$70,000 or 15% Price Reduction at 334 W. Menomonee
The slowing market is hitting some of the smaller developers.
I have discussed the slow sales at 334 W. Menomonee before. Units at the historic conversion at 334 W. Menomonee in Old Town were recently reduced after only 4 of the 18 units have sold. The developer also has many of the unsold units available for rent. You can see the floorplans and which units are available at the Melrose Partners website.
Some of the reductions:
Unit #304: 1 bedroom, 2 bath
- Originally listed for $499,000
- Now listed for $429,000
Unit #102: 2 bedroom, 2 bath, 1400 square feet
- Originally listed for $649,900
- Now listed for $579,000
Unit #205: Studio
- Originally listed for $279,000
- Now listed for $249,000
The price cuts average around 15%. This is an interesting time to be price cutting (at this time of the selling season.) Things historically really slow down going into November and December.
As I talked about before, this is a beautiful conversion of a historic building in the historic triangle part of Old Town (i.e. it is “real” Old Town.) There are brick sidewalks in front of the building.
But there is no parking available and the price points were higher than any of the conversion products being sold in the neighborhood, such as Crilly Court, and even higher than the new construction prices in the neighborhood (on a per square foot basis.)
We’ll see if these price reductions will move some of the units this winter.
I recently looked at a unit for rent/ sale in this building. As I understand it , there are only 3 or 4 units still available. Really beautiful building, and the finishes are like a custom home. Fantastic location!
I agree! Great location and the finishes are lovely. The lack of parking will be an issue for some buyers and renters.
I’ve looked at a couple of these units (1 br/1 ba, 1 br/2 ba, 2 br/2 ba) and really like them but am not ready to pull the trigger. All of the units i’ve looked at are duplex units w/ the bedrooms downstairs w/ strret level windows. I am also looking in 600 N. Fairbanks, 912 W. Armitage, and 711 W. Grand. Anyways, any opinions of the units @ 334 Menomonee or the other units I mentioned would be appreciated. Resale in several years? Do you feel they are too cramped? Parking situation? Thanks!
Elliot, I love this building, but the lack of parking was what turned me off. It all became painfully clear when I was trying to find a parking space for an appointment to view these units. I love the neighborhood, and am not interested in trying to rent a garage down the street when there is so much other product on the market.
Now, if I drove the type of vehicle where I did not care if it was parked outside, I might give this a shot, but with a 9 month old german sports car, outside parking, if available is not an option.
If this building had parking, it would have sold out in no time.
I agree that parking is a detriment even though it’s a great location. But Crilly Court (on Wells, Crilly, St. Paul) just down the street, sold out pretty quickly (conversion of historic apartment building into condos) and only 8 of the most expensive units had parking.
Those were a nice rehab. The finishes weren’t as luxurious as 334 Menomonee but the prices were much, much cheaper.
700 square foot one bedrooms sold around $250,000. There were lovely 3 bedroom 2 bath units that were 1700 square feet (with a balcony off the back) that sold for around $450,000.
Compare that with the 900 square foot units at 334 that are listed at $420,000. There is no comparison.
There was a flip for sale in Crilly Court (on N. Wells) that was on the market in November for $489,000. The agent pulled the listing over the holidays. I’m assuming it will be reappearing soon. You should check that one out. Of course- it doesn’t have parking either- but at least it has space.
I think 334 Menomonee is a lovely product but it’s just overpriced. Most of the building is now being rented out, I believe.
Hi,
I love this building too; however, I wouldn’t want to buy in a building that is mostly rental. Out of 18 units in the building, 4 sold, 6 are rented, and 8 are listed for sale or rent
Any opinions as to what a 2BR/2BA and 1BR/1BA should be going for in this building? Also, any idea exactly how long these units have been sitting on the market? Thanks in advance.
Units have been marketed for years
It’s a lovely development with top of the line finishes. And it’s a great location in the Old Town Triangle. It’s just caught in the downdraft of the market.
The units were over priced to begin with and the lack of parking in that neighborhood is dooming. Who really wants to spend 500-800K on a unit and then walk 2 blocks to Piper’s Alley, up an elevator, to pick up your car.
It’s more than two blocks–it’s a half a mile. It’s really a shame, because they are lovely.
Also, no real public transport around–the Number 11 is right there, but you have to transfer to get anywhere good.
It does stink for that building. It probably should have been converted using less expensive materials and then would have sold to first time buyers
Nah, it’s just a little over two full blocks. Half a mile is all the way to Armitage. But the parking situation is my problem with Old Town.
I google mapped it–it is .4 miles. So, a tenth of a mile less than half a mile, which in my book is half a mile. And in weather like today’s, that’s about .3 of a mile too far! 🙂
Huh. Isn’t there an entrance to the ramp on the corner of North Park?
Something is funky about google maps directions for that area. They round off the actual feet or something. Using a google maps based walking map, it’s .3 miles from the front door of 333 to the corner of North Park and North. Still farther than I would walk to my car at those prices, but it’s under 500 steps, so it’s not too bad.
As far as transit, it’s also just over a third of a mile to the Sedgewick brown line stop. And under .2 miles to Clark for the 11 or the 36.
They’d be great rentals, but I just don’t see buying at those prices without parking.
Since your talking about walking it’s walk score is only a 85/100 according to http://walkscore.com/get-score.php?street=334+W.+Menomonee&go=Go which is decent…
If you go to walkscore.com you will be able to enter any address…
Does anyone have any information regarding the developer? Specifically their flexibility on price?
Opinions of 334 W. Menomonee compared to this place: http://www.cbmmre.com/Illinois_condo_townhouse_for_sale/CHICAGO_condo_townhouse_for_sale/912_W_ARMITAGE_06485354.shtml
Thx!
Elliott: I think EVERY developer is flexible on price right now. (although anoncondoshopper has not found that at 154 W. Hubbard for some reason.)
In 334 W Menomonee, they have sold only 4 units, I believe, out of 16 and they’ve been on the market for more than a year. You’d think that developer would be pretty flexible.
As for the unit on Armitage- you can’t really compare the two properties. The Menomonee unit is a vintage rehab. It doesn’t have outdoor space and it doesn’t have parking. The Armitage unit has both of those amenities.
Also, it’s a different location. Some people just love Old Town and the Menomonee units are in the Old Town Triangle.
Correction Sabrina, 334 Menomonee has 18 units.
4 closed
6 rented from developer
8 for sale and or rent
Sabrina, Streeterville Relator or anyone else, exactly what is the downside of buying in a building made up of mostly renters as opposed to owners? I’m considering making an offer on one of these units but don’t want to be stuck in the same position the developer is in (i.e. not being able to sell this unit when I am ready to move up to something larger). Any thoughts?
As far as the other unit I posted (Armitage) goes, I realize the units are totally different but I don’t care about location as I think both are located in excellent areas. I am hoping someone could give their opinion as to price difference ($649K v. $590K) and which seems to be the better deal. I’m assuming the outdoor space, parking and roof rights make 912 a better deal but then again you have to deal with a retail space on the first floor and 3 flights of steps. I hope this rambling is somewhat coherent. Thx.
Also, does anyone have experience with a unit located above retail? Is this a major pain in the ass?
“what is the downside of buying in a building made up of mostly renters as opposed to owners?”
The fact that so few have sold, and the developer is willing to rent out the units instead of sell them tells me that the pricing is too high. I would go with Armitage myself because it has PARKING. The Armitage unit also seems more unique and although I am not a realtor, I would think it would be easier to sell. I am currently looking in the same price range myself, but will not look at any unit that does not have deeded parking.
I think a unit located above retail is great–you can stomp around all you want, and play your TV loudly after business hours, and no one with delicate ears will complain.
As for comparing the units, even discounting the different locations, it’s still apples and oranges. The Menomonee is a LOT nice wrt to finishes; it’s absolutely stunning. But the lack of parking and lack of outdoor space do explain why they aren’t asking as much.
As for which is the better “value,” well, neither is in this market. Hate to sound like a broken record, but… there’s a reason these units aren’t selling. They’re asking too much. You are right to be worried about ability to recoup your investment (let alone make money) should you decide to sell in a couple of years. I considered the Menomonee seriously myself, but have been scared away by the market. If you’re buying a place in that building, it’s at least in part because you want neighbors who are as dedicated to living in as nice a building as you do. Do you think a majority of renters satisfies that criterion?
Kenworthey, seeing how you considered purchasing one of these units what do you feel is a reasonable offer in this market for a 2br/2ba duplex (unit 106 i believe)?
I think you will have a problem selling any unit in Old Town/LP area without parking, especially in this price range. Let’s face, people in Chicago have cars. This isn’t NYC. Everyone likes to go to Costco, Whole Foods, etc and then drive home and not have to worry about where to park.
I believe the developer is Melrose Partners, known for their eye ofr detail and quality of both finishes and constructions – typically found in homes > $2M which has been their niche. Regardless of the lack of parking, this is a highly sought after location, however, most of the properties in the Triangle are single family. The Triangle is known to have a parking issue – there are garage spots available on occasion, however, they don’t tend to stick around. I sold a penthouse unit directly across the street in October, 2007 at 1807 N Orleans for $1.09M – listed it at $1.2M with only one garage parking space. I have shown these units many times – often the feedback is lack of parking, no elevator and small living space versus the price.
While the finishes are stunning, bottomline the prices are simply too high.
I appreciate all the responses. I’m thinking i’ll hold off as there is no way these units are going anywhere. Melrose Partners does beautiful work but the prices w/o parking are unrealistic in this market.
Elliott- if you don’t care about the lack of parking- I’m sure something will come up for sale in Crilly Court this spring/summer.
This was a conversion that closed last year a few blocks away in a historic apartment building. They put in some nice finishes. Not quite as nice as 334 Menomonee, but the prices were also considerably cheaper.
A few months ago there was a 3 bedroom, 2 bath back on the market for $489,000. I think it was 1800 square feet. It didn’t sell and the listing was pulled. Also no parking but it did have a back porch.
As for what could happen in a building with renters, well, it’s going to cost the owners a lot more money when they take over the association (wear and tear with people moving in and out etc.)
This is in further response to Morgan’s on” “what is the downside of buying in a building made up of mostly renters as opposed to owners?”
Owners of units that are rented (or those who plan to flip the unit in a year or two) are a big headache if you are an owner who wants to live in the building.
They don’t plan on being around long so they don’t want to spend much on repairs or improvements. They certainly don’t want to build up reserves to cover inevitable replacement of infrastucture (the roof, common area carpet, etc.)
Also, it’s a real pain for the other owners to have people moving in and out. It’s rough on the building, too. Not to mention the paperwork for the condo association (waiver of right of first refusal, letters to mortgage companies, making copies of by-laws, etc.)
Worse yet, when investors finally go under, your fellow owners will be the mortgage company — yikes!
As a former condo association president, I can tell you to try to find a building that hs a track record of stable ownership. If you’re buying in new construction, look for one that tries to avoid investors with higher downpayments, tougher credit checks, etc.
The communal living experience of owning a condo is an “interesting” experience under the best of circumstances — you don’t want the hassle of being pushed around by investors that don’t share your long term goals for the building.
PLEASE DO NOT RENT IN THIS BUILDING! I am a renting resident at 334 Menomonee and some of what’s been written above is true, and some is inaccurate. I know Melrose Partners has enjoyed a very good reputation in the industry for residential work, but this project was clearly not rehabbed with a multi-family concept in mind.
a) There are terrible noise issues which have plagued most of the residents. Some renters have broken their leases early and moved out (one I know of is currently immersed in a lawsuit with Melrose Ptrs). Melrose did soundproof one of the purchased units but if you’re planning to rent, expect a good deal of noise.
b) The level of finish in the units is of high quality but the common areas are showing strain under the rental arrangements. Melrose opted to allow dogs in the building and as a result the noise issues are further compounded, there are odors on the first floor, and dog mess clean-up around the building continues to be an issue.
c) It’s impossible to get anything fixed here. While I can’t blame them, its clear the developers just don’t want to put anymore money into the building. But the sad thing is, its harming the value of the building. For instance, industrial ugly brown carpeting was used in the hallways (wall to wall), air conditioning units and servicing have been slow to be activated, and if you look there isn’t even any building numbering on the exterior of the building. Little things such as these become VERY frustrating over time.
To be fair, its clear Melrose is a developer and NOT a property manager. But the reality is this desperation has led to some dire consequences for the buyers in the building. I know of three renting tenants who have left the building and terminated leases early. In each case it seems, obtaining access to their deposits and a fair resolution with Melrose was next to impossible. This is especially worrisome considering Melrose requires a 1.5x rent deposit (approx $4000 per unit).
If you’re a buyer perhaps your treatment might be different, but I’m not so sure any of the buyers is really very happy with their new found arrangement. As a renter I’d strongly encourage you to look elsewhere. The building had great potential but unfortunately, its just rotting away with all the current chaos.
Hope this helps.
Greg:
Thanks for the update on this building.
What’s the percentage of units that are rented then?
There are 18 units in the building. Only four units were sold when the building was completed last fall. The developer, Melrose, turned to renting and most were filled towards the end of 2007 through the early part of this year. But since then, several of the renting residents have terminated their leases early or have been asked to leave by Melrose Partners. Most of this I think has been due to noise issues in the building (see my other post on the other 334 Menomonee thread). Some of these move-outs occurred before I moved in earlier this year, but some are ongoing today. Not good either way.
One additional unit (a 2BR) sold recently but to be frank this was an abrupt sale and the price included some additional remodeling by Melrose prior to her move-in, so I’m not so sure its indicative of the current market. Having spoken to the new owner, its clear her situation was unique. She spent little time in the market and knows in hindsight she overpaid significantly.
I believe unit 204 remains vacant (a 1BR), and I think unit 201 is also terminating her lease early if she has not already vacated. 201 is a 2BR so look for the listing soon. I believe 101 which is below 201 and an owned unit was one of the units which was soundproofed. I think noise was at issue there too. I know of a couple on the first floor who are thinking of leaving early. Theirs is a duplex similar to mine (1BR w/a Basement flr, 1st flr split) on the first floor, so you might see this too come onto the market soon.
Finally, the parking comments are accurate. I have a car and its pretty crazy trying to find a space unless its during the permit changeover hours. In the afternoon the situation is much improved, however.
PS – This morning I saw Sotherby’s has another Crilly Ct. (higher sq. footage, 2BR, private deck) listing on their Wells office window. Not sure if my memory is correct, but I think asking was $439? If this is the same unit referenced above then there’s a big price drop at play here going into summer. It looked nice from the pics, so it might be worth checking out.
Sabrina,
Longwinded above, sorry.
The building is about 25% owned, the rest are rented or on Craigslist for rent.
-Greg
Sabrina,
I found some more info at http://www.homediscoveryinc.com/results.asp?M=R.
On the Home Discovery sight, the following units are listed for rent, not sale:
Unit 205 (murphy bed studio)
Unit 305 (murphy bed studio)
Unit 106 (1 BR duplex)
Unit 104 (1 BR duplex)
Unit 103 (1 BR duplex)
Unit 108 (1 BR duplex)
Unit 201 (2BR) and Unit 204 (1 BR) are both vacant (or soon to be) but I’m not sure of Melrose’s intentions. The rental prices seem pretty high too.
Unfortunately, nothing seems to be moving in this building, whether rental or sale. I gotta get back to work, but I hope the info helps.
Thanks for the info Greg. This DOES help.
It makes you wonder what Melrose’s intentions are with the building. Are they simply going to keep managing it as a rental building for years or are they really trying to sell the units?
On a separate tangent: how are they financing holding all of those units for this long?
I guess we’ll have to wait to find out answers. Only time will tell.
It’s in a lovely area of Old Town though (as long as you don’t need to park your car.)
Attention forum as the owner and developer of 334 W. menomonee,thank you for all of the wonderful feed back about my project.With respect for Greg I have no Greg currently residing at 334 W. Menomonee.If Greg is truely a tenant in the building I welcome his concerns to be directed to our office. Lastly we are fortunate to have no units available for rent or for sale as of this time. Further Greg if your living experience is unpleasant we currently have a long waiting list and would be happy to terminate our lease to allow you happiness elsewhere!!!! again thanks for the kind words and interest in Melrose Partners
greg,
I looked at several of the duplexes. Which one did you rent?
do you face the front or the back? I seem to remember the front facing duplexes had good light.
Andrew:
Thanks for the update about the project.
What is the strategy to actually sell the remaining units? You’re the first developer we’ve had on the site- so your input on the market and timelines would be of interest to all of us here.
Andrew:
I see 1 unit listed for Sale on the MLS. Please Explain.
06874455 ACTV 334 N Menomonee Ave 106 8007 $419,000 3 1 1
Alex, I rent a duplex on the first floor. It is a split unit with the living area and kitchen on the first floor and the bedroom, main bath, and closet space in the basement. Light is good on the first floor but in the basement (bedroom) it is understandably minimal. Noise really isn’t a concern in the bedroom but is a factor for me upstairs.
So greg what is the story? According to the developer he doesn’t have a greg in the building. What gives?
alex, consider that the “developer” also posted on 5/30/08 that “we are fortunate to have no units available for rent or for sale as of this time,” while (as Streeterville Realtor pointed out at the time) unit 106 was listed for sale on 4/25/08 for $419,000. IF that is the developer then his memory seems to be such that he easily could have forgotten a tenant (to put it kindly.)
Here’s some more mls history on unit 106:
1/4/2007 listed for $520,000 canceled 1/15/2007
6/28/2007 listed for $469,000 reduced to $449,000 canceled 10/15/2007
10/10/2007 for rent $1,995 canceled 11/21/2007
10/18/2007 listed for $399,000 raised to $419,000 expired 4/19/2008
11/21/2007 for rent $1,995 canceled 12/13/2007
12/13/2007 for rent $1,995 canceled 3/5/2008
4/25/2008 listed for $419,000 and still for sale
Or Alex, if you’d like to rent a unit tomorrow, here’s what’s currently available through Craig’s List, which in turn leads you to the the link I previously provided above (use “Old Town” or “Menomonee” as criteria):
Unit 106 for $1995/mo.
Unit 104 for $1995/mo.
Unit 205 for $1795/mo.
Unit 305 for $1895/mo.
Unit 103 for $2395/mo.
Unit 108 for $2500/mo.
Or better yet, just visit the property, take a good look, and start asking around. Facts are facts, I’m afraid.
Actually, “greg” I did just that, talked to the Melrose Office and they confirmed that no units are available. (773.528.6764, spoke to the sec.)
I hate to say this, but you sound suspiciously like some one with an ax to grind. What unit are you in exactly? If you are ligit, which i think all would agree is becoming VERY suspect, i’m sure you can confirm it, as opposed to “IF that is the developer then his memory seems to be such that he easily could have forgotten a tenant (to put it kindly.)”
So again I ask “greg”, Whats your REAL story?
I concur with Alex. There are no units available to rent on Craigslist or on the MLS right now.
It looks like the developer has it completely rented and has one unit currently for sale.
Umm, you are both wrong. According to MLS, unit 106 is listed for $419,000.
1 06874455 ACTV 334 N Menomonee Ave 106 8007 $419,000 3 1 1
Address: 334 N Menomonee AVE Unit 106 Total Days on Market: 342
Listing Summary Listing History
MLS No: 06874455
Cur. Status: ACTV
Type: Attached Single
List Price: $419,000
Orig. LP: $419,000
Sold Price:
List Date: 04/25/2008
LMT: 48
Change Description Status Price Modified Date
STATUS: NEW -> ACTV ACTV $419,000 05/01/2008
STATUS: DRF -> NEW NEW $419,000 04/25/2008
Listing Summary Listing History
MLS No: 06707484
Cur. Status: EXP
Type: Attached Single
List Price: $419,000
Orig. LP: $399,000
Sold Price:
List Date: 10/18/2007
LMT: 184
Change Description Status Price Modified Date
STATUS: ACTV -> EXP EXP $419,000 04/19/2008
STATUS: PCHG -> ACTV ACTV $419,000 01/31/2008
LIST_PRICE: $429,000 -> $419,000 PCHG $419,000 01/25/2008
STATUS: ACTV -> PCHG PCHG $419,000 01/25/2008
STATUS: PCHG -> ACTV ACTV $429,000 01/14/2008
STATUS: ACTV -> PCHG PCHG $429,000 01/08/2008
LIST_PRICE: $469,000 -> $429,000 PCHG $429,000 01/08/2008
STATUS: PCHG -> ACTV ACTV $469,000 11/04/2007
STATUS: ACTV -> PCHG PCHG $469,000 10/29/2007
LIST_PRICE: $399,000 -> $469,000 PCHG $469,000 10/29/2007
STATUS: NEW -> ACTV ACTV $399,000 10/24/2007
STATUS: DRF -> NEW NEW $399,000 10/18/2007
Listing Summary Listing History
MLS No: 06567701
Cur. Status: CANC
Type: Attached Single
List Price: $449,000
Orig. LP: $469,000
Sold Price:
List Date: 06/28/2007
LMT: 110
Change Description Status Price Modified Date
STATUS: ACTV -> CANC CANC $449,000 10/15/2007
STATUS: PCHG -> ACTV ACTV $449,000 09/23/2007
LIST_PRICE: $469,000 -> $449,000 PCHG $449,000 09/17/2007
STATUS: ACTV -> PCHG PCHG $449,000 09/17/2007
STATUS: NEW -> ACTV ACTV $469,000 07/04/2007
STATUS: DRF -> NEW NEW $469,000 06/28/2007
Listing Summary Listing History
MLS No: 06369978
Cur. Status: CANC
Type: Attached Single
List Price: $520,000
Orig. LP: $520,000
Sold Price:
List Date: 01/04/2007
LMT: 12
Change Description Status Price Modified Date
STATUS: TEMP -> CANC CANC $520,000 01/15/2007
STATUS: ACTV -> TEMP TEMP $520,000 01/12/2007
STATUS: NEW -> ACTV ACTV $520,000 01/10/2007
STATUS: DRF -> NEW NEW $520,000 01/04/2007
*Listings that closed or went off-market prior to 01/01/2005 are not included in this report.
Sabrina, you are right, didn’t read your full comment
Alex,
Clearly our lease is not under my name, but to be honest I’m not exactly sure why this trivial fact remains so important to you. I did note however, that your initial forum post (time stamped above) comes within only an hour of the developer’s. Old Town is a rich wealthy demographic, composed of smart, researched, but certainly not naive buyers.
If you truly are a prospective buyer, then just take a deep breath and give thanks that I and the others here have posted so much information for your use. This of course is in the spirit of this forum!! And nothing I’ve written here cannot be verified personally by you and your realtor during a visit. The Craigslist ads I viewed from a few weeks back, ended with the link I provided in my post on the 22nd. Follow that link, search “Old Town” and you’ll come up with a lot of units. If this information is old, then I’m very sorry but that’s what this particular realtor’s sight spits out.
Finally, if you’re getting serious about renting or buying Unit 106 in this building, why not just enjoy a beautiful summer afternoon in Chicago, park yourself on the front porch of our building, and simply ask around with the tenants. Most of the people I’ve met here are seemingly good, well educated, and interesting people who I suppose aren’t intimidated easily. I’m sure any would be happy to talk with you openly.
I really do hope the information helps (really!! :).
PS: Alex, I think you might be confusing my posts with those of “G”. I didn’t write what you’ve quoted above.
Here’s the link again for Koenig & Strey.
I think they’re handling all the rentals…
http://www.homediscoveryinc.com/
Click “SEARCH RENTAL LISTINGS”, then select the “OLD TOWN” button on the following page, and search away. Presto, there’s a lot still available in this building according to K&S. Maybe their sight needs updating, but I’m pretty sure as a resident at least some of these units are still empty?
In any case I hope the info helps. Enough posting. Back to work.
‘Greg’… “but I’m pretty sure as a resident at least some of these units are still empty?” Well, if you live there wouldn’t you know? It sounded like you knew everyone in the building, from your earlier posts…Also sounds like you are a broker, given your familarity with the MLS.
Seriously, whats your story? I (per your suggestion) called the Melrose Office, and was told that there are no units available. I believe that there IS one unit in the MLS for sale, but maybe it is rented currently? I don’t know. What I DO know is that you DEFINATELY have some ax to grind. “Clearly our lease is not under my name..” So come on, Why the seamingly pathological flaming?, and why not use your name?
Alex, your own credibility is waning–what axe do *you* have to grind? You think it “sounds like” Greg is a broker, given his familiarity with the mls? Then everyone on this site is a broker. The mls for Chicago is freely available at dozens (or more) sites in Chicago. And being a resident in a building doesn’t mean you get to peek behind closed doors to see if someone lives there. But never seeing someone enter/exit a unit is likely to make someone suspect (without knowing) that it is empty.
I have no idea what the truth is–as is everything on the internet, this blog is effectively anonymous–but I have reason to doubt, at a minimum, the statements made by the person purporting to be the developer: he said there were “no” units for sale, and there was one. His claim of having a “long waiting list” in this market for rentals in that building is also utterly laughable.
Well thats a way to turn around an argument! I question why some one writes the following… “PLEASE DO NOT RENT IN THIS BUILDING! I am a renting resident at 334 Menomonee..” would still live someplace that is so awful to them? I re-read the post by the building developer, and he gave (in a public forum) “greg” a release. I am just curious why ANYONE would spend as much time being disparaging, instesd of moving? I still contend that this person does not live there. Prove me wrong “greg”. Since I HAVE a life, which apparently “greg” does not, I will move on to more interesting things. This topic bores me, I’ll leave it to the rest of you.
Editor’s Note:
Kenworthey said: “I have no idea what the truth is–as is everything on the internet, this blog is effectively anonymous–but I have reason to doubt, at a minimum, the statements made by the person purporting to be the developer: he said there were “no” units for sale, and there was one. His claim of having a “long waiting list” in this market for rentals in that building is also utterly laughable.”
The person who says they are the “developer” on this thread, really IS the developer.
Interesting! Me thinks this particular builder is contributing a lot to our little message board after all, wouldn’t you agree Mr. Alex. THANK YOU Greg for your information. Every little bit helps us all.
Still on the subject of Old Town, is anyone planning to attend the open house at 1647 N Sedgewick? It’s scheduled for this Sunday. Feed back please, please, please!
Let me clarify: what I doubted were the statements made by the developer. I’m glad to know Sabrina is confident he *is* the developer, but that doesn’t make me any more confident of his statements, which are what I doubted. On the internet, it doesn’t matter who you are or what expertise you claim–it only matters how credibly you make your arguments, and what evidence you can produce/point to.
Ken, I agree with you. The developer stated there was a long waiting list for this building, yet an MLS for Unit 106 exists today, there’s a long history of price reductions, and units remain empty in the building. Also until only a few days ago, this developer had been advertising on his website, several of his rented units as SOLD with fictitious, and very inflated prices. Thankfully this has been corrected, but I think credibility remains at issue.
And Janet, you’re very welcome. I’m happy to update this thread on unit movement as needed in the future. The “alex” posts initiated within minutes of the developer’s. Why my specific unit number matters to anyone here, I know not. We have a $2900 deposit attached to our unit, and sadly a history is developing here of residents having had their deposits tampered with. At the very least, a sad and transparent effort I’d say.
Cheers to all!