The $100k 1-Bedroom Condo in River North: 645 N. Kingsbury

How low will 1-bedroom condos go in River North?

This 25th floor unit in the Admiral’s Pointe high rise at 645 N. Kingsbury is listed for just $100,000.

It has already gone under contract.

The 730-square foot unit has central air, in-unit washer/dryer and deeded parking included.  These are features not found in other low priced River North units such as those in 10 E. Ontario.

The kitchen even has the standard granite counter tops and there is 1.5 baths instead of just 1 bathroom.

$100,000 used to be the price for some studios in the neighborhood. Will this be the new price point for this part of River North?

Justin France at Keller Williams has the listing. See the pictures here.

Unit #2503: 1 bedroom, 1.5 baths, 730 square feet

  • Sold in April 2002 for $219,500 (parking included)
  • Sold in August 2005 for $256,500 (parking included)
  • Lis pendens foreclosure filed in January 2009
  • Listed in September 2010 as a short sale for $100,000 (parking included)
  • Under contract
  • Assessments of $453 a month (includes heat, A/C, doorman, cable)
  • Taxes of $3007
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 12×11

126 Responses to “The $100k 1-Bedroom Condo in River North: 645 N. Kingsbury”

  1. Very good deal for the money. What can you rent this for, about $1300? $1400?

    0
    0
  2. Good deal for the $ is right.

    0
    0
  3. Are property taxes EVER going to go down in cook county? What kind of comps does it take to get your tax bill to actually decrease? We have two bedroom selling in my building for under 100K and our taxes are still going up and are currently over $4,000 a year in Oak Park. Is anyone else ready to organize a property tax protest?

    0
    0
  4. Tax protest? Stop voting D for every cook county elected position.

    0
    0
  5. I tried to buy this place and offered cash – over asking price but apparently, there were several offers and back up offers. The sharks are out there!!!!

    0
    0
  6. I actually looked in here at a similar unit. Issue was you directly look into the building across from you ( can be seen in the living room picture). That and 730 sqft w/ 8′ ceilings feels super tiny, especially with 1.5 bath’s.

    That said, the buyer got a steal as I would value this at 200k w/parking. Hopefully some college grad or someone scooped this up opposed to some investor schmuck trying to make a buck. There are some cool “in sky townhouses” or rather, multi level condos in this building too.

    0
    0
  7. “Are property taxes EVER going to go down in cook county?”

    If you want your property taxes to go down, here is a sure-fire way to do it.

    Step 1: Sell your house/condo.

    That is all.

    Please note, if by some chance you sell for a profit, beware of taxes on the gain from sale.

    0
    0
  8. “Hopefully some college grad or someone scooped this up opposed to some investor schmuck trying to make a buck.”

    I doubt it – recent college grads don’t have 100k plus in cash lying around – which is why all those people waiting in the wings for deals like this often get screwed: you can’t compete with the millions in cash that investors have…..

    0
    0
  9. “Justin France at Keller Williams has the listing.”

    How many times a do you think people ask this guy, “How was your trip?” Parents can be so cruel.

    0
    0
  10. what do we do with 1 bedroom aptarments? we RENT them
    what do we dont do with 1 bedroom apartments? we DONT BUY them.

    0
    0
  11. “I doubt it – recent college grads don’t have 100k plus in cash lying around – which is why all those people waiting in the wings for deals like this often get screwed: you can’t compete with the millions in cash that investors have…..”

    Who said anything about cash? Dont think just because you come to the table with cash means you are going to get the place. Furthermore, if the bank has two interested parties and one is qualified and willing to take a mortgage through the selling bank, they will choose the mortgage opposed to the cash.

    0
    0
  12. “what do we dont do with 1 bedroom apartments? we DONT BUY them.”

    uhhhh I have to disagree… for this particular place, I was buying it for a girl I work with who was going to rent it from me for 1500/month and sign a 5 year lease. That would give me a 7% immediate return on my money and I would be willing to bet that I could sell it in 10 years for an even greater profit.

    0
    0
  13. Groove77

    What do we do when we graduate college, land a good job, and rent? we loose money

    What do we do when we graduate college, land a good job, and buy?
    we make money

    0
    0
  14. clio–if you aren’t lying then she is an idiot. You can get much nicer places at the $1,500 pricepoint in this area.

    0
    0
  15. “Furthermore, if the bank has two interested parties and one is qualified and willing to take a mortgage through the selling bank, they will choose the mortgage opposed to the cash.”

    Many investors submit two bids for properties like this for exactly that reason. They don’t want to take any chances so they submit on bid for cash and the other one stating that they will go through the holding bank for a mortgage.

    0
    0
  16. “clio–if you aren’t lying then she is an idiot. You can get much nicer places at the $1,500 pricepoint in this area”

    really? The cheapest place in 60654 that is in a newer building has 1 bedroom and garage parking is WELL over 1500.

    0
    0
  17. “Many investors submit two bids for properties like this for exactly that reason. They don’t want to take any chances so they submit on bid for cash and the other one stating that they will go through the holding bank for a mortgage.”

    Right, and the bank sees this and goes huh, I can sell it to the guy who only has 10% or 20% down, charge a higher interest rate, and make more money than if I sell to the double-bid buyer.

    0
    0
  18. oh yeah, bob – the unit also has 1.5 baths AND a w/d in unit. You CANNOT do better.

    0
    0
  19. you get get $1500 w/parking to rent this in a heart beat.

    0
    0
  20. “Right, and the bank sees this and goes huh, I can sell it to the guy who only has 10% or 20% down, charge a higher interest rate, and make more money than if I sell to the double-bid buyer”

    Why can’t this be the double-bid buyer? I agree to 10% down, 5.5% interest rate (no prepayment penalty), get the place and then pay it off immediately.

    0
    0
  21. “oh yeah, bob – the unit also has 1.5 baths AND a w/d in unit. You CANNOT do better.”

    Make it 1,000 sq ft or add a den, thats better.

    0
    0
  22. My good friend owns 1 bedroom (may be 2 bath…bigger than this one) in this building. They just had a major special assessment — hers was 35K…crazy. Bet this unit has an unpaid special that is close to this.

    0
    0
  23. “Why can’t this be the double-bid buyer? I agree to 10% down, 5.5% interest rate (no prepayment penalty), get the place and then pay it off immediately.”

    I mean it definitely can be. He/she probably outbid you or has personal ties to the deal if thats the case. But what you said, “pay it off immediately” leaves no room for the bank to receive the interest payments over the years.

    0
    0
  24. “Please note, if by some chance you sell for a profit, beware of taxes on the gain from sale.”

    Taxes on the gain by what entity? Assuming you’ve owned it for 2 years.

    0
    0
  25. “But what you said, “pay it off immediately” leaves no room for the bank to receive the interest payments over the years”

    I know that but the bank doesn’t have to know I am paying it off immediately. I do agree with you that there has to be insider knowledge about several of these great deals. I know that I got a lot of this info in the 2000s through Coldwell Banker – there was always “talk” around the office and they liked to keep sales within their own office so the broker/managers would encourage sales agents to talk about upcoming listings with other agents and even show them the properties so that most deals were under contract before they even hit the MLS. I don’t know if this practice is illegal, but it certainly was unethical (although I didn’t mind when I was on the “winning” side)

    0
    0
  26. The bank doesn’t care if you are getting a mortgage through them or not. You either are meeting the price they want or you are not. Cash is preferred. Period.

    Given how underwriting is these days, particularly since 80+% of mortgages are going to Fannie/Freddie, no bank wants to risk you not being able to get a mortgage – whether they are the originating lender or not. They rather take a sure fire cash deal over a higher price with the risk of the deal not being able to be financed.

    0
    0
  27. uh, in this area with 2(!!!) toilets and Parking(!) and an acutal seperate bedroom – yeah I don;t think you’re getting ripped off too hard. Although I’d have tried for waay below market if I was locking in for 5 years – sure you’re protected from increases but with that kind of committment I’d look for a discount because the landlord is really the winner.

    0
    0
  28. realtors get first dibs on listings, you really think they would let a deal like this with a nice cap rate hit outsiders? Puhlease, like “Just in France” (LMAO) is even a real name

    0
    0
  29. “oh yeah, bob – the unit also has 1.5 baths AND a w/d in unit. You CANNOT do better.”

    Well..the caveat is IF it closes anywhere near asks. I’m betting it will closer over ask or be rejected by the bank at the 100k mark.

    I bet this thing closes at least at 130k. Anything less is obvious money left on the table.

    Not a killer deal when you factor in taxes & assessments but still probably the best deal around. And assuming taxes can be appealed lower a great deal.

    0
    0
  30. So the story behind this place is that the owner insisted on listing it for way below mrkt value (it comps out around $200k even now) in order to get some offers to show the bank. I can only assume in a desperate attempt to forestall the impending foreclosure. As I understand they got 8 offers over list in a week. It seemed to work as the bank cancelled the auction that was due to have taken place 10/26.

    So whoever put in the best price offer is in the ‘will they won’t they’ short sale loop.

    I think this is a disgraceful practice and much as I would have paid $150k cash for this unit I would not send in a bid unless the short sale had been approved at a price. Adding the ‘short sale’ caveat means the seller and the agent cannot be held accountable for not selling the unit to a well qualified cash buyer.

    That has to end. No approval for short sale – no listing, it’s blatant false marketing. Irks me almost as much as ‘auctions’ such as Hudson and Marshall where post-bidding process the seller gets 2 weeks or more to decide whether or not to accept the bid. They don’t even have to post a reserve. What a waste of time.

    We are in a buyer’s power but crappy practices such as this impede market transparency and just make this an even more disfunctional and drawn out meltdown.

    0
    0
  31. I looked at a place in this building once, but I did not like it enough to undertake my standard diligence. It is a pretty decent building and because it is a decent building I would be shocked if current purchasers are allowed to lease out units, in fact, I would bet clio a belt of Macallan 25 at Tavern that these units can’t be leased by anyone who buys today (my guess is that the 2004 condo declaration amendment is the one that prohibits leasing to keep the undesirables out), thereby making clio’s plan a very bad one. Does anyone have an account with CCRD so they can pull the declaration?

    0
    0
  32. @clio,
    me too, $150k cash did not put me at front of line.

    @all,
    for those discussing renting this – you can’t. the building has a 20% rental cap to retain FHA status and there are currently 20+ units in a line to be the next rental if anyone ever gives up their place as a rental.

    0
    0
  33. bank is feelin out what a place is worth

    I’m still in at 200k or slightly more given this is right below the penthouse floor with a view of the skyline.

    0
    0
  34. ….and the agent’s name is Justin Francek by the way

    0
    0
  35. ….in the spirit of full disclosure I own the one above this and am currently rehabbing as my pied-a-terre.

    0
    0
  36. neo on November 11th, 2010 at 3:28 pm
    “@all,
    for those discussing renting this – you can’t. the building has a 20% rental cap to retain FHA status and there are currently 20+ units in a line to be the next rental if anyone ever gives up their place as a rental.”
    ______________________________________________________

    Well clio, I’ll let you off the hook for that belt of Macallan since you didn’t have time to accept my bet before neo posted this, but next time you tell us about your offers, please make sure to confirm the place can be rented first, otherwise you look like some poser UIC grad who’s the receptionist at Chicago Apartment Finders or something.

    0
    0
  37. “I would bet clio a belt of Macallan 25 at Tavern that these units can’t be leased by anyone who buys today (my guess is that the 2004 condo declaration amendment is the one that prohibits leasing to keep the undesirables out), thereby making clio’s plan a very bad one.”

    there are ways to get around the rental thing if you are renting to a friend/co-worker/relative – or even if you arent’t. It’s not hard to do.

    0
    0
  38. “pied-a-terre.”

    sounds pretentious!

    0
    0
  39. So much like the other posting today this one is just a tease.

    What is the new theme on here on Thursdays Teaser Thursdays? I’d rather at least have something nice to look at on Teaser Thursdays and that’s at the taverns.

    0
    0
  40. “Groove77, What do we do when we graduate college, land a good job, and rent? we loose money
    What do we do when we graduate college, land a good job, and buy?
    we make money”

    really, really? of all my college crew um lets see, yep not one made money off buying RE. and funny 3 actually wish they rented instead of buying right away.

    BTW none of them bought a 1 br.

    renting doesnt = loosing money do we really need to go down that road again.

    0
    0
  41. Sonies,
    My wife just agreed with you although she called me Fancy Pants rather than pretentious. I’m going to take hers as a compliment.

    0
    0
  42. And whilst we’re on the grammatical thread can we please agree that regardless of one’s view (clio or Bob) one can only win or lose not loose money on RE.

    0
    0
  43. “really, really? of all my college crew um lets see, yep not one made money off buying RE. and funny 3 actually wish they rented instead of buying right away.”

    It depends on the place and price as we all know. But take this place for example. If I graduated, had 10k saved up, and this was on the market for 200k I would definitely be interested!

    Ill retract my comment that renting doesnt = loosing money but replace it with renting doesn’t allow the possibility to make money.

    0
    0
  44. “renting doesn’t allow the possibility to make money.”

    unless, as the renter, to rent it out to someone else for more money…almost ponzi like?!

    0
    0
  45. “My wife just agreed with you although she called me Fancy Pants rather than pretentious. I’m going to take hers as a compliment.”

    sounds like something MY wife would say… are you hanging out with MY wife during the day?

    if so… help her find a job

    0
    0
  46. “if so… help her find a job”

    Labor force participation rate is at the lowest it’s been in a quarter century. All these progressives who think its great and two-family incomes should be the norm are a hindrance to an easy resolution to our unemployment problem–a shift back to single income households would do wonders.

    Its either that or forced retirement at a certain age. Or my third option would be implementing the final solution for the progressives, that would work too to help alleviate our employment woes.

    0
    0
  47. clio on November 11th, 2010 at 3:36 pm
    “there are ways to get around the rental thing if you are renting to a friend/co-worker/relative – or even if you arent’t. It’s not hard to do.”
    _____________________________________________

    Sure it’s not hard to do if (a) the provision was drafted by a recent Juan Marshall grad, (b) you are willing to put the coworker on the title of the property, (c) you are entering into a one year lease due to financial hardship or (d) you are okay paying some multiple of the rent you receive to the condo association when they find out about the lease.

    0
    0
  48. “unless, as the renter, to rent it out to someone else for more money…almost ponzi like?!”

    HAHAHAHA love that quote 🙂

    “It depends on the place and price as we all know”
    agreed, but why take a chance being a landlord for a 1br unit?

    “But take this place for example. If I graduated, had 10k saved up, and this was on the market for 200k I would definitely be interested!”

    yes but if you only have 10k saved and just got out of school you dont have a cushion and one special ass fee can have your whole world f’ed. its a gamble and yes one may end up makes some $ on it.
    but there are too many variables with owning it that dont make it a good bet. shoot you can probably get a 5 year CD and live a happier less stressed life renting until your ready and able to buy a big boy place.

    0
    0
  49. LOL bob you are too damn funny

    and I wish we could do 1 income family, unfortunately shit costs to much at the moment to do that.

    anyone wanna bail me out? anyone got obama’s #?

    0
    0
  50. Look at picture 5 of 15, that seems very close to the neighboring building! You’d have to have your shades drawn often for any privacy.

    0
    0
  51. neo – I picked up what you were putting down. lol. Hang loose! Don’t lose your hang!

    0
    0
  52. “implementing the final solution”

    Nazi jokes aren’t funny.

    With a *limited* exception if your name is Melvin Kaminsky.

    0
    0
  53. “its a gamble and yes one may end up makes some $ on it.”

    Yah I hear ya groove, its a gamble indeed. But at some point, you have to pull the trigger. If not, you will never have that *chance* and though not the nails in the coffin, take advantages like the Obama-rebate, tax write-off’s, and rude neighboors!

    0
    0
  54. “unless, as the renter, you rent it out to someone else for more money…almost ponzi like?!”

    “HAHAHAHA love that quote ”

    THANKS!!! Was thinkin Seinfield/Curb the whole time….(I corrected my typo though).

    0
    0
  55. What’s with all the hatin’ on the John Marshall Law School lately?

    Another thread a couple of days ago got hijacked from being about real estate to a discussion of the merits of JMLS vs. Harvard.

    And now today we get an alleged witticism about “Juan” Marshall. Is this some kind of dig at the student body and/or faculty? Are you saying that a substantial percentage is of Latin-American descent? And even if true, so what?

    Maybe I’m being sensitive about this because I used to work in a law firm whose clerks and entry-level attorneys came mainly from JM and Kent, and to me they seemed just as capable and hard-working as I imagine any “Ivy League” grad would be.

    Now. Back to the topic at hand – yes, if the buyer can pull it off I think it could be a good deal.

    0
    0
  56. “What’s with all the hatin’ on the John Marshall Law School lately?”

    1) Its a law degree mill.
    2) The last person I met who graduated from there was an elementary school teacher who I made out with on Mardis Gras at a bar last year. Yes an elementary school teacher.

    Thats whats up with Juan Marshall.

    0
    0
  57. “But at some point, you have to pull the trigger”

    total agree at some point pull the trigger, but just dont aim at a 1br apartment if you do.

    0
    0
  58. “clio on November 11th, 2010 at 3:36 pm

    there are ways to get around the rental thing if you are renting to a friend/co-worker/relative – or even if you arent’t. It’s not hard to do.”

    Really? So in a building like this where you have to schedule moving dates, exactly how do you keep it a secret when your tenant moves out?

    0
    0
  59. “Really? So in a building like this where you have to schedule moving dates, exactly how do you keep it a secret when your tenant moves out?”

    Girlfriend/boyfriend/relative moving in/out – or tell them you are redecorating/painting, etc. and buying new furniture. A confident and entitled attitude hardly ever leads to questioning.

    0
    0
  60. “clio on November 12th, 2010 at 9:31 am

    Girlfriend/boyfriend/relative moving in/out – or tell them you are redecorating/painting, etc. and buying new furniture. A confident and entitled attitude hardly ever leads to questioning.”

    And the other unit owners on your floor?

    0
    0
  61. Doesn’t seem like a good idea to me. What if the building finds out you are renting the unit out, and demands that he/her be removed. The tenant has an enforcable contract (Lease agreement), sounds like it could turn into a big legal MESS………

    0
    0
  62. “valasko on November 12th, 2010 at 9:48 am
    Doesn’t seem like a good idea to me. What if the building finds out you are renting the unit out, and demands that he/her be removed. The tenant has an enforcable contract (Lease agreement), sounds like it could turn into a big legal MESS………”

    Clio’s just trying to dig his way out of looking like an asshat for not knowing about the rental prohibition in a building in which he claimed to be trying to purchase a NOO unit.

    0
    0
  63. uhh no I’m not – in my particular case, a 5 year tenant who I work with is not a problem at all. I also know people that rent in “no-rental” buildings. Most people look the other way – it really isn’t that big of a deal.

    0
    0
  64. bradford – but you are right. I didn’t realize that the official rule was that I couldn’t rent it out – but again, that wouldn’t stop me from buying it and renting it out. Really, it isn’t that big of a problem. Only in a coop do you have to be very careful about these rules.

    0
    0
  65. “And the other unit owners on your floor?”

    Sorry guys but these lambos don’t pay for themselves 😛

    0
    0
  66. uhh no I’m not – in my particular case, a 5 year tenant who I work with is not a problem at all. I also know people that rent in “no-rental” buildings. Most people look the other way – it really isn’t that big of a deal.

    give it up Clio……. 5 year tenant you work with ……yeah right.
    Even if this is true, it would still be a stupid idea.

    0
    0
  67. “Even if this is true, it would still be a stupid idea”

    why would it be a stupid idea? A long term tenant that has a stable job would be ideal. Enjoy a 5-7% return on my money for 5 years. Then, in 5 years I could sell for a profit. There is nothing stupid about it.

    0
    0
  68. Clio,
    As someone with assets, you should understand that not following rules, contracts, and law in general, not a good idea……. I guess you havn’t been involved in a lawsuit yet.

    0
    0
  69. Are five year residential leases even enforceable? Not so sure a court would be sympathetic to you clio if, in a couple years out, their life situation changed and they wanted to move on. This ain’t CRE clio this is residential leasing.

    0
    0
  70. “I guess you havn’t been involved in a lawsuit yet.”

    Yeah, I guess I am really lucky – maybe that would change my attitude – but I really think confidence and attitude get you pretty far. Also, the only people who are around to observe things are the doormen and they can be taken care of with a few nice words/tips. It really isn’t that hard.

    0
    0
  71. But she works for him Bob. He can just deduct the lost rent from her paycheck. She will not question it due to his confident and entitled attitude. Besides, he’s very good looking, too.

    0
    0
  72. “Not so sure a court would be sympathetic to you clio if, in a couple years out, their life situation changed and they wanted to move on. This ain’t CRE clio this is residential leasing”

    No, of course not – if her life situation changed, I would gladly let her out of her lease. At this price point, there is little downside to buying this condo. No matter how you look at it – even if you left it empty – you would still be ahead in a few years.

    0
    0
  73. “Besides, he’s very good looking, too.”

    Who are you, G? – do you know me?

    0
    0
  74. Does anyone know about 451 Huron? It’s in one of the photos… With the many units for sale, is it a good buy or good bye?

    0
    0
  75. Clio, I have a question:

    Is this employee/5-year-renter the same as the one who was using the computer which you already logged into on CC, and made it seem as if you were using a fake name to post as 2 different people, but actually was an entirely distinct physical person-entity caught up in an extreme coincidence?

    Cuz, who knows, maybe that person would even sign a 10-year lease for you, check it out.

    0
    0
  76. I don’t know who that person was – but this is a very nice young lady who is really responsible. She doesn’t want to buy anything because she wants to settle down in the suburbs if and when she gets married. Why is that so hard for people to believe that there are young people that want to rent in the city for 1500-1600/month before they settle down? Is it really that hard to believe? Really?

    0
    0
  77. clio on November 12th, 2010 at 10:11 am
    “bradford – but you are right. I didn’t realize that the official rule was that I couldn’t rent it out – but again, that wouldn’t stop me from buying it and renting it out. Really, it isn’t that big of a problem. Only in a coop do you have to be very careful about these rules.”
    ___________________________________________________

    You don’t know that. You probably didn’t look at the governing docs of the condo association and you probably didn’t talk to the board.

    My brother’s building caught someone renting and the owner had to terminate the lease and pay liquidated damages that were ballpark $2 grand a month for the term that the tenant had lived there (which was easy to prove based on the move in log). They are in the process of putting a lien on that person’s place (which will also include legal fees) because the owner is refusing to pay the full amount (allegedly owns place outright, so subordination to mortgage shouldn’t be a problem). The other owners favored this because it is cash that goes to the association but that only comes from one owner. If a building has gone to the trouble of implementing no rental rules, there is a very good chance the board and other owners will not be sympathetic when they find out they can collect thousands of dollars for the association by screwing over one owner who broke the rules. Let me just say this clio, you try that crap in my building and get caught, you better pray to God and Allah that I’m not on the board because I will be the biggest harda$$ about letting filthy prole renters into my building you’ve ever seen.

    0
    0
  78. “I don’t know who that person was – but this is a very nice young lady who is really responsible. She doesn’t want to buy anything because she wants to settle down in the suburbs if and when she gets married. Why is that so hard for people to believe that there are young people that want to rent in the city for 1500-1600/month before they settle down? Is it really that hard to believe? Really?”

    Clio,
    I have a couple of young tenants that rent in the city, no issue there. I have never run across a young person that wants to commit to a 5 year lease………. The legal issue is really what is the problem, sure you have this person that wants to rent your unit for 5 years, and they are a coworker/friend. What if after 6 months they become a disgruntled former employee that wants to f*ck with money bags clio…… then what….. just doesn’t appear to be a smart move.

    0
    0
  79. “Let me just say this clio, you try that crap in my building and get caught, you better pray to God and Allah that I’m not on the board because I will be the biggest harda$$ about letting filthy prole renters into my building you’ve ever seen”

    You can’t prove that the unit is rented without a lease. I would enjoy that fight – any association can go ahead and take me to court – they won’t win. I would just say that the renter is my girlfriend. I would countersue for harassment and believe me, I WOULD win.

    0
    0
  80. You can’t prove that the unit is rented without a lease. I would enjoy that fight – any association can go ahead and take me to court – they won’t win. I would just say that the renter is my girlfriend. I would countersue for harassment and believe me, I WOULD win.

    So now your going to rent the unit out without a lease agreement…… and do you really think your tenant is going to lie to the condo board? Give it up already.

    0
    0
  81. There is allways a paper trail

    “You can’t prove that the unit is rented without a lease.”

    0
    0
  82. Rlto violations for not providing rlto info on the lease plus attorneys fees.

    0
    0
  83. Clio,
    Why not just admit this isn’t a good idea and we can move on.

    0
    0
  84. Kinda wish he had gotten the unit now just to see it all play out…

    0
    0
  85. “There is allways a paper trail”

    associations, in general, are not that smart or sophisticated. True, I wouldn’t try this at the palmolive or a co-op on ELSD, but a one-two bedroom in a building with hundreds of units is easy to get away with. and you know that it goes on EVERYDAY ALL OVER THE CITY. It really isn’t that big of a deal.

    0
    0
  86. “Why not just admit this isn’t a good idea and we can move on”

    uhhh because it IS a good idea and I still am looking to buy a one bedroom so I can rent it to this girl – and no frickin stupid ass condo assoc. is going to stop me with their idiotic rules. Believe me, I can find a way to get around the rules. It really isn’t that hard.

    0
    0
  87. “There is allways a paper trail”

    associations, in general, are not that smart or sophisticated. True, I wouldn’t try this at the palmolive or a co-op on ELSD, but a one-two bedroom in a building with hundreds of units is easy to get away with. and you know that it goes on EVERYDAY ALL OVER THE CITY. It really isn’t that big of a deal.

    methinks that clio isn’t that smart or sophisticated…. If you are as wealthy as you say you are, why would you even want to get involved in a deal like this……..

    0
    0
  88. Mocha,

    451 W Huron has had only one closing in the past year. There are currently 6 units listed, and an additional 9 units which were listed at some time this year and expired/cancelled.

    The bldg has a lot of renters. That might be depressing sales due to lender requirements, but I don’t know for sure. A lot of smart flippers got out with losses right away considering holding/transaction costs. Can you see forks from the street here, cuz there are likely a lot of stuck buyers?

    Here are all of the resales that I see:

    501 8/28/2007 $404,504
    501 6/27/2008 $392,500
    503 9/17/2007 $285,066
    503 3/31/2008 $315,000
    504 8/22/2007 $283,200
    504 10/9/2007 $292,500
    512 9/21/2007 $401,389
    512 8/7/2008 $410,000
    604 9/21/2007 $270,720
    604 6/26/2009 $265,000
    704 10/17/2007 $285,300
    704 3/31/2008 $312,500
    804 9/7/2007 $291,318
    804 4/1/2008 $309,000
    906 10/12/2007 $287,623
    906 11/25/2009 $270,000
    911 1/2/2008 $293,228
    911 8/27/2009 $260,000
    1006 11/2/2007 $289,133
    1006 2/20/2009 $277,500
    1012 7/8/2008 $390,000
    1012 7/8/2008 $390,000
    1104 10/18/2007 $310,536
    1104 11/14/2008 $288,000
    1310 5/1/2008 $350,000
    1310 5/30/2008 $350,000
    1601 3/20/2008 $594,270
    1601 8/4/2008 $700,000

    These need to overcorrect their value as a rental to become a good deal.

    0
    0
  89. “If you are as wealthy as you say you are”

    I’ve always doubted that he is.

    0
    0
  90. But, valasko, clio is confident and entitled.

    0
    0
  91. ” If you are as wealthy as you say you are, why would you even want to get involved in a deal like this……..”

    trying to help this girl out … and it is a great investment.

    0
    0
  92. Clio – bigger issue is that it makes it really difficult to FIRE her if needed while she is renting your unit. Whats that saying about don’t S**T where you eat…..

    One of my former employees is renting my wifes condo in the SLoop. It’s a great situation and she and her husband are excellent tenants. The personal connection allows us to be flexible with an end date but we do have a lease and approval from the board of that building.

    Bob – I know that I am way late to the thread but those were some really interesting comments on how to solve the unemployment issues of our country.

    “if so… help her find a job”
    “Labor force participation rate is at the lowest it’s been in a quarter century. All these progressives who think its great and two-family incomes should be the norm are a hindrance to an easy resolution to our unemployment problem–a shift back to single income households would do wonders.
    Its either that or forced retirement at a certain age. Or my third option would be implementing the final solution for the progressives, that would work too to help alleviate our employment woes”

    I think that you are going to loose your membership card to that Libertarian Party you professed to be a member of several weeks ago. They might not see eye to eye with you on this subject.

    “Libertarianism is the view that each person has the right to live his life in any way he chooses so long as he respects the equal rights of others”

    0
    0
  93. But, valasko, clio is confident and entitled.

    And let’s not forget very good looking!

    0
    0
  94. “But, valasko, clio is confident and entitled.”

    and don’t forget good looking…..

    0
    0
  95. ” If you are as wealthy as you say you are, why would you even want to get involved in a deal like this……..”

    trying to help this girl out … and it is a great investment.

    If you really want to help her out it might be a better idea just to pay her rent……. I have a place available.

    0
    0
  96. “I think that you are going to loose your membership card to that Libertarian Party you professed to be a member of several weeks ago. They might not see eye to eye with you on this subject. ”

    I’ve talked with at least one who wouldn’t mind giving the ol’ C?N showers to statists on both sides of the ideological aisle.

    0
    0
  97. ““If you are as wealthy as you say you are”

    I’ve always doubted that he is.”

    bob – I’ll be having lunch at the Peninsula at 130 – you can drive/walk by and see my lambo if you want (they will leave it out front). That should be proof enough

    0
    0
  98. don’t forget “in the closet” too

    0
    0
  99. Duh. Clio is only telling one half upf the story. He’s putting up a ‘girlfriend’ in one of his condos. He gets what he wants; she gets the same. Its a win-win situation for everyone involved.

    0
    0
  100. bob – I’ll be having lunch at the Peninsula at 130 – you can drive/walk by and see my lambo if you want (they will leave it out front). That should be proof enough

    Bob, I would take him up on that. You know what joy it will bring to you seeing that wonderful automobile!

    0
    0
  101. “giving the ol’ C?N showers”

    I’ll say it again (and every time I notice it):

    Nazi jokes aren’t funny.

    0
    0
  102. clio on November 12th, 2010 at 11:32 am
    “You can’t prove that the unit is rented without a lease. I would enjoy that fight – any association can go ahead and take me to court – they won’t win. I would just say that the renter is my girlfriend. I would countersue for harassment and believe me, I WOULD win.”
    _______________________________________________

    Most of those provisions say that it can only be rented out to a family member and I would have counsel to the board call your wife to the witness stand when the board sued you and then seek to add a fraud cause of action to what was at first a simple breach claim. Attempts to enforce contractual rights does not entitle one to countersue for harassment, so I would ask the judge to impose sanctions on your counsel. You really seem to underestimate the extent to which I do not want to live amongst prole renters.

    0
    0
  103. “Bob, I would take him up on that. You know what joy it will bring to you seeing that wonderful automobile!”

    LMAO! awesome

    0
    0
  104. “I would have counsel to the board call your wife”

    So you could prove she is clio’s *ex*-wife? Don’t think that helps your case.

    0
    0
  105. “jokes aren’t funny.”

    I bet if it was 6MM dogs WW2 would’ve started a few years earlier due to the outrage.

    0
    0
  106. “I bet if it was 6MM dogs WW2 would’ve started a few years earlier due to the outrage.”

    Now you are just pointing out the level of historical global antisemitism AND badly screwing up the timeline. Also, not funny, but mainly because it doesn’t in any meaningful way resemble a joke.

    0
    0
  107. very perceptive, HD – smartest of them all….

    0
    0
  108. “mainly because it doesn’t in any meaningful way resemble a joke.”

    The intent was to p_ss off the self-appointed hall monitor. Success.

    0
    0
  109. “The intent was to p_ss off the self-appointed hall monitor. Success.”

    Not a hall monitor, just stand by my view on a couple of points; and I didn’t say “don’t post it”, I just said it wasn’t funny. Which it’s not.

    On the “hall monitor” point: What about you, Bobbo, with your semi-regular “don’t tell me what I can and can’t post” rants–which, of course, contains an implication that *you* get to tell others what they should and shouldn’t post?

    Oh, and you can have the last word, barring another stupid Nazi “joke”, which will earn another “that’s not funny”.

    0
    0
  110. Meant to contain implication in the futility of doing so, but whatev..

    0
    0
  111. I am the listing agent representing the seller on this listing. Please let me know if anyone has any questions for me I would be happy to respond. Also, I work with many investors. If anyone needs any help finding some good deals just let me know what you are looking for, jfrancek@kw.com.

    0
    0
  112. G – thanks for the information – I appreciate it….. not sure what all this other stuff is.

    0
    0
  113. Most of you boys must have a small penis…. Try spending some time talking to a girl or something….

    0
    0
  114. Mocha–not of your variety dear my tastes are a little more discerning.

    0
    0
  115. “Bob on November 12th, 2010 at 1:27 pm
    Mocha–not of your variety dear my tastes are a little more discerning….”

    No worries here, Bob…if you like boys, more power to you. But, maybe it’s time to turn Star Trek off, move out of your parent’s basement and get out in the sunshine….

    0
    0
  116. Snap!

    0
    0
  117. “if you like boys, more power to you.”

    Noes..its more the…Mocha…that I take issue with.

    0
    0
  118. “Snap!”

    Aww no coinciding head-bob to go with? What is it stingy Fridays?

    0
    0
  119. “bob – I’ll be having lunch at the Peninsula at 130”

    WTF, i need a early heads up if we are doing lunch plans. i can always schedule a “business lunch” and eat anywhere in the city.

    0
    0
  120. Kiss me, Bob…. I need you.

    0
    0
  121. “bob – I’ll be having lunch at the Peninsula at 130?

    couldn’t get into The Palm eh?

    0
    0
  122. “couldn’t get into The Palm eh?”

    The Pen is way better. Although I apologize for even thinking that, let alone saying it.

    I’m just enjoying this mental image of clio driving 3 blocks so Bob can piss on his car.

    0
    0
  123. hd sez: “Duh. Clio is only telling one half upf the story. He’s putting up a ‘girlfriend’ in one of his condos. He gets what he wants; she gets the same. Its a win-win situation for everyone involved.”
    clio then sez: “very perceptive, HD – smartest of them all….”

    Charming. So you’re confident, entitled, handsome and a philanderer and scofflaw!
    Simply Charming!

    but don’t think it wasn’t the first thing I thought as well, when you mentioned the “co-worker”; “he’s sleeping with her, for sure.”

    0
    0
  124. clio on November 12th, 2010 at 11:55 am

    “Why not just admit this isn’t a good idea and we can move on”

    uhhh because it IS a good idea and I still am looking to buy a one bedroom so I can rent it to this girl – and no frickin stupid ass condo assoc. is going to stop me with their idiotic rules. Believe me, I can find a way to get around the rules. It really isn’t that hard.

    I can’t believe any tenant would sign a 5-year lease knowing that the the apartment was being rented in violation of the association rules. As an employer, you are putting one of your employees in a terrible position – they might not feel comfortable declining the apartment, but they are the most vulnerable and will have to move out if the association discovers the apartment is rented.

    0
    0
  125. 645 N Kingsbury #2503 is now listed at $205,000 with no contract. Listing states “Approved short sale at $205,000 can close in 30 days.” Wait for the foreclosure.

    0
    0
  126. 645 N Kingsbury #2503 is now offered at $189,000, parking included.

    Where’s a-fed?

    a-fed: “…I would value this at 200k w/parking.

    a-fed: “I’m still in at 200k or slightly more given this is right below the penthouse floor with a view of the skyline.”

    So then your bid is firm — that’s great! Sold! Congratulations on your purchase & its “view of the skyline.”

    http://www.redfin.com/IL/Chicago/645-N-Kingsbury-St-60654/unit-2503/home/12695343

    0
    0

Leave a Reply