1-Bedroom Bank Owned Unit Under $110K in River North: 630 N. Franklin
This bank owned 1-bedroom unit at 630 N. Franklin in River North has been on the market since November 2010 without any takers.
In that time, the bank has reduced $41,000.
It is now listed for $62,600 under the 2005 purchase price.
From the pictures, it looks like the kitchen is still intact. It has stainless steel appliances and granite counter tops.
The unit faces north and has the typical CMK favored concrete aesthetic.
It has central air and a washer/dryer hook-up in the unit.
There doesn’t appear to be parking with the unit.
Will this sell for under $100,000?
And would that be a deal?
Corey Scott at Prospect Equities has the listing. See the pictures here.
Unit #513: 1 bedroom, 1 bath, no square footage listed
- Sold in November 2005 for $171,500
- Lis pendens filed in April 2008
- Bank owned in April 2010
- Originally listed in November 2010 for $149,900
- Reduced twice
- Currently listed for $108,900
- Assessments of $191 a month (includes cable)
- Taxes of $2531
- Central Air
- Washer/Dryer hook-up in the unit
- Bedroom: 11×10
- Living room: 15×16
- Kitchen: 10×10
Doesn’t the Groove or Sonies live in here? Thoughts?
good deal if it was on the south side of the building and on a higher floor (not much view here), the north (especially north east) side isn’t as desireable because the line for spy bar and the el would literally be right outside your window but if you’re a night owl or heavy sleeper its a great deal, you can buy a parking space for 25-30k and you would own for about the price of renting.
assessments include gas, water, cable & internet
Those assessments are cheap!
Is there a special currently? Would the new owner have to pay it? I would assume so.
I hate the floorplan, I used to love at 1720 Michigan, a cmk building back in the day…having a kitchen open directly into the living room without even an island to divide the space is an idiotic concept..
Live*
Obviously I think it’s a screaming deal at ask (this is not, afterall, the sloop). However I do expect it to close above ask. We’ll see.
Agreed. 100k is a bargain for a newer 1 bed in this locale.. It’ll go above ask.
theres a special assessment of (for this unit) probably $700 that can be paid over a 9 mo. period with no interest
That last picture looks like a pic of a parking space. Bare concrete walls in the bedroom I assume?
yeah one wall (and the ceiling) is concrete
price is low bc sonies lives here?
Seems like a fair price but it is still an ugly building on the outside. With the concrete walls in the bedroom it feels a bit like prison. Not that I have any first hand experiences but I do watch “hard TIme” and some other jail reality shows.
Bob what happened; there def. many 1/1’s in river north/loop how would this be a deal given the market.
i have to agree with ugly place
“#
Bob on January 11th, 2011 at 11:40 am
Obviously I think it’s a screaming deal at ask (this is not, afterall, the sloop). However I do expect it to close above ask. We’ll see.
“
This would be a great in town for someone who just wants weekends downtown in close proximity to restaurants.
I can’t see it going for much higher than the ask with other 1/1’s going for under $200k including parking right in that area. That’s as low as 160/170 if you need parking, and I’m not sure much less than 50k is going to remedy the fantastic ugliness of this unit/building.
Great place to buy cash after a divorce.
Revassal,
if you know of any other 1/1’s in river north , newer construction, with appliances/kitchen/bathroom intact, for less than 140k, i would love to see them, and i genuinely mean that. i can’t say i’ve seen anything this decent in this price range – so far.
Here is one in 440 n Wabash. Not sure about inside though.
http://www.redfin.com/IL/Chicago/440-N-Wabash-Ave-60611/unit-1604/home/18614414
zd,
that building is 15 years older, is a total dump, is an american invsco property , and is still 20 grand more expensive. not a comp. at all.
i though cmk was as bad as amervesco; the availability is not high now but given bob’s outlook on RE o i was wondering how this wouldn’t be affected given the dangers that affect the market as a whole.
its my personal belief that condos will be affect more than SFH.
this has to be one bob’s only properties where he thought it was a decent deal and that it might close above ask.
just throwing another cheap unit in a amerivesco property
http://www.redfin.com/IL/Chicago/182-W-Lake-St-60601/unit-813/home/35643383
with the discussion that properties with foreclosures should reduce thier ask price to be in line with those foreclosure why would this happen in buildings with 100-200 comps?
sorry but this building blows away any invesco rental conversion crap and if you really hate the concrete walls, well you could probably fix it yourself and make it drywall for about $500 if even that
I don’t even need to see a floorplan of this place to know it’s way more spacious that 182 W Lake (having lived at Century Tower a couple of years ago myself).
I think this would be a good deal for someone looking to get their first place, that they could hold on to for a good number of years. I don’t think you could rent a comparable unit for less.
Can we stop calling these windowless spaces bedrooms? Those are going to be the biggest lasting eyesore of this busted real estate boom. This really should be considered a studio…
My big problem with all the CMK buildings is I want a real window in my bedroom(s) and real, full-height walls. Sharing your space with other people (guests, significant others) is a lot easier when you can escape to a room where you can’t hear the annoying TV show they’re watching or the microwave beeping or whatever else is going on in the rest of the unit.
I totally agree with Benjy. This is a studio with a privacy curtain around the bed.
There is zero chance this sells for 109k. I bet it sells much closer to 150k than it does to 100k.
you guys should see the studios in this building LOL
Benjy,
I fondly call them “Rooms of doom” or my “sleeping chambers!” HAHA
I have 2 Rooms of Doom! They serve their purpose, bedroom and office
Danny,
Totally agree, annoying when I have overnight guests
Wow, this is a STEAL. I can’t imagine who would rent when they can live here for a fraction of the cost. Thanks for the lead, I hope it’s not too late, as I bet this thing sells for way over asking. If I get it, I will have this thing paid off in 4 years, and then rent it out for the next 20.
CMK and american invsco – no comparison…most, if not all of american invsco buildings are plagued with foreclosures and crazy assessments..though some CMK buildings have had trouble – they are the ones in the south loop, where pretty much everybody got screwed..1720 and 1620 south michigan are amongst these..but i believe for the most part there aren’t any serious issues with their other properties? correct me if i’m wrong. This building has had pricedips for sure, but nothing crazy from what i’ve seen..it’s a highly desirable location and a new construction property so i think that helps out a bit.
Today is do or die for Pat Quinn’s massive 66% tax increase. He campaigned on 33% but my how his campaign promises rang hollow.
Contact your state elected representative and senator and let them know your opposition to business as usual in Springfield. There is nothing that must be done today that can’t be done on Thursday.
http://www.elections.il.gov/DistrictLocator/DistrictOfficialSearchByAddress.aspx
Please contact them at their Springfield office (317 area code).
stove in the corner?
what were they thinking?
is that even safe?
The stove looks to be against a concrete wall… and in any case, wouldn’t a wall, if if made of wallboard, be less flammable than wood cabinets that regularly flank a stove? Seems it’s be more of a usability issue with regard to having easy spaces to move a pot when it boils over.
“CMK and american invsco – no comparison…most, if not all of american invsco buildings are plagued with foreclosures and crazy assessments”
I don’t know, Riz – I own several units in American invesco buildings (33 W. Ontario and 111 E. Chestnut). Although I personally cannot stand the 111 building, rents and prices are ridiculously high. I have 2, 2/2 at 111 E. Chestnut – bought in 1998 for 430 and similar units are going for 600s now. I get 3800/month in rent for each. Very good investments. At 33 W. Ontario, I have a few units. The building was built in mid 2000s and they are still selling a little above preconstruction prices. All in all, AI has been very good for me…..
clio,
i guess it helps that you bought them far before bubble time as well..I didn’t know 33 ontario was AI that’s a pretty nice building, always thought it was apartments for some reason. – i knew that black tower with chili’s at the bottom on ontario and state was AI though – and it seems like a disaster over there right now. 111 e chestnut is a nice building too, didn’t know that was AI either..always associated AI with the 400 wabash building, state and ontario building, and the sterling..all of where prices are plummeting.
Riz – agree – 10 e ontario, sterling and 400 wabash are doing TERRIBLY – but Millenium and 111 E. Chestnut are doing ok. AI has been VERY good to me so I try to defend them whenever I can….
a smart investment!
“well you could probably fix it yourself and make it drywall for about $500 if even that”
What would people buy if they had $60,000 Cash? Would you guys even buy real estate?
Clio, out of curiosity, how many different properties do you have. I’m trying to get into real estate myself and am hoping that in a couple years I can leave my full-time job and do real estate full-time.
so far i’ve got the 3 flat in uptown i got for 280, and a 2/1 condo near loyola in rogers park i got for 20% off the 97 sale price. Hoping to get 2 more in the next six months.
“Obviously I think it’s a screaming deal at ask (this is not, afterall, the sloop). However I do expect it to close above ask. We’ll see.”
If it was going to close above ask, shouldn’t it have already done so? It’s been a month since the Freddie Mac owner/occupied restriction was lifted.
What would this rent for? $1500/month? It might work out at this price.
“Clio, out of curiosity, how many different properties do you have. I’m trying to get into real estate myself and am hoping that in a couple years I can leave my full-time job and do real estate full-time.”
I have 13 total properties (2 of which are for personal use). If you want to get into it, now is the time to buy. I bought at the peak but luckily I got great deals at that time (probably average for nowdays) and I put a significant amount down on each property. Real estate is really fun and a great way to make a significant amount of money. Seriously, working at a 9-5 job and saving “X” percentage will probably get you pretty far, but you won’t make serious money unless/until you take a chance. The VAST majority of people that have money (especially those that live around me either got it one of three ways):
1. Ridiculously high income (ie, over 1 million)
2. Investments (including stocks/business owners/real estate)
3. Inheritance.
Again, if you want a normal, stable, secure life, save a certain percentage of your income and invest in secure/safe investments (with the understanding that you will NEVER be rich). If you want the chance for ridiculous money/return, get into real estate (with the understanding that there are serious inherent risks involved).
It boils down to goals and personality. There is no right answer.
Great neighborhood. Lots of restaurants and clubs for those who go to clubs. Binny’s is a couple of blocks away to take care of your liquid needs. Drugstore; dog park; and hardware store all nearby. The 65 bus to the Navy Pier is a block away. Instant access to the Kennedy. Brown line nearby. N. Michigan seven or eight block walk. Brand new Jewel five minutes by car. We’re very happy with the area.
As much as I hate the layout of this unit, i’m incredibly tempted to go look at it..
The problem is if i purchase it i would be forced to move out of a condo i’m renting – and love, and live in a wannabe 1 bedroom concrete box with a windowless bedroom. ( For the potential to make some money 5 or so years down the road. )
Have the opportunity to buy this thing cash. Still mulling it over. Worth it?
Ugh. I dont know. I sit here and compare this:
http://www.flickr.com/photos/40035500@N00/5010239535/in/photostream/
To this:
http://www.estately.com/listings/info/630-north-franklin-street
and it just feels like moving into a prison. Though a prison that is a heck of a bargain. Tough call.
Riz.. my opinion and I havent kept a super close eye on price but I am a risk/reward person and at what seems close to $200 a sq ft I just dont see too much risk in this neighborhood…
and a bucket of drywall mud, sandpaper, a mask, and some paint would take care of those walls pretty easily…
“Have the opportunity to buy this thing cash. Still mulling it over. Worth it?”
Are you going to live there 10 years? If not- don’t buy it.
Just my opinion- if you have $100k in cash why don’t you actually “invest” it and grow your money. You know- in stocks or something.
Housing is a place to live. Not an investment. Buy something you love- or don’t buy it. There are far too many fabulous properties in Chicago to settle.
wow.. just saw the other listings under your link… looks like no shortage at $150 a sq.. things are getting crazy cheap or maybe where i am now silly expensive and distorting my viewpoint.
“Housing is a place to live. Not an investment”
Bri.. gotta disagree.. it’s both. “Stocks or something” at the wrong level is no better/different than housing at the wrong levels.
“I bought at the peak but luckily I got great deals at that time (probably average for nowdays) and I put a significant amount down on each property.”
Clio- how could you have bought at the peak and still have gotten great deals? It seems a bit contradictory.
I agree with your viewpoint Sabrina, it’s hard to live in a place you don’t like.
I was trying to think of this tactically – and i can see where real estate can be a business if one is buying a property, renting it out, or developing it, but if i had to live in that place for the next 5 years i think i’d go mildly nuts. probably going to pass. The cash opportunity would have been borrowed money from the parents anyways, not a personal investment..It just seemed so tempting at this price point..
“Housing is a place to live. Not an investment”
Housing in America the last 100 years- 2% average gain.
Stocks in America since 1957 (the S&P 500)- 11% average gain.
Which would you want to own?
Sure- if you’re in a bubble with an asset class it definitely matters when you buy.
No longer a bubble in housing in most of America. But no asset class that bubbled ever leads the next bull. (i.e.- see the NASDAQ 11 years later.) So I’d rather take my chances on stocks and their upside than housing- whose upside is likely 10-30 years from now (maybe longer in some cases.)
Sure- you need a place to live. That is all for most people. Buy it to live in it and enjoy.
Or buy housing when Crib Chatter (and all the sister sites around the country) no longer exist and no one is obsessed with housing (as they still are.) Then we will truly be at the bottom and you should be buying for investment. Buy it when EVERYONE says, “why are you buying real estate? You’re an idiot.”
I would estimate we are are least 10 years from that happening. Plenty of people just out of college still hoping to buy condos, for instance, even though they have debt and no down payment. A whole generation has to be wiped out from believing that housing is “good” and will make you money- before it hits bottom.
We may be close to that with stocks though. No one wants to buy them.
“It just seemed so tempting at this price point.”
Obviously not tempting enough as no one is buying the property and it has been on the market for weeks.
These properties are all over the place. And the prices continue to go lower. I don’t understand why people think that these “deals” are going to go away and won’t be available next month or 6 months from now or next year (and probably lower still.)
In the more fringe neighborhoods- condos that sold for $80k last year are now listed for $40k and not selling. Do you think that same pattern isn’t going to eventually repeat itself in the GZ?
First you have a few “cheaper” units that look like good deals. They are bought. 6 months later similar units come on the market at the same price- only they don’t sell right away and are reduced another 5 to 10%. Then those sell. Then 6 months after that repeat it again. Suddenly, prices are 15% to 20% below what the first person paid a year or two before. When they thought they were getting a “deal”.
It’s a nasty cycle.
Just odd for me, and you know 2 years ago I was a US R/E + Equities superbear, and maybe as a true NY’er I have never really seen too many people say “why are you buying real estate”
I also volatility adjust/leverage adjust return and consider tax implications so it’s definitely not so simple as 2% (levered) vs 11% (unlevered) for me.
“First you have a few “cheaper” units that look like good deals. They are bought. 6 months later similar units come on the market at the same price- only they don’t sell right away and are reduced another 5 to 10%. Then those sell. Then 6 months after that repeat it again. Suddenly, prices are 15% to 20% below what the first person paid a year or two before. When they thought they were getting a “deal”.”
Never thought about it like that. I guess for this particular building, and especially this particular neighborhood, this low a pricepoint seemed like kind of an eye opener, and as ‘low as it could be’. On the other hand, I remember just a year ago a friend of mine bought a 1 bedroom at ‘vision’ on state as a foreclosure for roughly 130k…he thought he was getting a steal but now units on higher floors are offered at 120k..I guess at some level i feel river north is more immune to this kind of occurence than the South loop, but there are no guarantees in life. especially real estate.
Gringo, the NY real estate market got hit a bit, but overall is still a lot stronger than Chicago’s..correct me if i’m wrong here Sabrina. Also, people that bought in New York pre bubble or around bubble time aren’t losing nearly as much as places like chicago, miami, vegas..etc.
but yes i do agree the bottom is not in yet and it will not turn quickly. I still think all the banks are bankrupt and the structural problems have gotten worse not better and any recovery people think is occurring is one built on gov’t spending and borrowed money which long term only makes things worse. So Ok maybe I’m influenced by the fact that things are priced crazy here now.
Manhattan was up a lot in ’08, off a bit in ’09, and ’10 saw solid gains again. Overall NYC saw no downturn in all this…
I don’t disagree with you ze- but do you think people were really saying to go all in in NY real estate in the 1970s, 1980s or even in the 1990s bust? I’m kind of doubting it. In fact, I just rented “Rent” the movie for the first time and was struck by the talk in the film (which was supposed to be late 1980s/early 1990s) of the “homeless tent cities” in lower Manhattan and the artists/druggies all living in those lofts in Soho. They didn’t even have heat. I doubt everyone was saying, “hey- you should be buying up those dilapidated buildings in Alphabet City” in 1988. In fact- just the opposite.
How quickly people forget that NY almost “died” in the 1970s. People only know the real estate boom. They don’t know the bust or the time periods when, frankly, everyone obsessed about something else and not where they lived. We will get there again- even in NY (but not before they stop showing shows on tv like “selling NY” etc.)
According to Case Shiller- NY is down 21.4% from its peak (through October 2010) and Chicago is down 29.2%.
More on Manhattan apartment sales. Interesting that the end of the tax credit also meant fewer sales there as well:
The city’s property market is “flat” after homebuyer tax credits and pent-up demand following the financial crisis skewed sales in the past year, according to Miller Samuel President Jonathan Miller. Transactions in the final three months of 2010 were close to the 10-year average of 2,323 per quarter, he said.
“Flat is the new black,” Miller said. “Recovery used to mean ‘getting better.’ Now it means it’s not getting worse.”
The median price of co-ops and condos that changed hands in the quarter increased 4.3 percent from a year earlier to $845,000 as people bought larger apartments. Properties stayed on the market an average of 125 days, in line with the 10-year average of 133 days, Miller said. Apartments spent 204 days on the market in the fourth quarter of 2009.
http://www.bloomberg.com/news/2011-01-04/manhattan-apartment-sales-fall-7-2-after-tax-credit-boost-ends.html
Funny I almost mentioned NYC in the 70’s but I was way too young to remember it, just remember my dad telling me and you couldn’t give it away. You also have to consider NYC back then was a post riot urban flight crime infested s***hole as was places like alphabet city well into the 90’s. The crash in late 80’s was kinda brief and more tied to the ’87 stock crash. By 91-92 things were already rising again. As for lofts in SOHO I WAS one of those druggies there in the early 90’s and it was amazing, best place I ever lived until now, I saw that one in SOHO coming a mile away. EVERYTHING always has it’s ups and downs. Once again it’s a matter of timing and patience and a very healthy dose of luck.
Bri,
Case Shiller is about as relevant to Manhattan as saying overall Rio would be to where I live in Rio. Case Shiller I believe is single family homes and includes a good part of the entire tri-state area. No relevancy whatsoever.
I can’t believe you have me defending US assets… I must stop this. I am over 90% divested of all US holdings.
And what I still have in US is 100% cash and makes me cry that I still have it. 🙂
NY also happens to be one of the world’s premiere financial centers and was the recipient of billions if not trillions of dollars in bailout money.
With that much hot money floating around the island, is it surprising that NY wasn’t as affected as Chicago?
Or DC, the recipient of a large part of the stimulus and war money, has also experience less of a price decline?
“Clio- how could you have bought at the peak and still have gotten great deals? It seems a bit contradictory”
I had a lot of insider knowledge on properties that were coming on the market. All of the places I bought were estate sales/divorce sales/foreclosures. All (except the farm) were bought prior to listing. At that time, they were GREAT deals (probably 20% off going prices at the time). OF course now they would be just regular listings.
“Or buy housing when Crib Chatter (and all the sister sites around the country) no longer exist and no one is obsessed with housing (as they still are.)”
Are you kidding me?!! Have you seen the real estate blogs during the boom? CribChatter will be even MORE popular when the market turns around. Real EState will ALWAYS remain Americans # 1 obsession for many reasons:
1 . Americans put a HUGE emphasis on housing and feel as though the house they live in defines them.
2. Americans spend a LOT of time in their houses and therefore want to be as comfortable as possible.
3. Americans are VERY materialistic. Other than cars, the only other big thing they can show off are their houses.
Look at HGTV and all of the other TV shows that are still on and going strong. Look at Home Depot, Lowes, and other home improvement stores. Come on, real estate is always going to be needed and wanted by Americans. Even now, if you could get people mortgages, people WOULD move (regardless of price). You will see how few people have really learned anything from this real estate disaster (me included). Seriously, if prices were to shoot up (I know that they won’t), I would continue to hold on to my properties and buy more and more. It, again, is psychological.
I think this kind of unit is sitting because buyers like me wonder A) what’s wrong with it if it’s not sold and B) what kind of unexpected assessment is coming that I don’t know about, especially since this is a larger building, with an elevator and possibly a doorman and those assessments look awfully low.
“There is zero chance this sells for 109k. I bet it sells much closer to 150k than it does to 100k.”
Hasn’t it been available for the past month at $125k?
I read this site all the time and see nothing but bearish comments. But now everyone is gushing over some concrete box on a low floor next to the brown line?
Agree with Tipster that $1,500/month might make sense but could it really bring in that much without parking? I wouldn’t pay nearly that much. Maybe I just don’t see the appeal of that area.
It is not hard to understand why this and for that matter many properties have not sold, it is called deflation. The feeling in consumers that future prices will be less than present prices, which only further causes markets to lower. In real estate deflation is here and it is real.
“The crash in late 80’s was kinda brief and more tied to the ‘87 stock crash. By 91-92 things were already rising again.”
Wrong. People like to remember what they want to remember. Housing tanked nationwide in the late 1980-early 1990s (now it seems kind of quaint that we thought that was a severe housing downturn.) In Manhattan, prices fell 30% by 1993-1994. It had nothing to do with the 87 stock market crash. Everyone assumes Manhattan can’t lose value but less than 20 years ago it fell hard.
I rented in NYC from 89 to 91 — and I’ve saved (for 20 years!) a clipping from the NY Daily News entitled “Average Prices for Manhattan Apartments.”
Unfortunately, I didn’t save the accompanying article, nor did I date this chart (ugh!). But I’d guess it’s from ~ late 1990.
The chart lists “average prices” of different sized apts (1, 2, 2-3, and 3 plus bedrooms) for different Manhattan areas (Fifth Avenue, Park Avenue, East End Ave., Cent. Park W., West End Ave., Riverside Dr., Gramercy, Chelsea and Village).
The chart compares prices in 1989 (no month given) against prices in Jan. 90–June 1990. It states that “Overall appreciation/depreciation: –11.1%”
The Daily News’ source for all this was “The Corcoran Report”, whose data was supposedly “Based on 3,035 apts for sale.”
I’ll quote some highlights:
One-bedrooms in Chelsea fell from $185k in 89 to $160k by Jan 90-Jun 90. (–13.5%)
One bedrooms in the Village fell from $215k to 185k. (–14%)
Two-bedrooms on Fifth Avenue fell from $1.125mm to 975k. (–13.3%)
Three plus bedrooms on Park Avenue fell from $2.635mm in 89 to $2.2mm in 90. (–16.5%)
The biggest decline was reportedly “three plus bedrooms on Riverside Drive,” which supposedly fell from $1.42mm in 89 to $1.125mm in 1990. (–20.8%)
I have no idea if this data is (or was ever) accurate, but it sounds plausible.
Wojo.. sounds accurate. That’s what I remember.
Sabrina as for remembering what you want, there is not much about that 87-91 period I like to remember as it cost my family everything they had, and they never recovered from it. I know very well prices in NYC can go down. Like I said EVERYTHING has a cycle, NYC took its hit predominately from the market crash. I came out of school in 90 and every friend of mine went to law school because jobs on Wall St. were NONEXISTENT. I remember only myself and 1 other friend found jobs there and my friends dad was a Wharton college roomate with one of the top 5 guys at Merrill. I still remember firings going on well into 91 but after the Gulf War got going I remember things settling down and flattening/turning just before Clinton took over. The one place I remember being truly slaughtered and lasting much longer was Houston which seemed to be the epicenter of the S+L debacle. I bought my first place in NYC in late 91 and don’t remember ever being underwater on it.
Wojo those numbers look pretty accurate.
And once again Manhattan in 89 was a bit of a scary place still, it is just not the same place now. I would place it as maybe the number one destination most people in the world want to be in. Only Paris crosses my mind as competition for that.
And yes HD I agree it does have much to do with the absurd money funneled into the banks which is just a disgrace.
you could easily rent this place out for 1500 with parking since parking in the building goes for about 200 a month
do the numbers work? say you buy a parking space for 25k which I think there is one for sale right now…
$401 for ass + tax
20% down (100k mortgage @ 5%) = $536.82
so total cost per month $936.82
thats a pretty good deal IMO
or if you don’t buy the parking space and put 20% down youre mortgage is looking like about $429 a month
thats very affordable and a good deal since you can tax deduct the interest if you itemize, and you are putting away about a $100 a month towards principal
“According to Case Shiller- NY is down 21.4% from its peak”
As ze noted, Sabrina, unless you’re looking at the condo index, that has *nothing* to do with the “NY” being discussed, which is Mnahattan (and a little bit of Brooklyn, now).
NY-Condo down 12.17% from Feb-06 peak
Chi-Condo down 24.46% from Sep-07 peak
Do you know what the owner occupancy rate in the building is? It might be a challenge to find a lender to finance it.
And if you are planning on renting it you would have to buy it as an investor and are looking at closer to 5.6% for being a loan under 100k, and invesment with a required 25% downpayment.
The numbers don’t work out just yet, in terms of being a lucrative cashflow for a rental.
“since you can tax deduct the interest if you itemize”
And the property taxes.
This is a pretty cheap in-town for someone who really just needs a crashpad.
“And if you are planning on renting it you would have to buy it as an investor and are looking at closer to 5.6% for being a loan under 100k, and invesment with a required 25% downpayment.
The numbers don’t work out just yet, in terms of being a lucrative cashflow for a rental.”
ok so an 80k loan at 6% is $449 a month
tax+ass = 401 a month
how exactly doesn’t this cash flow again?
you could EASILY rent this out for 1300, it would probably get leased within a week and last I checked 1300 is a much larger number than 850 thats pretty good cash flow for a property that isn’t in the ghetto… how many 5.5% caps you see out there right now?
sorry i’m retarded… 22% cap rate
sonies,
off the cash flow topic, wouldnt a “investor” landlord be worried about buildings capping rentals or a thing like OMP is doing?
I think our association is too stupid to do something like that as they are extremely short sighted and almost always miss the big picture like most democratic organizations (dont even get me started!) There is a move in/out fee of $200 I think, I think the building is like 33% or more rentals right now so if I was an investor I wouldn’t worry about it.
“I think the building is like 33% or more rentals right now so if I was an investor I wouldn’t worry about it.”
And ignore the banks’ worries?
? what are you talking about I was answering groove’s question
Hard to believe this would rent out for $1300. You can find full amenity 1 bedrooms in RN or closeby for a little more than that, and this building has no amenities. Not to mention the “fake” bedroom (no windows).
so elevators, security call boxes, cable, internet, gas and water paid for isn’t an amenity?
I mean I know it doesn’t have a crappy gym, pool or a doorman, but the EBC is pretty close if thats your sort of thing for 150 a month
and please show me these 800 sqft 1 bedrooms (not studios) in full amenity buildings renting for 1300 a month within the neighborhood
Sonies, lenders will impose their own rental caps leading to no mortgages or higher rates/fees.
Um, yeah, i scoured River north and didn’t find jack for 1300 in the Fall. Any Decent 1 bedroom in a non-crap building was ~ 1500/month. I looked at a place at 630 for 1500/month…the 1 beds that were under 1400 were convertibles or super tiny.
well I don’t know anything about that G, since there have been at least 5 sales in the building in 2010 (not including oct-dec) and about 6-8(?) in 2009 I have no idea if they were financed or not, and I do realize that banks for some reason have lowered the % cap of rentals, but I seriously have no clue what it is right now, nor do I have any clue what the actual rental % is in this building… all I know is that when I was buying it had to be less than 50% and it was. And also if I had the means to put down 25% on this place and scoop it up for 100k I would in an instant since I am familiar with the building and what rental rates there are.
168 units
50 have been rented on the mls
10 more have attempted on the mls
Some that have rented could now be owner-occupied (like yours). Also, the mls doesn’t catch all the rentals. This place could go over 50% rentals, which adds considerable risk. Besides, the first price like this won’t be the last.
I agree that you could rent it out for $1300, but sale prices like this will help to drive that down.
“I agree that you could rent it out for $1300, but sale prices like this will help to drive that down.”
Are you suggesting that LLs with lower cost bases, ask for and accept lower monthly rents? I’m Shocked! Shocked!!!
“since there have been at least 5 sales in the building in 2010 (not including oct-dec) and about 6-8(?) in 2009”
The mls has 2 closings in all of 2010:
514 (2/1) closed 2/26/10 $252,000 w/p25 (90% LTV)
514 closed 11/8/05 $271,500 w/p25
411 (2/2) closed 5/11/10 $370,000 w/p42 (78% LTV)
411 closed 10/20/05 $398,500 w/p42
What other units do you know that sold in 2010?
Here are the 11 2009 mls sales:
1015 1/15/2009 $230,000
506 2/6/2009 $225,000
517 4/30/2009 $221,000
419 5/4/2009 $385,000
604 5/11/2009 $272,500
1111 5/27/2009 $407,500
617 6/26/2009 $197,000
918 7/2/2009 $307,000
1121 7/27/2009 $409,000
816 9/9/2009 $266,000
405 12/8/2009 $295,000
“I’m Shocked! Shocked!!!”
If you’d of used your caps lock and a few more !!!, I wouldn’t of known you’re joking.
I dunno G, I doubt you’d ever see a non bank owned sale price this low in the building (mainly because I don’t think any of the younger owners could nor would even bother to afford to bring 100k to closing)
And I’m not sure how a few bank owned properties (which are mostly 1 bedrooms and studios) would effect the rental rates overall in this particular building which doesn’t have a ton of forclosures at all. Unless the bank decided to go section 8 with them or something, I doubt it would have much effect on rental rates (max 10-15% i’d say) overall decrease possible in the next few years, but even with that you’re still cash flowin on this property.
chicagotribune sez
A $175,000.00
630 N FRANKLIN ST 509, CHICAGO, 60654-8329 09/28/10
B $192,000.00
630 N FRANKLIN ST 417, CHICAGO, 60654-8328 08/30/10
C $370,000.00
630 N FRANKLIN ST 411, CHICAGO, 60654-8328
05/14/10
D $252,000.00
630 N FRANKLIN ST 514, CHICAGO, 60654-8349
03/25/10
E $295,000.00
630 N FRANKLIN ST 405, CHICAGO, 60654-8328
01/12/10
for 2009 I have 10 sales and one parking spot
note that both records could be wrong because my transaction shows up on one site and not the other
509 was not a sale, it was the 9/10/10 deed back to the lender (Countrywide originally) for a foreclosure filed 2/26/09, property hasn’t appeared back on the market to date (22+ months after filing)
417 sold to a relo company 6/23/10 for $192K and they are still trying to unload it, currently listed at $175K
405 closed 12/8/09 (see list above)
Just 2 market sales in 2010, none since May.
“mainly because I don’t think any of the younger owners could nor would even bother to afford to bring 100k to closing”
I think we are seeing your point in action right now: nobody can sell here because they can’t cover the shortfall. They will be tomorrow’s short sales and foreclosures. Many were investors who were barely hanging on and are about to be destroyed by other investors’ lower cost bases. The accidental landlords are just sheep for the slaughter.
thats not really the point, unless they NEED to desperately sell, nobody needs 100k to bring to closing. But again, most of these forclosures and short sales are studios and 1 bedrooms which if you have no equity, I can see why you’d walk away because of the many reasons that have been listed here on why 1 bedrooms suck to buy and live in.
For an INVESTMENT, this property at 100k is a smashing good deal due to the 22% cap rate today. yes obvously in the future there is a chance that cap rate won’t be as lucritave but for now its not bad at all and there is even a small chance that rate could increase too.
This has multiple cash offers above asking, and the bank isn’t taking any new ones. I tried to submit an all cash offer today.
Thanks for the info Chuk – this has been my experience as well. These properties that are too good to be true lure the investors out of their hiding places. I am always amazed at how many people have so much “extra” cash. Seriously, as you said, there were multiple CASH offers above asking. People on CC – take note – more proof to my opinion that there are a ridiculous number of people/investors waiting to snatch up foreclosures/short sales. Waiting for your dream house to come up at a ridiculous price so that you can buy it is pure fantasy. If you find something you like – NOW IS THE TIME TO BUY. You are NOT going to be getting the ridiculously good deals so put it out of your mind. I wasted a lot of time thinking I could – there is just too much insider information and WAY too many people with WAY too much money.
clio if you’re using the example of the under priced 1bdrm to incite a bidding war as a sign to go out and buy RE I’ve lost respect for you as well.
No, Bob – it’s just that everyone on this site seems to think that nobody has any money and that prices on all condos are heading 20-30% (or more) lower, etc. etc. This is such BS and nonsense that I am glad that others are coming out and proving what I have been saying all along is true. If you have a good condo/house in a good area, you are going to be fine and, if you are a seller – don’t panic and hold on to your price (if you can afford to do so).
Well, if anyone else here has a 1 br in this building they want to sell me for $125k cash, I’m all ears.
“Well, if anyone else here has a 1 br in this building they want to sell me for $125k cash, I’m all ears.”
I’ll buy for 126k
“People on CC – take note – more proof to my opinion that there are a ridiculous number of people/investors waiting to snatch up foreclosures/short sales.”
So many people are waiting out there that there were less than 70 sales of condos/townhouses in Lakeview last month. The lowest in about 20 years.
They all must be “waiting” with all their cash – to jump in. But only for those “deals.”
True – Sabrina. Investors are definitely much more picky about what they buy and are only going to buy the absolute best deals -but this is important information for the regular Joe-sixpack who thinks by waiting he is going to pick up a great foreclosure/shortsale for himself/his family. It’s not going to happen – these investor sharks are going to get ALL of the great deals. This, again, is why I always advise people to examine their finances, see how much they can afford, look for houses in that range and then buy something if they find it. There is no point waiting for the bargains – they aren’t coming (especially for the average person).
If I got a 2/1 in this building, anyone care to guess what I could rent the spare bedroom for?
I like concrete floors, but with walls the whole aesthetic has to be that style or you can’t do it at all. The concrete walls against the most generic-looking bargain basement total kitchen you can buy at Home Depot just looks terrible.
i’d guess probably 600-800? depends on what side of the building you’re on too
The problem now is, these foreclosure and short sale listing prices are meaningless. They throw out arbitrarily low numbers just to wake up the bidders. I called on this prior listing from cribchatter for 100k:
http://cribchatter.com/?p=9556
I was told by the agent that there was a $200k offer and they were waiting to hear back from the bank.
So, you get people here arguing about whether it is a good deal at 100k, and the thing ends up with an offer for double.
I didn’t bother to check which are 2/1 or 2/2, but here are the 2BR rentals I see in the past year. I only noted the parking where obvious, the rest I don’t know.
521 12/27/2010 $2,275 w/pkg
609 12/3/2010 $1,700
505 11/22/2010 $1,900 w/pkg
808 10/8/2010 $2,175
1010 10/23/2010 $2,700
508 9/24/2010 $2,100 w/pkg
903 9/4/2010 $2,250 w/pkg
1108 7/28/2010 $2,700 w/pkg
512 8/1/2010 $2,000 w/pkg
712 6/16/2010 $1,750
1003 6/9/2010 $2,250 w/pkg
812 6/7/2010 $1,850
1019 7/6/2010 $2,100
1014 5/14/2010 $1,750
709 12/8/2009 $2,225 w/pgk
why are you checking 2 bdrm rentals, this is a 1 bdrm
Chuk, don’t believe everything the UHS tell you. 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.
Try to keep up, gesco.
also Chuk, i’d definitely buy a 2/2 if you can afford to… 2/1’s suck especially if you’re room-mating it
“Sonies on January 13th, 2011 at 10:34 am
also Chuk, i’d definitely buy a 2/2 if you can afford to… 2/1’s suck especially if you’re room-mating it”
Without boring everyone too much, my situation is somewhat unique. This is going to be an in-town for me, probably only 1 week per month. Between the rent the 2nd room would bring in, plus I would get a stipend from my company, I would essentially live here for free. And my roommate would have a 2/1 to himself 75% of the time. If we were both there 24/7, I could see it being too close quarters.
“G on January 13th, 2011 at 10:31 am
Chuk, don’t believe everything the UHS tell you. 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.”
Yes, the agent told me they had a 200k offer and the bank was countering with 205k. I just assumed they would meet in the middle. But my point is, 100k was never going to happen. I can’t believe he was completely lying to me about the offer, because I was willing to put in a cash offer (although not 200k, but he didn’t know that when he turned me away).
“Without boring everyone too much, my situation is somewhat unique. This is going to be an in-town for me, probably only 1 week per month. Between the rent the 2nd room would bring in, plus I would get a stipend from my company, I would essentially live here for free. And my roommate would have a 2/1 to himself 75% of the time. If we were both there 24/7, I could see it being too close quarters.”
Still, the 2/2 would be more re-sellable and more rentable if you ever stopped using it as an in-town, so if the incremental cost isn’t too much to afford, you’d be better off, imo.
“Still, the 2/2 would be more re-sellable and more rentable if you ever stopped using it as an in-town, so if the incremental cost isn’t too much to afford, you’d be better off, imo.”
Yeah, I agree. It’s just too easy for me to keep going “x+1”. I start out looking at a 109k 1 bedroom, and work my way up to a 230k 2 br. In the and, all I am looking to do is to avoid the short term corporate housing situation, and get a place where I can leave my clothes every week.
Anyone care to give their 2c on the below situation? There are 2 scenarios I am looking at. Buying a 1 br here for let’s say $150k, or a 2/1 for 190k. Both deals would be cash. Here is how I break down the numbers. Both assume a 2% opportunity cost on my money. That assumes a fixed asset like a CD.
150K 190K
opp cost 250 317
taxes 200 250
assoc. 200 250
rent income 0 -600
————————-
Month tot 650 217
I apologize in advance if my formatting doesn’t come out correctly.
“But my point is, 100k was never going to happen.”
Agreed, not as a short sale. They will happen as foreclosures, though. Already are for not too much more. There are likely more units like 509 in the subject that are already bank owned but not on the market. There are definitely more in the pipeline.
lol man 200 a month to live here… so cheap, you could cover that by renting out a parking space!
your utility bills will also be very cheap, in the winter my electric bill is rarely over $50 and I use a lot of electronics, everything else but cell is covered in the assessments
“lol man 200 a month to live here… so cheap, you could cover that by renting out a parking space!”
Plus, I’d get a housing allowance from my company. I’d actually make money!
“everything else but cell is covered in the assessments”
Cable & broadband is included in your assessments?
“your utility bills will also be very cheap, in the winter my electric bill is rarely over $50”
Does your unit face west?
“There are likely more units like 509 in the subject that are already bank owned but not on the market. There are definitely more in the pipeline.”
Yeah but this isn’t the south loop. There aren’t too many newer modern mid-rises built in this area at this price point. Most of the non-highrise housing stock around here is old and the high-rise stock at this price point as well.
hah nice
upon a quick perusal of redfin, there are really no desireable units for sale right now… the only ones i would consider is 521 or 503 and thats a pretty low floor, I would want at least 7th floor or higher so I have a good view over the building across the street. although unit 417 doesn’t look too bad for a 1 bedroom (on the terrace level) its still 175k
I don’t think you would be able to buya 2/1 here though for 190k unless it was bank owned, and good luck with that… you’re probably looking at 225k minimum for a 2/1 with no parking if you’re lucky and thats probably on the el or north side of the building
FYI, if you are looking for a 2/2 unit, look in the X01, X03, X05, X21 tier, I wouldn’t really consider anywhere else in the building
“Does your unit face west?”
no, south
It appears as though this may be mistakenly listed as a 2/1:
http://www.zillow.com/homedetails/630-N-Franklin-St-Chicago-IL-60654/2134371339_zpid/
That is the one I was referring to for 190k.
lmao that’s a studio… pretty sure thats unit 720
the x20 units in the building are horrible… studios with a view of nothing but a brick wall about 6′ away
“lmao that’s a studio… pretty sure thats unit 720”
No, it is unit 1006.
What’s the chance you will keep your job with the company and thus the housing allowance?
What’s the chance that your company might pull / reduce the housing allowance?
what % factor are you going to use to discount the liquidity you get with the CD vs. the housing?
“What’s the chance you will keep your job with the company and thus the housing allowance?”
Fairly good if I am willing to make this commitment to them. But you never know…
“What’s the chance that your company might pull / reduce the housing allowance?”
Zero. But even without the allowance, the pricing is still attractive to me vs renting here. A 1br would only run me around $650 per month including opp costs.
“what % factor are you going to use to discount the liquidity you get with the CD vs. the housing?”
Zero. But I also didn’t include many things. Increase in taxes/assoc, compounding interest, and I did not factor any increase in value of property (yes, believe it or not fellow CC’ers, real estate does sometimes go UP!)
seems this place was listen at 124k for a couple weeks, yet nobody bit
“No, it is unit 1006.”
nah man trust me its definitely unit 720 (brick wall is a dead giveaway), and the pictures are the same as this
http://www.redfin.com/IL/Chicago/630-N-Franklin-St-60654/unit-720/home/12592639
“nah man trust me its definitely unit 720 (brick wall is a dead giveaway), and the pictures are the same as this”
Honestly, I don’t know. There seems to be a lot of conflicting info on this unit.
http://www.redfin.com/IL/Chicago/630-N-Franklin-St-60654/unit-001006/home/22813081
Wow unit 720 has a beautiful view out that bedroom window. And possibly living room as well lol.
Yeah not calculating things to the nth degree
Illinois – Right to work
Budget 3% assessment increases a year is fair (5% if one is paranoid)
For an in-towner place for work purposes, River North ain’t bad at all.
I’m with anon(tfo) though regarding the bathroom. Get a 2/2. Easier with a roomie and easier sale down the line than a 2/1
“seems this place was listen at 124k for a couple weeks, yet nobody bit”
Here is what I understand happened. The bank was looking to get all bids in one shot, and take the best bid. I am sure they received bids when it was listed at $124k, but they lowered it one last time to stir up even more bids. The thing I have learned about foreclosures/short sales is that listing price means NOTHING. Even when this was listed at $149k, it does not mean that if you walked in there with $149k in cash, that the place would be yours. In short, I don’t believe they lowered it from $125k because they had no buyers. I believe they lowered it to attract even more attention. I will be VERY surprised if this closes below 125k.
unit 1006 is in the northern portion of the building… I can assure you 100% that the 720 units face brick walls, unit 1006 would have a nice southern view actually
bah, failpost… change the first northern to ‘southeastern’
1006 is listed as a 1/1 720sf short sale for $189k plus $29k parking
720 is listed as a studio for $189k no pkg currently leased for $1075 “motivated seller” and a brick wall view
there was a studio on my floor for sale at 135k and it didn’t sell like 3 years ago (which was forclosed on finally and is now a part of the magical “shadow inventory”), what makes this person think that he will sell for anywhere near 190k
“there was a studio on my floor for sale at 135k and it didn’t sell like 3 years ago (which was forclosed on finally and is now a part of the magical “shadow inventory”),”
A studio just sold here as a short sale. The price was recorded as 115,500, but I don’t know if that was the listed price, or the actual sale price.
“what makes this person think that he will sell for anywhere near 190k”
You know why since you said it yesterday, Sonies. They can’t sell for market price because they can’t or won’t bring cash to closing. And the banks prove their smarts yet again by sitting on already foreclosed units in a bldg that hasn’t had a closing in 8 months. I noticed that one listing says “no FHA” and I wonder if the bldg has lost even spot approval?
Chuk, that was 520. It was a short sale and went under contract 12/8/10. Honestly, I wouldn’t waste my time on short sales in this bldg. There will be plenty of REO sales down the line.
“Chuk, that was 520. It was a short sale and went under contract 12/8/10. Honestly, I wouldn’t waste my time on short sales in this bldg. There will be plenty of REO sales down the line.”
Do you know what the selling price was?
” I wonder if the bldg has lost even spot approval?”
yeah I don’t believe they do spot approvals any more, so yes our association has some work to do.
and gary lucido’s blog even talks about it, fha spot approval is gone everywhere, not just this building
http://blog.lucidrealty.com/2010/02/12/the-good-and-bad-of-recent-fha-changes/
i’m going to have to send this crap to our management and get this shit together
Sharing a bathroom is unacceptable for non-couples. I would never attempt anything less than 2 bathrooms. Think long and hard about this.
“Sharing a bathroom is unacceptable for non-couples. I would never attempt anything less than 2 bathrooms. Think long and hard about this.”
danny, I don’t think it is that big a deal. They do it all the time in the army/navy. You go to the bathroom in public restrooms and shower in the gym. What is the difference?
Just my preference. No way could I accept having a roommate (who is not a lover) as an adult. Let alone sharing a bathroom.
“No way could I accept having a roommate (who is not a lover)”
you must be one of those preferred craigslist ads
Hey guys.. I owned unit 914 and paid $310k with parking. It was a “2br 1ba” but the 2nd bedroom was open and it was more like an office than a bedroom. I gave the deed back to the lender as it just didn’t make sense to keep it anymore, glad they took it because I’d be WAY under water if I didn’t get out.
I was on the 9th floor and the outside noise was unbearable. My unit faced Spybar and even 9 floors up it was ridiculous. If yo u plan on living here, make sure you are a heavy sleeper or you’ll be miserable. I just saw the condo re-listed at $249,900 with parking.. still too high in my eyes. The association is very good, but there are still issues with security inside the building since there is no doorman. During the winter, people wait in the lobby of the building to warm up.. many (not all) are drunk from the clubs and throw bottles and vomit all over the place. The issues have come down, but it still happens. Also.. there have been times where I see random people walking around the garage (my car was also broken into once).
For the price this isn’t a bad deal, just be sure you’re willing to put up with the issues. Also be cautious because there are A LOT of renters in the building, many of which work at the bars/clubs in the area. Definitely some cute and loud party girls if that’s what you’re into!
“Hey guys.. I owned unit 914 and paid $310k with parking. It was a “2br 1ba” but the 2nd bedroom was open and it was more like an office than a bedroom. I gave the deed back to the lender as it just didn’t make sense to keep it anymore, glad they took it because I’d be WAY under water if I didn’t get out.”
Thanks for the update Jim. And thanks for being so honest with the fact that you walked away from the property. I just saw that 2/1 come on the market.
As I told chukdotcom- there WILL be other opportunities in the building.
we have a security guard that works weekends now, as well as a video security system so club dwellers and loiterers aren’t as big a problem anymore. we’ll see come summertime though. I live on the south side of the building so the only thing thats really annoying is the motorcycles on the weekends in the summer time, but hey thats what city livin is like and what ambien is for LOL
Help needed!!!!
My girlfriend and I are currently in the process of buying unit 914 2/1 for 235,000 but are having financing issues due to the high renter rates in the building. We like the unit and the location but have serious concerns about getting into something we wont be able to sell. We also wounder if the noise situation mentioned by Jim, the previous owner, is still an issue when the windows are closed? Any advice on these issues will be very appreciated.
“We like the unit and the location but have serious concerns about getting into something we wont be able to sell.”
Luis:
Are you going to live there 10 years?
If not- simply rent in the building (like everyone else.) Enjoy it for a few years and move on with no worries about having to “sell” anything.
Our dilemma is that for the price and what we can afford this unit/building appears to be the only choice for a 2 bedroom in the neighborhood. This is our first purchase and we do not want to make a a bad mistake by overpaying or getting into a “sinking ship”. We are also done with renting and do plan on living there for some time but 10 years may be a bit more than we are planing, more like 5-7.
But that’s my point. Why not just rent a similar unit in the building? There are plenty of rentals in that building. What’s the difference? You pay the bank or you pay the landlord. Many landlords will let you paint the walls. So what’s the difference?
Then you do not have to worry about a “sinking ship.”
Otherwise, choose a different neighborhood to get the space you want.
If you cannot get financing for a particular property- there is a reason.
“#
Luis on May 23rd, 2011 at 2:55 pm
Help needed!!!!
—OK!
My girlfriend and I are currently in the process of buying unit 914 2/1 for 235,000 but are having financing issues due to the high renter rates in the building.
—–OK where do I start? buying with your GF? are you engaged with firm wedding date? If not, this has the potential to end badly. SEcondly, lots of renters in teh building??? I wonder why. Oh that’s right, because it’s often cheaper to rent than to buy and you get all the flexibility that a one year lease provides.
We like the unit and the location but have serious concerns about getting into something we wont be able to sell.
—–Serious concerns, damn right they are serious concerns. But why the hell did you sign the contract then?
We also wounder if the noise situation mentioned by Jim, the previous owner, is still an issue when the windows are closed?
—–I have no idea.
Any advice on these issues will be very appreciated.
—–my advice: call your attorney, exercise the mortgage contingency clause (a good faith effort to obtain mortgage financing) and get the hell out of this contract. Rent a similar unit on a different floor.
Prices will continue to fall despite what most others believe on this board.
I didn’t want to say “never buy with a GF or BF”- but I knew someone else would say it for me.
This building is on a very busy street (the feeder to/from the expressway) AND the El is right next to the building. Is it ever going to be quiet?
But if you’re having second thoughts about buying on a “sinking ship”- then, like I said, the bank is doing you a favor by not putting the financing through.
It’s not judgmental as in ‘you’re living in sin’ – it’s that the transient nature of boyfriends and girlfriends (long term same sex couple excluded) does not lend itself well condo or home ownership. Divorce ends poorly too, but, at least there is an asset division. Splitting property with bfs and gfs is a disaster. I’ve seen it quite often.
“I didn’t want to say “never buy with a GF or BF”- but I knew someone else would say it for me.”
Right! That’s what I meant too. I’ve seen it end horribly. Try splitting up the condo when you bust up but you’re not married. Awful.
Thanks for the advice. Anyone have any first hand knowledge about the building it self?
I live here luis, lots of rentals here now, but no section 8’s or college kids (with a few rare exceptions) but at least not many foreclosures except for the god awful studio units here. I have actually noticed a lot more strollers and babies and families living in this building now, probably because they can’t sell their places so they are just sticking around, and Ogden school is pretty good i’m told.
and Sabrina his unit isn’t on the el or feeder side, it would be on the club side which about 95% of the time is perfectly quiet
I live on the feeder side and the only annoying noise is the motorcycle packs on hot summer weekend nights but even then thats just for a few seconds maybe a few times a weekend night when im usually not there anyway.
Some people (myself included) enjoy the white noise and the hustle and bustle of the city. Its like living in manhattan lite! If you want peace and quiet move to yorkville like the rest of the boring losers with no life!
This building (with a fairly active condo association) and immediate neighborhood has improved immensely since I moved here a few years ago, new shops and restaurants opening up what seems like every weekend. Security in the building has increased greatly too with the implimentation of a security system, security guard on weekends, and new building management that actually works.
The listing states it’s been approved for Homepath financing, are you trying to go FHA instead? You will probably have to put a little more down upfront but if you really want the place take the Homepath mortgage instead.
But you have to be prepared to wait it out until things like renter ratio no longer matter, if you want future buyers to be able to buy it from you, and a one bed plus den isn’t really going to work with kids if you plan to have any in the next decade.
The building is not FHA approved, spot approval no longer exists, I can tell you that the association is aware of it and I believe we may try to get FHA approved in the future
Thanks for all the great info, this has been really helpful.