You Could Have Bought This Lakeview 3-Flat for Just $375,000: 1615 W. Barry
This 3-flat at 1615 W. Barry in Lakeview has been on and off the market since 2009.
In that time it has been reduced $220,000.
It was recently dropped to $375,000 and has gone under contract (again)- as the property had been under contract in December 2011.
Normally I don’t like to chatter about properties under contract, but since people were recently talking about multi-unit properties and this one has fallen out of contract before, I thought it was worth highlighting.
Built in 1890 on an irregular lot of 21x125x15x125, it is on the alley but has a fenced in back yard and a 2-car garage.
It is across the street from the Burley School.
The listing says there is new electrical and each unit has separate utilities.
However, it doesn’t say anything about the cost of insurance, water etc.
Here are the details on the units:
- Unit #1: 1 bedroom, 1 bath with rent of $800 a month
- Unit #2: 2 bedrooms, 1 bath with rent of $875 a month
- Unit #3: 2 bedrooms, 1 bath with rent of $950 a month
This 3-flat was last sold near the top of the investment property frenzy.
It is currently listed $125,000 under the 2007 purchase price of $500,000.
Does this 3-flat now make sense as an investment at this price? Or is someone going to buy it for the land?
The listing says it is zoned Rs-3.
Mary Kato at Chicago Fine Properties, Inc. has the listing. See the listing here.
The current listing does have any interior pictures but one of the older listings did. See some interior pics here.
1615 W. Barry: 3-flat, 6 bedrooms, 3 baths, 2 car garage
- Sold in October 1987 (I don’t have a price)
- Sold in July 1991 for $160,000
- Sold in February 2007 for $500,000
- Originally listed in February 2009 for $595,000
- Reduced numerous times
- Was listed in April 2010 for $469,000
- Reduced some more
- Was under contract in December 2011
- Re-listed
- Currently listed for $375,000
- Under contract
- Taxes of $8136
- Individual utilities
It must need a lot of heavy work to sell for either $375K now or $500K close to the peak in such a good area. These units obviously pay their own heat bills because the rents being charged are very low and the apts. don’t look THAT bad.
That said, I do believe it will sell as a fixer-upper rather than a teardown. You would have to build something expensive to justify tearing it down and there are already enough high-end properties languishing on the market. People simply don’t have the money they thought they did for a while…. or were allowed to think they had by the non-existent lending standards of the 00s.
After being an accidental landlord for several years, all I can say is “why would ANYONE in their right mind WANT to be a landlord?!” There are so many issues/problems and SO many better, less risky ways of making money. Now, I understand why people become “accidental landlords” but this property is geared toward someone who is going to buy the property with the intention of renting out the units.
This can be converted to a SFH for less than $200,000; and a fairly nice one too. I don’t see this as a tear down or even a rental.
Hmm,
Alley on one side, huge building blocking the light on the other side, west of Ashland, tenants to deal with, 100 years old – what’s there not to like?
OK, it was cheap. I guess one could like that. I suppose you could convert to SFH, but is it really a good location to make that worthwhile?
“OK, it was cheap. I guess one could like that. I suppose you could convert to SFH, but is it really a good location to make that worthwhile?”
I guess you have to ask yourself if you can find a 2 story plus basement, newly renovated brick SFH in lake view for less than $575,000? Doubtful. So you compromise on location and get a deal on the price. Inventory sucks right now, and it keeps getting worse. it’s hard to find something that ‘works’. The immediate location is a bit of a compromise but the greater location (lakeview) is what makes it work. The alley sucks, but it is a side street. if they wanted the perfect house, on the perfect side street, in perfect condition, not on an alley with nice neighbors, it woudl cost $1,000,000 easily.
“I guess you have to ask yourself if you can find a 2 story plus basement, newly renovated brick SFH in lake view for less than $575,000?”
Or….you could ask yourself “is it really worth it to spend 575k just to live in “west” lakeview?” and, while you are at it, ask yourself “what can I get for 575k in the suburbs”? I think you will find your answer…..
“I guess you have to ask yourself if you can find a 2 story plus basement, newly renovated brick SFH in lake view for less than $575,000?”
HD – have you ever done a renovation/conversion of this magnitude? Obviously not. Let me explain something to you – 99.999999% of the people out there are smarter than you and understand that this is NOT an option because of many reasons:
1. A renovation of this magnitude is a full time job and will take at least 6 months to a year if you are doing it (subcontracting, etc.) yourself.
2. Renovation funding is not that easy to come by – this means you will most likely be footing the bill yourself. Now let me ask you – who, in their right ming would buy this place (likely for 100k down – because it is an investment property) AND then sink another 200k cash to convert to a SFH?!! Most people with 300k cash are NOT going to bother.
West of Ashland is not a problem. I used to live nearby, just west of Ashland, and never understood the stigma. However, maybe people don’t like being across the street from the school?
i think it is a bigger problem being right on the alley than being across from Burley.
There is no stigma with Ashland now, the western GZ boundary is Western Ave. at the edge of Roscoe Village.
To convert to single family, you are talking at least 300K and that is with just okay finishes.
Clio, you dummy, reno loans are pretty easy to come by actually. You don’t subcontract it yourself, you pay a gc to do it. 200k would go a LONG way to convert this into a reasonable sfh. 300k makes it even nicer. I have no idea what the buyer wants to do but I doubt it is a tear down.
I’d like to hear from someone who actually got a 200k/300k Reno loan about how cheap and easy it was.
“Clio, you dummy, reno loans are pretty easy to come by actually.”
NO THEY AREN’T…. honestly, HD – you don’t really know what you are talking about. To get a renovation loan right now is EXCEEDINGLY difficult. Don’t believe the hype/media, etc. – check for yourself. You would have to jump through so many hoops, etc., – ask any bank/mortgage lender, etc. and they will tell you the same thing (also, think about it – banks aren’t stupid – after what is happening in the housing market, are they REALLY going to to lend someone money to do a renovation? Come on, give me a break).
I am pained to agree with clio, but he/she/it is correct, we have been looking into options for a a massive renovation project, and our financial advisor said loans are not really a viable option right now. We’re fortunate we’ve been saving/planning for years and have a lot of other liquidity, but it sure does make one wonder what function the banking industry currently serves in America.
Anyone see this?
http://www.npr.org/2012/01/30/145995636/freddie-mac-betting-against-struggling-homeowners
We need to get a lot more of these people in jail to quite literally protect the fabric of society.
“HD – have you ever done a renovation/conversion of this magnitude? Obviously not. Let me explain something to you – 99.999999% of the people out there are smarter than you and understand that this is NOT an option because of many reasons:”
haahhahah doode you wen to UIC enough said, end of argument, the trump card from now is YOU WENT TO UIC.
comedy gold. commmmedy goooooold!
I’ve been preapproved for a real honest to god construction loan for a year now. Just waiting to fnd the right property. Its not that hard and anyone that tells you otherwise is wrong.
“haahhahah doode you wen to UIC enough said, end of argument, the trump card from now is YOU WENT TO UIC.”
Groove, I came from a very poor family and the only way I could afford school was to go to UIC. I got a full scholarship – I am very grateful for that opportunity. You probably shouldn’t make fun of people who need financial assistance – it isn’t very nice….
“You don’t subcontract it yourself, you pay a gc to do it. 200k would go a LONG way to convert this into a reasonable sfh.”
Who’s your contractor, HD? I need his name.
Unless by “reasonable” you mean not moving any plumbing, any major walls, not building an interior staircase connecting the floors, etc etc. Sure, a GC might be able to do it for ~$200k, but then he’d be looking to make his money on the resale–and price the place at $750k+, with basic finishes. Do you have a (good) GC who works for free?
“I came from a very poor family and the only way I could afford school was to go to UIC”
so poor, hmmmm
*grew up in a house in kenilworth ( ok, a coach house)
*parents paid top dollar for UofC Lab elementary and HS and for a condo to live in and a 24/7 nanny to raise you (ok, a condo in hyde park)
sorry to make fun of you for being *poor
butt please follow your own words going forward and not be a hypocrite.
“our financial advisor said loans are not really a viable option right now”
I thought Russ said construction loans were relatively available (or am I misunderstanding distinction, in which case I’d be interested in understanding why) and that it was more the practical difficulties in doing a major reno that deterred people.
“the only way I could afford school was to go to UIC”
Harvard gives full scholarships if you’re poor enough. The poverty claim doesn’t seem consistent with other statements, so I’d suspect this is a rogue clio, but sabrina assured us they are all one and same.
Reno loans are definitely more difficult to get than regular mortgages, but I wouldn’t say they are overly difficult to obtain assuming the borrower has the equity. Most people just don’t really know where to look for them (i.e., have a broker that has access to the funding sources) and don’t have the equity or the liquidity needed to qualify for them.
“Who’s your contractor, HD? I need his name.”
he is talk about the SUB contractor for the carpentry, not all the other pieces like and architects pay for plans, the plumber, the material you know the ‘Close enough without getting into the nuances of the details’
DZ, the vast majority of people when they figure out what is really involved in doing an extensive renovation usually decide against it. Most people with full time professional jobs do not have patience or time to renovate a house.
Is the market finally getting too good to be true? I asked for opinion on the following listing last week and it just under contract in 11 days! Wow! What do you think? It is just one unusual case, or it is a signal of the coming booming house market?
http://www.redfin.com/IL/Chicago/1151-W-Monroe-St-60607/home/12591884
” I’d suspect this is a rogue clio, but sabrina assured us they are all one and same.”
0h – so if sabrina says it is true…it obviously MUST be!!! What a bunch of idiots.
“[is it] a signal of the coming booming house market?”
No.
“Is the market finally getting too good to be true? I asked for opinion on the following listing last week and it just under contract in 11 days! Wow! What do you think? It is just one unusual case, or it is a signal of the coming booming house market?
http://www.redfin.com/IL/Chicago/1151-W-Monroe-St-60607/home/12591884”
In addition, this is in the west loop, not even in the beloved GZ. The broker open house happened last Tuesday(1/24), and the regular open house was yesterday (1/30). Why people all of sudden lost their patience? Anyhow, this is really a very efficient transaction and it is too fast to believe.
Yeah, the house just has to appraise out at the end, and the interest rate is about half a point higher.
“Yeah, the house just has to appraise out at the end,”
ohhh – is that all? Well then, it obviously should be very easy – ARE YOU FUCKING KIDDING ME?!! Do you know ANYTHING about what is going on in the housing market/industry? Appraisals are notoriously LOW right now – that is the MAJOR problem with MANY houses and is a MAJOR reason contracts fail to go to completion.
We have top notch credit, but foreclosures are still killing my zip code (60618).
“I thought Russ said construction loans were relatively available (or am I misunderstanding distinction, in which case I’d be interested in understanding why) and that it was more the practical difficulties in doing a major reno that deterred people.”
**NOTE TO SABRINA***
Can you please censor the trash who repeatedly use words like “FUCKING”, “STFU”, etc.
It’s lowering the quality of your website when you let bumpkins use swear words repeatedly.
TB – you just swore in YOUR post – should you be banned?!!! What an idiot….
“In addition, this is in the west loop, not even in the beloved GZ.”
West Loop is in the GZ.
bumpkin
“West Loop is in the GZ”
I thought he lived in New York…
“0h – so if sabrina says it is true…it obviously MUST be!!! What a bunch of idiots.”
You didn’t call anyone a moron or an idiot, so it just didn’t sound like you.
anon (tfo) (January 30, 2012, 10:46 am)
“In addition, this is in the west loop, not even in the beloved GZ.”
West Loop is in the GZ.
???? Wow!!! Thanks for the info, anon. Can some one confirm this? It seems to me there is not so much green in the westloop.
” It seems to me there is not so much green in the westloop.”
Then your buyer is a moron. If Monroe & Racine isn’t in the green zone, buyer is a ridiculous knife catcher.
I was recently in this property. To convert it would be a MASSIVE project. Youd have to go to the studs on every single level. 200k would not scratch the surface of this property. All new plumbing, new electric (it was only new lines pulled to the building and new breakers, no new electrical IN the building). You would have to move alot of walls to get a workable floor plan as well. The lot does get overshadowed by the building to the west but has great exposure from the east due to the alley. Whoever bought this property better be a real pro or else they are going to be in way over thier head. Probably best off just doing some cosmetic changes to see if you can get the rents up a touch and just keep it as rental income.
I’m surprised the rents are so low
“To convert it would be a MASSIVE project. ”
uhhh – not according to HD – and he obviously is very knowledgable!!
To respond to some insisting that reno loans are easy to come by….when we bought our place, it was a complete gut job. We were “approved” by a lender several times, we both have 750+ credit, over $200k in annual household income and the place appraised out after renos at 70% of LTV. Also out income to debt ration are in the 20% range with the mortgage. Did it close????? Of course not, we had to push back the close twice, I finally lost patience and took out a line against my investment portfolio to fund the construction and then refi’ed 6 monthes later. It is incredibly diificult to get construction/ reno loans. I’m in the finance industry, some of my best friends are Private Bankers at large, national instituitions, they all agree it’s a crap shoot to get approved.
On another aside, We spent about $200k on a 3/2,5 duplx that we gutted to the studs. Granted our finish choices we fairly high end, I have a hard time believeing you are getting anything of relative quality on this property which is twice the size for the $200k number some have suggested.
“Alley on one side, huge building blocking the light on the other side…”
This to me is actually a good compromise. You get unobstructed light from the East in the morning as a result of having the alley there. It would be great to have a 1/2 lot on either side but this wouldn’t be $375k if it did.
My personal thanks for this. We were a little startled by the bids coming back for our project, but it’s a big quality-of-life improvement for us, and it’s peace of mind to know that if we wanted to sell somewhere way down the line we’ll have the kind of work everyeone expects in the 21st century to be done.
“To respond to some insisting that reno loans are easy to come by….when we bought our place, it was a complete gut job. We were “approved” by a lender several times, we both have 750+ credit, over $200k in annual household income and the place appraised out after renos at 70% of LTV. Also out income to debt ration are in the 20% range with the mortgage. Did it close????? Of course not, we had to push back the close twice, I finally lost patience and took out a line against my investment portfolio to fund the construction and then refi’ed 6 monthes later. It is incredibly diificult to get construction/ reno loans. I’m in the finance industry, some of my best friends are Private Bankers at large, national instituitions, they all agree it’s a crap shoot to get approved.
On another aside, We spent about $200k on a 3/2,5 duplx that we gutted to the studs. Granted our finish choices we fairly high end, I have a hard time believeing you are getting anything of relative quality on this property which is twice the size for the $200k number some have suggested.”
” I have a hard time believeing you are getting anything of relative quality on this property which is twice the size for the $200k number some have suggested.”
One person suggested, and about 6 people–some of whom *rarely* agree–called bs.
If you’re happy with a $575k kludge, with several systems not properly updated orintegrated or both, and using whatever fixtures/finishes you can find on clearance or from the re-use center (nttawwt), then you could probably make it work. If you want it to look like a cohesive home, and have everything in the place meet current code, I can’t imagine getting it done–using a GC, and not doing anything meanigful yourself–for under $300k.
” We were a little startled by the bids coming back for our project”
skeptic–my one piece of advice: be prepared for mission creep, as the work starts to involve opening walls and finding other things that you say “may as well do that now”. We wound up doing a *lot* of initially unintended work.
“but it sure does make one wonder what function the banking industry currently serves in America.”
Bernanke just announced ZIRP until 2014, so the banks borrow at practically zero from depositors and the Fed’s discount window, etc. and they buy US Treasuries to fund the ongoing deficits and gvt. debt rollovers, and they make a nice “risk-free” spread. With Obama up for reelection, this will continue this year, there won’t be an hiccups in this game, lest the sheeple gain some insight into our corrupt system.
Why would they want to deal with a RE renovation loan is right!!!!
If this lot is really only 21′ wide and narrows down to 15′ I doubt it would be a tear-down candidate. It’ll be interesting though to see what happens to it.
If this really is a ‘to the studs’ renovation, then $200k probably won’t be enough. I was just generalizing a renovation from the pictures.
hd – i seriously am not trying to be mean – but you really don’t have a clue about a lot in real estate. What makes you very irritating to most people here is the fact that you actually think you know it all. Why not try to learn something? Admit you are an idiot and don’t know a lot about real estate – it will open your eyes and you will appreciate it – I promise.
“We spent about $200k on a 3/2,5 duplx that we gutted to the studs.”
1) great acquisition price, how did you get it?
2) Was this a post-1996 built/converted unit?
3) Do 3/2.5’s exist in the GZ that were built and/or converted pre 1996?
thanks
…..and yes, the irony of my statement is not lost……
Clio, I am going to reserve comment on whether or not I agree with what you said, but I DEFINITELY think you need to take your own advice. I could say the exact quote below and just substitute your name where hd’s is!
“hd – i seriously am not trying to be mean – but you really don’t have a clue about a lot in real estate. What makes you very irritating to most people here is the fact that you actually think you know it all. Why not try to learn something? Admit you are an idiot and don’t know a lot about real estate – it will open your eyes and you will appreciate it – I promise.”
“If this lot is really only 21? wide and narrows down to 15?”
The 15′ is just because of the 45-deg cutoff at the alley T. Not a big deal.
And the Assessor sez 3113 sf, which means 25′ wide, except that corner.
“If this really is a ‘to the studs’ renovation, then $200k probably won’t be enough. I was just generalizing a renovation from the pictures.”
How else you going to turn it into a nice enough single family? As it stands, there is a kitchen and a bath on each of the three floors, small bedrooms, no interior staircase, three sets of hvac, etc. And, almost undoubtedly, a lot of old wiring. Do you really want a $600k SFH that lives like three small apartments with two of the kitchens ripped out?
Hi guys –
You can try the following mortgage officers for construction loans.
They also do 203K FHA loans:
Bank of America:
Tommy Gonzalez
773-851-5060
tommy.gonzalez@bankofamerica.com
Wells Fargo:
Chad Lubben
312.274.4109
chad.lubben@wellsfargo.com
“Do you really want a $600k SFH that lives like three small apartments with two of the kitchens ripped out?”
Absolutely!
My comment is awaiting moderation because I posted links to e-mail addresses.
Trying again…
Hi guys –
You can try the following mortgage officers for construction loans.
They also do 203K FHA loans.
They are both very good guys and very quick to reply to queries.
Bank of America:
Tommy Gonzalez
773-851-5060
tommy.gonzalez at bankofamericadotcom
Wells Fargo:
Chad Lubben
312.274.4109
chad.lubben at wellsfargodotcom
“Do you really want a $600k SFH that lives like three small apartments with two of the kitchens ripped out?”
“Absolutely!”
Have neighbors who just left a two flat pretty much as is, including both kitchens. They host social/community gatherings on the ground floor and have a private residence upstairs. Much like 10 downing street.
Of course, they don’t have $600K into the place.
“Much like 10 downing street … they don’t have $600K into the place.”
Wow, has London really had that much of a downturn?
Yeah, we have heard this, so we’re hopeful the up-front investment with an architect (who will also be working/visiting on-site throughout the work) will be a wise one.
“skeptic–my one piece of advice: be prepared for mission creep, as the work starts to involve opening walls and finding other things that you say “may as well do that now”. We wound up doing a *lot* of initially unintended work.”
“Wow, has London really had that much of a downturn?”
Nominal terms, anon (IKIK, I’m sure there’s been a semi recent reno).
“up-front investment with an architect”
If you willing to share here or by email (dz_account at hotmail), I’m interested. Understand fully if you’re not.
“Yeah, we have heard this, so we’re hopeful the up-front investment with an architect (who will also be working/visiting on-site throughout the work) will be a wise one.”
Not to doubt your architect, but is s/he opening up walls? Or, if not, and s/he has xray vision, please share her/his detes.
“They host social/community gatherings on the ground floor.”
For some reason that episode of Sanford & Son where they turned the house into a Japanese restaurant just popped into my head.
skeptic….double the time, double the money. Nearly always true, especially in Chicago with all the hoops they make you jump through to get proper permitting etc.
RE: renovation loans….complete crap shoot. We are not even applying for them and haven’t for the past year. Been working with private investors who see value in some renovations and flips.
We spent about $200k on a 3/2,5 duplx that we gutted to the studs.”
1) great acquisition price, how did you get it?
2) Was this a post-1996 built/converted unit?
3) Do 3/2.5?s exist in the GZ that were built and/or converted pre 1996?
I happened to drive by when the realtor was putting up a sign. I ended up speaking with him for a few mins and he let me in to see the place. It was built in 2002, and had been in various stages of forclosure for over 2 years! The owner had stripped it clean, including the water heater and the bank was slow to winterize and some water damage ensued. We had to get the plumbing scoped and did a major mold inspection before we would buy it. My inspection cost me over $1000, but I needed to make sure it really was a good deal. I’m not so sure we have the equity the appraisal indicated we did, but for $400k at 4% for a fantastic place in the area I wanted to live (my son will not go to public school) we are extremely happy.
Hi guys –
You can try the following mortgage officers for construction loans.
They also do 203K FHA loans.
They are both very good guys and very quick to reply to queries.
I haven’t worked with either of those 2 individuals, but I can tell you BOA’s pricing makes them a non-starter (based on Dec 2010 experience) and the mortgage company based oout of San Fransico (I’m not naming names) is the one that almost caused us to lose our place!
I’ve got to agree with anon, Skeptic. Architect can guess that you may want to add a half bath or skylights ( mission creep) but on the project I just completed a few months ago, architect was on the receiving end of news that entire roof needed to be replaced, wiring throughout house was knob and tube, (so whole house had to be rewired) and furnace needed tone added to thirdfloor.
He was not surprised by any of this nor did he predict. You have to be prepared for surprises when you open up walls in 100 yr old house. Skeptic, you have z huge advantage in that you have already been living there for a while.
How much more would it cost to tear it down and build a similar sized structure with decent but not great finishes? I would think you could do it for $325-375K, not a whole lot more than the extensive gut rehab that would need to be done to this one.
Another potential solution to the rehab/construction loan scenario is to pay cash out of savings/loan against your investment portfolio, and then refinance after the project is completed. Not sure how feasible that would be, but it may be easier than the whole construction loan financing in the first place.
nice but not great? pergo vs. oak floors? $10,000 cabinets vs. $30,000 cabinets vs. $80,0000 cabinets? 2 bath vs 3? sauna? ceramic vs porcelain? GE stainless steel package vs. Subzero stove, high end fridge?
“Nominal terms, anon (IKIK, I’m sure there’s been a semi recent reno).”
Doing a little digging, seems perhaps £20,000 was spent on reno in 1735, which, with a bit more digging, would seem to be in excess of £2,000,000 today. As of the establishment of the dollar, the exchange was £1 to $4.86-2/3 — so, perhaps $100,000 in nominal terms.
“but for $400k at 4% for a fantastic place in the area I wanted to live (my son will not go to public school) we are extremely happy.”
For prime locales near top Catholic or private schools in the GZ, SFH prices have not crashed, therefore I bet we’ll see more parents raising 1-2 kids in nicely finished 3/2’s. Less upkeep than a SFH. Only issue might be the kids/babies making huge amounts of noise for the DINKs or single-forever neighbors?
The price delta on the sub-zero versus GE, and Wolf range versus medium grade range isn’t as much as you would think, HD. It’s the added space you need for those items in your kitchen that costs more money too, so you need to factor that in. Who has $80,000 cabinets?
I just don’t think a guy rehab of this place is worthwhile financially even if converting to a SFH.
A bit late to this discussion, but 203k loans are no harder to get than a regular mortgage. We were approved for a 203k and spent over a year looking for a property. Unfortunately, there are still quite a few unrealistic sellers out there.
http://www.snaidero-usa.com/
High end Italian modern cabinets.
ow big of a kitchen you do want? a 12×13 ikea display sized kitchen? Or a gourmet chef style kitchen with three sinks, high end fixtures, island, 45 sq feet of granite, 3/4 rounded; etc. or just an ikea kitchen but really big, or a small kitchen but very high end… the sky is the limit with this stuff.
The GE stainless steel package kitchen can cost as much as one luxury chef’s range.
you can buy linoleum or vinyl at home depot for as cheap as 88 cents per sq foot and the installation cost is even cheaper than that. wood floors at 7 or 8 per sq ft plus $3 per sq ft to install it.
“The GE stainless steel package kitchen can cost as much as one luxury chef’s range.”
How the hell are you coming up with a $40,000 GE appliance package?:
http://www.homeportfolio.com/catalog/Product.jhtml?prodId=37879
HD,
I’ve tried to explain this to you before: It’s less the finishes and more the systems and labor that cost the big bucks.
Also gotta say, Pergo would kill your resale value. Not a smart way to save money.
People who have not done rehabs tend to obsess over cost of what they can see ( finishes, cabinets, fixtures) while people who are experienced obsess over what is behind the walls.
“I’ve tried to explain this to you before: It’s less the finishes and more the systems and labor that cost the big bucks.”
2! (but everyone already knew that)
Somebody asked for the cost of a kitchen. Of course systems are expensive. That assumes just a kitchen renovation like I was saying. I’m not going to discuss pergo floors and then go off on a tangent about HVAC systems or redoing electrical. I could of course, but I didn’t. But shit ain’t cheap. Labor is expensive too, especially if you want the workers bonded and insured. Or you can hire my brother in law for some cash….
anon(tfo) ! Hah! I was thinking more along the lines of a $5,000 oven vs. a $5,000 GE stainless package you see in every cookie cutter condo in the city. But you get the idea.
“http://www.homeportfolio.com/catalog/Product.jhtml?prodId=37879”
Would have bought one, if only so I could use my prime shipping, but sadly no longer for sale on amazon. You might think overpriced, but note that “La Cornues can also be found in the homes of Brad Pitt, Sandra Bullock, Celine Dion, Robin Williams, and French presidents Jacques Chirac and Valery Giscard D’Estaing”. I’m mostly stunned that D’Estaing is still alive.
http://www.amazon.com/La-Cornue-Grand-Palais-180/dp/B003YV84LO?SubscriptionId=AKIAISUBVDZE6TD2VW7A&tag=cszamasho-20&linkCode=xm2&camp=2025&creative=165953&creativeASIN=B003YV84LO
“Or you can hire my brother in law for some cash….”
Sure, name please. You know the email.
“But you get the idea.”
Yeah, but I had to find the most absurd oven I could in under one minute.
But those red knobs are pretty expensive, too.
“La Cornues can also be found in the homes…”
If only they could be found in condos that Johnny Depp once visited.
“http://www.homeportfolio.com/catalog/Product.jhtml?prodId=37879”
Just love that thing… If my kitchen was in that style.. wouldn’t think twice about it.
“I just don’t think a guy rehab of this place is worthwhile financially even if converting to a SFH.”
that’s obviously a typo, you meant gay rehab, right?
“People who have not done rehabs tend to obsess over cost of what they can see ( finishes, cabinets, fixtures) while people who are experienced obsess over what is behind the walls.”
Most buyers have never done rehabs – ergo, the finishes ARE more important!!!
If Pergo is so bad, what should someone put in a 1 bd. high rise condo RENTAL unit in a non-fancy building? I thought laminate was considered durable and preferable? thanks
“Most buyers have never done rehabs – ergo, the finishes ARE more important!!!”
Sadly, I agree with Clio.
“If Pergo is so bad, what should someone put in a 1 bd. high rise condo RENTAL unit in a non-fancy building? I thought laminate was considered durable and preferable? thanks”
Funny thing is seeing all the listings for Brazilian woods. Down here it is almost impossible to do wood flooring. I have actually seen some pretty impressive look alikes.
What say the esteemed commenters of CC on this two flat? Tough to say what kind of shape the place is in, but price point is intriguing.
http://www.redfin.com/IL/Chicago/Undisclosed-address-60622/home/14108356
“this two flat? Tough to say what kind of shape the place is in, but price point is intriguing. ”
Something fishy. If you could buy it for that, at it’s not on the verge of condemnation, no brainer.
All true on the anecdotals above. We should be in slightly better shape as much of what we’re doing is just removing crappy walls added after the house was built, it’s a deconversion to a SFH. Also, we will do the work in stages so we don’t get too overextended.
Pergo sucks because it divits and warps when wet. But if you don’t walk around in high heels or accidentally spill water all over (or clean it up FAST) then it’s just fine for a one bedroom in a non fancy building. you can buy it for 2.50 or 3.00 psf. But of course if the floor is sagging or the ‘systems’ are all messed up, you’ll be buying vinyl for 88c per sqf because you have to upgrade the electrical or HVAC instead.
I say that this is similar to the vintage one bedroom condo I saw in Oak Park for $28,900. They are listing it low to pull in multiple offers and sell it for well over list price. If too many people are chasing the market down, price low and let buyers chase the market up!
“What say the esteemed commenters of CC on this two flat? Tough to say what kind of shape the place is in, but price point is intriguing.
http://www.redfin.com/IL/Chicago/Undisclosed-address-60622/home/14108356“
clio are you ready for tomorrow my droogie?
I look at the HOUSE PRICE of the CHART and the TREND and I see that this is UNSUSTAINABLE.
Too many monkeys with middle of the class/road wages living in too expensive pads clio. Pads they paid for with easy financing, at the urging of a nagging spouse with a nesting instinct, and the naive belief that real estate never goes down.
“clio are you ready for tomorrow my droogie?”
what’s tomorrow?
“what’s tomorrow?”
Guess you’ll find out then.
I don’t need any generic averages (data) to tell me how my properties are doing. ARE YOU KIDDING ME? What type of idiot makes individual decisions based on CSI? How have those numbers been helping you? Yeah, I thought so…….
“All true on the anecdotals above. We should be in slightly better shape as much of what we’re doing is just removing crappy walls added after the house was built, it’s a deconversion to a SFH. Also, we will do the work in stages so we don’t get too overextended.”
You’re prepared for double then, right? I mean, you’ll end up with a much, much nicer house on the back end (im not suggesting a black hole of spending), but piecemeal makes it even easier to add to the project–“we’ll end up doing that anyway, so lets just do it now” at every stage.
“How have those numbers been helping you? Yeah, I thought so…….”
Those numbers have been representing a broader market decline of many properties–some I do look at.
“clio are you ready for tomorrow my droogie?”
What’s a “droogie”?
http://lmgtfy.com/?q=droogie
Well, the bids we got (3) all came in about double our initial “want to spend,” so we’re prepared for $100 – 120K for the first phase and then another $100K for the second, which can be done in two parts. Our architect has done similar projects on similar homes, and he’s a close friend of a very close friend, so I think he’s been pretty thorough about getting these kinds of things into the RFP. Are there a handful of questions you’d suggest I throw at him just to be safe, re: the wiring, etc.? It’s not a big house and we already something like 50K earmarked for electrical/mechanical work (and that doesn’t include replacing our fairly new HVAC system).
“You’re prepared for double then, right? I mean, you’ll end up with a much, much nicer house on the back end (im not suggesting a black hole of spending), but piecemeal makes it even easier to add to the project–”we’ll end up doing that anyway, so lets just do it now” at every stage.”
“Are there a handful of questions you’d suggest I throw at him just to be safe, re: the wiring, etc.? ”
Our big mission creep items were: plumbing (*lots* of plumbing–happy it’s done, but it was a huge added expense), redoing the wiring/lighting in two rooms we hadn’t intended to (also very happy its done) and completely redoing an additional bathroom (ditto). Also, a fair bit of hvac reconfiguration.
If your scope already includes basically redoing the plumbing and hvac in the area you’re working on, and have a contingency for redoing/adding electric in the same zone, I wouldn’t expect added surprises directly related to that. But it’s the “we’re moving [system X], anyway, let’s just upgrade the whole run now” or “to really do that plumbing run right, we need to open up that wall, too, so let’s just redo that room while we’re at it” that’ll create the “surprises”.
Thanks anon! Yes, we do have a boatload of the budget already set for major plumbing and electrical. I do not recall specifically addressing wiring, so that’s a very helpful note/inquiry I can keep in mind when we start interviewing the contractors. We have been preparing for this since our daughter was born a good 6+ years ago, so we’re ready for the mess, needing to find some alternative housing for short periods, and basically spending a whole ton of cash.
oh – and just wanted to add that after talking with close friends who are realtors and in construction (local), they said that it’s a pretty big project, but given that is a deconversion on a property with a double lot, it does actually make a lot of sense in terms of long-term value. I still am shaking my head in disbelief that because of an in-law apartment they fashioned on the second floor (basically a few dormers, a kitchen and bathroom) the house got lumped in with all the other crapola two-flats being foreclosed on, and worse, that appraisers – two! – said the extra lot had no value. Friggin insane.
“Our big mission creep items were: plumbing (*lots* of plumbing–happy it’s done, but it was a huge added expense),”
an expense you dont want to short cut on if it pops up during reno. but like anon be happy its done right the first time even if its going to cost over the planned.
i redid a bathroom in a buddies place. to cut costs (against my begging and pleading) we used the original lines to the bathrooom. he used expensive tile it was darn beautiful in the end……
…but thats where the problem starts, untouched old plumbing is ok, once fiddled with leaks will occur. and because the tile job i did was one of my most prettiest to get to the leaks i had to cut holes in the adjoining bedroom walls to get to the pipes. now to save money again i only replaced the leaking ones……
…..well it happened again i opened up the wall replaced all of them this time but my ex-friend only wanted to replace just to the connections in the basement. so a leak formed in the basement pipe, and i didnt have the energy to do it or deal with him. who knows how he handled it from there
you could say it was my quality of work that sucked. but all leaks did not happen at the connections i made or replaced but at different old junctions.
again old pipe untouched is ok, once jiggled/fiddled its a nightmare
From Bob’s link:
http://lmgtfy.com/?q=droogie
Droogie – “playful term to describe your significant other”
Um, sorry to break it to you but I know Clio and he is straight.
“Um, sorry to break it to you but I know Clio and he is straight.”
well your still alive….. so that means you dont know him as your doctor
Benjamon –
Is this the condo you referred to in Oak Park?
http://www.redfin.com/IL/Oak-Park/123-Clinton-Ave-60302/unit-1X/home/12667092
It’s pretty, but the assessments are $349/mo and the taxes are $3,765.
That’s why the price is so low.
It’s almost $700/month with taxes and assessments alone.
Don’t feel bad if you missed out on it.
“It’s almost $700/month with taxes and assessments alone.”
considering the location 700 a month is darn cheap (assuming you would pay in full the 28k for the unit)
Taxes and assessments are high but not unusual for vintage in OP and are under what you could rent it for.
I don’t feel bad I missed out on it…..bid well over ask and wasn’t accepted. If someone was willing to pay more than my max, more power to them.
Also, considering the next cheapest vintage condo listed is more than 2x that list and in a worse location, I’m pretty sure the buyer is still getting a good deal.