3-Bedroom Fullerton Parkway Rowhouse Reduced $251K: 554 W. Fullerton in Lincoln Park
This 3-bedroom rowhouse at 554 W. Fullerton Parkway in Lincoln Park first came on the market in February 2011.
In that time, it has been reduced $251,000.
Built in 1900 on a 20×101 lot, it has maintained many of its vintage features while also being renovated for today’s living.
The listing says it has a new kitchen with white cabinets and Subzero, Bosch and Viking appliances.
There are 3 new marble baths.
The rowhouse has 12 foot ceilings, crown molding, 2 original stone fireplaces and the original mahogany front door and staircase.
All 3 bedrooms are on the upper floor.
It also has a front garden and a private rear patio.
The listing says there is “onsite parking” (but I’m not sure what that means.)
Cynthia Wilson at Koenig & Strey Real Living has the listing. See the pictures here.
554 W. Fullerton: 3 bedrooms, 2.5 baths, 3000 square feet
- Sold in April 1992 for $350,000
- Sold in November 2005 for $899,000
- Originally listed in February 2011 for $1.25 million
- Reduced
- Currently listed for $999,000
- Taxes of $11,991
- Central Air
- Parking is “onsite”
- Bedroom #1: 14×12 (third floor)
- Bedroom #2: 14×12 (third floor)
- Bedroom #3: 8×7 (third floor)
This place is quite nice. Original fireplaces and all. Don’t know about the price as I am not looking for this type of property. If it is priced right, I would say it should sell easily.
-If it is priced right, I would say it should sell easily.-
And if it sells easily, I would say it was priced right.
true : )
while this place seems fairly nice for the price and location, I just don’t like row houses and their narrow layouts
Hey Jay, put this into your pipe and smoke it.
Executed Recorded Document Type Amount
11/15/2005 12/12/2005 MORTGAGE $719,200.00
Executed Recorded Document Type Amount
11/15/2005 12/12/2005 MORTGAGE $134,850.00
$854,050 / $899,000 = 95% financing in ELP OMG OMG OMG
AND THE SECOND MORTGAGE HAS NOT BEEN RELEASED! BUT I THOUGH ALL REAL LINCOLN PARK RESIDENTS WERE WEALTHY AND COULD CHOOSE TO STAY
How’s street traffic on Fullerton this far east?
Re traffic, there are some back-ups on Fullerton around here between Clark and Halsted, but it’s never too bad.
I believe that this is very close, perhaps immediately to the east of, a rowhome gutted by a fatal fire in the last few years.
I think this looks well done and the neighborhood should see a reduction in traffic and increased quiet when the hospital moves in 1 year. I am not sure about the parking but overall a great home for a small family or empty nesters who want a nice neighborhood. I suspect the owners will take quite a loss if they did the upgrades but I could see this moving around 900K
What are plans for the Children’s Memorial site?
AS MANY CONDOS AND TOWNHOMES AS THEY CAN CRAM ON THE PARCEL.
“#Jason on April 21st, 2011 at 2:01 pm
What are plans for the Children’s Memorial site?”
hmmm…Why not just make it CHA? Or a Giant Pub–this area has no place for kids to get wasted on Thursday nights? LOL. Can’t they make something really interesting and cool instead?
In all honesty I don’t know if they even know what they’re doing with the land.
There is one thing that I do know, that Jay on April 20th, 2011 at 10:32 pm said:
“This is the *real* LP and most people who buy a vintage townhouse never leave.. I’ve been in my place for over 20 years and so have many of my neighbors. Don’t be confused by the casual look of the people, as most home owners here have real wealth, not just money, and few if any are desperate to sell… they can hold on just because. ”
I do know that JAY has been deceived and he believed that debt = wealth, that his neighbors were not who he though they were, they may have given the appearance of wealth, but behind the facade, was debt – debt to the tune of 95% financing on a $899,999 *real* LP townhouse where the neighbors never leave…
again and again, LP was no different, it’s just that the buyers are able to hold onto their debt game a little longer than the rest.
“AS MANY CONDOS AND TOWNHOMES AS THEY CAN CRAM ON THE PARCEL.
“#Jason on April 21st, 2011 at 2:01 pm
What are plans for the Children’s Memorial site?””
HD i remember seeing the work ups for the proposals somewhere, search the intertubes i think its there.
but you are correct it looked like a TH SFH mashed up lets cram everything in and that from all bidder on the site
2 bed + prison cell?
HD, how can you conclude that these people don’t have wealth? Because they took out loans?
How long do you think it will take to sop up 500+ units and what types of surrounding property stand to lose value? High end retail is fine, a whole foods would be nice, some public space or institution would be great… But you are probably right, just a bunch of cookie cutter condos and dull town homes with customary finishes.
A 95% LTV rate on a $899,999 is pretty indicative of a lot of things, and wealth is not one of them.
“#flo on April 21st, 2011 at 2:42 pm
HD, how can you conclude that these people don’t have wealth? Because they took out loans?”
I could say they had enough cash to buy this place outright but wanted to put the money in stock market and now doubled there money and are looking to buy a 1.6M dollar house cash.
If they got a stupidly low rate, and could easily afford it, and the V was good V, it would be indicative of intelligent decision-making by the mortgagor.
These conditions are not likely to be met in the majority of cases, but they are in some.
“A 95% LTV rate on a $899,999 is pretty indicative of a lot of things, and wealth is not one of them.”
Roma it’s most likely the case of someone who recently came into a higher income job who decided that he/she ‘wanted it all’ before he/she had the requisite job security or financial wherewithal to pay for it with conventional financing. This person would have never been been able to borrow 95% of the purchase price of a $899,999 home at anytime in history prior to about 2001 and this buyer today, with the same downpayment, would likely qualify only for a $450,000 home with a $45,000 down payment at 90% provided he/she had excellent credit and a strong job history.
“These conditions are not likely to be met in the majority of cases, but they are in some. “
But isn’t this house part of a trust and then the owner decided to take out a loan for the cash? Wouldn’t that be indicative of wealth?
‘I do know that JAY has been deceived and he believed that debt = wealth, that his neighbors were not who he though they were, they may have given the appearance of wealth, but behind the facade, was debt – debt to the tune of 95% financing on a $899,999 *real* LP townhouse where the neighbors never leave…’
You’re right HD… a house or two or ten or even twenty sums up the financial health of an *entire* neighborhood. I know that living here since I was in my teens means nothing here on CC; just like my neighbor who owns a G4 means that nobody in LP rides coach, or that because there’s a rental building at Cleveland / Belden means nobody here owns… I speak French, I didn’t realize I was… well French. Did you and G think that one up while in your jammies listening to your Close & Play?
flo: debt does not equal wealth. Borrowing against a home doesn’t mean you’re rich, it means you have debt.
Jay: I’m not the one who was bragging about the *real* LP wealth of the townhomes. Often behind that wealth is a lot of debt. As in the case of this townhome for sale. And probably countless others.
HD: Yes, a 5% down loan tends to be indicative of “stretching it,” but it’s not always the case, and you can’t deduce everything based on the recorded loan docs. Maybe they needed the cash to roll into the place (i.e., it’s not clear whether they did the renovations or it came that way; given that their purchase price and the timing, I’d say that they put lots of money into this place after closing). Maybe they wanted a nice place AND had another investment to pour funds into. Heck, maybe they wanted to buy a new primary home AND a vacation place or boat at the same time. Whatever. None of those scenarios would be conservative, but they happen (less so these days), and they don’t always result in financial doom. And guess what? I’m one of those lowly folks who could afford $450k with $45k down today. Had I been able to purchase this place for $900k with $45k down, I would have been pretty damn tempted (the fact that it’s (i) right on Fullerton and (ii) (presumably) lacks a garage would have prevented me from doing so, not any old-fashioned notions of acceptable downpayment percentages).
I know there are wealthy people in the world Jay, this is the richest country in the entire world and LP is a very ritzy area…but remember, all that glitters is not gold, and living there since you were teens means that you’ve drank a lot of kool-aid in your time..
annony: there’s nothing lowly about 10% down on a $450,000 property, it’s just that all it takes is one or two neighbors to borrow their way to the good life like Stanley from Lending Tree and it makes it difficult for even the most conservative to compete. If in 2005 I bid $850,000 on this home with a $170,000 down payment (20%), I would have lost out because somebody else with a tax refund and a car accident settlement for a down payment bid it up to $899,999. Who do you think is more deserving to own the Lincoln Park townhome – the buyer than saved or earned his $170,000 payment or the buyer who bid up the priced based upon howmuchamonth? conventional lending can’t compete with howmuchamonth and that’s how we ended up with the $899,999 townhome in LP whereas 13 years earlier it was 2/5th of the price.
“flo: debt does not equal wealth. Borrowing against a home doesn’t mean you’re rich, it means you have debt.”
but it doesn’t mean you poor either. how about the house being part of a “trust” part?
howmuchamonth is also the cause of so many foreclosures today, in neighborhoods all across the country. Howmuchamonth was in every neighborhood to varying degrees, including LP. Thank you for posting this home, it teaches cribchatters a very good lesson.
“that’s how we ended up with the $899,999 townhome in LP whereas 13 years earlier it was 2/5th of the price.”–Do you see this place being worth 2,400,000 in 13 years?
HD,
You read into CCRD info way too much. You can’t tell what rate, term, or existing balance is on any loan. How do you know that they didn’t open the HELOC and not draw on it? Do you have a credit card with no balance that you keep open for an emergency, or just to keep your available credit ratio high? How do you know they aren’t paying extra principal every month? Just because some people are over leveraged doesn’t mean everyone is.
At $900,000. this gets into a price range that I could actually afford (though not completely sure I could if it also meant sending my kids to private school – though public schools are pretty good right around there (Lincoln Park High School, right?).
What would hold me back is the location. That stretch of Fullerton is just about always congested with traffic, and I get the feeling it wouldn’t be too relaxing to live right there. If this were on a side street nearby, it would be a great, great deal. On Fullerton, you’re maybe getting a discount for the traffic factor.
“Thank you for posting this home, it teaches cribchatters a very good lesson.”
That if you bought at the height of the bubble, you can still redo all the baths and have a brand new kitchen. Then enjoy it all for 5 years and live happily ever after.
I’ll add that the living room, dining room and third bedroom seem pretty squashed. And what is the lower level used for? Is it finished? The ad doesn’t say, nor did I see a photo.
When I see a place like this for $900,000 or more, it makes me feel pretty good about the home I bought in Highland Park for around #400,000 nine years ago and still live in. I’d say I got a lot more for my money (plus really good schools that are free).
Chris: If it looks like a duck, walks like a duck, quacks like duck…
HD: Allow me to share two anecdotes.
Person Number 1.
The richest guy I know would appreciate your approach to money, at least in terms of debt. (He was at least willing to take risks to grow businesses, whereas many lawyers’ risk aversion keeps them forever on the wage-earning treadmill). When this guys buys a house, he pays cash. When he builds luxury houses as investments, he pays cash. Consequently, when the real estate market hit the skids a few years ago, it merely reduced his profit margin (whereas with most builders, it meant certain doom), and he’s never felt presured or stressed during this downturn. He does not believe in borrowing for education, business or housing purposes, and that approach has served him very well (I’d say that he’s about $50 million relatively liquid, plus a few homes, ranging from $2 million to about $6 million in the current market).
Persons Number 2.
Every other upper-middle-class to affluent person I know has borrowed heavily – no doubt recklessly in your book – to advance their educations or grow their business, and especially to acquire real estate (primary and vacation homes, as well as investment properties). Pretty much everyone in Persons Number 2 is a lawyer, doctor, executive at a company (one that is not their own), or some high paying consulting or administrative position. Now, have some among this group likely experienced a great deal of financial anxiety at points in their life, especially over these past few years? Sure. Do most of them need to keep working in order to maintain their high standards of living, whereas Person Number 1 can “work” or invest simply because he finds it interesting or fulfilling? Absolutely. But those in Persons Number 2 have nonetheless been living VERY well, some for a few years (if, say, 35) and some for a few decades or more.
Note that both of the above entail risk. Person Number 1 took risks in order to make money, which worked out for him, and he thus now takes on no risk with respect to real estate. Most of those in Persons Number Two have taken very little risks in terms of how they make money, but have accepted significant risks in order to acquire real estate.
flo: the trust issue doesn’t really what you allude it to mean. It’s just a land trust. They’re not uncommon.
flo: the trust issue doesn’t really what you allude it to mean. It’s just a land trust. They’re not uncommon.”
Why do people do this? What are the advantage of setting it up as a land trust?
Especially in row houses, it’s important to have good neighbors. Several adjacent row houses in this stretch had Michele Smith signs in their windows. Yikes. Run away from this one.
There’s a variety of reasons to put property into a land trust, but it’s primarily to avoid probate. When you die the property goes to your heirs via the probate court (assuming more than $100k in equity); but with a land trust you avoid probate and give the property to whomever you want thus avoiding intestate laws entirely.
Otherwise the only way to pass property and avoid probate is via joint tenancy (or tenancy by the entirety to your spouse) but that involves putting your heir’s names on the deed today so it passes at death and that can get messy.
flo:
An IL land trust allows owners to shield their real estate holding to some extent both in terms of avoiding public scrutiny and also from creditors. For example if unsecured creditors of this owner secured judgments for monies owed, their judgment would not attach to this property unless & until that creditor went through discovery & court machinations.
Land trusts also can allow property to transfer without requirement of going through probate process in the event owner dies.
Hey HD
Is there such a thing as TOD for real estate? (You can tell I come from the poors, we never had jack in the family and I have no idea how trusts and whatnot work. Oh well…)
Also, is avoiding probate just to avoid the costs of the process, or are there tax implications too?
I learn so much on CC!
I am with HD on this. I don’t call someone who takes 95% loan wealthy. Most wealthy people own their primary residences down right. Now some high income folks try to live over their means and then over stretch. This is why the car one drives, or the house they live in is not a very reliable indication of wealth here compared to other countries in the world where lending practices are often more rigid and this is why so many people end up in foreclosure when they should not have if they were fiscally more conservative.
Thanks for answering that. I always thought that when it said trust next to the name it was because they were given the property. I didn’t know it was a land trust that the resident set up. Thanks for clearing that up. I do realize that people leverage themselves up without wealth to back it up, I was just trying to point out that’s not always the case. I feel that there are far more people will real wealth in lincoln park than those that have little to no wealth and are “pretending”. Also, miumiu while a lot of wealthy people own outright, their is still a large number that take loans strategically. Some of the wealthiest people I know still have mortgages on their huge homes in order to keep the money more liquid.
Does land trust = living trust?
You can make a pretty decent argument that anyone doing 95% financing on a loan these days has no choice, because of the significant additional interest one is paying. Five years ago, not so much, but I do agree that most of the time that hd’s guesses about seller financial position are probably right. However, it’s a logical fallacy to think that means that any buyer who took such a loan several years ago must be in this position, and hd’s obsession with this information as a valuation tool reflects a misunderstanding of real estate as an asset class.
The present value of real estate is the present value of what a buyer or renter will and can pay now or in the future in a certain condition minus the present value of getting it to or maintaining it in that condition minus the present value of carrying costs. This is the only intrinsic value to real estate, and these numbers could be very out of line with our expectations or wishes (or listing prices) depending on culture, custom, applicable law and the marketplace. For example, there are many places in the world where you can’t get a mortgage at all, or it’s very expensive. There are other places where people are great savers and very long term loans are very common. There are other places, like California six years ago, where loans with nearly fraudulent terms are very common and there are few consequences to an extremely leveraged long bet on housing going terribly wrong. The result is a significant price to value imbalance which compounds itself until a significant correction, i.e. the bubble bursts.
The falling incomes of buyers and their decreasing ability to obtain financing to pay the purchase price they are willing to pay puts downward pressure on the prices they can pay, but it’s not a valid argument that the intrinsic value of real estate must be closely tied to some simple relationship to these factors.
HD, I’ll pile on another to go with roma’s questions.
What is your view of elderly people putting their heirs on the deed of their house? You kind of alluded to it earlier, but called it “messy.” What are the pros/cons? What do you feel is better?
Obviously, the heirs then have a legal claim to the property, which could become an issue with some family drama. Some of the other cons I’ve heard is that if one of the heirs gets sued, the house could become a target. Also, the tax basis is then what the parent paid for the property, not what is was worth when the parent died. You often end up with a lot more capital gains tax.
For the pros, about all I’ve heard is you avoid probate. Any others?
Is it best just to put it in a real estate trust and get the best of both worlds?
With regard to the 95% financing, I would generally agree that you can’t read into mortgage records too much; HOWEVER, in this case, you can see that the first and second mortgages were executed on the same date (in late 2005). With greater certainty, we can infer that the buyer only had 5% to put down and need to arrange aggressive financing. Otherwise, they probably would have taken out the second at another time.
In Nov 2005, average 30yr fixed mortgage was 6.4%. A second lien would in the 8% range. So they’re looking at monthly nut, mortgage and taxes, of $6,500. About 80k per year. If they make 200k per year, call it 150k after taxes. That’s >50% of their after-tax income right into that money pit. But do you think someone making 200k per year would need 95% financing (wouldn’t have more than 50k to put down)?
More likely scenario: this buyer used an option-arm or 5/1 IO to keep their monthly nut in the $3000 range, but the NegAm or IO period has just ended (5+yrs after Nov2005, not a coincidence) and now they’re totally screwed. Their payment has just doubled, they’re probably trying to get a mod from their mortgage servicer. Their loans is trapped in some RMBS which is trapped in a CDO. The servicer busy getting sued by every attorney general for not helping low/middle income subprime borrowers and could care less about helping the guy with the formerly million dollar house. They’re hoping they can sell the house for more than they owe and cover the selling expenses. In another couple months, they’ll put the keys in the mail to the bank and move in next door as renters for $2800.
We’ve only seen the tip of the iceberg. The numbers are staggering, particularly for the loan sizes 450k – 800k.
“For the pros, about all I’ve heard is you avoid probate. Any others?”
Southbound addressed the creditor issue too. If your home in held in a land trust for a certain number of years (i don’t remember how many, 4 or 10 it’s been a while since I’ve had to look into this) then creditors cannot undo that trust as a fraudulent transfer created solely for the purpose to hide assets from creditors.
I think you outlined the joint tenancy issue pretty well. Put your kid on the title, he gets a car repo’d and the creditor gets a judgment, puts a lien on the house because it’s also in his name.
There’s way to gift houses to avoid paying inheritance taxes, you have to create a single asset corporation and then you gift away shares over a number of years..This stuff is really specific and you need an estate planning lawyer. We’ve got one in my office (there’s always one in every office).
THe other little trick to shielding assets is this thing called ‘tenancy by the entirety’ which i describe as a special way for married couples to protect their home. simply put, both husband and wife need to owe the same creditor in order to take away the house. So if I owe capital one $100,000, but my wife doesn’t, capital one cannot levy my house because the wife and I own in as tenants by the entirety, whereas if we were brother and sister on a property, capital one would levy the house in a heartbeat.
Why are you guys talking about shielding money and avoiding estate taxes?!! come on – one minute you are talking about how poor everyone is and how you guys can’t afford anything and the next minute you are talking about avoiding estate taxes (which would mean you all have at least a few million dollars). What gives?
I think Coogan99 called it with the arm there.
Can we actually talk about this house?
I think it’s absolutely beautiful, with beautiful finishes. Love the location (would just have to deal w traffic… this is the city afterall). But a layout would be nice. Is the kitchen in the lower level?
here is a townhouse down the street that just sold. Wonder what they ended up paying per month to live here for 9 years? taxes are under 5k, wow.
http://www.redfin.com/IL/Chicago/2330-N-Geneva-Ter-60614/home/12804804
this just sold for too, i know it had be chattered about a bunch
http://www.redfin.com/IL/Chicago/631-W-Belden-Ave-60614/home/13348892
@ clio
‘Why are you guys talking about shielding money and avoiding estate taxes?!!…’
Ever hear the saying ‘always the bridesmaid… never the bride’? It’s kinda like that. Even at a very discounted/giving-it-away price (similar to the early 90’s LP pricing after the late go-go 80’s when I bought… all these later I’m FAR ahead of my then inflated purchase price), this house is still beyond the reach of the vast majority of people who give their advice here. Remember that girl in HS that never dated but had plenty of relationship advice to anyone that went to the Pizza Hut *not* alone? Think we called it a third wheel back then, think they call it a
non-LP’r today.
“here is a townhouse down the street that just sold. Wonder what they ended up paying per month to live here for 9 years? taxes are under 5k, wow.”
Wow, those are going to practically double. I forget all the intricacies of this, but there is no question 2010 and 2011 are going to be much higher.
aww jay, a couple months ago you were trying to tell me lincoln parkers werent snobby. lol
jay – ha ha ha – that is too funny (and TRUE)!!!
confirmation bias, I mean hd, I think that your practice skews your view of the world.
How many hours do you think this will last?
http://www.redfin.com/IL/Chicago/1610-W-Fullerton-Ave-60614/unit-401/home/21477129
“Person Number 1.
The richest guy I know would appreciate your approach to money, at least in terms of debt. (He was at least willing to take risks to grow businesses, whereas many lawyers’ risk aversion keeps them forever on the wage-earning treadmill). When this guys buys a house, he pays cash.
Persons Number 2.
Every other upper-middle-class to affluent person I know has borrowed heavily – no doubt recklessly in your book – to advance their educations or grow their business, and especially to acquire real estate (primary and vacation homes, as well as investment properties). Pretty much everyone in Persons Number 2 is a lawyer, doctor, executive at a company (one that is not their own), or some high paying consulting or administrative position.”
This is a perfect description of the Millionaire Next Door Scenarios he lays out.
Those with the lowest amounts of true wealth? Doctors, lawyers, accountants etc.
Those with the greatest wealth? Small businessmen (dry cleaner owners, pizza parlor guys etc.)
Those in the “professions” earn high salaries but spend it all keeping up appearances (house, car, jewelry, expensive private schools etc.)
If I remember right- in his study of millionaires- doctors were among the worst with their money. And attorneys weren’t far behind.
Income doesn’t equal wealth. Many people forget that. In the book there is a doctor earning $2 or $3 million (I can’t remember which) and this was in like 1996. He was completely broke however and thought he’d have to work forever to afford his lifestyle. It was sad, actually.
Clio- that building has had problems for a long time. There have been a host of short sales, foreclosures and whatever else in it.
It’s also, in my opinion, one of the worst intersections in the city.
Clio, to add to Sabrina’s point, I also think it is the UGLIEST building in the city and who wants everyone stuck in traffic to be able to stare into your house? I wouldn’t ever live there!
” Many people forget that. In the book there is a doctor earning $2 or $3 million (I can’t remember which) and this was in like 1996. He was completely broke however and thought he’d have to work forever to afford his lifestyle”
Yeah – but he probably lived an AWESOME lifestyle and had all sorts of fun. Remember, when you are old, it doesn’t matter how much money you have – all you really have is your memories. You HAVE to have fun and spend money when the time is right. You HAVE to enjoy and take advantage of your youth. Don’t worry so much about the future too much. Live in the present and enjoy (just don’t spend money you don’t have).
That is the main problem of that book – it doesn’t take into account personalities. If you are an aggressive, fun loving, risk taking cowboy type, you are NEVER going to be happy being a Mr. Magoo type conservative. Personally, I would rather blow through my money having fun in the next 10 years than save millions in the bank and live conservatively. Why? Because I have experienced what is like putting your life on hold (no typical 20s social life for me) and I realized I lost out on a whole decade of fun. I will NEVER do that again. It is stupid. Time is the most valuable thing you have.
I almost feel sorry for that building. It might have been okay in a different place, but seriously, looking out on the BP station in a three-way intersection? Only during the height of the boom could that have seemed like a good idea.
I’m also confused by the “West Lincoln Park” designation. I’ve always thought of that stretch of Ashland as firmly in Lakeview. Am I wrong?
Clio- he was married and had several kids. They laid out all the expenses including super expensive mortgage, private schools for all the kids, country club, and something like 5 cars. They spent something like $60,000 a year on clothes alone. He literally had NO money in savings and no retirement plan. He was sweating buckets. But from the outside he looked like a successful, and rich, doctor when he was basically broke.
That was the point of the book. The true millionaires in it (those with wealth) lived in much more modest homes. They also were more likely to drive a Ford than any foreign “luxury” car. Also more likely to wear a Timex than a luxury watch. Oh- and the true wealthy were unlikely to be divorced (as divorce limits your wealth building.)
“I’m also confused by the “West Lincoln Park” designation. I’ve always thought of that stretch of Ashland as firmly in Lakeview. Am I wrong?”
It’s south of Diversey- so this is West Lincoln Park.
” They also were more likely to drive a Ford than any foreign “luxury” car. ”
I don’t know, I would rather be “poor” and drive my lamborghini than be “rich” and drive an economy or “sensible” car. Seriously, money in the bank does NOTHING for you (except give you a false sense of security). Find security in yourself and your own abilities and you won’t be so dependent on money!!
“It’s south of Diversey- so this is West Lincoln Park.”
Thanks – even after almost 6 years in Chicago, I’m still learning where the neighborhood boundaries are!
^^^ Wow, that is just terrible advice.
I think it is about what makes you happy in life. Some people like counting gold coins before they go to sleep, others like to wear their new shoe and look at it in the mirror. As long as one is sensible and doesn’t cause heartache for his/her loved ones, I say more power to them.
Thanks for pointing out small businesses Sabrina, that is what I have been saying all around. Some of the richest people I know never went to university ever.
Well said Miu! I also agree K about that building…actually I do feel sorry for it.
‘CH on April 21st, 2011 at 9:00 pm
aww jay, a couple months ago you were trying to tell me lincoln parkers werent snobby. lol’
Just goof’n CH. It’s just that giving tax shielding advice (which is usually a wealth driven issue) while also preaching just how broke everyone is, or commenting on a neighborhood’s overall financial situation based on an over-leveraged fool trying to sell their LP house, strikes me as odd. I mean, that’s as pointless as me commenting that Jennifer Aniston (sp?) and that Vince guy should totally break up cuz they’re not a good couple. Seriously? What the hell do I know (or care) about either, as I’m certain our lives are quite different. Snobby or just being honest?
You should see some of the beaters the old dears drive to the country club in round here. Some of them could be mistaken for bag ladies if it weren’t for the fact that the bag is a Mulberry!
lol…Jay that was ages ago. You need to read the gossip magazines in the grocery store more often. Do you know Prince Edward is getting married? : )
Married muimui… seriously??? So maybe that’s why the palace returned all my letters?
I think there’s an innate sense of wonder about lives that we think are ‘richer’ than our own (money and celeb driven in America). Most love a train wreck especially when it involves those ‘rich’ people on Fullerton… that in fact aren’t so rich if you read the charts correctly. I don’t think stories about those crashing families in The Back of the Yards play out as well on-line nor in the press. The bigger you are the harder you fall I suppose.
‘Oh- and the true wealthy were unlikely to be divorced (as divorce limits your wealth building.)’
Or Sabrina, true wealth understands that marrage like wealth building (or real estate holdings) has many peaks and valleys, and that real wealth reveals itself in the long haul?
Wow, reading through all these posts, pretty sad commentary.. Is there nothing else to do in Chicago these days but spew contempt and speculate on other people’s private lives?
Sabrina, this is not a real estate blog, it’s group psychotherapy.
Nice townhouse, BTW. Good luck to the seller.