Buying in the Hot Near North Side: A 3/2 at 1322 N. Clybourn
This 3-bedroom at 1322 N. Clybourn on the Near North Side came on the market in October 2014.
We’ve chattered about this 6-unit building before. See that 2011 chatter here.
Built in 2008, just before the housing bust, it was a Leed-certified building with bamboo floors and other eco-friendly finishes.
Although, the current listing doesn’t mention it’s Leed-certified (maybe it isn’t anymore?).
It has a “gourmet kitchen” with luxury appliances by Miele, Bosch and Fisher Paykel along with a granite island.
There are stone baths.
The unit has the features buyers look for including central air, washer/dryer in the unit and attached garage parking (for $20,000 extra.)
This area has seen a lot of development in recent years.
The Target has opened and further north, the New City development which will include a movie theater, supermarket, apartment high rise and shops/restaurants is being built.
Is it time to buy into this hot neighborhood?
Jenny Fultz at Jin’s Group Corporation has the listing. See the pictures here.
Unit #3S: 3 bedrooms, 2 baths, 1800 square feet
- Sold in March 2008 for $589,000 (included the parking)
- Currently listed for $539,000 (parking is $20,000)
- Assessments of $448 a month
- Taxes of $6800
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 18×12
- Bedroom #2: 13×11
- Bedroom #3: 12×11
Great time to buy in this neighborhood for sure! Just not so sure about this building as there is very little planned development around it at the moment other than New City.
Head south Between Division and Chicago and east of the river there is a metric fuck ton of activity going on and now would be a great time to get in on the ground floor somewhere around there as compared to the areas surrounding it, the prices are pretty cheap.
Hey another example of the condo scam and the communistic workings of a condo board. Really $500 a month just for water and snow removal?
“Hey another example of the condo scam and the communistic workings of a condo board. Really $500 a month just for water and snow removal?”
Is it really just a six unit building? That will make for some costlier asses.
This is perfect if your kid is in skinner n.
Yes it’s split only between 6 units. So you are saying it cost $3,000 a month for water, snow shoveling and upkeep?
How is that not a scam?
Electricity for interior/exterior lighting, elevator repair/maintenance, garage heating/electricity/painting/maintenance, don’t forget common insurance, liability insurance and of course a contribution to a reserve fund
“Yes it’s split only between 6 units. So you are saying it cost $3,000 a month for water, snow shoveling and upkeep?”
It’s sub $2700 assuming evenly split (too lazy to look). They have elevator, roofdeck, storage. Also scavenger costs whatev those may be. Insurance, reserves, and lotsa misc.
“How is that not a scam?”
I truly have no idea how much it’s supposed to be, but who is scamming who in a six unit building?
I don’t see the point in getting a top floor unit if the rooftop deck is common to all of the units. I guarantee you will hear people stomping around up there.
” “gourmet kitchen” with luxury appliances by Miele, Bosch and Fisher Paykel”
These brands fill the niche between true “chef’s kitchen” brands like Wolf and Viking and the common-name brands like Electrolux, Ktichen-aid/Whirlpool, and GE. It’s for the snob yuppies who don’t want the common brand but cannot afford the real stuff, and the developers who put these in knew their audience. It’s like buying Infiniti or Acura.
“Taxes of $6800”
For $500K, aren’t these low? going up?
Oh yes, “reserves” the wonderful saftey blanket condo owners fund to cover cruddy build quality. that when the unit owners move (to the northshore because their kid didn’t get into a selective enrollment school), they do not get that money back.
Yes all simply logical
The address is Tier 2 for CPS, which could help your kid get into Skinner North!
“The address is Tier 2 for CPS”
Pretty sure that, being east of Larrabee, it’s T3.
“Pretty sure that, being east of Larrabee, it’s T3.”
Well, that’s a shame. I haven’t looked up specifically for skinner n, but often T2 to T3 has the “big” diff in scores. Oh well, best to get in on rank anyway I suppose.
“Well, that’s a shame.”
The Montgomery (and for that matter, Domain) is still in T2. Those looking for CPS leg up could do worse than this place:
https://www.redfin.com/IL/Chicago/500-W-Superior-St-60654/unit-2110/home/18931460
Wonder if the move from T1 to T2 has affected the larger units in the Montgomery at all. Most of Parkside of Old Town is new prime T1, for next school year.
“Wonder if the move from T1 to T2 has affected the larger units in the Montgomery at all. Most of Parkside of Old Town is new prime T1, for next school year.”
Wo checking, T2 would be big advantage. And T1, if from an umc family, would be almost automatic.
If you’re a family with school aged children who can *only* afford $500,000, you sure as heck aren’t buying a three bedroom/two bathroom condo on Clybourn.
These families move to Glenview or Downers Grove. This nonsense of using this address to get into some magnet CPS is school is exactly that – nonsense. $500k goes a long way in areas with decent school districts. No need for magnets because the schools are great.
https://www.redfin.com/IL/Park-Ridge/903-S-Prospect-Ave-60068/home/13638928
I like cribchatter, but sometimes people are not in reality here.
“These families move to Glenview or Downers Grove. This nonsense of using this address to get into some magnet CPS is school is exactly that – nonsense. $500k goes a long way in areas with decent school districts. No need for magnets because the schools are great.”
But then you have to live in Glenview or Downers Drove. It’s equally unrealistic to assume that such a family would have a desire to live in those areas. The property discussed is very close to downtown and provides a short commute. I could definitely see some family purchasing a property like this if they want to live in the city while having decent schools.
I don’t understand the crowd that assumes all parents are willing to sacrifice their own happiness (short commute times, convenient location, access to city amenities) just for a good school district in the suburbs.
Kevin, is definitely correct. Upper middle class families are buying up all the homes in my neighborhood and most send their kids to CPS schools. Virtually every SFH seller in my hood is an estate sale, nursing home mover or empty nester downsizing. Nearly every purchaser is a young upper middle class family with kids or soon to have kids.
First off who in the doodles purposely moves to downers grove? Unless they work out that way nobody says “downers grove that’s a great idea”
Also there seems cribchatter folks still think everyone works in the loop?
I don’t work in the loop and could have easily chose to live in Glenview, but yet I chose to stay in the city.
And f’ing really who would chose downers grove?
“I don’t understand the crowd that assumes all parents are willing to sacrifice their own happiness (short commute times, convenient location, access to city amenities) just for a good school district in the suburbs.”
Watch out, or Roger Goodell will suspend you for child abuse.
“Watch out, or Roger Goodell will suspend you for child abuse.”
Won’t he just suspend adrian peterson for another season instead? Or is that only if video comes out of kevin [doing something untoward, which I don’t want to write out since I don’t know kevin or his wife]?
“First off who in the doodles purposely moves to downers grove? Unless they work out that way nobody says “downers grove that’s a great idea””
Downers Grove has several fortune 500 companies in and directly surrounding it. So, yeah, there’s a lot of people who don’t work in the Loop (including the doctors/nurses at Good Samaritan Hospital- one of the few trauma hospitals in the area.)
Isn’t it also one of the older suburbs in the Chicago area? Isn’t it like 150 years old or something?
It’s 27 minutes from Downers Grove Main Street to Union Station in the morning rush hour. I spent 38 minutes going from Western Avenue to Washington/Wells on the Brown line the other day in the morning rush. I was too far west to walk/bus all the way to the Ravenswood Metra stop (which WOULD be faster.)
I never said all parents are leaving the city. Stop projecting the false arguments upon me.
I said parents are not buying “THIS UNIT” to live in the city. I have no doubts that many upper middle class families are buying homes from older folks and sending their children to CPS schools. That’s been a trend that almost included me.
But parents with only $500k to spend are not buying 3/2’s on clybourn with the hope of getting into a magnet school. They’re buying SFH a block away for hundreds of thousands of dollars more. Or they’re moving to a more fringe area – like OIP, etc, and buying the SFH out there.
I had *only* $500k to spend for my house, but my family made the decision – along with probably most others parents with only $500k to spend – that my money went a lot farther in the ‘burbs.
I’ve said, and I will continue to say, that if I had $800k+ to spend, I probably would have bought a SFH or a very nice town home in the city. But I didn’t want to spend more than $500k+ on a home so that’s why I live in the suburbs.
Despite the fact that some families stay in the city, the demand for SFH is so great that many people are priced out of the northside neighborhoods.
“Isn’t it also one of the older suburbs in the Chicago area? Isn’t it like 150 years old or something?”
It was 150 years old when you were a kid. Wiki is your friend:
“Downers Grove was founded in 1832 by Pierce Downer, a religious evangelist from Wampsville, New York. Its other early settlers included the Blodgett, Curtiss, and Carpenter families. The original settlers were mostly migrants from the Northeastern United States and Northern Europe. The first schoolhouse was built in 1844.”
So when did fringe area include old irving park?
” when did fringe area include old irving park?”
When you asked anonny.
But seriously, to those who didn’t grow up in the city, OIP is on the fringe of acceptable areas–past that, thar be dragons.
“First off who in the doodles purposely moves to downers grove? Unless they work out that way nobody says “downers grove that’s a great idea”
All of my friends that have jobs in the burbs (yes there are a ton of corporate, good paying jobs out there) are moving to Naperville, Downers Grove, Lisle, etc. For those that don’t commute downtown, these are great, somewhat affordable places for a first time home buyer.
How much would this rent for? Three millenials forking over about $3500 total a month?
probably 3k max?
“probably 3k max?”
Then it’s ‘worth’ (using the modified-Heitman calculator) about $475k.
Even if I worked in downersgrove there are so many other options and cheaper ones than choosing downers grove.
Even by my standards of no more than a 30 minute couch to office chair commute you have so many options other than downers grove.
It’s like living in the city and moving to the sad give up on a real life move to the north shore.
“yes there are a ton of corporate, good paying jobs out there”
Actually, the stretch of office buildings, complexes, etc. stretching from Oak Brook mall all the way out to rt. 59 along the I-88 corridor is impressive. I wonder how the total square footage submarket of that compares to the Loop?
OK, I googled it. Found an NAI Hiffman report from 2009.
Downtown (which includes river north) is 461 buildings totaling 134 million sf.
East-West I-88 is 667 buildings totaling 43 million sf.
‘burbs total is 2,031 buildings totaling 125 million sf.
How does the I-90 O’Hare/Rosemont corridor compare?
The other big area seems to be Lake County where Allstate, Kraft/Modelez, ACCO, Abbot, AbbVie are.
North burbs: 522 bldgs., 30 million sf
NW burbs (i.e. Schaumburg etc): 584 bldgs., 34 million sf
O’Hare: 182 bldgs., 15 million sf
http://www.naihiffman.com/Portals/34/docs/NAI%20Hiffman%20Office%20Report%203Q09.pdf
“Downers Grove was founded in 1832 by Pierce Downer, a religious evangelist from Wampsville, New York. Its other early settlers included the Blodgett, Curtiss, and Carpenter families. The original settlers were mostly migrants from the Northeastern United States and Northern Europe. The first schoolhouse was built in 1844.”
I didn’t look it up. Thanks anon (tfo). It’s much older than even Chicago. That’s what I thought. I thought Downers Grove and Naperville were older than just about any other city in this area.