Is Chicago Back in a Bubble? $575 a Sq Ft for this Lakeview Loft: 3201 N. Seminary
This 2-bedroom loft in the Lakeview Lofts at 3201 N. Seminary in Lakeview came on the market in February.
It is a top floor unit with 18 foot timber ceilings and exposed brick walls.
Both bedrooms are enclosed and have windows, which isn’t always the case for lofts.
The kitchen has cherry cabinets, stainless steel appliances and granite counter tops.
There’s a wood burning fireplace, central air, washer/dryer in the unit and deeded parking is included.
We last chattered about this building in 2012 when a 1-bedroom was priced back at the 1999 price, of $195,000, and most thought it was still overpriced. (no surprise!)
See that chatter here.
Originally listed for $399,999, this loft has been reduced $9,999 to $390,000.
It’s not listed anywhere near its 1990s price. In fact, it is listed for double it.
At just 700 square feet, that is $575 per square foot.
Is bubble pricing making a big comeback?
Mary Gibala at 33 Realty has the listing. See the pictures here.
Unit #310: 2 bedrooms, 1 bath, 700 square feet
- Sold in January 1997 for $178,000
- Sold in May 2000 for $255,000
- Sold in October 2009 for $330,000
- Originally listed in February 2016 for $399,999 (includes the parking)
- Reduced
- Currently listed at $390,000 (includes the parking)
- Assessments of $223 a month (includes exterior maintenance, lawn care, scavenger and snow removal)
- Taxes of $4526
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×14
- Bedroom #2: 10×12
Price and value aside, this area of Lakeview has become ground zero for muggings. Belmont Red Line stop seems to be the preferred destination for hood rats to do their looting. No thanks.
Wow. This place is horrendous.
..and you can watch all the strong-arm robberies from your front window!
Agreed. This location his horrendous. As for pricing, the the bro who wants to take home the low hanging fruit from Big Shitty Tap most nights will find himself contemplating — during one of his many hangovers — why he overpaid for such a small property when he could’ve got an even bigger 2/1 in Lincoln Park.
apparently has a rooftop deck… which the dumb realtor didn’t bother to take any pictures of… which can be the only justification of this crazy wishing price… NICE JOB! WOW
Big City Tap RULEZZZ!!!!
SEE YOU THERE
XXXOOO
“Ground zero for muggings”
Have Chicagoans always been so susceptible to weak anecdotal reasoning? No other city I’ve lived in has such a large contingent of hysterical whiners.
Anyone know how many units are in Lakeview Lofts? I thought it was mostly a rental building. I wonder what the ratio of own/rent is.
So they are looking to get back their kitchen and bath update money – – or are the bath photos from the old listing from a different unit? I am totally confused by the bath “update” and think it is an epic fail. The kitchen is fine. I wouldn’t have bothered trying to move plumbing in this location either. Nothing spectacular on the appliance front. For the life of me I don’t understand the two tiered kitchen island though – – useless space. It if had one more bath then I might think it is worth nearly what they are asking. But as others pointed out this isn’t a long term residence location. This could be a good rental property at the right price.
$575 a square foot is a steal…… New York is averaging $1,700…..
Let me clarify, Manhattan…….. don’t want Anon going all postal on me.
Reading for comprehension here – – I see they are in fact different units!
“$575 a square foot is a steal…… New York is averaging $1,700…..”
What part of NYC is this part of Chicago the rough equivalent of?
The ‘Manhattan’ part of Chicago can’t possibly include this, right?
If it sold for 330K in 2009, I don’t think 390K now is crazy enough to warrant a bubble label. There are a so many places that are now worth twice what they were worth in 1990. Not sure I get the point of the comment.
Not sure what to think here – this one feels like it should price where it closed in ’09, however that doesn’t feel right given where prices were then compared to now. Just a lesson that residential real estate can be wildly inefficient.
Oh, and I almost needed a calculator to confirm I am NOT a spammer.
Is it possible to get out of the shower without hitting the toilet with the shower door? Besides wine and food, Europeans also do water closets better than Americans. Why toilets are always front and center is beyond me. Put them in a little area away from the sink and shower. Also this is Nettlehorst territory. I guess this school is one of thee good ones.
Here is what Chicagoans should really be worried about; our bond rating going into the junk status and the city and state’s shrinking population/income base.
http://www.chicagotribune.com/business/ct-fitch-rating-chicago-20160328-story.html
http://www.chicagotribune.com/news/local/breaking/ct-chicago-population-record-loss-met-20160324-story.html
The 2-flat at the end of the block (3259 Seminary and School) is a better location and $180/sqft for 5000 sqft
For an NYC comparison, I was walking in Hoboken back in the fall and it could have been Southport, all the same retailers, but PATH gets you to Manhattan much faster than the Brown Line from Lakeview
Here is what Chicagoans/property owners should be worried about: 1. The city and state’s population declining. 2. The city of Chicago’s bond rating cut down to junk status.
If you own property then you are a hostage to the politicians. Property taxes plus the state income tax is high as it is.
only the shitty (rust belty like) parts of the city are losing population
downtown is growing fast
Why so many thumbs down to remarks by Nimesh?
He’s right- we are losing population, especially population that can pay taxes and bring businesses, and the city is nearly insolvent. The only corporations that are coming here these days, are those that get a fat subsidy from the city to do so.
What’s worse, the people leaving are the people most able to contribute to the city, AND pay nosebleed prices for Green Zone properties- the millionaires:
http://www.chicagotribune.com/business/ct-chicago-losing-millionaires-0405-biz-20160404-story.html
that story is complete bullshit cmon laura
are there 150,000 “millionaires” in chicago? lol
and the “800” people interviewed worldwide know whats going on? The study itself sounds like a total load of garbage…
Either way, would not surprise me that 2% of Chicago “millionaires” move to florida or arizona to retire now… but to cite “with many citing rising racial tensions and worries about crime as factors in the decision,” is a complete and total load of bullcrap. It is nothing but media fabricated nonsense.
Personally, I would think that worries regarding the perilous financial state of the city, and the prospect of steeply rising taxes along with deteriorating services, would top the list. And, of course, crime rates will rise as the city deteriorates.
I’m guessing that many of these 3,000 simply chose another place with lower taxes, as their home and business “domicile” while keeping homes here in the city. I can understand why a business that is not a recipient of a special tax break, TIF funding, or some other tax-funded gimme for connected cronies, would want to domicile his business in a more business-friendly environment, especially a small business.
“deteriorating services”
Other than the police situation, what city services that are used by millionaires are deteriorating?
It’s like when state employees talk about how awful a shutdown of state services would be: I don’t know what I use apart from getting a drivers license and paying taxes.
How about the streets, roads, and overall level of functioning, especially city departments responsible for licensing and permitting, which small businesses depend on.
This city has, according to The Economist, over 100,000 people living in it who have a net worth, exclusive of their homes, of over $1M, which doesn’t make them wealthy. Most of their equity is likely rental property, or a small business. Three of my friends are in this category and they do not feel wealthy at all. They feel vulnerable. They know that the viability of their properties and businesses is dependent upon the overall condition of the city and its finances, so many are cutting and running while they’re still ahead, and can afford to set up shop in a friendlier environment.
“It is nothing but media fabricated nonsense.”
David Tepper is leaving sorry ass NJ for Florida……
These debtor states will begin to fail, not this year or the next but it will most certainly happen.
The first to leave are the wealthy, then upper middle class, before you know it the poor are left(and the city workers) with no a tiny tax base.
The wealthly French and Italians are or have already left their respective countries.
Gerard Depardieu left France and moved to Belgium. So that’s one.
“David Tepper is leaving sorry ass NJ for Florida……”
Has left.
I take that as a sign he’s going to realize some significant gains out of Appaloosa in 2016.
And, if Ken Griffin moves down with Tepper, then it’s a real sign for IL.
Wealthy “French” you say? Not quite. The real French and Italians have nowhere to flee to. Just like WE aren’t going to have good places left to flee to either. No subsidized racist homeland for us or anyone else.
http://www.unz.com/akarlin/millionaires-flee/
“It appears that the elites who have lobbied for cheap labor and lectured us on the benefits of vibrant diversity aren’t so keen on sticking around to enjoy the multicultural paradises they helped create.”
These trends are predicted to accelerate in the next decade “as these tensions escalate,” and similar “religious tensions” are also expected to “negatively affect” countries such as Belgium, Germany, Sweden, and the UK “in the near future.” Where is Monsieur MoneyBags taking off to? “Tel Aviv had large inflows from Europe, especially France. Other Israeli cities such as Herzliya, Jerusalem and Netanya also experienced inflows.”
I wonder when Brad F. will leave?????? That will be a real blow to Chicago. We are leaving in 5 years or less.
“I take that as a sign he’s going to realize some significant gains out of Appaloosa in 2016.”
http://www.cnbc.com/2016/04/06/billionaire-to-save-hundreds-of-millions-from-florida-move.html
“And, if Ken Griffin moves down with Tepper, then it’s a real sign for IL.”
Ken Griffin already has a $30 million+ condo he bought at the top of an exclusive Miami condo tower. He bought the penthouse. I wonder if he uses that as his official residence?
“He’s right- we are losing population, especially population that can pay taxes and bring businesses, and the city is nearly insolvent. The only corporations that are coming here these days, are those that get a fat subsidy from the city to do so.”
This goes against everything everyone can see when they take the El or the bus into downtown.
There are 20+ high rises being built downtown. Thousands of very expensive apartments being built. Not to mention an office market that is nearly 100% rented at the highest prices ever and more office space also being built.
If you want to compare Chicago to France, then Paris would be the best comparison. The center is filled with rich people in business and the arts. Expensive restaurants and shops. Museums. Not much crime. The poor and working class have all been pushed out to the fringes and the suburbs.
“There are 20+ high rises being built downtown. Thousands of very expensive apartments being built. Not to mention an office market that is nearly 100% rented at the highest prices ever and more office space also being built.”
Does that sound at all familiar to you?
“are there 150,000 “millionaires” in chicago? lol”
Sure. It’s just “net worth.” Think of the home price appreciation in the last 5 years. Think about someone who bought in Lincoln Square 10 years ago, has paid the mortgage AND the property has risen in price.
It’s not that hard to get to $1 million.
“Does that sound at all familiar to you?”
Um…what’s it supposed to be familiar to?
In 2005-2007 the 10,000 units built in the south loop and the 5,000 built in River North/Streeterville were condos, not apartments. Apartment buildings get their loans beforehand, based on rents.
The banks may be crazy to give out the construction loans, who knows. But no one, except the developer, is going to go under if it all goes bust. We won’t have massive foreclosures on our hands like 2008-2012.
The bubble is expanding in interesting ways. There really IS demand for more condos, but mostly at the lower price points. If they convert any of these new luxury towers to condos, they will likely be at much higher price points than Bubble 1.0. Probably like $650,000 to $750,000 for the 2/2s.
There’s not as much of a market at that price point as there is at $400,000 to $500,000. But that midrise building just north of Chicago Avenue sold out pretty quickly at the $700,000 to $800,000 price point. It was only like 40 units though. Not 100+.
I’ve said for nearly a year that we are in bubble 2.0 and I’m happy to document it. But bubbles take a long time to expand. They don’t pop overnight. We have some speculation, but not peak speculation yet.
But given how quickly prices are rising in the GreenZone and it won’t take long before the speculator, and the fraud that follows, starts appearing again.
“Tepper has earned more than $6 billion over the past three years”
But did he realize *any* of it? Or is that (almost) all carried interest that hasn’t been realized?
Maybe he’s been realizing ‘only’ $100m/year (which is *probably* enough for him to live on, even after taxes), and now he wants to realize the remaining $5B+.
“We are leaving in 5 years or less.”
To where? If any of the CSA, then it’s not a good option for us; anywhere else, I’m always interested in the ‘why there’.
““We are leaving in 5 years or less.””
I’m also curious, where you are going to?
Here’s the silly source of the millionaire story.
http://nebula.wsimg.com/6e5712bf40ffe85cc116a52402d5a7d7?AccessKeyId=70E2D0A589B97BD675FB&disposition=0&alloworigin=1
Sources & Methodology
We gathered this information via:
Investor visa program statistics in each country
Interviews with around 800 global HNWIs a year.
Interviews with intermediaries (migration experts, second citizenship platforms, wealth managers and property agents).
Property registers and property sales statistics in each country.
Tracking of HNWI movements in the media.
“I’m also curious, where you are going to?”
Short term we are not sure, our consulting allows for regional flexibility- Long term Australia, HK or Singapore. HK would probably only be for a limited time as well, to liquidate family real estate.
“Short term we are not sure, our consulting allows for regional flexibility”
I guess the obvious follow up is: why not sooner, then? Gary would’ve left yesterday, if he could run his business from Plano.
CC’s premier racist posted his complaint “…No subsidized racist homeland for us or anyone else….”
If South Africa, your previously claimed fatherland wisely won’t allow you back why don’t you immigrate to Ireland? Dozens there would willingly listen to your shrill whining every evening ‘that is so long as you’re buying’. Is it any wonder your hero Donald Drumpf or you’re not our president?
“guess the obvious follow up is: why not sooner, then? Gary would’ve left yesterday, if he could run his business from Plano.”
Our original timetable was 10years so we have already moved it up.
southbound: I going to convert to judaism so I can flee with all the rest of them mentioned in the article to Tel Aviv and live in a racist apartheid paradise paid for by sucker US taxpayers like you. I’ll be sitting in a condo overlooking the Mediterranean while beta males like you sit around with Bernie Sanders all the vibrancy in a circular firing squad. I’m not from South Africa you dolt.
But I was at Costco on Ashland and 14th and overhead the check-out guy mention to a Belize-African woman that he was from South Africa. So, when I was checking out I asked him why he moved to the USA, considering he had Mandela and finally got his country, then he leaves it to move around more whites. He didn’t like my comment too much, but he knew I was speaking the truth.
HH lies so often he can’t keep straight what he’s posted: “Actually, I am white and highly educated, and highly street smart too. I am also an expat from South Africa, so I don’t need a sermon from the likes of a midwestern fool like you.I know about diversity. Where I used to live in Sandton…”
Sure HH was lying then. HH grew up in Bridgeview or Justice. And HH’s lying about being any kind of smart. Just my opinion based on evidence posted
There was a movie that came out a few years ago (I forget the name) where wealthy people leave earth and live in orbiting space stations. The poor people on earth try to get to the space stations but the wealthy people fight the poor people from getting there. Jodie Foster and Matt Damon were in it. Israelis are already planning their next move! They’ll always be a step ahead of southbound.
He seems a lot smarter than you southbound, and at least is honest about his feelings regarding demographics, where you can continue to keep lying to yourself that you moved out of Beverly to the NW side for ‘more diversity’ LOL
So again we are not aloud to talk about the couch in a listed home and comments about shirts in a closet are deleted. Yet the above posts are okay?
I will send you the bill for the hole in my scalp I have developed from all the head scratching.
The population losses are overwhelmingly our black population. Something like 75%. The problem is blue collar jobs. Chicago is going through a bit of a transformation from blue collar to white collar industries.
In fact the entire country is. We’re becoming more service oriented. This is why you’re still seeing the GDP go up but energy consumption remain flat/decrease. A first for our nation.
We’re also gaining a lot of high income jobs. So while we may lose quite a few minimum wage or slightly above minimum wage jobs, it doesn’t really change much.
Fivethirtyeight did an interesting piece of millennial housing preferences. They found that millennials don’t have a preference on where they live between urban/suburban/rural. It was pretty evenly spread.
But what they DID find was that the top 1/3rd of the talent/job pool overwhelmingly preferred dense urban living. Chicago tends to be the talent funnel for those individuals from MI/IN/IA/MO. Hence why all those companies are moving downtown and stating that they moved because they are trying to attract talent.