The Foreclosures Continue In 2013 In 10 E. Ontario In River North
This 1-bedroom in the Ontario Place Private Residences at 10 E. Ontario in River North recently came on the market.
It’s a bank owned unit.
The building was converted into condos at the height of the housing bubble in 2006/2007.
Foreclosures have been plaguing it for years and it looks like that will continue in 2013.
This 1-bedroom is a 995 square foot corner unit with South and West views.
It has carpeting.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
The unit has central air but no washer/dryer. There’s no parking listed.
This unit last sold for $440,000 and is now listed at $183,750.
Is this even a deal given all the foreclosures in the building?
Leticia at Jimenez at @Properties has the listing. See the pictures here.
Unit #2111: 1 bedrooms, 1 bath, 995 square feet
- Sold in October 2007 for $440,000
- Lis pendens foreclosure filed in March 2010
- Bank owned in June 2012
- Currently listed for $183,750
- Assessments of $500 a month (includes A/C, doorman, pool)
- Taxes of $3417
- Central Air
- No washer/dryer in the unit
- No parking?
- Bedroom #1: 15×11
A true MatthewLesko special.
Good location if you like deep-dish pizza, as it’s right across from Pizzeria Due, I believe.
The unit doesn’t look too bad considering when this place was built. I like the big windows and the balcony. Kitchen needs work, obviously. Price seems reasonable. Would be a good in-town option or for a young person working in the Loop. I’d personally want to be on a much higher floor to get better views, which are the main attraction to this building.
What’s a place like this rent for these days? What do we think rent will be after all the u/c apartments get completed, and rent rates calm down?
2/2 in the building typically rents for 2400-2800. I guess a 1br would be ~1800
It’s shocking someone spent $440k on this, even at the peak of the bubble. I wonder if the building still has parking available for purchase. The lack of a washer/dryer would kill it for me.
I’ve been in one of these units before, how did they ever sell for 440k… I mean… holy shit, that is pure insanity for a rental quality unit at best. Location is fine, the elevators in this building suck though, take forever, and the views are pretty nice too if you’re on a higher floor, but god damn how did this unit ever sell for 440k, that just completely blows my mind
“how did they ever sell for 440k”
This was a building in the Invsco 2/2/2/(how many 2s?) sca… offer, right?
Does the bank continue to pay HOA on these foreclosed apartments?
“Does the bank continue to pay HOA on these foreclosed apartments?”
Once they foreclose and take title, the bank is 100% responsible for the property, as any other owner would be, and not limited to the 6 months under the statute.
Case related to the 2-2-2 sca… offer disccused a bit here:
http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/refinance-attempt-uncovers-appraisal-shocker
Appears the case was ulimately settled out of court.
This probably makes sense as a rental. Probably sells at or above list. Seems like it will continue to be possible to get $1800 + per month for this unit and that will make you money with interest rates where they are. With some targeted upgrades, maybe you get to $2000 after a couple of years. Location ideal, view decent, and this one will always be attractive to young people, students, etc.
Same for the Wells property earlier (although bad marketing keeps that one below list, I think). Rents are only going up and if you can lock in a low interest rate on an investment property you can make some good money. I never bought properties like this (because they’ve always been overpriced) and am done buying new investment real estate but these would be on my radar.
Off topic… DEERFIELD??? Anyone? New job there and may end up moving there in the future because of 1. the commute and 2. #5 high school in the state. Augh, Suburbia… someone tell me something good please.
Augh, Suburbia… someone tell me something good please.
At least you will be living closer to MatthewLesko!
T.S. – why Deerfield? There are other good high schools out there, and the commute from Deerfield isn’t much different than the commute from other places on the NS. I think Deerfield is generally priced too high for what you get. For the most part, except for several blocks right around its “downtown,” Deerfield is dull 50’s suburbia. It’s not as bad as Addison or Schaumburg, but it doesn’t have much character.
“Dearfield” is a nice name for a suburb. Deer are cute animals. I’m not sure if I can think of anything else nice about Dearfield.
“someone tell me something good please”
Outside Cook County, so you can leave that behind.
Well located to (as D#2 notes) live elsewhere on the north shore and have an easy commute.
I’ll start the bidding on your soul at $5.
“someone tell me something good please”
If you like to ride your bike, try to live close to the Chicago Botanic Garden (a good idea anyway). There is a set of more or less continuous bike paths that wend their way through parks roughly following the north branch of the Chicago River down to Caldwell Woods at Devon and Milwaukee. You would even be able to ride your bike to H-Mart in Niles without traversing too many major streets.
T.S. (January 7, 2013, 12:42 pm)
Off topic… DEERFIELD??? Anyone? New job there and may end up moving there in the future because of 1. the commute and 2. #5 high school in the state. Augh, Suburbia… someone tell me something good please.
TS,
Deerfield is a terrific suburb. It has great schools, a cute downtown area, and the people are generally more grounded and less obnoxious than the rest of the NS
The people in Deerfield are fine, I guess. No way to generalize about people in any suburb, really. But they’re pretty much like people throughout the North Shore. You have your snobs and your down to earth types.
What bothers me about Deerfield is mainly the architecture and design. The downtown is dominated by an enormous mall with a vast parking lot (on Deerfield and Waukegan Roads), and there’s really no “old” section of downtown that invites walking. Most of the public buildings are soulless structures from the second half of the 20th century. The elementary schools look like minimum security prisons. Most of the homes are mid-to-late 20th century tasteless, though some are large and well kept. Cul-de-sacs dominate. The river that runs through town has almost no public access.
I’d pick Highland Park over Deerfield…
As for the condo in this post, it seems like a good deal at that price. Were I 10 years younger and still single, I’d jump at something like this for that price.
Let me respond with some of the positives about Deerfield:
1) of course, the excellent schools; not just the High School, but the Middle schools & elementary schools are all rated among the top in the state;
2) Parks: for a small town, it has close to 20 neighborhood parks, so no home is more than a few blocks from a park
3) Access: Great access to highways, train lines, etc., make this a great location from which to commute;
4) Yes–the housing stock has a lot of 1950’s split levels, though many have recently been torn down or expanded; some of the nicest parts of town are the northeast section (north of Deerfield road, east of Waukegan) which is VERY walkable into town and schools & has a range of homes at lots of price ranges, but mostly in the 400K – 800 K range, with a few of the newest/nicest homes breaking through $1MM. There are some other relatively new neighborhoods (late 80’s and 90’s) which are nicer than average, and also some areas of larger lots & nicer homes in Northwest DF.
5) Because of its size (18K people) and relatively few apartments/condos, it’s a very family oriented town & has a small town feel. Not as upscale/snobbish as some neighboring communities, but highly educated population, generally good values, safe, etc.
ewwww DEERFIELD!
At least you have a job there, I hope it pays well
a couple additional points:
1) It depends on your price-point & desire for land. If you are looking to spend in the 300K to $1.2 MM range, you’ll find houses at all of these price points. But for 300K, you’ll get a 3 BR house that needs some updating. If you’re looking at 1.2 MM+, you might prefer to go to Glencoe, HP, Winnetka, Lake Forest, etc., unless you want to be in one of the nicest houses in the neighborhood.
2) If a 1/4 acre lot generally meets your needs, and you prefer the feeling of a walkable community, it’s a good choice. If you’d rather have acreage, look further northwest, unless you have a lot of $$, in which case you can find acre lots in some parts of HP and definitely in Lake Forest.
3) If you’re Helmet Hofer, you probably won’t like it here.
I’d personally prefer highland park, seems like an older more established neighborhood (no developments, which I hate!) and closer to the lake, which is important to us. A 15 minute drive is better than an hour plus, so any of those beautiful older hoods up there would be fine. I do love biking and also love the botanic gardens, that’s nice to know! It’s a few years away though, just looking ahead. I knew you all would be able to help, thanks for all your replies!
TS- There are good, affordable neighborhoods with character near the Botanic Gardens in HP. Check east of Green Bay Road but west of the Metra.
T.S. – Having lived a few miles miles w. of Deerfield whilst putting children through excellent public schools I feel your pain & endorse your plan! HP is an excellent choice but you might consider pushing up your timing – if you are willing & able to pay $900K – $1.2 mil there are some exceptional opportunities available in either mcmansion short sales or distressed lot/ teardowns for $3-$400K & contract w/ one of the local builders while construction costs are relatively low. Also when HD was considering NW suburbs 12-18 mos ago there were a few excellent deals in Riverwoods (same HS district) on or adjacent to Deerfield GC @ NWQ of Deerfield Road & I 294 – I don’t know if market dynamics there have changed.
From chatter on 12/14/11 “HD: Riverwoods comps: 1435 Saunders, 3112 sq ft SFH overlooking Deerfield golf course closed for $475K in 4/2011. 1083 Saunders, 2732 sq ft SFH overlooking both golf courses closed for $442K in 5/2010. 1705 Saunders, 2822 sq ft SFH closed for $379,900 in 3/2010.”
Walgreens = Deerfield. that’s the job. omg. nice out there but expect both the Old Testament and New Testament holidays off in the public schools. helmet would hate it. a bit of a hike from downtown. soulless and boring but a nice community. haven’t been there in a while but grew up a stones throw from it.
“grew up a stones throw from it”
That’s a stone arm!
d’oh. *strong* arm!
Riverwoods is much prettier than Deerfield because of its old-growth trees. You could even call it forested. Unlike Deerfield, the town’s name is backed up by the atmosphere. Probably a bit more expensive, but close enough that you have the amenities of Deerfield without the lack of charm. I also find most of HP more charming than Deerfield, but for the most part, if you go west of 41, HP is just an extension of Deerfield and there’s no reason to pay any extra to live there.
Can you even get financed in a building with a high number of foreclosures? A while back, there was a “blacklist” of local buildings where financing was not available because of the elevated number of foreclosures and assessment arrears. Past a certain “tip” point, a building with a large number of non-paying owners can’t meet its costs and becomes a dangerously expensive situation, like a big margin call, for buyers who don’t have unlimited means.
Taxes seem awfully reasonable, though. It’s just that most buyers really need to have an idea just how much their assessments will be hiked to cover losses from non-paying owners in default.
This is off topic- but due to the football game- the posts today are going to be lame. (There’s also simply no inventory and not much to talk about.)
I’m also keeping the 2 posts a day schedule until there’s more on the market.
“I’m also keeping the 2 posts a day schedule until there’s more on the market.”
Inventory, in general, is certainly low. But it does seem to be lower in certain areas and price ranges than in others. For instance, there’s little to nothing (decent) in our target range ($600k-ish). However, if we had twice the budget, or were less picky about location, there’s a fair amount of interesting and/or compelling stuff out there.
And a semi-related question for Sabrina: Have you considered launching a Burb Chatter? I’d bet you could hire an intern to help. There’s no inventory shortage on that front, and I’d bet that the CC regulars would make for an interesting mix with the BC regulars, as to the properties and other topics.
What’s interesting is that despite record low inventories we’re not seeing significant price appreciation and buyers are certainly more discriminating than they were at the bubble peak. Back then they would have bought anything. Today a place can not have any significant flaws – i.e. it’s the flawed properties that have taken the biggest price hits.
“And a semi-related question for Sabrina: Have you considered launching a Burb Chatter?”
Good idea – sometimes the burbs get attention in Sabrina’s posts, but the burbs end up dominating one or two comment threads per week. Maybe two posts a week for the burbs, one for close in burbs, one for far out burbs, like Morris or DeKalb.
Gary, is there no price appreciations due to ~40% of sales being distressed? How are prices for none distressed properties?
“What’s interesting is that despite record low inventories we’re not seeing significant price appreciation and buyers are certainly more discriminating than they were at the bubble peak. Back then they would have bought anything. Today a place can not have any significant flaws – i.e. it’s the flawed properties that have taken the biggest price hits.”
I agree Gary. It’s very interesting. You’re still going to lose money on your 2/2 even if there are few of them on the market. Buyers simply aren’t willing to pay higher prices right now.
Properties in perfect condition and/or “new” are selling quickly and for a little bit of premium over the others, but I wouldn’t say prices are skyrocketing for that product either.
“And a semi-related question for Sabrina: Have you considered launching a Burb Chatter? I’d bet you could hire an intern to help. There’s no inventory shortage on that front, and I’d bet that the CC regulars would make for an interesting mix with the BC regulars, as to the properties and other topics.”
Nope. Not going to happen. Far too many burbs. No time to go there and take pictures and see what is going on. I’ve covered some Evanston, Oak Park and Park Ridge properties in the past (and should probably cover Flossmoor too given the recent discussion) but it just gets too unwieldly. Someone else should start one though.
As far as inventories- they are low all over even in the upper bracket. There simply aren’t that many homes on the market. This includes the suburbs. Check out Park Ridge, as one example. Looking in the $400,000 to $500,000 price point? A week or so ago there was only 20 properties on the market in that price range. That is nothing. Check out Lincoln Square in the city. Even in the $1 million+ range, there is basically almost nothing on the market.
It should pick up as we head into the spring buying season. But right now, it’s still pathetic.
Whoops- just noticed today’s morning chatter didn’t post. It’s coming in a few minutes!
” There simply aren’t that many homes on the market. This includes the suburbs. Check out Park Ridge, as one example. Looking in the $400,000 to $500,000 price point? A week or so ago there was only 20 properties on the market in that price range. That is nothing. Check out Lincoln Square in the city. Even in the $1 million+ range, there is basically almost nothing on the market.”
Friend just sold his north shore house in the seven figure range as a pocket listing. Received an offer 10% above his ask. (Is as Sabrina noted above a non-flawed property, move in condition) I know, I known one property does not a market make.
too lazy too read all the posts sorry if someone already mentioned it.
T.S. one place to consider RIVERWOODS!
you get all the deerfield amenities and even the same school district but a better looking housing stock and better surroundings.
you can also do glenview
“If you like to ride your bike, try to live close to the Chicago Botanic Garden (a good idea anyway). There is a set of more or less continuous bike paths that wend their way through parks roughly following the north branch of the Chicago River down to Caldwell Woods at Devon and Milwaukee. ”
let me edit that;
If you like to ride your bike that has great brakes at a real slow pace where your heart rate will stay at a walking pace. It will occasionaly spike not do to physical activity but do to random unsupervised kids/dogs jumping out and old folk walking two abreast on a narrow path. then yes you will enjoy the slow ride on that short 15 mile path.
“A true MatthewLesko special.”
Ha. Not sure if that is intended as an insult or what, but I do like this building and it is an INVSCO building so I like that too. Plus as someone else indicated:
“Good location if you like deep-dish pizza, as it’s right across from Pizzeria Due, I believe.”
And it’s funny cuz I was just posting on that South Loop thread about how much I love going to pick up pizzas on my Segway. But I really do LOVE pizza. Especially deep dish. Plus, this unit is also Segway distance from Eddie Bauer and Grand Lux Cafe. Washer/dryer wouldn’t be a big deal for me as this would only be an in-town, but I am not sure if I really want to have to buy another Segway so I can have one in the city too. Also, I dunno if there is anywhere to park the Segway. Might get kinda crowded if I try to store it in the unit.
Also, why is there so much love for Deerfield on this thread, but every time I mention Cary you guys act like it’s the worst place on Earth?!?!
“Gary, is there no price appreciations due to ~40% of sales being distressed? How are prices for none distressed properties?”
It’s a bifurcated market – short sales vs. everything else. Foreclosed properties don’t sell for significant discounts unless they are in bad shape. The non-short sales are impacted by the short sales but not as much as you’d think. Many buyers can’t even consider short sales given their timetable. So why aren’t we seeing prices going up? I think buyers are very cautious and aren’t getting that aggressive on their bids. And there are anecdotes out there of people selling for more money than they paid 2 years ago.
But we continue to see multiple bids on attractive properties so the laws of economics dictate that prices have to go up. I’m looking for the Case Shiller index to comp positive any month now. And it seems that all investment properties that are in decent shape get 5 bids now and sell above asking price.
OK. Here’s a perfect example and it’s in Glenview: http://lucidrealty.com/homes-for-sale/show_listing.php?mlsid=08241767
I just called for a showing. It’s only been on the market 7 days and they aren’t doing any more showings because they have multiple offers.
Thanks Gary.
“Also, why is there so much love for Deerfield on this thread, but every time I mention Cary you guys act like it’s the worst place on Earth?!?!”
Deerfield is 45min from downtown via Metra. Cary is 70min. That’s a BIG difference. Deerfield schools are also better.
“I’m looking for the Case Shiller index to comp positive any month now.”
But hasn’t the bulk of the 2012 selling season already been reflected in CS? Latest was october (for aug-oct). The next few year over year numbers to come out will just be comparing fall/winter numbers from this year to last. Seems like there were significant drops in CS from now through the spring for last year, for both nsa and sa (and the sa may not be fully sa, hard to tell). But I guess if I take anything out of case shiller (and there’s an argument you shouldn’t too much, depending on the neighborhood), it’s that prices for the core of 2012 were roughly same (just slightly below) as those of 2011, nominally speaking.
There’s a huge lag in the Case Shiller index. Last reported numbers were for October, which was a 3 month average for August – October. Let’s call it September, which means they went under contract in August – or even July.
If you focus on the properties featured on Cribchatter you would think that everyone is having trouble selling places and prices are declining still. But that’s a biased subset. More and more I’m having to re-educate buyers that still think it’s 2011 and they’re going to steal properties at short sale prices. In the last 24 hours I’ve had a couple of conversation where the buyers thought properties were overpriced yet they had multiple offers.
“Also, why is there so much love for Deerfield on this thread, but every time I mention Cary you guys act like it’s the worst place on Earth?!?!”
‘Deerfield is 45min from downtown via Metra. Cary is 70min. That’s a BIG difference. Deerfield schools are also better.’
Also Deerfield is only a few miles & minutes from Lake Michigan, north shore communities & a quick trip to downtown via the Edens while when I think of Cary I think of proximity to Carpentersville & McHenry. Ok Cary is also close to Crystal Lake & Algonquin but why would I want proximity to any of those places? Do you think people your age/ any age are traveling to party in Woodstock on Friday or Saturday nights?
“Here’s a perfect example and it’s in Glenview”
“PRISTINE 5 BDRM, 5.1 BATH BRICK COLONIAL”
It’s on a corner, and the side–which also faces the street–is vinyl. The back–which faces the ‘park’ (really, a single lot with two benches, some shrubs, and a garbage can)–is also vinyl. How can you call that a “brick colonial”??
Cary is where its at, high stakes competition in that community…… http://www.caryillinois.com/gallery.aspx?AID=9
How far back does CS look for the previous sales price? Homes in my area are beginning to change hands from 30+ years ago.
“How far back does CS look for the previous sales price?”
All the way back that they can, but they heavily discount the effect of any sale over ~10 years old. Index is structured so a house trading every 12 months has much more effect on the index than a house that trades every 5 years, nevermind one that only trades every 30 years.
“It’s on a corner, and the side–which also faces the street–is vinyl. The back–which faces the ‘park’ (really, a single lot with two benches, some shrubs, and a garbage can)–is also vinyl. How can you call that a “brick colonial”??”
Yet the fact remains that it has multiple offers after being on the market only 7 days.
“All the way back that they can, but they heavily discount the effect of any sale over ~10 years old. Index is structured so a house trading every 12 months has much more effect on the index than a house that trades every 5 years, nevermind one that only trades every 30 years.”
Wow, that’ pretty useless.
“Yet the fact remains that it has multiple offers after being on the market only 7 days.”
Money can’t buy taste?
“Deerfield is 45min from downtown via Metra. ”
Oh you burbanites, counting express trains only…
Its 56 minutes from Deerfield to Union Station non-express which is a hell of a long ride twice a day, only way I’d live way the hell up there is if I had a job up there
P.S. The express train from Cary is 60 minutes… Non-express 70-75 minutes
“Oh you burbanites, counting express trains only…”
And let’s not forget the walk/bus/drive time to your office/home, luv the suburban commute calculation.
M Lesko on his segway carrying a pizza…. hard to top that visual.
“More and more I’m having to re-educate buyers that still think it’s 2011.”
But per your discussion, at least for sales closed through ~Aug 2012, case shiller prices are still like 2011. It could be that prices changed from say Aug to Nov, but if you were just going by what case shiller has said so far, it has been like 2011. Now, as I noted, there’s a good case that case shiller may not be relevant to a particular situation, and it’s hard to think that it’s that even potentially useful as anything other a v general guide to teh market as whole. But if you’re going by case shiller, case shiller says prices are flat, within a range, from last year, at least up through the ~summer.
It is also certainly true that the cribchatter “sample” of properties is biased toward slow selling properties.
As an aside, there seems like an odd amount of seasonality in the last couple of winters. Perhaps more due to uncontrolled for differences in mix or something across seasons, than true seasonality.
“And let’s not forget the walk/bus/drive time to your office/home, luv the suburban commute calculation.”
Even my father who lives a mile from the train station in a western burb, thats an additional 10 minutes (lots of stop signs)to his already 35-45 minute commute… then lets not mention the 20 minute walk from Ogilvie to the office, and he doesn’t even live that far out! no thanks!
I will gladly pay a premium to not have to waste so much time going to and from my job on a daily basis
“M Lesko on his segway carrying a pizza…. hard to top that visual.”
http://i.imgur.com/iXmJ0.jpg
It is funny how suburbanites quote only the express train time, excluding all other parts of the commute.
“#5 high school in the state.”
The stereotype for Deerfield is a bunch of Bulls-jersey wearing geeks named Josh or something like that, who are premature wannabe “sports agents” or mini-Reindorfs. Has anyone ever sat in the 100-level seats at a Bulls game? Take a long look around at the people & kids, that’s your Deerfield demographic.
Didn’t Mike North used to rip on Deerfield? or was that Northbrook where Neil Steinberg lives?
Riverwoods is filled with mosquitos in summer.
“Riverwoods is filled with mosquitos in summer.”
and year round Buffalo Grove is field with…….wait never mind you would have got there without me anyway 🙂
“And let’s not forget the walk/bus/drive time to your office/home, luv the suburban commute calculation.”
It’s no different in the city though. It takes me 8 to 10 minutes to walk to the El every day. Plenty of people take the bus to the El as well. That can add on 10 to 20 minutes, in some cases.
“Yet the fact remains that it has multiple offers after being on the market only 7 days.”
Thanks for the example of a house going under contract quickly Gary.
But isn’t it simply because it’s priced right? You brought up this house as an example of low inventories putting pressure on prices. So this one got multiple offers. We don’t know what it will ultimately sell for- but right now it is listed under the 2009 AND the 2004 purchase prices. So it is STILL selling for less than the 2004 price (depending on what it closes at.)
If this seller had listed it for $1.25 or $1.35 million instead of $999,000 would it have gone under contract in 7 days? Would it have gotten multiple offers? Or would it be sitting there for months as we’ve seen many properties do? We don’t know- but clearly they priced it right at under $1 million (and under the 2009 price.)
Price it right and it will sell. That usually means pricing it somewhere in the 2001-2004 price range. The fact is- the last 2 sellers of this Glenview property have lost money owning it. That doesn’t sound like a real hot housing market to me even if it does have multiple offers.
Sabrina (January 8, 2013, 9:26 pm)
“And let’s not forget the walk/bus/drive time to your office/home, luv the suburban commute calculation.”
It’s no different in the city though. It takes me 8 to 10 minutes to walk to the El every day. Plenty of people take the bus to the El as well. That can add on 10 to 20 minutes, in some cases.
Sabrina, I understand your point, but most city dwellers include the walk in there commute time. Most suburbanites I have discussed this with don’t. They cite the train schedule and try to tell me how close their commute is to mine. I see it all the time, and they luv to quote the express trains, and don’t try to discuss with them what happens when they miss the train and they have to wait an extra 40 minutes.
“I see it all the time, and they luv to quote the express trains, and don’t try to discuss with them what happens when they miss the train and they have to wait an extra 40 minutes.”
Oh- yeah- I see what you mean. Just because it’s an express train that takes 36 minutes to Itasca doesn’t mean that it doesn’t take you another 15 minutes to drive home from the station. Yeah- it’s fibbing just a bit to say that it’s “just” 36 minutes.
When I took the train downtown from HP to work, I walked 7 min. from home to the train station, spent around 45-50 min on the train, and then had a 20-minute walk to the office east of Michigan. Try doing that twice a day, five days a week, in all kinds of weather (and running from east of Michigan to Ogilvie many an evening so as to stay at work as long as possible and still not miss the last train that could get me home in time for dinner with wife and kids) and you can see why I now work in the burbs!
Guys, sorry for the last minute and urgent question….
I’m about to rent a unit in this building…I loved the position of this building and also the view of this particolar unit.
Is there any real reason why I should really stop before closing a contract for a 1 year rent in 10 E Unit?
As far as I know there is no foreclosure pending on the unit.
Thanks!!!!!:-)
” “M Lesko on his segway carrying a pizza…. hard to top that visual.”
http://i.imgur.com/iXmJ0.jpg ”
Man that is funny, but I don’t look anything like that and my suits are way nicer than his! For suits and sportcoats, I wear almost exclusively Jos. A Bank and last I checked they don’t have anything in a question mark print. LOL!
“Is there any real reason why I should really stop before closing a contract for a 1 year rent in 10 E Unit?”
Markus, relax its a 1 year lease not like your buying the unit.
markus,
use this website to find the PIN and to see if there are any liens on the unit.
then as oilc says relax its a 1 year lease and you probably could sublet if it got bad.
only thing to worry about is if your getting market price or ripped off for the ONE year.
markus,
use this website to find the PIN and to see if there are any liens on the unit.
then as oilc says relax its a 1 year lease and you probably could sublet if it got bad.
only thing to worry about is if your getting market price or ripped off for the ONE year.
http://www.cookcountygov.com/portal/server.pt/community/topics/225/land_property
“Sabrina, I understand your point, but most city dwellers include the walk in there commute time. Most suburbanites I have discussed this with don’t. They cite the train schedule and try to tell me how close their commute is to mine. I see it all the time, and they luv to quote the express trains, and don’t try to discuss with them what happens when they miss the train and they have to wait an extra 40 minutes.”
Exactly, when I say my commute is 40 minutes, that includes walking to the train from home and to the office from the train.
“Exactly, when I say my commute is 40 minutes, that includes walking to the train from home and to the office from the train.”
when i say my commute is 27 minutes that is from sitting at the breakfast table (home) to sitting at my desk chair (work). so kind of an ass to ass commute.
from my home door to my companies door its about 25 minutes.
do we include remote starting my car from inside my house? technically i am still at the breakfast table for that.
“do we include remote starting my car from inside my house? technically i am still at the breakfast table for that.”
If you’re going to include that, then don’t you also have to include the time it takes to take off and hang up your coat, wash your hands, and grab a cup of coffee? The commute gets even longer if its donut/bagel Friday…
“when i say my commute is 27 minutes that is from sitting at the breakfast table (home) to sitting at my desk chair (work). so kind of an ass to ass commute.”
Mine is about 24-25 min on average, in the low 20s when everything falls my way. I doubt it’s longer than 30 more than a couple/few times a year.
Markus-
I’ve been renting in 10 E. Ontario for over 3 years and it is fine to rent. We walk to work, enjoy the work out facilities and pool in the summer. There are a bunch of reasons why we’d never buy here, but renting is just fine. I will miss it a bit when we move out in May.
“in the low 20s when everything falls my way”
the 27 minutes is a high estimate In heavy traffic like first week of school in aug/sep. (also actully then my difference in bike or car commute is even.)
sub 20’s when school is out and govbment is on vacation and the likes. today was ~22 minutes
funny if i did the same route in my car at 5am on a sunday morning its like 12-15minutes if that
“Gary, is there no price appreciations due to ~40% of sales being distressed? How are prices for none distressed properties?”
The YOY increase in median and average Chicago values is mostly due to short sale/REO properties.
November 2012
YOY median price change all 12.5%
YOY average change all 7.8%
YOY median change no short sale/REO 3.6%
YOY average change no short sale/REO 1.6%
YOY median change short sale/REO 15.6%
YOY average change short sale/REO 15.4%
Anne, guys: thanks a lot for your answers. I think we’ll move forward, we love the location, the balcony and the view. On top of this the amenities are also fine. What about parking? It would not be included in my rent…is it expensive?
I think parking is around 250/month. I’ve heard that other people are able to find better rates by going to the garages in the immediate vicinity and seeing what their monthly rates are. We use our car maybe 4 x a month (to drive to the burbs to visit family) and so we park 10 min away. It is a pain, but doable. Also, the lobby has the hotel carts so if you go to costco or something you can use those to bring your stuff upstairs.
Did anyone else read this(!!!!): http://www.chicagotribune.com/news/local/breaking/chi-new-charges-against-accused-rapist-who-broke-into-homes-20130109%2c0%2c1217538.story
At first I was like…..uh, just another crime headline, but read it closely and note the addresses. Was this guy inside high-rises? It’s not like are houses on 500 block of Dearborn or 0-100 block of Ontario.
“Price it right and it will sell. That usually means pricing it somewhere in the 2001-2004 price range. The fact is- the last 2 sellers of this Glenview property have lost money owning it. That doesn’t sound like a real hot housing market to me even if it does have multiple offers.”
After Sabrina’s post this morning decided to come back to this thread to see what I had stirred up.
I’m not claiming the housing market is hot but the dynamics are certainly in place for a bottom in housing prices. Sellers are more realistic, which has resulted in lower list prices and lower inventories. Supply < demand means higher prices eventually.
Stuff selling below 2004 and 2009 prices is old news. What will be really interesting is whether or not stuff is selling below 2011 prices.
I think that any property that gets multiple offers in one week and stops showings is underpriced. I think stuff is underpriced because some listing agents and sellers are lagging the market right now.
“At first I was like…..uh, just another crime headline, but read it closely and note the addresses. Was this guy inside high-rises? It’s not like are houses on 500 block of Dearborn or 0-100 block of Ontario.”
I’m with you Dan. I don’t get it. Wouldn’t it have to be high rises? How did he get into the apartments? The article seems to indicate that he just strolled in.
“What will be really interesting is whether or not stuff is selling below 2011 prices.”
2011? I haven’t seen many people selling for more than 2009 let alone 2011. If you bought within the last few years you’re still losing money (excluding the rehabbers etc.)
2011? I haven’t seen many people selling for more than 2009 let alone 2011. If you bought within the last few years you’re still losing money (excluding the rehabbers etc.)
Not in my non-GZ hood. SFH homes prices are up. We bought in 2011 and just refinaced (couldn’t pass up a 75 bp reduction in rate). Appraisal had our home up (a small) 3% from the purchase price one year ago.
“At first I was like…..uh, just another crime headline, but read it closely and note the addresses. Was this guy inside high-rises? It’s not like are houses on 500 block of Dearborn or 0-100 block of Ontario.”
Not all buildings have full time doormen.
“I think that any property that gets multiple offers in one week and stops showings is underpriced. I think stuff is underpriced because some listing agents and sellers are lagging the market right now.”
Back in whenev there was a “normal” real estate market, would this have been unusual? (Sincere q. I wasn’t looking at buying then.)
If you were advising a client on how to price a home for sale, what would be an ideal profile for how it would get offers? If multiple offers in a short period of time indicates too low a selling price, is it better to have set a price that only attracts one offer (which might well be a higher offer given taht you are by assm starting from a higher list) in the first week or two? How much higher a list would that be? How much do offers go up for the best and final when there is a multiple offer situation?
A priori, not clear to me what the right level of interest is (from seller’s perspective). Sure if you get 10 offers the first day, that suggests you’ve underpriced. But is 2-4 offers in the first week clearly bad? I will also say I don’t really understand why agents stop showing a place, unless an offer has actually been accepted.
“Appraisal had our home up (a small) 3% from the purchase price one year ago.”
Do you think taht is meaningful? From what little I know of appraisals, seems like an absolute crapshoot.
“2011? I haven’t seen many people selling for more than 2009 let alone 2011. If you bought within the last few years you’re still losing money (excluding the rehabbers etc.)”
Well, 2009 prices were much higher than 2011 so it will be quite a while before we can beat that. I’m just saying that 2011 prices would seem to be a good litmus test. We’re getting pretty close to comping positive against them.
“If you were advising a client on how to price a home for sale, what would be an ideal profile for how it would get offers? ”
It’s hard to say. My gut tells me that if you are inundated with offers in one week (3+) you’ve probably underpriced it and I don’t think you will get the highest price. At that point you are basically auctioning it off but you don’t have the entire pool of buyers. People need at least a week to find out that a place is on the market and take time to go look at it. If you could hold off making a decision for 2 – 3 weeks and collect several offers in that time frame then that’s a different story but that doesn’t happen.
By the same token if you’ve been on the market for 90 days without an offer or you’ve had 12 showings without an offer I think you’re overpriced.
Anywhere in between….I don’t know. I feel pretty good about my pricing if I get an offer in weeks 3 – 6 and I’ve had at least 6 showings. I feel like the property has gotten fair exposure to the buyers out there.
“Do you think taht is meaningful? From what little I know of appraisals, seems like an absolute crapshoot.”
I think it means in my area prices are stable.
“I think it means in my area prices are stable.”
My mistake. I thought you were citing it as evidence that SFH home prices are up in your area.
“My mistake. I thought you were citing it as evidence that SFH home prices are up in your area.”
No problem, I do think we hit bottom though.
2009 and 2011 are totally different beasts. In 2009 the bubble was bursting and values were still dropping. If you bought in 2009 you bought mid burst; you payed less than peak, but well more than bottom. If you bought in 2011 you paid far closer to bottom and are far better off. 2009 buyers paid 2006 prices; 2011 buyers paid 2003 prices. I agree with Gary that it will be interesting to see what 2011 resales go far. If you did some updating/renovating, you might see a gain.