What’s Under Contract in Logan Square? This Brick 2-Flat at 2701 N. Francisco
This 5-bedroom brick 2-flat at 2701 N. Francisco in Logan Square has been on and off the market since May 2011.
Since January of this year, it has been reduced $56,000 to $469,000.
It finally went under contract this month.
The 2-flat has south and west exposures but you don’t have to worry much about the neighbors to the south since it’s a church.
Built on a 25×125 lot, the property has a 2-car garage.
The owners unit is a 3/1 on the second floor.
The two units consist of:
- Unit #1: 2/1, no central air, rented at $1200 a month
- Unit #2: 3/1, no central air, owners unit
The owners unit has a white kitchen with stainless steel appliances.
The listing doesn’t say anything about a washer/dryer but there is a full basement so there could be one for the building there.
At this price, did it make sense to buy this 2-flat rather than buy a standard condo somewhere else in the neighborhood?
Deborah Wood at Coldwell Banker has the listing. See the pictures here.
2701 N. Francisco: 5 bedrooms, 2 baths, 2-flat, 2 car garage
- Sold in December 2006 for $515,000
- Originally listed in May 2011
- Was listed in January 2012 for $525,000
- Reduced several times
- Currently listed at $469,000
- Under contract
- Taxes of $6459
- No central air
- Unit #1 rented out at $1200 a month
Generally good location, nice block. Don’t know that I’d want to be right next to a church.
If I were just looking for a 3 bed, I’d rather just take a place on the boulevard. Personally don’t want to play landlord at all.
Conversion option in the future is valuable I suppose, but then I’d start worrying about schools etc. And if I wanted to convert now, I’d hold out for something quite a bit cheaper (don’t know if there’s anything right now, but I’d want to be well under this to start a SFH reno/conversion in this area).
Speaking of Logan Square:
http://searchchicago.suntimes.com/homes/3215357,debat04.article
This place seems like a solid deal for the price and I’m surprised it took as long as it did to go under contract. I walked by it a few weeks ago and the facade was in excellent condition. Then again, we have friends in the neighborhood (currently have a condo on Logan but want a 2-flat) that went through this place but much preferred a 2-flat like ours (near Palmer Square) due to tight feeling of a building situated on a 25 foot wide lot (we’re on a 33/34 wide lot). Still–attractive block in a great location.
“Speaking of Logan Square:”
And avondale too! (Though, even setting methodology aside, “leaping” as applied logan with an increase of 0.85 percent seems not fully accurate. I have heard that logan is hot.)
“tight feeling of a building situated on a 25 foot wide lot”
It’s also a fair bit narrower than a two-flat on a wider lot–this one is listed with the assessor as 2140 SF. Also, the absence of a side bay has good and bad elelments.
shoot, I think anything going up in this economic climate shows some serious heat. I can’t even fathom what Logan Square will look like if the economy takes off…
“And avondale too! (Though, even setting methodology aside, “leaping” as applied logan with an increase of 0.85 percent seems not fully accurate. I have heard that logan is hot.)”
aon, in checking the assessor’s website on this place, and comparing it to mine, I saw that my first pass assessed value went *way* down.
Do we have any early handicapping on what this tax year holds? the AV went down enough that I have a reasonable hope of my tax bill actually decreasing, at least a little.
There certainly is a market for owner occupied 2-flats and in my experience they do not overlap with people looking for a condo. They are two completely different buyers. For the most part you either want the lack of an association, your own yard and garage, and the flexibility to do whatever you want with the whole property. Condo owners are more maintenance free types who don’t want the hassle of yard work, large scale home maintenance, or the burden of being a landlord.
“Don’t know that I’d want to be right next to a church. ”
Are you a vampire or related to Jenny?
Avondale prices in general are much lower than LS, so the price increase there doesn’t strike me as unusual. The LS price increase is certainly dragged down materially by the fringe areas south of Armitage and west of Kimball/Central Park. There are a few places in the heart of the neighborhood selling for relatively low prices but all of them are in signficant need of rehab.
SO I always wonder whats going to happen to these kinds of 2 flats too expensive to ever be a rental again, but with this base price can it ever really be priced right for a SFH conversion in this neighborhood?
“even setting methodology aside”
DZ, They are reporting the MLS detached sfh median data, so it is pretty much worthless by itself. BTW, Logan Square was reported incorrectly, it was $412,500 for 2011, so an even shorter leap of 0.61%. 1st Q of 2012 shows a 41.4% YOY median price decline. I wonder what skeptic thinks now?
“1st Q of 2012 shows a 41.4% YOY median price decline.”
Also, only 28 Logan Square 1Q12 sales vs 37 in 1Q11. That’s hot?
if you’re gonna buy on the boulevard, buy this one and restore it
http://www.urbanrealestate.com/search/?address=1720%20N%20Humboldt
Icarus–a similar place further north on Humboldt sold for under $600k, so this one has some room to come down. Also, there’s one on Humboldt just north of Armitage listed at $599k that is under contract now.
for something nice on the boulevard I *might* consider moving back to LS or Humboldt Park
This was on Palmer Square was just listed: http://www.redfin.com/IL/Chicago/3125-W-Palmer-Blvd-60647/unit-1/home/13418347
“This was on Palmer Square was just listed”
Are the pictured kitchen and bath the “original splendor”*, or the “nicely updated”
*Makes me think of Harvey Pekar, especially that kitchen.
“This was on Palmer Square was just listed”
Too rich for my blood. Besides, if they’re bogarting the chandelier and the 1st floor, what’s the point!
“Exclude dining room chandelier, 1st floor and Plasma TV, 1st floor. “
I have been fawning over the subject property since it first came on market. While I had originally been looking for a 2/3 Flat in poor condition to rehab myself, this place was just too perfect to ignore. Both units are in great shape (owner especially), building itself is in great shape, good location, priced ‘almost’ right… Im sorry to see it UC already. If it closes for anything near what I thought it was worth Im going to kick myself.
That’s a nice looking 3 flat. I think the two flat here is priced way too rich. Signs of a bubble are still everywhere.
“Also, only 28 Logan Square 1Q12 sales vs 37 in 1Q11. That’s hot?”
Hipsters and other miscellaneous previous suburban whitbreads attempting to be edgy and blend in to these neighborhoods aren’t too keen on that whole “numbers” genre.
Logan’s hot because they’ve all chosen to rent. The buyers are the odd balls. Bob, you need to buy in legal. Just pull the trigger and get it over with. Seriously, I’ll even recommend you a mortgage broker for a Renov loan if your interested, if ur credit is as good as you say it is. There are some deals out there….
“Just pull the trigger and get it over with. Seriously, I’ll even recommend you a mortgage broker for a Renov loan if your interested, if ur credit is as good as you say it is. There are some deals out there….”
Whoever thought HD would be convincing people to buy…….
“Whoever thought HD would be convincing people to buy……”
He’s been a skitzo dumbass ever since his SO crapped out that kid, I’ll tell ya. I guess her post-partum is affecting him haha
I want bob to buy so that he’ll shut up. I don’t think anyone ever votes his abrasive comments a thumbs up.
Sometimes this place is like watching people in the stands yelling at the coach. They know better because they can see the whole playing field clearly, and yet they have no experience whatsoever with the actual game.
Churches attract large crowds… no thank you. There was a church built near the first place my parents’ owned. They could tell lots of stories about the vandalism that church brought. They moved because of the church.
Well, now I think it’s time to let the cat out of the bag. Early last summer I met a realtor who said, “if you ever want to see a place, let me know” and the wife said, “there is one place I’d like to see..”; and long story short; we didn’t buy that house, but a completely different house. All I can say without outing myself, is that:
1) it’s unlikely you’ll be able to find it so don’t even try;
2) it’s in a suburb;
3) Consistent with my principles we bought a smaller (compared to the mcmansions that are everywhere in the ‘burbs) but excellent condition but modest home in a nice area, like I’ve always said I would do;
4) as with every house there are trade offs with price, location, condition, finishes, etc, and my purchase is assuredly not would many on cribchatter would do….just as I wouldn’t buy a 3 bedroom townhome in aurora for less than $100,000 like one of my dearest friends, many might look at my purchase and be like “homedelete bought this???”
5) it was a no brainer to buy in the suburbs vs. the city. There are no SFH in the GZ for the price I paid; and even with the extensive renovation costs, there’s still no SFH in the GZ for the finished appraised price; factor in schools, communting time, house size, proximity to city, its a complete no brainer.
6) We did a bit of renovation, which was nice and went smoothly. the loan isn’t that hard to get and the extra ‘work’ involved is hiring a reputable general contractor, picking out cabinets, granite, finishes, etc.
7) I understand my house will probably go down in value, and that it may even lose up to a 1/3rd or more going forward, but that’s the risk I’m taking. I’ve always said i would buy when it makes sense for me to buy, not necessarily waiting for ‘the bottom’; and it just made sense to buy last year, so we did.
8) My opinion of the market won’t change going forward just because I’ve more vested in the market; but I’m going to give Bob a hard time, every day, until he pulls the trigger.
Congrats HD. I thought for certain that I’d buy before you did ( i think the CC over/under was well in my favor). Tell us, are all the updates/renovations done or do you still have some work to finish?
It’s still a large investment to buy a SFH in the GZ, even if you find a fixer-upper. Congrats to HD for buying and renovating. In order to come up with the reno cash needed, it takes some discipline to save some major $’s over some time prior to buying, I’m sure. Even in the nearby suburbs, many people are priced out of the home they want and have to settle for 1.5 baths instead of 2, and potentially being not as close to train stations as they would like.
Congrats, HD. I hope it works out for you and your family.
Congrats
HD.. you are still a dumbass.. but congratulations!!! It can go up 1/3rd or more going forward as well… Enjoy!
still dont get Logan Square, not a place i would choose to live when so many others IMO are better and cheaper.
Another congrats! It’s all about making a considered decision about what’s best for you and your family. Wishing you lots of happiness in your new home!
Groove.. I just tried that running not stoned thing you recommended.. Cramped under my chest in first 1/4 mile, ran slower than a turtle, cramp shifted to right shoulder and then about 5 miles in my legs stalled and i hurled!!
No more silly advice from you!
“2) it’s in a suburb;”
and like that a original burbanite goes back to his roots. hmmm who would have thought
…and don’t even try telling me that the fact it’s 94 degrees out had anything to do with it…
“Groove.. I just tried that running not stoned thing you recommended.. Cramped under my chest in first 1/4 mile, ran slower than a turtle, cramp shifted to right shoulder and then about 5 miles in my legs stalled and i hurled!! ”
all that was happening the times your were stoned, you just didnt notice as you were so damn high
“In order to come up with the reno cash needed, it takes some discipline to save some major $’s over some time prior to buying, I’m sure. ”
I had to save a regular downpayment, but the renovation component of the loan was rolled into the conventional mortgage and is sold to Fannie/Freddie after construction was completed. Despite the misinformation and myths you hear on the webs, it’s entirely possible to close on a renovation loan in less than 45 days, without any real hiccups. There’s a lot of demand for the lower priced homes that have the 2 baths, and a yard, and three beds, etc, but they’re a lot cheaper than the finished homes preciesely because they need work. That’s why you bite the bullet and get a renovation loan because so many people don’t want to do the work. They’ll live with a 30 year old kitchen and say “i’ll fix it up as I go along”. To which I retort “if you do a little bit of work every year at the end of a decade you’ll see how little work you’ve actually done”.
I’m getting 80% of it out of the way upfront. I still have to renovate at least 1 bath, the den needs to be fixed up real nice etc. but of course, the sky is the limit. How much do you want to spend? I live in 900 sq feet 2/1 right now and I had to furnish a 2000 sq foot house…do you want IKEA furniture, harlem furniture, crate and barrel or room and board? $1,000 couch or a $9,000 sectional? Do you want a 6 person engineered wood table or a 6 person real walnut table? patios? concrete slab patios are so passe…these days it’s either stone or pavers…but that’s not cheap either…and lawn care, landscaping, there’s no end to it…and then patio furniture to go on your new paver patio…and of course the den will need a new tv, but why just settle for a 42″ when you can get a 55″ because it’s a pretty big den; and if you plan to game or watch a lot sports you have to get something that doesn’t have motion blur….but what about a projector? then the acoustic tiles on the ceiling are a little old, what about replacing those? but oh wait, basements flood, so do you keep the older, good conditioned high quality but ugly vinyl tiles or replace them with something a little more contempoarary, but that’s $7 psf…oh boy. and the office. what should I do about the office, should I buy a new desk or keep my current desk, or put in a wet bar (moving piping won’t be a problem for various reasons), do I want a bookcase, shelves, or another TV on the wall…and the floor is 9″ asbestos tile from the 60’s overlaid on who knows what, do I just put something new down over it? what do I put down? limitless.
“Groove.. I just tried that running not stoned thing you recommended”
groove got the docs orders a month ago that the groove cant run anymore, not even on a treadmill. I have to choose playing ball or running and if playing ball it needs to be cut in half. so no marathons ever again (never really enjoyed it after the first) and no triathlons (was planing to do the Olympic length this year in Chicago, and a sprint in Michigan)
so the groove has turned to road cycling, and yes i went full on lance armstrong spandex (yep you can see from a block away it leans left)
i really miss running as you can get so much out in a shorter period of time. and all it takes is shorts and shoes
” my purchase is assuredly not would many on cribchatter would do”
+
” it’s unlikely you’ll be able to find it”
=
does not compute. It’s *clearly* located on a freeway on-ramp. We’ll be able to figure that one out.
Guess that was someone else’s coffee can under the mulberry tree. Sorry someone else.
Groove77: mountain biking, not road biking. Palos is just a short drive away and they have a very extensive and well maintained trail system.
http://cambr.org/
I think you’ll that the average age of a mountain biker is well into his or her 30’s or early 40’s. Despite what you see on ESPN X games or whatnot, it’s not exactly a young person’s sport.
Congrats HD. Hope you will live happily with your family in your house for many years to come. BTW, did the purchase happen during the phase you were acting like Clio? Just curious : )
“why just settle for a 42? when you can get a 55″”
No, the choice is bt 70 and 80, but the 80s are still too ‘spensive.
Biking is the best… I miss biking, and Chicago is an incredible city to bike on the weekdays. That was pretty much the reason I stayed there for half a year in ’06. Always loved the days the winds would kick up and you could spin as fast as you want in your granny gear and go nowhere. Flat as could be but felt like you were riding in the mountains.
Never did a survey but I go left as well. Any righties on here? Annoyme should chime in on this, he loves these side track convos.. here watch me get him engaged.
“ELP prices for 3/2’s with separate dining rooms are falling!!”
Politics aside, former president George W. Bush is a huge mountain biker, here’s a pic of some of the terrain he could handle:
http://singletrack.competitor.com/2011/04/news/ex-prez-bush-rips-it-up-with-veterans_15617/attachment/bush5
I love mountain biking nearly as much as I love freeway onramps, but I have little time for either these days…
“Groove77: mountain biking, not road biking. Palos is just a short drive away and they have a very extensive and well maintained trail system”
did mountain biking for years with the wife, did my first triathlon on a mountain bike too. its fun just like the road bikes better now
“No, the choice is bt 70 and 80, but the 80s are still too ‘spensive.”
Multiple people have told me go for the 100″ plus projector…
“still dont get Logan Square, not a place i would choose to live when so many others IMO are better and cheaper.”
Can’t resist. What’s better and cheaper? Don’t give me far nw side. It has different tradeoffs, but not clearly better. Need something that is at least as good in terms of restos and commute to loop, and maybe better in terms of schools or something. And cheaper.
And congrats, HD. Can’t wait for my CC housewarming invite.
“why just settle for a 42? when you can get a 55?”
“No, the choice is bt 70 and 80, but the 80s are still too ‘spensive.”
anon is right. Projection is possibility but depends on the room.
“Always loved the days the winds would kick up and you could spin as fast as you want in your granny gear and go nowhere. Flat as could be but felt like you were riding in the mountains.”
i have learned that wind is worse than mountains, i did take a ride in mchenry county for the rolling hills, never needed the granny gear 🙂 but did use the small chain ring 🙁
Thanks everybody.
Now it’s Bob’s turn.
“Can’t wait for my CC housewarming invite.”
Ditto. I’ll even set up the collection to upgrade from the 55 to the 70.
“I love mountain biking nearly as much as I love freeway onramps, but I have little time for either these days”
problem is you need to drive to the trails with mountain biking, my road bike i go from my garage.
“Can’t resist. What’s better and cheaper? Don’t give me far nw side. It has different tradeoffs, but not clearly better. Need something that is at least as good in terms of restos and commute to loop, and maybe better in terms of schools or something. And cheaper.”
Better: River Forest, Forest Park, Mt prospect, Jeff Park, Beverly, Bridgeport
On par and cheaper: Pilsen, Albany Park, Uptown, Rodgers park, Humbolt
“Multiple people have told me go for the 100? plus projector…”
I would think a projector doesn’t need to be any bigger than 16-17inches. 🙂 Well I once had a CRT G-90 and that was a bit bigger.
I personally think that anything over 50′ begins to detract from the room. If you want that size you can go for the projector. It used to be you had to buck up big time to get quality in a projector, now even one for a couple of grand will be more than most anyone needs.
In 2 rooms in my apartment I recessed screens into the ceiling and mounted drop down boxes into the ceiling for the projectors. Whole thing disappears when I’m not using it. Well that is, before one projector broke and I can’t replace it in Brasil for less than a million dollars.
Problem is so many changes occurring right now in DLNA and comparability that I feel waiting a bit is good. Cell phones are the new DVD. Awesome times we live in!
Yeah, i’m going to wait a bit for various reasons, including ‘convergence’ which has been 15 yeras in the making. I mainly use my xbox as my media console which is nice but then I need to hard wire the entire house because the computer with the hard drive is on the other side of the house from the TV and streaming HD over wi-fi can often be fraught with lagging, interference etc. and xbox only plays xvid HD not mvk files without some serious software tinkering and I’m just too old for that stuff these days.
“River Forest, Forest Park, Mt prospect, Jeff Park, Beverly, Bridgeport”
All of those are worse commute, some of them by a lot. All are worse resto-wise, some by a lot. So I agree if by better you meant worse.
River forest also more expensive.
“Yeah, i’m going to wait a bit for various reasons, including ‘convergence’ which has been 15 yeras in the making.”
“Problem is so many changes occurring right now in DLNA and comparability that I feel waiting a bit is good.”
Are the changes going to affect tvs, as opposed to devices that connect to tvs? Having stuff integrated in the tv seems interesting but I think there’s always going to be significant changes every couple years, whereas a tv could be useful for e.g. 8-10 years if you’re not fussy. E.g., I don’t care that much about tv changes over the last 2-3 years. Main change I would care about is that larger sizes will become cheaper, but that’s prob going to continue for the medium future.
So buy a tv now. And change out what connects to it as needed. And hardwire your house if at all possible.
“All of those are worse commute, some of them by a lot. All are worse resto-wise, some by a lot. So I agree if by better you meant worse. River forest also more expensive.”
Yeah–gotta agree with DZ here–even if I wasn’t biased by being an LS resident. River Forest is clearly nicer but a lot more expensive. I like Beverly but the location is nowhere near as convenient–thus better is arguable. I don’t see how the rest are really better.
The on par and cheaper places are either not on par or are not cheaper.
“I personally think that anything over 50? begins to detract from the room.”
Even if that room is the *tv* room?
“Now it’s Bob’s turn.”
I beg to differ. He should first get himself a lady (I can see him and Jenny) or a dude (Dan comes to mind) before making a purchase.
“So buy a tv now. And change out what connects to it as needed. And hardwire your house if at all possible.”
Ditto. Ignore the “in the tv” apps, focus on “in the box” apps, which boxes can be swapped out more easily and more cheaply.
And, as Ze sez, if you want a projector, you need a screen too–bed sheet duct taped to the wall won’t cut it–and while the plenty nice projector is no big deal (about the same price as the big TV), the drop down screen will set you back a lot more, *especially* if you get a nice enough screen to use in a room that won’t always be completely dark.
If you’re putting the big TV in the basement (living large in the basement?!?!? what happened to our HD?!!??!?!?!?!!?), in a nice, dark space, then you can cheap out on the screen a lot, and maybe avoid the motorized, hideaway screen.
Yeahyeahyeah, use the right paint on the wall, it’s “good enough”, especially in the dark room, but really, who wants “good enough” if you’re investing even $3k in your entertainment system?
miumiu’s right–i’m sure whatever woman he meets will veto his choice of residence.
“And, as Ze sez, if you want a projector, you need a screen too–bed sheet duct taped to the wall won’t cut it–and while the plenty nice projector is no big deal (about the same price as the big TV), the drop down screen will set you back a lot more, *especially* if you get a nice enough screen to use in a room that won’t always be completely dark.”
We have a High def. projector and just project on the white wall and let me tell you it beats any TV experience.
“We have a High def. projector and just project on the white wall and let me tell you it beats any TV experience.”
When’s the last time you went serious TV comparison shopping, Miu?
“All of those are worse commute, some of them by a lot. All are worse resto-wise, some by a lot. So I agree if by better you meant worse.
River forest also more expensive.”
not everyone works in the loop!!!!! and all i provide are on major expressways and train route which give a better commuting option for EVERYONE.
“All are worse resto-wise”
sorry but over priced logan places are not all that great. all places i gave have a pelthroa of different dining options in walking distance or short 5 minute drives (in NO traffic).
River forest is not more expensive than this Francisco place. look south of Lake street in RF many bigger and cheaper homes than this.
and if your basing selection only on restaurants i would take andersonville over logan.
give me better a better list of what are the key points of Logan and i can find a plethora of other hoods that are better or similar for the price
“just project on the white wall and let me tell you it beats any TV experience.”
Nice Stewart screen will really make a huge difference.
“Even if that room is the *tv* room?”
Smartass! Then even more reason for a screen and projector.
Like anon pointed out. The projector has a lot to do with how willing you are to black out the room and handle ambient lighting. I, and the banana leaf wearing wife, just like when the TV is hidden away and the room becomes just a room. I have seen some absolutely incredible and very creative jobs of doing just that. Best solution is to have both. Watch TV during the day and drop the projector screen at night. Gives the lamps a break as well.
“a better list of what are the key points of Logan ”
Sub-30 minutes (azz2azz, as you say) to *loop* office. “interesting” dining options in walking distance. Farmers market.
“not everyone works in the loop!!!!!”
When did DZ give you the impression he cares about anyone else’s circumstances?
“When’s the last time you went serious TV comparison shopping, Miu?”
Let me tell that every time we are in vicinity of a Bestbuy some gravitational force pulls my husband in and I have to follow. Unfortunately there is a Bestbuy on Michigan Ave. where I like to frequent.
“Sub-30 minutes (azz2azz, as you say) to *loop* office.”
Correction, to *my* loop office, which happens to pretty much sit above a blue line stop.
“Farmers market.”
With a shaved ice stand. My kid loves shaved ice.
I don’t like projection TV’s personally; the wife likes the TV big but not too big. And the den TV is just to compliment the other tv’s in the house; and the ‘den’ is only half-grade. so many new expenses, and I hate spending money
“I hate spending money”
WHAT?!?!?!?!?!
Congrats – that’s great news HD!! Best wishes for 15+ year stay! (My guess – Cook County side of BG. Don’t worry I won’t give further thought or effort!)
I’m w/ Groove – DZ / Chris M are off here. River Forest, Forest Park, Mt Prospect, Jeff Park, Beverly & Bridgeport all offer some very good values relative to N Logan Pk (c’mon -2 flat next to church w/ rent @ $1200/ mo. for $470K? really?) & excellent loop commutes (short, nice Metra ride from RivF, ForPk, JeffPK or Beverly) & better (some much better) schools. Excellent restos are accessible in all imo particularly RivF, ForPk & Bridgeport .
Pilsen, AlbanyPk, Uptown, RodgersPk & Humboldt are on par w N Logan (except restos) imo & cheaper.
”All of those are worse commute, some of them by a lot. All are worse resto-wise, some by a lot. So I agree if by better you meant worse.”
Better: River Forest, Forest Park, Mt prospect, Jeff Park, Beverly, Bridgeport
On par and cheaper: Pilsen, Albany Park, Uptown, Rodgers park, Humbolt
I think we can agree to disagree on what neighborhoods are best.
Southbound: I grew up a stone’s throw from the Crook County side of BG but I didn’t return in my home purchase. i went somewhere entirely new for me.
Congrats HD!
“I think we can agree to disagree on what neighborhoods are best.”
No. I’m right and everyone else is wrong.
Ok, you and DZ are only sort of wrong.
But anonny is just sick, stupid wrong.
And I guess freeway ramps make good neighbors. Makes it easier to keep an eye on the kids when they’re begging change.
Groove, you ought to look into Cyclocross for the fall/early winter.
I will tell you this much – I’m further away from the highway living in the suburbs than I was living in Chicago. Not by much though, you all know how much I love the highway ambiance.
Oh c’mon, HD…just give us the address already
“Chris M (April 13, 2012, 12:34 pm)
Oh c’mon, HD…just give us the address already”
I could link to a picture of clio at this very moment if I wanted to (but I won’t) because he once casually mentioned “my farm in St. Charles” so there’s no way in hell I’m ever giving up my secrets here.
Congrats HD and welcome to the burbs. Now everyone here can take pot shots at you for leaving the city, just like they always do with me. Your reasoning for buying in the suburbs makes all kinds of sense to me. I wonder if we’re neighbors, but I guess I’ll never know!
Groove,
My sympathies re. running. I’m in the same boat. I was a runner until last year, regularly running 5Ks (and doing very well), before hurting my back. Long story short, I needed surgery in January and now my back is better, but the doctor says avoid running. Biking is boring (especially on a stationary, which is what I usually do), but I do it anyway. I also like ellipticals. I just did an elliptical workout in the gym here at lunch. But I definitely miss running. It burns by far the most calories in the shortest time.
[Grooze77[ “Better: River Forest, Forest Park, Mt prospect, Jeff Park, Beverly, Bridgeport
On par and cheaper: Pilsen, Albany Park, Uptown, Rodgers park, Humbolt”
I could understand the reasoning someone might have for almost every neighborhood you listed, but you really lost me with Mount Prospect and Humboldt. MP is in the boonies and at best Humboldt is Logan circa 1990.
HD: Congrats.
Ze: need a 3/2.5 plus.
Where are these nearby “mountains” of which some of you speak?
No Hd iirc Clio bragged repeatedly about exactly which condos addresses he owned in LV & then pitched why CCer’s should buy his 12.279 acre subdividable farmette he listed for sale west of St Charles. Someone connected dots. Your secrets are safe unless you reveal you listed your 1.2874 acre lot in Red Oak MI to fund your audio/visual upgrades.
“I could link to a picture of clio at this very moment if I wanted to (but I won’t) because he once casually mentioned “my farm in St. Charles” so there’s no way in hell I’m ever giving up my secrets here.”
homedelete (April 13, 2012, 10:00 am)
“In order to come up with the reno cash needed, it takes some discipline to save some major $’s over some time prior to buying, I’m sure. ”
I had to save a regular downpayment, but the renovation component of the loan was rolled into the conventional mortgage and is sold to Fannie/Freddie after construction was completed. Despite the misinformation and myths you hear on the webs, it’s entirely possible to close on a renovation loan in less than 45 days, without any real hiccups. There’s a lot of demand for the lower priced homes that have the 2 baths, and a yard, and three beds, etc, but they’re a lot cheaper than the finished homes preciesely because they need work. That’s why you bite the bullet and get a renovation loan because so many people don’t want to do the work. They’ll live with a 30 year old kitchen and say “i’ll fix it up as I go along”. To which I retort “if you do a little bit of work every year at the end of a decade you’ll see how little work you’ve actually done”.
I’m getting 80% of it out of the way upfront. I still have to renovate at least 1 bath, the den needs to be fixed up real nice etc. but of course, the sky is the limit. How much do you want to spend? I live in 900 sq feet 2/1 right now and I had to furnish a 2000 sq foot house…do you want IKEA furniture, harlem furniture, crate and barrel or room and board? $1,000 couch or a $9,000 sectional? Do you want a 6 person engineered wood table or a 6 person real walnut table? patios? concrete slab patios are so passe…these days it’s either stone or pavers…but that’s not cheap either…and lawn care, landscaping, there’s no end to it…and then patio furniture to go on your new paver patio…and of course the den will need a new tv, but why just settle for a 42? when you can get a 55? because it’s a pretty big den; and if you plan to game or watch a lot sports you have to get something that doesn’t have motion blur….but what about a projector? then the acoustic tiles on the ceiling are a little old, what about replacing those? but oh wait, basements flood, so do you keep the older, good conditioned high quality but ugly vinyl tiles or replace them with something a little more contempoarary, but that’s $7 psf…oh boy. and the office. what should I do about the office, should I buy a new desk or keep my current desk, or put in a wet bar (moving piping won’t be a problem for various reasons), do I want a bookcase, shelves, or another TV on the wall…and the floor is 9? asbestos tile from the 60?s overlaid on who knows what, do I just put something new down over it? what do I put down? limitless.
ahh Yeah, that is what most of us have been dealing with for 15 years + and Im under 40 myself.
You act like its a bad thing.
Southbound (April 13, 2012, 2:40 pm)
No Hd iirc Clio bragged repeatedly about exactly which condos addresses he owned in LV & then pitched why CCer’s should buy his 12.279 acre subdividable farmette he listed for sale west of St Charles. Someone connected dots. Your secrets are safe unless you reveal you listed your 1.2874 acre lot in Red Oak MI to fund your audio/visual upgrades.
“I could link to a picture of clio at this very moment if I wanted to (but I won’t) because he once casually mentioned “my farm in St. Charles” so there’s no way in hell I’m ever giving up my secrets here.”
Is that Tool off this board? I haven’t seen him in months.
How about swimming Dan? It is a great exercise and easy on your body.
No but he has been posting much less frequently.
“Is that Tool off this board? I haven’t seen him in months.”
“No Hd iirc Clio bragged repeatedly about exactly which condos addresses he owned in LV & then pitched why CCer’s should buy his 12.279 acre subdividable farmette he listed for sale west of St Charles. Someone connected dots. Your secrets are safe unless you reveal you listed your 1.2874 acre lot in Red Oak MI to fund your audio/visual upgrades.”
HD knows how easy it is with much less info than “Clio” posted: clio included a link to the Redfin listing for the farm, so it took less than 5 minutes.
But it’s easy enough to figure out if you know a year of purchase, a neighborhood/burb, and a general price range–like we could pretty safely exclude $500k+ purchases from being HD’s, and we’d look for places with mortgages in excess of the purchase price. Only thing that would up the difficulty greatly is if it were a non-mls transaction, beacuse you wouldn’t have as easy of a starting list.
I’m sure that HD could do that for any random person in a single wild Saturday night of listening to the police scanner, and yelling at kids who don’t run fast enough from adults on the sidewalk, and he knows others could as well. I understand his caution, given his desire to remain anonymous.
I could careless where he ended it up but what Im not looking forward is another carnival barker on this board saying how awful it is to live in the City of Chicago.
Enjoy the burbs dude
all properties in the north, northwestern or near western suburbs that sold in the last year with a mortgage larger than the sale price. Assuming that the house isn’t in a trust…
“Only thing that would up the difficulty greatly is if it were a non-mls transaction, beacuse you wouldn’t have as easy of a starting list.”
Doesn’t redfin include non-mls transactions? I dunno how complete but I’ve def seen them. I assume they’re getting from something like ccrd source, so I’d think pretty complete. Also, if one had access to ccrd info in database form (so that one could query by criteria and cross reference records) it would be really easy. As it is I think there may be ways of querying large geographic sections (I remember G talking about this wrt condo units and I wonder if it applies more broadly but I’ve never investigated).
Also, almost all of us have revealed enough info to be identified by someone who actually knows us. Even if you had to look at all the people who bought where HD bought, it would be almost trivial to pick him (or anyone else) out.
So, HD, just throw that housewarming already. I’ll chip in for the tv upgrade.
I’ve never once said the city of chicago is awful, i’ve been living here for almost 20 years. I’ve spent about half my life in chicago. but i have different considerations these days and city livin’ isn’t one of them….
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Sent: Thursday, April 12, 2012 1:26 PM
Subject: Re: anyone hear of windows broken on houses in 3800 block of N. Keeler yesterday?
Multiple houses were broken into on the 3800 block of Keeler (as well as one house on Tripp?) yesterday around 4:30/5.
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Hi all–does anyone have first hand knowledge of windows being broken on the 3800 blocks of Keeler and Tripp yesterday afternoon?
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“Assuming that the house isn’t in a trust…”
How many trusts do you think there are in your price range?
Yeah, not many trusts on homes in teh sub $125k category.
“DZ (April 13, 2012, 3:32 pm)
“Assuming that the house isn’t in a trust…”
How many trusts do you think there are in your price range?”
Regarding renovation, we’ve been navigating the construction loan vs. a refinance as we’re well above water. We’re working with the Green Choice bank, so far they’ve been very, very helpful and best of all they don’t work with the %$#@! suburban dimwitted appraisers that Chase was forced to thanks to their recklessness.
Oh, and Logan may be getting a bit overpriced for my blood, but Avondale still rocks – at least you can always get on the train at Belmont during the morning rush hour.
“all properties in the north, northwestern or near western suburbs that sold in the last year with a mortgage larger than the sale price. Assuming that the house isn’t in a trust…”
Like I said, pretty obvious why you won’t narrow it down.
Do Fan/Fred deal with land trusts? (which isn’t a question specific for you, but for anyone who knows)
“at least you can always get on the train at Belmont during the morning rush hour.”
Ah, avondale propoganda. I doubt you’d ever not be able to get on at Logan. At Calif, maybe once a month or two I let a train go by (and some people get on, so I don’t think there’s much difficulty getting on at logan).
I don’t care much about sitting, but if I did I could prob get a seat more than half or two thirds the time without having to elbow a grandma or such.
DZ.. you and anon are like a couple of yenta spinsters.
“DZ.. you and anon are like a couple of yenta spinsters.”
I’m not sure about DZ, but I’ve heard that I’m a 50-something retired chemist, so I’m pretty much playing to type.
““all properties in the north, northwestern or near western suburbs that sold in the last year with a mortgage larger than the sale price. Assuming that the house isn’t in a trust…””
“Like I said, pretty obvious why you won’t narrow it down.”
I bet Anon or G could figure it out if they cared to with the information you gave.
How did you find a general contractor to do your reno? If you have a good GC than I think it wouldn’t be too bad, but finding a good GC is easier said than done, unless you know someone.
Swimming is a good idea, Miumiu. I should try that.
“Sub-30 minutes (azz2azz, as you say) to *loop* office. “interesting” dining options in walking distance. Farmers market.”
“When did DZ give you the impression he cares about anyone else’s circumstances?”
“Correction, to *my* loop office, which happens to pretty much sit above a blue line stop.”
oops misread the basis of the argument
“With a shaved ice stand. My kid loves shaved ice.”
italian ice good comparable? then yes i have some
“Southbound (April 13, 2012, 12:09 pm)
I’m w/ Groove ”
thats why i consider you the smartest man/woman/googlebot on CC.
“kball (April 13, 2012, 12:25 pm)
Groove, you ought to look into Cyclocross for the fall/early winter.”
rode with a guy a few weeks ago who does some cyclocross races in the south burbs. he explained it all and i went home and you tubed it. crazy stuff i can see barfing after/during happening
its like the warrior dash (mud run) its looks like fun but high probability of injury.
“My sympathies re. running. I’m in the same boat. I was a runner until last year, regularly running 5Ks (and doing very well), before hurting my back.”
“Biking is boring (especially on a stationary, which is what I usually do), but I do it anyway. I also like ellipticals.”
i could never do a statonary i would fall asleep, i only use the elliptical for a warm up before lifting. its nothing more than that, it cant even get me to sweat.
“but you really lost me with Mount Prospect and Humboldt. MP is in the boonies and at best Humboldt is Logan circa 1990.”
I went MP beacuse, its on the metra, close to the city, really close to des plaines and arlington amenities, great schools, LOW taxes and great school and cheaper home prices. IMO its a better deal than highland park and Deerfield (which are awesome deals right now)
if the choice is Logan or MP i will choose MP every day of the week and twice on mondays
“Where are these nearby “mountains” of which some of you speak?”
you have to go past ashland ave, but we know thats way to far for you so just google the pics
since it’s being talked about here by HD, a question re: renovation loans.
If I net about $140k on my condo sale with half that going towards down payment on new house and we will have about $17k of needed repairs to do (mainly chimney, electric & stucco; $6k from sellers), would it make sense to try and roll a ~$30k renovation loan into the mortgage so that we can redo the kitchen and bath immediately without having to completely deplete what’s left from the sale ? Having that extra $$ available would give me a bigger cushion for things like kids, decorating/furniture, taxes, employment instabilty (who knows nowadays), etc … I could also probably make more investing the extra $$ in a mutual fund than I’d be paying in interest on a loan.
Just wondering what the Crib thinks.
“would it make sense to try and roll a ~$30k renovation loan into the mortgage so that we can redo the kitchen and bath immediately without having to completely deplete what’s left from the sale ? ”
You and your Russ type mortgage broker will have to crunch the numbers to be certain. Restated, is it better to have $70K in the bank or $30K less of a mortgage. What would be the better position to be in if you lost your job? IF you have or wanted to sell your place in 5 years?
Tom, yes, get the renovation loan, but the juice on the entire loan is a half point to a quarter point hiher than a conventional loan. However, your arbitrage idea isn’t too great, save the money for a rainy day instead, but that’s just me. The house will need to appraise out to the ltv ratio after the renovation is complete.
“My sympathies re. running. I’m in the same boat. I was a runner until last year, regularly running 5Ks (and doing very well), before hurting my back.”
Had my knee scoped 16 months ago or so. Doctor didn’t flat out tell me to stop running marathons or running though he indicated it would be a wise course of action. The more I run the sooner I will need an articial knee.
I still run and though I don’t have any more marathons planned, I haven’t ruled it out completely. Since it was so many marathons that got me to the scoping, I should have one or two more without any danger. Now 5 or more might be an issue.
HD, congrats. I hope it is one of the many very cheap homes in OP that need work. I’m also glad you said north, northwest or western suburbs. I would have been very disappointed if you had ended up in New Lenox. 🙂
I found my GC on angie’s list which is a good resource. The GC’s that play the angie’s list game know that customer service and doing a good job is everything, it’s their online reputation, so they try to do a good job.
“Thanks everybody.
Now it’s Bob’s turn.”
Inventory is shit where I want to buy. Over the next year will get myself in a position to jump on a deal when one finally comes. They occasionally do pop up but not often.
“but I’m going to give Bob a hard time, every day, until he pulls the trigger.”
Your purchase decision was a lot like my sibling’s last year: it made sense for her, even if she might lose some money (I doubt she will she bought a foreclosure).
Nothing about my life situation says it’s a good time for me to buy at present. I guess one could always say that about my line of work. But the reality is I need a substantial cash cushion above and beyond the downpayment at the least.
There have been properties here on CC I have liked, quite a bit actually. But few and far between, and it would be foolish to over-extend myself, particularly when prices are still falling. Overextending myself when they have stabilized has a bit less of a sting even if there is risk 😀
I’ll not be moving to the suburbs though. Currently when at work on days when I’m craving some chinese food or some such I think its absolutely ridiculous it requires a 20min+ drive. Even the smaller midwest town I came from had better amenities/dining options in its suburbs than here in Chicagoland. About the only thing a lot of burbs here have is trees.
And at least you skipped the whole condo thing, HD. That is haunting a LOT of our comtemporaries. Like the couple I know moving to a far SW suburb and trying to sell their LOGAN SQUARE TWO BEDROOM CONDO for a FIFTY THOUSAND DOLLAR LOSS and having few nibbles.
“Currently when at work on days when I’m craving some chinese food or some such I think its absolutely ridiculous it requires a 20min+ drive. ”
That’s just the far suburbs. Some of the suburbs are actually pretty congested, but they do lack the storefront retail that the GZ has, except for a handful of NW suburbs with little downtown areas that are just getting by.
“That’s just the far suburbs”
Not I consider it a regular suburb–it’s just outside of Cook cty limits, as are a lot of the locations I work at. Less than 30mi away but of course at least an hour on the roads. A far suburb is some place like Huntley or Antioch. Far away by time and distance from downtown.
A near suburb is like Park Ridge, Oak Park, or Evanston. One of the three you likely moved to.
Skokie and Lincolnwood are near suburbs too. Even if both feel decidedly suburban.
“Now it’s Bob’s turn.”
Why should Bob follow HD to Niles? He should stick with the easy lays “me luv you long time” (miumiu comes to mind).
Helmethofer: Bob doesn’t need to follow me to Niles, do you have reading comprehension issues? Bob would be bored as hell in Niles. He can continue living in Mt. Greenwood or Beverly or whereever he lives.
“whereever he lives.”
I live on the ground level floor of an apartment building in Uptown. Right above your basement studio. I’d say sorry about the noise but we both know I’m not going to change my behavior so just get used to it and blame P90X.
P90X? No way, try X360; You’re sitting your butt on the couch at night, with a bottle of Jack and a wireless controller; I know those sounds- it’s nothing more than you casting ice spells on trolls playing Skyrim on your 5th time through. To me it sounded like Felix the Peaceful Monk:
http://online.wsj.com/article/SB10001424052970203806504577181320148513432.html
“And at least you skipped the whole condo thing, HD. That is haunting a LOT of our comtemporaries. Like the couple I know moving to a far SW suburb and trying to sell their LOGAN SQUARE TWO BEDROOM CONDO for a FIFTY THOUSAND DOLLAR LOSS and having few nibbles.”
Yes- it is a wealth destroyer for Generation X and Generation Y (those that bought the condo/townhouse FIRST and now want the SFH.)
HD – Congrats on the purchase. My money says that you are within 5 blocks of the PR or Dee rd Station.
I think that the proper way to look at your purchase now is to focus on just how soon you can own the property outright! After that moment it is all just upkeep and taxes. SInce you have started that goal at a young age and purchased a good long term properly I suggest that that is your greatest housing achievement.
BTW – Should we all think up a new name given your change in outlook. You are no longer a renter so I think the new name should be:
Homeman
Homeaddition
Homeowner
Homedepreciate
Happyhomeowner
Anyone else have an idea? Are you hosting the 4th of July party in the large well mowed backyard? Is it being done by a service yet?
you all know HD is obfuscating again. he really bought this one in his dream location (the villa)
http://www.redfin.com/IL/Chicago/3632-N-Harding-Ave-60618/home/13457498
“I think that the proper way to look at your purchase now is to focus on just how soon you can own the property outright! After that moment it is all just upkeep and taxes. SInce you have started that goal at a young age and purchased a good long term properly I suggest that that is your greatest housing achievement.”
Obviously I have a dissenting opinion. Suum Cuique.