Trying to Make $350,000 in 2 Years in River North: A 3/3 at 849 N. Franklin
This 3-bedroom penthouse in the Parc Chestnut at 849 N. Franklin in River North came on the market in June 2015.
If there’s something familiar about it, it’s because we chattered about this unit in June 2013.
See that chatter here.
At that time, mortgage rates had just spiked dramatically and we were debating whether or not it would impact the housing market (it did.)
We also debated what neighborhood this was in, as I called it Gold Coast since it was north of Chicago Avenue. Some of you called it Old Town.
How about River North?
I suspect as more construction happens north of Chicago Avenue and West of Wells, the realtors will give this area some sort of new name.
If you recall, this is a corner unit with north and east exposures and a large covered terrace.
The kitchen has stainless steel appliances, stone counter tops and dark wood cabinets.
The listing says it has two master suites.
In 2013, there was a 12×10 “den” and now there is a 12×10 “eating area” and no den.
Tandem parking for 2 cars is included.
It sold in August of 2013 for $825,000 and has come back on the market at $1.175 million.
Is the market hot enough for the $350,000 premium?
Izetta Carroll at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #1504: 3 bedrooms, 3 baths, 2500 square feet
- Sold in March 2007 for $834,500 (it doesn’t list the parking in the original sale so I’m not sure if this included it or not.)
- Has been on and off the market since 2008
- Was listed in April 2012 for $800,000
- Was listed in June 2013 for $875,000
- Sold in August 2013 for $825,000 (again, parking wasn’t listed in the public record)
- Currently listed for $1.175 million (includes 2-car tandem parking)
- Assessments of $1079 a month (includes heat, a/c, doorman, cable)- are the same as in 2013
- Taxes now $11,630 (they were $8297 in 2013)
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 18×13
- Bedroom #2: 17×12
- Bedroom #3: 13×12
- Eating area: 12×10
- Laundry Room: 6×3
“At that time, mortgage rates had just spiked dramatically and we were debating whether or not it would impact the housing market (it did not.)
Fixed that for you.
Nice terrace and views. The rest is underwhelming.
$1.1 million for a “Franklin St.” address?
Nothing screams “million dollar condo” more than this place… wtf! Get rid of that hideous stone shit on the walls and fireplace, my parents house in the 80’s had a fireplace that looked like that!
And the location is quite improved just over a few years ago now that builders aren’t scared of going north of chicago avenue anymore. That little private park across the street is really nice as well
Ceiling height is disappointing, especially for a penthouse. Finishes are equally unimpressive. Price may actually be fair in this market though!
The only thing this place really has going for it is the low assessment. I think someone could do a lot better with a million dollar+ budget.
Man, they were lucky to get 800k for this a few years ago. This place is hideous, maybe it just the ugly decor, but this is not a million dollar place.
“This place is hideous, maybe it just the ugly decor, but this is not a million dollar place.”
a million doesn’t buy what it used to especially on the coasts.
Lived in this unit for a couple of years. Had chance to buy it for about 750k and passed because the finishes were cheap. Also building has ok gym and doorman but nothing else. Not worth the current ask . Good views. Terrace was ok too. Worth about 925k in this market. The people in building, particularly out old neighbors were nice, but overall quality of building doesn’t support this price. Also from the living room you see your neighbors living room which is kind of weird unless you are into peeping. I was not, so minus for me.
This guy put up the stone himself. He’s got pix of deer and elk all over. This is obviously Robert Redford’s Chicago place. They should have called it the Sundance Penthouse.
“a million doesn’t buy what it used to especially on the coasts.”
But it still buys a really nice place in Long Grove…
“This is obviously Robert Redford’s Chicago place.”
They need to get Johnny Depp to sleep there one, like that place on Wells previously featured on tehCC.
Was back in Chicago the past week/weekend. Seemed like a fair amount of construction activity around town, and maybe a half dozen times, I overheard people buzzing about how hot the market is, how so-and-so either just sold for well over what they paid or is about to list for way more than they paid, etc.
“a million doesn’t buy what it used to especially on the coasts.”
lets name this neighborhood the West (gold) Coast
“maybe a half dozen times, I overheard people buzzing about how hot the market is, how so-and-so either just sold for well over what they paid or is about to list for way more than they paid”
Ok, so the pot market at Fare Thee Well was faring *very* well. What’s your point?
Ha! While I did attend all 3 nights, I had the good fortune of not hearing/thinking about real estate for most of those 3 days, at least around the venue. But in the Virgin hotel lobby, at lunchtime in the cafe in the lower level of the AI Modern Wing, while waiting to be seated for brunch at Zinc, from a neighboring table at Mon Ami (which, unfortunately, really seems to have gone off a cliff in the last year), in a fro-yo shop up in the old ELP turf, and within one GC residence, in none of those places could I escape the RE…so hot right now…banter.
“I overheard people buzzing about how hot the market is, how so-and-so either just sold for well over what they paid or is about to list for way more than they paid, etc.”
Of course it is. The GZ is past peak. It’s a whole new peak, actually.
They will probably get it. Because real estate speculation is back and back with a vengeance. The stock market is back at it’s peak high, interest rates are low and the real estate market is back to it’s peak prices and in some instances even way past it’s peak. The Central Bank Mafia Cartel may get it’s wish this time around; hyper inflation.
http://chicagotonight.wttw.com/2015/07/07/chicago-housing-market-heats-condos-consider-smoking-bans
Dennis Rodkin: The market is hotttt
Indeed it is. Says my anecdata
“Nimesh on July 8th, 2015 at 8:19 am
They will probably get it. Because real estate speculation is back and back with a vengeance. The stock market is back at it’s peak high, interest rates are low and the real estate market is back to it’s peak prices and in some instances even way past it’s peak. The Central Bank Mafia Cartel may get it’s wish this time around; hyper inflation.”
Nimesh, there’s no hyperinflation, there’s just high inflation, and the evidence is the increase in prices in the items you mentioned above. The crash, which results from the contraction of credit, leads to deflation.
And you have to be careful what you wish for, the crash in China’s stock market may lead to contagion in other areas; such as the price of commodities, or the sale of US treasuries by China, or who knows, it’s difficult to predict. But there is one thing I do know: I have no faith in the communist party of China to control the ultimate crash of their economy that is built on more debt and the shadow banking aka non-banking institution lending! I’m starting to think it’s 2007 all over again as we witness the beginning of the next recession.
the
“china crash” is total pile-on fear mongering… the chinese stock market is now back to where it was… March 11th, 2015
I love how they don’t mention the ridiculous appreciation in the market right before this “crash” because they know that 99% of people won’t bother to look at a simple chart even they will just absorb whatever the shitty financial media tells em
“I love how they don’t mention the ridiculous appreciation in the market right before this “crash” because they know that 99% of people won’t bother to look at a simple chart even they will just absorb whatever the shitty financial media tells em”
I guess only time will tell.
Yeah I mean I’m not exactly bullish on China by any means, in fact their entire economy is based on stealing and lies, but its not exactly confidence inspiring that the media is completely glossing over that point
“the
“china crash” is total pile-on fear mongering… the chinese stock market is now back to where it was… March 11th, 2015”
You’re saying it’s not a serious situation when a stock market loses over 30% in 2 weeks? (No matter how big the gains were previously?)
In the weeks leading up to this pullback, 8 million new accounts were open. Do those investors have the 120% gains that you are talking about in the “chart”?
And even for those that have been in the entire time, how do you think they are feeling that they are down big and essentially can’t even get out of their positions since nearly 90% of the listed companies aren’t trading normally?
This week, American investors are freaking out that the S&P 500 is down about 3%. This- after returns about 200% over the last 5 years. If the US markets were to contract 30% in 2 weeks, would it all be okay because they could “look at a simple chart”?
Anyway, back to the condo, the thing is that people pay what something is worth to them, for whatever reason. I was in a situation where I almost over paid for a condo at JH. I knew it was over priced, but I needed a place in there asap and nothing else worked. Luckily, my situation changed and I didn’t need to buy it. So sometimes you over pay because it’s the right decision right then. Not everyone buys on price alone.
“I knew it was over priced, but I needed a place in there asap and nothing else worked.”
But why do you HAVE to buy? There are 6,000 apartments being built near this building right now. Plenty of places to live.
Its the fuckin Chinese stock market, you should expect volatitily… as for the 8 million idiots that opened accounts to try and make some easy dough… yeah its never as easy as you think it is. There’s a reason there’s only a few rich and a ton of poor.
“as for the 8 million idiots that opened accounts to try and make some easy dough”
Or 8 pump and dump operations opening a million accounts each.
Seriously, it’s not like the Chinese maintain the same degree of fraud prevention as the US, and the exchanges here plus SEC still don’t manage to stop all the shenanigans.
Ugh. I can’t respect China. They have a dog meat eating festival where they round up dogs and slaughter them. China disgusts me: http://www.nytimes.com/2015/06/24/world/asia/dog-eaters-in-yulin-china-unbowed-by-global-derision.html?_r=0
I hope they don’t buy up places in Chicago.
Although, I suppose Obama eats dogs, so it doesn’t look like Americans are far behind the Chinese.
That is my rant for today.
“Although, I suppose Obama eats dogs”
?!?!????!!!!
http://www.huffingtonpost.com/2012/04/17/dog-wars-obama-dog_n_1433223.html
“eats” /= “ate as a child in Indonesia”
jenny: if you the Chinese are bad, take a look at the Chinese viewpoint of India, via their tourist pics. Even the Chinese are revolted. Some really interesting stuff here for people who don’t get out in the real world but “love yoga”, lol:
http://www.chinasmack.com/2010/pictures/filthy-india-photos-chinese-netizen-reactions.html
He hasn’t condemned his past actions of eating dog and in fact brags about it. I’m sure he would eat dogs now if it was socially acceptable.
I know when I was a kid, I didn’t just eat whatever was offered to me. I have no respect for anyone who knowingly has eaten a dog.
He should have disowned his family for feeding him dog meat. I would have disowned my parents in that case. Obama’s parents are true scum of the earth.
Obama = Indonesia
“Eleven countries around the globe still eat dog meat. They are: China, Indonesia, Korea, Mexico, Philippines, Polynesia, Taiwan, Vietnam, the Arctic and Antarctic and two cantons in Switzerland.”
Obama’s autobiography (his mother was a certified nut): “I was introduced to dog meat (tough), snake meat (tougher), and roasted grasshopper (crunchy). Like many Indonesians, Lolo followed a brand of Islam that could make room for the more ancient animist and Hindu faiths. He explained that a man took on the powers of whatever he ate: One day soon, he promised, he would bring home a piece of tiger meat for us to share. That’s how things were, one long adventure, the bounty of a young boy’s life. …”
The account comes from Obama’s autobiography, Dreams from My Father, which includes an account of his interactions with animals shortly after moving to Indonesia. Obama lived there between 1967 and 1971 — when he was 6 to 10 years old — during his mother’s marriage to Lolo Soetoro, an Indonesian-born student she had met at the University of Hawaii.
“I’m sure he would eat dogs now if it was socially acceptable.”
And I’m sure that you would hit naughty kids in the head with a cricket bat, were it socially acceptable. So?
Uh, no. I wouldn’t hit kids. I might think mean things about them, but I don’t want to hurt them.
Dogs were basically created to be “man’s best friend.” Who the hell could eat a best friend? Cows, chickens, etc are bred to be eaten. Dogs are bred to be friendly, protective, and comforting to humans. There are plenty of other animals to eat besides dogs. I think people who eat dogs have something fundamentally wrong with them.
The same goes for people who hit kids or men who beat women. Basically, anyone who takes advantage of someone who is physically weaker is a scum bag and has a serious mental flaw.
“Dogs are bred to be friendly, protective, and comforting to humans. There are plenty of other animals to eat besides dogs.”
Yes, generally speaking that’s the case in FIRST WORLD COUNTRIES. When people are starving, on the other hand, or where food is scarce, guess what? They eat what they can to survive. They don’t give a f*ck about our first world standards or pathos. The inhumane and horrific ways the US meat industry treats animals greatly eclipses the “moral failure” of those who eat dogs.
“I think people who eat dogs have something fundamentally wrong with them… The same goes for people who hit kids or men who beat women”
This is either the most ridiculous false equivalency I’ve read on this site or the most epic trolling I’ve read on this site.
Appreciate the genetic and geographic lottery you inherited, Jenny, and stop judging those who don’t have it. There’s a great big world out there, much different than ours.
I knew it was over priced, but I needed a place in there asap and nothing else worked.”
But why do you HAVE to buy? There are 6,000 apartments being built near this building right now. Plenty of places to live.
______________________
Because I’d rather build my own equity than pay someone else’s mortgage and build their equity.
Elliot:
“Appreciate the genetic and geographic lottery you inherited, Jenny, and stop judging those who don’t have it. There’s a great big world out there, much different than ours.”
Your moral relativism is what leads to ISIS. For example, who says salafism or strict interpretation of the Koran is wrong? The world’s a big place and if they view homosexuality as against the natural order of things, who the heck are we to judge that? Heck, the supreme court of India just last year called homosexuality an abomination and made it a crime. Can one billion people be wrong?
The alternative is to draw a line, a western ethro-centric demarcation, that all that doesn’t conform to our post 1960’s enlightened values are *wrong* and then work our way from there. Otherwise you’re far, far down the slippery slope and before you know it you’re justifying ISIS. Because in reality, there’s an underlying basis for every judgment you make and it’s all arbitrary. So either decide on an invisible line to cross, or you don’t cross it at all.
People should scrutinize their own cultures. I have of mine. There are things that just aren’t acceptable to me no matter if the person is poor or rich. I choose to judge those things harshly. Poverty is no excuse for being a brute. Perhaps instead of brutalizing women, children, and animals, people should focus on trying to improve their countries. Sure, there are extreme cases like North Korea where the people aren’t going to be able to overthrow the government, but there is no excuse for countries like Nigeria where Boko Haram is tacitly accepted.
homedelete, I enjoyed your post and agree with the heart of it; that moral relativism is a slippery slope. Although your opinion that my views lead to ISIS is taking quite the extreme leap in the context of what I’m arguing. I would argue moral absolutism has done far greater damage in this world’s history than the opposite. Call it a difference of perspective.
It’s an important key to understanding why people and cultures do things with which we fundamentally disagree. If you’re going to draw a black on white line (the western-demarcation) on these issues, make sure you, or your own culture, isn’t violating them internally; as this hypocrisy is undeniably present in Jenny’s “dog eating is wrong” moral absolutism.
Poverty certainly is no excuse for being a brute, nor should capitalism be an excuse for the daily abuse of millions of animals. But that’s the reality. Jenny, please go into an animal rescue shelter some day and see first hand how disgusting people in your own neighborhood can be in the way they treat animals. This is something I judge equally as harsh, if not more, than the poor people eating dogs outside of our country.
From an overpriced 3/3 in RN to this argument…oh internet.
I am just as disgusted with the way shelter animals are treated and the killing of them. Eating dogs crosses a line. I think that’s a line that should not be crossed by any culture and I find cultures that eat dogs to be disgusting. Is it worse to just kill someone or is it worse to kill and then eat that person? I would say that the latter speaks more to a depraved state of mind that killing someone. Eating a dog is emotionally akin to eating a human to me. There is no excuse for cultures that eat humans or who eat dogs. There is something fundamentally wrong with them as a society.
There are horrific things that are done to animals in this culture too which I judge harshly. When people in our society learn about these things, they are generally disgusted too and want them to change. In China for instance, eating dogs is fundamentally ingrained within the culture and the people do not want to change…and they go so far as to brag about eating dogs/tigers/rhinos etc.
” Eating a dog is emotionally akin to eating a human to me.”
And eating a giant land tortoise??
What about pulling a nice well mannered lobster out of the sea and throwing him in a pot of boiling water and not really caring as he tries desperately to climb out of the pot. Talk about inhumane. The penguin tried to boil batman to death once and the commissioner and that irish cop were outraged.
Nooooo! Please do not eat giant tortoises out of existence!
The problem is dogs have personality…
“moral absolutism has done far greater damage in this world’s history than the opposite.”
Ridiculous. If people viewed (or were correctly taught) that morality provides freedom, and not shackles, they’d be more successful in life.
Instead they instead view immorality as “freedom” when it’s nothing but slavery to sin, vice, and bad habits that are tough to kick. Liberals always get this 180 degrees wrong because they are blinded by the mere sight of a healthy, good-looking, morally better conservative person and therefore cannot actually listen or see the superior paradigm.
You’d think all the middle-aged liberal wrecks we see in the big city would be enough for them to admit their choices were poor, but they dig in nonetheless. At least I freely admit that with less vice I would probably have twice as much more earnings and savings, etc.
Beauty = Truth, Truth = Beauty, that is all you need to know (in life). Ode to a Grecian Urn. It refutes all of liberalism very succinctly.
Beauty = Truth, Truth = Beauty, that is all you need to know (in life).
I thing I know HH is that you are neither………..
how spiteful, Ugliness
“The problem is dogs have personality”
And sheep or cow don’t? I can understand a vegetarian would find eating animals heinous, but why is it ok to eat some four-legged animals but not others?
Plaster saints are present in their full glory here!
try not to catch a falling knife
just wanted to get that out there for HD
“I can understand a vegetarian would find eating animals heinous…”
What is PETA’s stance on rat traps and vermin in general?