. Love that Sabrina is featuring 2 flats.

    I’ve found that these sell for a major discount to SFH’s. They’re typically very well built and give the owner lots of flexibility to convert, keep as-is, etc.

    This property looks nice, but is too expensive, IMO. Especiallty for the Ashland address.

    These brick 3 flats have been selling in better area of north Lakeview, but with lesser finishes, for $450-550k. so, I’d guess $475ish for this.

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  28. “removed pics of the old kitchen”

    “wonder what the previous prices were”

    Magical intertubez:

    http://www.urbanrealestate.com/property/382-Ridge-WINNETKA-IL-60093-P3QCGJ4ZLZZYQ.html

    Apr-11 price of $1.295, and *wow* ugly kitchen with mysterious mini-fridge.

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  29. maybe I’m naive but would be ok with that kitchen . looks functional, not disgusting

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  30. “wotfbl or wobl, it’s just nice to be near the magic”

    Dunno, I think they’ve installed some holographic reality distorting force field thingy, which is why no one can see the magic driving by. Could be near by and never see it. That’s how magic owrks.

    If it’s wobl (wotfbl more accurate but like the way wobl sounds in my head better), it’s not by much. This place has to be part of tfbl:

    http://www.redfin.com/IL/Chicago/2139-W-Bradley-Pl-60618/home/13388636/mred-07486384

    Though now that I try to think about it, I wonder if you can you really be part of tfbl if you’re a 25er and, when it comes down to it, on the wrong block.

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  31. “Interesting place. Main strike against it is the location on Ashland.”

    This says everything

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  32. “Per redfin, $1.67, in ‘02, now listed for 999k.”

    Nice lot, yikes on the taxes.

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  33. “there’s something about this stretch of Ashland between Irving-Montrose that is completely sketchy”

    I think sketchy is too strong a word, just less desirable.

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  34. wow. the f’in bradley lifestyle showing strength pre qe2

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  35. I had an indian friend who would call it “dodgy”

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  36. “maybe I’m naive but would be ok with that kitchen . looks functional, not disgusting”

    Functional, yes; disgusting, of course not; ugly, for sure.

    List in Jun-10 was $1.975 (per blcokshopper). Bought a $3.3 house in May-06.

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  37. The Winnetka house is a deal. The location and size of lot is fantastic.

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  38. “I think that is west of the favored Bradley lifestyle–perhaps sipping plonk from Argentina or South Africa rather than grand cru Bordeaux and vintage Dom.

    Or worse yet, sipping plonk for Australia. The Bradley lifestyle would never allow Dom, it would be Krug.

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  39. maybe Armand de Brignac?

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  40. “Functional, yes; disgusting, of course not; ugly, for sure.”

    Not my preferred kitchen obviously, but I actually think I could live with it for a while if you could get rid of waht I assume is cosmetic stuff around the hood and on island. Just v dated (though you heard that white is in, I’m sure), not horrible stuff that someone paid a lot of money for and wants to recoup.

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  41. “I think sketchy is too strong a word, just less desirable.”

    its kind of sketchy here, I used to sit at the bus stop at irving and ashland and it certainly was a not nice part of lakeview, the block looked like it belongs on the south west side with a few mexican restaurants, a subway, a check cashing place and a few abandoned buildings

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  42. “The Bradley lifestyle would never allow Dom, it would be Krug.”

    Please. *vintage* Dom. Like a ’55 or a ’59.

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  43. ” the block looked like it belongs on the south west side with a few mexican restaurants, a subway, a check cashing place and a few abandoned buildings”

    You always say that, but when the hell were there *mexican* restaurants at *IPR* and Ashland? I’ve been going past that intersection for over a decade and there haven’t been *multiple* mexican restaurants (I don’t recall even one, but wouldn’t vouch on that).

    Also, vacant =/= abandoned.

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  44. “I actually think I could live with it for a while if you could get rid of waht I assume is cosmetic stuff around the hood and on island.”

    Even at that, you have a “I need to change *something*”. Thus, agreeing that it is ugly, as is.

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  45. naw tfo, it’s like a pretty girl who just dresses a little funny. she aint ugly, she just lacks style

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  46. “naw tfo, it’s like a pretty girl who just dresses a little funny. she aint ugly, she just lacks style”

    That kitchen needs cosmetic surgery, not makeup lessons and a new set of fancy togs.

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  47. well if you bothered to look at street view (which I realize was from a few years ago), there was one at 3938 N., and sorry Young’s chinese I thought was a mexican place too… and yep, giant check cashing store right on the corner as well, this intersection SUCKS and just south of IPR it is really a crappy stretch of commerce and shady lookin people

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  48. haha. sure, if she’s going to compete with the Pi Delta Pis. but she could bring herself up to respectable status with just a little spiffin up like dz suggested, and wouldnt have to date tri-lambs

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  49. “sure, if she’s going to compete with the Pi Delta Pis.”

    It’s Winnetka. Even if that’s unreasonable, that’s who she’s competing against.

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  50. “well if you bothered to look at street view (which I realize was from a few years ago), there was one at 3938 N., ”

    If I’d bothered to look at Streetview, I would have *proven* you were incorrect?

    Look, no love for Ashland–I hate it more than I hate Western–but it ain’t Archer.

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  51. Ten Cat and Long Room are right there too, beware the dodgy yuppie bars and tamale guy.

    Where is the nice part of Ashland for living/walking on?

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  52. you are mostly correct of course. the buyers who’d be ok with this kitchen probably arent looking up there, or already moved in 30yrs ago. myself and Dz are sort of outliers/special. hopefully it will save me some dollars to not care much about a foxy kitchen.

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  53. Sad_at_Plaza440 on October 6th, 2011 at 1:02 pm

    See, when people ask about “deals”, the house Roma posted about in Winnetka really does look like a deal in the sense of a place who asking price is below the price of recent comps. Probably would require some remodeling, but even then the owner would be in good shape.

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  54. “hopefully it will save me some dollars to not care much about a foxy kitchen.”

    Actually I’ve notice that most sellers and realtors don’t give two shits when they price their home whether it has a nice kitchen. They’re like “the house down the street sold for $500,000″ and then you say but yes, in the last 10 years that owner has put $100k into the house with a new roof, new kitchen, new bathrooms, upgraded HVAC, electrical, landscaping, and so on…..you on the other hand haven’t done anything to the house since you bought in in 1960.”

    “OK, then, I’ll give you a $2,000 credit!” is the typical response.

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  55. ” hopefully it will save me some dollars to not care much about a foxy kitchen.”

    Current ask reflects that reality, in addition to the crap market.

    I’d wager the tax bill came (just shy of $17k) and they said “get that f’ing thing sold”.

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  56. “living in a basement on ashland across from Lakeview HS”

    A long-time ambition of mine which I now can finally achieve!

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  57. ““OK, then, I’ll give you a $2,000 credit!” is the typical response.”

    “You’re delusional,” is the appropriate response to that, if you aren’t worried about getting blacklisted by the all-powerful realtor cabal.

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  58. And don’t forget Popeye’s grease pit, I mean chicken, just a few steps away. How great a location can one property have?

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  59. “you are mostly correct of course. the buyers who’d be ok with this kitchen probably arent looking up there, or already moved in 30yrs ago. myself and Dz are sort of outliers/special. hopefully it will save me some dollars to not care much about a foxy kitchen.”

    Sadly, my wife does care. I would rather buy place with teh run down kitchen than with the renovated but truly ugly kitchen. Not easy to find the renovated and to our tastes kitchen (especially when I don’t know what comes after white).

    “They’re like “the house down the street sold for $500,000? and then you say but yes, in the last 10 years that owner has put $100k into the house with a new roof, new kitchen, new bathrooms, upgraded HVAC, electrical, landscaping, and so on…..you on the other hand haven’t done anything to the house since you bought in in 1960.””

    You probably should buy the house down the street then. Sounds like the better deal.

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  60. Looks like they have a seperate website for it too:

    http://sites.google.com/site/4032nashland/

    Looks like they probably over improved- lots of high end stuff that someone that can typically afford would probaly just want a SFH.

    Although if you CAN’T afford it, are you willing to play landlord to get it?

    The website also claims it can be sold furnished…

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  61. “Look, no love for Ashland–I hate it more than I hate Western–but it ain’t Archer.”

    you are so crankly lately, whats wrong?

    and sorry for confusing a mexican restaurant (which there was one, and many more just down the block) for a mexican travel agency.

    this particular block does look like the SW side… just streetvew 35th and ashland… or pretty much any major intersection on ashland on the SW side and it looks very similar

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  62. “Sadly, my wife does care.”

    it’s odd that mine doesnt. but she has other requirements that I do not.

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  63. ” many more just down the block”

    Seriously–where? Machu Picchu doesn’t count (yes, it used to be a PePe’s).

    And neither El Tapatio nor Mixteco count as “just down the block”.

    “you are so crankly lately, whats wrong?”

    Groove took *my* ball when he went home. [sniff]

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  64. I agree with Sonies. The SWC is particularly sketchy – vacant commercial building in which numerous tenants have failed despite large parking lot & shuttered bar (for years) a few doors south. Wasn’t Play it Again Sports on east side south of IP?

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  65. “Wasn’t Play it Again Sports on east side south of IP?”

    Still there.

    “The SWC is particularly sketchy – vacant commercial building in which numerous tenants have failed despite large parking lot ”

    A vacant commercial building makes a location sketchy? So, does the (enormous) vacant commercial space in Trump make that location sketchy, too?

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  66. ““You’re delusional,” is the appropriate response to that, if you aren’t worried about getting blacklisted by the all-powerful realtor cabal.”

    OH believe me, I’ve been blacklisted many times over.

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  67. Wow, you people obviously have not experienced the greatness that is Ten Cat.

    “this intersection SUCKS and just south of IPR it is really a crappy stretch of commerce and shady lookin people”

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  68. “A vacant commercial building makes a location sketchy? So, does the (enormous) vacant commercial space in Trump make that location sketchy, too?”

    yes when its surrounded by
    1 current tenant (a subway) out 6 storefronts
    1 currency exchange
    1 Popeyes
    1 awful chinese restaurant
    1 mexican travel agency
    1 nail salon

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  69. Watch out, Sonies. Someone will get you for pointing out that it’s a Mexican travel agency, not just a travel agency.

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  70. “A vacant commercial building makes a location sketchy? So, does the (enormous) vacant commercial space in Trump make that location sketchy, too?”

    I don’t think Irving and Ashland is sketchy or the Trump Building, the man however is very SKETCHY

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  71. oh yeah, right… sorry, a Travel agency “en Espanol”

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  72. I love 10 Cat.

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  73. Actually being on Ashland wouldn’t bother me. For a 2 Flat actually I don’t think it has any bearing on the rents.

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  74. I don’t think Ashland hurts a 2 flat as much as a SFH, but that price and the basement master kills this place far more than Ashland in my mind. It’s got at least $100k to come down.

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  75. I love the tencat as well, and when I lived on Byron many moons ago, I frequented the LongRoom quite a bit. I’m specifically talking about the residential buildings north of this 2-flat–dark, run-down, people hanging outside engaging in questionable activities. It’s depressing as hell. Hell, the UPTOWN block where I used to live was less depressing than this stretch!

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  76. “I frequented the LongRoom quite a bit”

    Just as a jumping off point–when did this become a common structure? I see/hear it a *lot*, including in edited writting, and it seems redundant to me. To “frequent” a place *means* you go there often.

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  77. gringozecarioca on October 6th, 2011 at 3:16 pm

    Sonies.. Do as I do. Play it safe. Call it the restaurant with the Mexican cook. Then you’ll always be correct.
    Btw… Ordering in Spanish always gets you bigger portions. Then they also tell you that they aren’t givin u the one with the pubic hair between the tomato and cheese.
    Good to speak other languages.

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  78. ps: I would have addressed that question to my friend Bill, but he died a couple years ago.

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  79. “ps: I would have addressed that question to my friend Bill, but he died a couple years ago.”

    Did he die of boredom?

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  80. “Did he die of boredom?”

    No, he lived next door to a building with a Subway and *7* vacant storefronts, and across the street from a *Filipino* travel agency, three Guatamalan businesses of some undifferentiated sort, and just down the block from hundreds of invisible mexican restaurants, and the sketchiness caused his heart to fail.

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  81. ^^^

    Good night, ladies and gents, it’s been real!

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  82. When I first met my wife, she was living in the basement of a three-flat. It was OK for someone just out of college, but I can’t imagine someone living there for the long-term, unless it was the only way they could afford.

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  83. Are those Winnetka taxes correct? Brutal!

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  84. “Are those Winnetka taxes correct?”

    Only went up a little bit (under $2k) for 2010.

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  85. 83 posts and nobody mentioned diner grill? or toons (is that still there). what about aaron rents? iirc was on ashland just s of irving.

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  86. Sold in May 1996 for $205,000
    Sold in April 2002 for $460,000

    Wow, someone made $200,000 while living for free for 6 years. win/win! I would never buy this overpriced pig today. Too late for renters!

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  87. Don’t want to spend $.6M to sleep in basement, even if I get a snazzy bathroom. This two-flat sits on sidewalk line, and someone can kick in your master bedroom window around midnight.

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  88. “Too late for renters!”

    Too late for what?

    Let’s be honest in most cases the home seller bought another, BIGGER HOUSE. This is due to the tax code, Amy. Which as a used home salesperson might be beyond your comprehension.

    People used to get the first quarter mill of home price appreciation tax free so long as they bought another place, I think within two years. And guess what 95%+ did, Amy? They bought a bigger place.

    In fact people STILL “get” the first 250k of home price appreciation tax free, Amy. The thing is those examples are few and far between. Like near non-existent.

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  89. “yes when its surrounded by
    1 current tenant (a subway) out 6 storefronts
    1 currency exchange
    1 Popeyes
    1 awful chinese restaurant
    1 mexican travel agency
    1 nail salonyes when its surrounded by
    1 current tenant (a subway) out 6 storefronts”

    Yeah, so what, don’t forget about “the lake” and the “culture” in Time Out magazine that nobody ever goes to.

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  90. “Too late for renters!”

    Too late for what?”

    Supposedly we were all supposed to buy BEFORE the housing boom really took off. Then we’d all be geniuses and rich. Like New Yorkers.

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  91. Bob, you dumb OCD patient. For the last time, I don’t work in real estate. Are you that much of as Aspie to assume that anyone who recognizes that many people made a shitton of money in the real estate boom MUST be a realtor? You stupid idiot. Tell us about why your wife left your miserly OCD ass.

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  92. Bob, very good point on people rolling up to bigger homes, and pissing their lottery winnings on the downswing in a larger home. For those greedy pigs, they got what they had coming. I love that. Idiots.

    For those that took profits, and rented for a few years, they have made out like bandits. I know many people like this. Their properties tripled, and the smart one’s took the money off the table, scales back their work hours, and are still renting, and are now nibbling at the market. Of course, those who stayed put are also sitting on a shitton of money, as well.

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  93. gringozecarioca on October 7th, 2011 at 3:05 am

    new york is a shitty place to live… Just not a livable place. And if you can afford to make it livable, it still feels like you can’t live peacefully. Couldn’t pay me to live there again.

    I have a very good friend. Partner in a firm. I talked him into buying his first home in very late 90’s. He is up size on it. So what. He needs to stay in NY and is stuck in the home cause everything else got evem more expensive. So this wondeful ‘win’ of Clio/Amy -very weird the mult posters- creepy- i just don’t see it. Well, win no! On the other hand, renting would have been a disaster. Like i said. Price opinion removed and at parity. Renting is a game with lil to win and the losses can be huge over 30yrs.

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  94. Actually, it’s not. That’s why millions of people live there. You know a shitty place to live? Where there are no people. Like the shitty midwest. Common sense and basic math.

    > Renting is a game with lil to win

    That much is true. Can you imagine ending up 60 and owing nothing? My god, I feel so bad for welfare renters who simply refuse to learn basic personal finance.

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  95. On the other hand, those old folks with no property don’t have to deal with lawncare, gutter cleaning, window washing, and worrying when they turn on the furnace for the first time in the season that it’s not heating. As I get older, the chores and maintenance of owning have become a burden, not a joy, and it’s not always practical to pay someone else to do it. If I rented, none of it would be my problem.

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  96. “Just as a jumping off point–when did this become a common structure? I see/hear it a *lot*, including in edited writting, and it seems redundant to me. To “frequent” a place *means* you go there often.”

    I don’t think it’s common structure, just me typing too fast! Topic? If you have $600K+ to spend, a home located on the west side of 4000-4400 block would not be my first choice. I invite anyone to walk those 4 blocks, especially at night, and tell me if it *feels* like Lakeview.

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  97. No, but it’s still work that needs to be done – and big picture, if the housing market continues to stagnate there’s not going to be a lot of incentive for people to take care of our rental housing stock unless rents go up.

    So, it’s a double-edged sword in some regards. I know my mother is very happy to be relieved of the upkeep, but had rents not flattened during the boom while her property tax bill skyrocketed, she wouldn’t have sold. The new owner converted her 2-flat to a SFH, hence, one less nice apartment available in the all-holy Green Zone.

    “If I rented, none of it would be my problem.”

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  98. “If you have $600K+ to spend, a home located on the west side of 4000-4400 block would not be my first choice. ”

    Of Ashland, I assume. Agreed completely.

    “I don’t think it’s common structure, just me typing too fast!”

    Nah, it gets used a *ton*. I could track down hundreds of examples, but I’m afraid of boring Sonies to death.

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  99. thanks anon, you’re so kind!

    “On the other hand, those old folks with no property don’t have to deal with lawncare, gutter cleaning, window washing, and worrying when they turn on the furnace for the first time in the season that it’s not heating. As I get older, the chores and maintenance of owning have become a burden, not a joy, and it’s not always practical to pay someone else to do it. If I rented, none of it would be my problem.”

    good grief, the short sightedness of some people here is amazing… yeah rent for life, thats a great idea! Those things are still your problem, you still pay for them (just over time not all at once), and its still your problem, you still have to call and make sure that the person or landlord who’s supposed to do that is doing it.

    And if you own a condo, you don’t have to worry about that crap either! I wouldn’t own a SFH if I was elderly thats for sure!

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  100. And if you own a condo, you don’t have to worry about that crap either! I wouldn’t own a SFH if I was elderly thats for sure!

    This….

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  101. Does it boil down to this?

    -Nice place for a 2flat;
    -Overpriced;
    -If it were located in the same neighborhood but on a side street it would sell for asking, regardless of the comments about taxes, schools, or 2 flats in general.

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  102. Yeah, but consider my mom’s situation – beautiful condo right off of LSD, with lake views, a pool, a doorman, and…elevators.

    Sounds great, right?

    Guess what her assessment was for a recent elevator repair? Almost 15 thousand dollars! You can hire a lot of kids to shovel your walk for that kind of coin.

    Now it is true that at least *I* don’t have to shovel her sidewalk, I suppose.

    “And if you own a condo, you don’t have to worry about that crap either! I wouldn’t own a SFH if I was elderly thats for sure!”

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  103. how much would it cost to install an elevator in a SFH?

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  104. “how much would it cost to install an elevator in a SFH?”

    Slightly dated, but still:

    http://online.wsj.com/article/SB111464796332118997.html

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  105. “As I get older, the chores and maintenance of owning have become a burden, not a joy, and it’s not always practical to pay someone else to do it. If I rented, none of it would be my problem.”

    If you rented, you’d have no inheritance/equity to leave to your kids, cheap azz. Amy is right.

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  106. “Guess what her assessment was for a recent elevator repair? Almost 15 thousand dollars! You can hire a lot of kids to shovel your walk for that kind of coin.”

    How much do you think a landlord would be able to add to the rent for the elevator replacement?

    Your mom should have taken her easy money and rented.

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  107. “If you rented, you’d have no inheritance/equity to leave to your kids, cheap azz.”

    Except for all the money he made investing his extra cash every month. He didn’t say renting for life, only in old age.

    Besides, what kind of ungrateful piece-of-shit kid would not want his parents to enjoy their money to the fullest? Better they burn it than leave it to someone “expecting” it.

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  108. “Except for all the money he made investing his extra cash every month.”

    God, I hate that stupid argument.
    Not a single renter is investing any “extra cash”.

    PS: If they are, they will buy high, and sell low, and just lose it all.

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  109. “God, I hate that stupid argument.
    Not a single renter is investing any “extra cash”.

    PS: If they are, they will buy high, and sell low, and just lose it all.”

    …and everyone who buys real estate always buys low and sells high!

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  110. “God, I hate that stupid argument.”

    Yes, Amy, I am God.

    “Not a single renter is investing any “extra cash”.

    PS: If they are, they will buy high, and sell low, and just lose it all.”

    You show the consistency of clio.

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  111. Another strike against this intersection from today’s news:

    A 29-year-old man was shot and killed across from the Lake View High School at the intersection of Ashland Avenue and Irving Park Road early Saturday morning in the city’s Lake View neighborhood, according to police.

    The Cook County medical examiner’s office identified the man as Louis Cotto. It’s not clear where he’s from.

    Cotto was standing on a corner when shots were fire in a possible drive-by shooting at about 1:20 a.m, police said. He was shot in his chest and back and was pronounced dead at Illinois Masonic Medical Center, police said.

    Nobody is in custody, police said.

    http://www.chicagotribune.com/news/local/breaking/chi-west-side-south-side-north-side-shooting-gun-violence-chicago-crime-20111008,0,4264575.story

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  112. THAT’S JUST CITY LIVIN’!!!!

    “A 29-year-old man was shot and killed across from the Lake View High School at the intersection of Ashland Avenue and Irving Park Road early Saturday morning in the city’s Lake View neighborhood, according to police.

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  113. Wow. A drive-by in that location? Very unusual.

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  114. #”If you rented, you’d have no inheritance/equity to leave to your kids, cheap azz. Amy is right.”

    Since I haven’t been posting here in awhile, let me clarify; I currently own my own SFH and own a two-flat with my sister. We only just this year got a lawn service for the rental. We make enough on that property to keep our taxes low, and replace things as needed. Just bought all new appliances for one unit this year, a new furnace and AC for the other a few years ago. Frankly, it’s a PITA a lot. I’m not even “OLD”, just in my early 50’s. As a single woman, I could see renting or living in a condo. I suppose I could sell my SFH, shack up with the longtime boyfriend, but I’m pretty used to my way of life. I’d love to be able to afford a personal assistant, a housekeeper, a maintenance crew, landscaper and snow removal crew, but I can’t. If I rented, it would be about mortgage equivalent, plus I’d have whatever pitiful profit I could make on this SFH invested or whatever for my dotage.

    “leave something to the kids”?? heh. one of my nephew’s thinks he’s gonna “inherit” the rental, and that it will be his key to retirement freedom. He forgets it means we’d all have to be dead, and hopefully that’s still a long way off that he’s gonna have to wait. We’ll probably sell it before he inherits it. Keep trying to tell him he’s got to plan for his old age, but his plan seems to revolve around the rental property.

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  115. Gosh- it was the wild west in Chicago last night. 20 shootings. It was worse than a typical summer night.

    What is going on out there?

    http://www.chicagotribune.com/news/local/breaking/chi-west-side-south-side-north-side-shooting-gun-violence-chicago-crime-20111008,0,4264575.story

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  116. holy cow, yeah this intersection isn’t shady at all anon…

    from the article sabrina linked

    “A 29-year-old man was shot and killed across from the Lake View High School at the intersection of Ashland Avenue and Irving Park Road early this morning in the city’s Lake View neighborhood, according to police. ”

    so lets add, murders to the list of why it makes this area shady…

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  117. wow, it might help to read the previous posts… dammit

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  118. “holy cow, yeah this intersection isn’t shady at all anon…”

    http://articles.chicagotribune.com/2008-08-29/news/0808281675_1_victim-prosecutors-man

    “THAT’S JUST CITY LIVIN’!!!!”

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  119. winter is coming

    “What is going on out there? “

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  120. Wait – I get to pay 600K to live in a basement on Ashland across from Lake View HS, and I get murders down the street too? Hand me the mortgage papers: I’m ready to sign!

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  121. “holy cow, yeah this intersection isn’t shady at all anon…”

    So, all the nonsense in and around the River North clubs makes every block they are on shady, too, right?

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  122. is there a nightclub here that I don’t know about?

    and are people getting hit with drive by shootings around the River North clubs?

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  123. I actually saw this home yesterday while trekking up and down Ashland on foot. Also saw a cameraman near LVHS and asked where it happened and he pointed across the street to a trashcan where you could see police tape dangling out of.
    This ask price is laughable considering you can get other greystone two-flats on Ashland nearby for 40% cheaper.

    Living on Ashland indeed excludes a lot of the potential market, but many people live on it. Some people like the sound of revving engine noises from A-holes who think it’s a drag strip till the next light.

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  124. “is there a nightclub here that I don’t know about?’

    Nope.

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  125. anyone else notice a ton of properties going under contract in the past 2 weeks? maybe they are just the properties I am following,,,,

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  126. “anyone else notice a ton of properties going under contract in the past 2 weeks? maybe they are just the properties I am following,,,,”

    Nope.

    Very low inventory. That makes it seem like everything is “going under contract” when the pace of sales continues to be at multi-decade lows.

    There are properties sitting and sitting and sitting (sometimes for years)- that I follow. Not all of them the million dollar homes either.

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  127. “pace of sales continues to be at multi-decade lows.”

    Saw a chart showing volume comparable to early 2000s or late 1990s. The government’s HAMP programs and such have prevented rapid declines in RE values but there is still some volume. Not at multi-decade lows AFAIK.

    But when the government backs away watch out. Which has already started with the FHA lowering the mortgage cap.

    Most of urban America in high RE value areas hasn’t caught on yet that most of the country doesn’t think the FHA should be backing 625k loans in California or 365k loans in Chicago.

    Our government is _subsidizing_ the real estate ownership of people with a 625k mortgage in high cost areas? Let’s see how that plays out.

    I thought about re-considering my call for Chicagoland CS but won’t yet. I’m still thinking 94-95 by winter of 2014-2015. Chicago will be better off than most cities is my guess.

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  128. gringozecarioca on October 10th, 2011 at 4:43 am

    bob.. Here is how it plays out. The rate goes up a tiny tiny bit. Due dilligence actually occcurs. A real ‘skin in the game’ deposit will be required. No shortage of people will be all too happy to write the loan privately..

    The market won’t die. Loans for high end homes will not become unavailable. They will *still* be subsidized by the gov’t, in a way, as it’s hedged against an artificially low i on the back end due to gov’t intervention in the i rate market.

    That is all.

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  129. What are you talking about? There are some neighborhoods, and some entire suburbs, that have no more than a handful of closing a week, and most of those are at the lower end of the market (lower end is relative of course per area). I don’t know how realtors are putting food on their tables. They must be starving.

    “The government’s HAMP programs and such have prevented rapid declines in RE values but there is still some volume. Not at multi-decade lows AFAIK.”

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  130. When you factor in the dearth of new home sales, and then YOY price declines, and the fact that used homes are just barely above the terrible 2009 levels: this is going to be one of the worst years ever for real estate market.

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  131. RE: shootings/muders.

    Yeah, it’s ugly. This ain’t Kenilworth.

    But am I the only person who noticed that of 17 incidents, only one was on the north side? Just sayin.

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  132. Hi All-

    Owner of this “pig” here :). Having lived here for nearly the past 10 years, I can not recall any other murder happening nearby (other than the mountain lion getting shot a killed a few years back). This is very uncommon, but goes to show that it can happen anywhere- including our “shady” neighborhood (whose neighbors include the mayor). It does prove out that noise from Ashland shouldn’t be a concern and that we’ve done a good job soundproofing the house- we slept right through it and didn’t hear any gunshots or the subsequent police response!

    Quick note to Bob- you may be able to get a greystone on Ashland for $377 (40% off our price), but you’ll get a place that looks like it’s ready to be torn down. I know, I’ve seen some of the places. We’ve completely gutted our place and put well over $250k into the building (including all new mechanicals, flood controls, etc). If you buy one of your $377k buildings and then sink $250k into it to bring it up to the condition of our place, you end up at about the same price. I know our place isn’t for everyone- it’s for someone that wants a really nice, move in ready unit with a nice yard and can’t afford to get that in a SFH and needs the financial help that the rental unit provides.

    Take a look at our website for a full list of all the features that should help justify the asking price:
    http://sites.google.com/site/4032nashland/

    Cheers!
    Matt

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  133. Hi Matt: Thanks for checking in with the view from someone who has lived in the property for 10 years.

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  134. Matt,

    Thanks for your input and I agree with a lot of what you say, but also just because you put in $250k doesn’t necessarily mean you should get $250k back. Oftentimes, we cannot get every dollar we put into our houses.

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  135. Benjamon-

    You are correct and I’m painfully aware that we won’t get every dollar of our improvements back out (otherwise our list price would be mid $700s). I was just taking the example of how much it would cost (even in today’s depressed market) to take a “cheap” greystone and rehab it up to our level of finish.

    Matt

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  136. “I know our place isn’t for everyone- it’s for someone that wants a really nice, move in ready unit with a nice yard and can’t afford to get that in a SFH and needs the financial help that the rental unit provides.”

    Helpful comments, Matt. I think you can assume that people generally like the renovations, otherwise they would have savaged it (though everyone was a little distracted by the presence and count of mexicanish restos and other establishments on Ashland). Main issue is whether there is someone that wants the tradeoffs of this place–a less desirable street location for a v nicely finished owners unit. Especially when I would assume for some people the attraction of having a tenant in a 2 flat is one day being able to convert to SFH, and I’m not sure anyone, especially with kids, wants an SFH on Ashland. Question is then whether you have overimproved for the location.

    Best of luck to you, sincerely.

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  137. Oh- regarding the restaurant squabble, I really have to take issue with the description of Young’s Chinese as “awful”. The decor is bland but the food is great! We’ve tried just about every takeout Chinese on the north side and Young’s is still the best. If you haven’t had it, you should really give it a try.

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  138. the drive by had something to do with the new bar that moved into Cy’s old space. seems like a lot of the area does not like the “gangsta element” there. is it that bad or an overreaction?

    http://www.yelp.com/biz/centro-chicago-chicago

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  139. WOW! CH, thanks for the link RE: Centro. I have never seen worse reviews of a bar/club in my life. No surprise now why someone was murdered there. Sounds like gangbanger central.

    Matt- nice of you to represent your property with class in what can be a ‘hostile’ environment. Best of luck with the sale

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  140. I have had young’s… (I used to live on IPR, and Ashland too a bit south of here) its the typical greasy midwestern style Chinese food, it just doesn’t taste good!

    Speaking of that, I have yet to find a decent chinese delivery… Yu Choy near me is edible but not great, and slightly overpriced for what you get.

    The only really good place in the city is Lao’s Sze Chuan in Chinatown, but they have the worst delivery service (and restaurant service) in town! But man the Tony’s chicken is like the greatest dish on earth, makes putting up with the crappy service so worth it!

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  141. ““is there a nightclub here that I don’t know about?’

    Nope.”

    “http://www.yelp.com/biz/centro-chicago-chicago”

    Oops.

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  142. good thing they hang out up there instead of in river north!

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  143. most Chinese (and all kinds of)food is prepared by Mexicans here in Chicago, not Chinese immigrants from the 1880s or their descendants.

    Have you ever had good chinese food in NYC or SF before? It tastes a million times better than any of the crap we have here

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  144. “anyone see the anti-puppy mill protestors recently outside the pet store on 3400 block of N. Ashland?”

    They are there semi-regularly. They probably have a facebook page or something.

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  145. “The only really good place in the city is Lao’s Sze Chuan in Chinatown, but they have the worst delivery service (and restaurant service) in town! But man the Tony’s chicken is like the greatest dish on earth, makes putting up with the crappy service so worth it!”

    Hardly the only really good place in the city. Maybe try Chi Cafe in Chinatown for delivery. Diner-ish place–I’ve liked the food in the restaurant, never tried delivery. Also, sad to say, but back in its first incarnation with LEYE, Big Bowl was IMO in the running for best chinese-ish delivery.

    “good thing they hang out up there instead of in river north!”

    Two of the yelp comments (prob planted by anon) were to the effect that they had transformed the neighborhood into river north.

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  146. Bob 2 (Not Bob) on October 11th, 2011 at 2:49 pm

    “but they have the worst delivery service (and restaurant service) in town!”

    Nowadays I refuse to go to that shithole and their beyond retarded waitstaff (a shame considering the quality of the food), try Double Li instead for Szechuan.

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  147. Oh, also, the stories have calrified. It wasn’t “shot and killed across from the Lake View High School”, but rather in the 3900 block.

    Vic was apparently from Barrington.

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  148. Who’s Vic?

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  149. “Who’s Vic?”

    Louis Cotto.

    vic = victim. Sorry.

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  150. update: sold for $918k

    http://www.redfin.com/IL/Winnetka/382-Ridge-Ave-60093/home/13786155

    tax appeal?

    interestingly, Joe Zekas appears to have posted about this house on his ChicagoNow blog Oct 7, one day after the discussion here.

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  151. Sale pending on this one…kinda curious to see what it goes for!

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  152. “Sale pending on this one…kinda curious to see what it goes for!”

    Just after Centro got closed down. Maybe just a coincidence …

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  153. Closed for $568K on 3/23/2012

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