We Love Rooftop Terraces With Putting Greens: 3512 N. Southport in Lakeview
This 5-bedroom top floor penthouse unit at 3512 N. Southport in the Southport neighborhood of Lakeview just came on the market.
It has 4200 square feet of living space and 4200 square feet for its rooftop terrace.
The rooftop terrace covers the entire length of the building and has a full garden with irrigation, a fireplace and, something we haven’t seen before, a putting green.
This is an elevator building and the elevator opens into a private foyer that leads into the unit.
The unit also has a wine cellar.
The kitchen has custom white cabinets and commercial grade stainless kitchen appliances.
The building was built in 2008. This is the most expensive condo in the neighborhood.
What’s the market for a unit like this?
Jeff Lowe at Prudential Rubloff has the listing. See the pictures here.
Penthouse Unit: 5 bedrooms, 3 baths, 2 half baths, 4200 square feet, 2 car garage and 2 more spaces outside the garage
- Sold in September 2008 for $1.5 million
- Currently listed for $1.699 million
- Assessments of $459 a month
- Taxes of $19361
- Bedroom #1: 19×16
- Bedroom #2: 15×10
- Bedroom #3: 12×12
- Bedroom #4: 12×12
- Bedroom #5: 12×12
- Family room: 21×19
I think it is a little overpriced but I definitely see someone spending 1.2-1.3 million for this place.
The putting green is a cool idea – but after 1-2x, you may never use it I have a 9 hole putting green in my backyard and I used it twice.
I’d rather live here than a similarly priced 5 bedroom house. Would prefer a floor plan to show up – Rubloff has been getting better at doing so.
Hah – not just a putting green but after confirming with Streetview – this unit also has a private glassed in basketball court up top. I’m just assuming it’s BBall – maybe volleyball? not roofed in though so not all year round.
Too bad I didn’t double down on penny stocks like a-fed in jan ’09.
My guess is that the sellers purchased it without any real detail on that rooftop. Likely it had a small deck or some paver stones in the corner. Now they want all the investment and more back on the resale. Perhaps in 2004 to 2007 but not likely in this market. Looks like a nice unit. Perhaps a Cubs player in town for the convention will stop by and scoop it up for cash!
Snooze. $899,000. Those assessments are awfully low too for a unit with a private elevator. But that’s probably no biggie if you can afford $20G’s in taxes.
Im not following how the assesment is so low, especially with the elevator, does anyone have any ideas on whats going on here?
the assessments may be low because of the commercial properties on the first floor – many times these businesses offset the assessments for the residences above.
There’s been no problems with the elevator so that’s why it’s low.
Maybe the elevator is not a common element b/c it’s private?
Hell, the $459 a month assessment won’t even cover the daily rate for two unionized labors to repair the elevators.
And if you’re ever been in a building, large or small, with an elevator upgrade or repair, it takes FOREVER!!!!
Since when is $459 per month considered a cheap assessment?
We have an elevator maintainance contract. It is not that expensive and they come out very quickly when we need occasional repairs. Not sure if they are union or not but for a five year old elevator that is properly maintained this building should only worry about a slight chance of a major failure.
I’m going to say $1.5MM – there are plenty of traders, hedge fund types, and early Groupon employees who are under 32 years old and can pay cash for this, very unique and cool, place.
“there are plenty of traders, hedge fund types, and early Groupon employees who are under 32 years old and can pay cash for this, very unique and cool, place.”
I agree that it’s a hip space, but i don’t think there are many sub 30 year olds walking around in chicago who can afford to pay 1.5 mil cash – definitely not plenty. In new york, maybe..not here.
This is a great place. Price is a bit high..I’d say closer to 1.2 mil would be realistic.
can you really call this a “condo”? its 5 bedrooms, 4 parking spaces, with a PUTTING green, a burban sized kitchen and bedrooms.
doodes i would say more of a ranch home with a retail foundation
The owner put down over a cool million when he bought this place. The only mortgage at the time was a conforming $417,000. Must be pretty sweet to be sitting on a million bucks. Damn that million bucks would go much farther today than in 2008.
“I’m going to say $1.5MM – there are plenty of traders, hedge fund types, and early Groupon employees who are under 32 years old and can pay cash for this, very unique and cool, place.”
So Joe in your world are the “early Groupon employees” the latest segment that are going to ride to the rescue and join the traders and hedge fund types to arrest the decline in Chicago real estate valuations?
I thought he was doing a Clio impersonation…
Riz – I know at least 20 or 30 sub-33 year olds who could EASILY buy this place for cash. They would still probably take a loan so as much cash as possible could stay in the trading account – but there are a LOT of them out there in Chicago; not just New York.
Sources –
#1 algorithmic trading firms – there are tons of these shops and all of the 25-30 year olds on the trading/programming side are pulling in $500-$1.5MM/yr
#2 options trading firms
3 hedge funds
#4 Groupon
Joe you live in a funny, little, world.
” tons of these shops”
I worked for traders on the floor at the CBOT right out of school. While I do not argue many made huge cash in the business I’d ask to define “tons of theese shops” Sure it seems like there are a good number but I assure you that not all of their traders are making that kind of dough.
#4 Groupon
Other than founders and any early investors just how many employees of Groupon really had been granted any options or potential equity in the value of the company? My guess is less than 25. Likely far less!
Joe,
are you serious? you personally know 20-30 millionaires ( and well into being millionaires if they can easily plunk down 1.5 mil in cash ) that are under 33 years old? excuse me for stating that this isn’t really representative of a normal population. Way less than 25 people are that rich from Groupon. Traders make big dough, but a small percentage of them. There just aren’t that many hedge fund whiz kids under 30 banking millions in chicago. I’m not saying they don’t exist, but it’s not realistic to say there are plenty walking around. And I’m not normally one to call BS, but knowing 30 millionaires that are in their 20’s or early 30’s is a pretty far stretch from reality .
“are you serious? you personally know 20-30 millionaires ( and well into being millionaires if they can easily plunk down 1.5 mil in cash ) that are under 33 years old?”
No he isn’t serious. Just like spencer who claimed to be a 23yr old hedge fund analyst who had 300k liquid from his earnings and was pondering an MBA. The Realtards(r) and lofty valuation crew unfortunately doesn’t vet their online trolling personas against reality.
Joe instead is trying to insert a counterbalance to the “gloom & doom” real estate crowd on here by saying there are many, many millionaires out there. And somehow these numerous millionaires are going to pay a premium to live in the properties featured on here, even though time and again reality proves them wrong.
Joe, like specer, is an apparition. And an ill-conceived one as well.
Above a dry cleaner? No thank you.
Theres a few of us out there, but I think they tend to still be bearish on housing and rather savvy. Not the type to pay up on a property.
damn joe I need to talk to you as a referral source
We had 2 people clear over a million last year and we are a mid-sized chicago firm. Put that in perspective Merril only was paying a thousand people in fixed income over a million before the crisis.
If you are sitting on the floor at Citadel pretty much all your friends fit that category. Thing is Sean, there really aren’t thousands of guys out there doing it. Might buy the watch to give the appearance but….
OK for fun look at rent appreciation in 2010 in parts of Rio. Bottom left corner page 5pdf or page 3 of the actual journal. Translation won’t be necessary. Bubble? http://www.destakjornal.com.br/pdfedition/2011011731.pdf
…and that’s with an appreciating currency and little inflation.
“We had 2 people clear over a million last year and we are a mid-sized chicago firm. Put that in perspective Merril only was paying a thousand people in fixed income over a million before the crisis.’
I get so tired of the argument that there are all these rich people. If so- then why are prices dropping in all the “rich” neighborhoods and towns? Wouldn’t all the rich people be scooping up all those bargains? Wouldn’t there be plenty of buyers?
You’d think. But sales have plunged in all the ritzy zip codes as well.
It has started to come back a bit at the very upper end (at least show some life) which I attribute to the stock market being at 2 year highs. But credit is still tight across the board and despite Clio saying everyone buys with cash- there were plenty of buyers of the $1.5 million house that put hardly anything down in the boom years. That has gone away now and is not coming back.
There simply aren’t enough wage earners to buy all the million dollar properties in Chicago and the surrounding suburbs. It will take years to work through the inventory and restore the market to some kind of supply/demand balance.
Bob on January 17th, 2011 at 1:39 pm
Joe you live in a funny, little, world.
————-
I’ll back Joe up on his word of knowing 20-30 traders making 500k to 1.5k a year. The only ones that are doing this though are traders with advanced computer programming knowledge. Those guys are eating up profits in “the zero sum game” by nailing the older guys who can’t keep up with the new technology. The thing about these young traders though is that they know at anytime their trade might dry up and start losing money. So instead of buying they rent really pimp places instead.
Cool property, but your market for this, like others have said, has got to be like 20 people. People with the cash or income to swing a place like this generally aren’t looking for a place like this.
Note- I personally don’t know that money young whiz kids but it is possible that Joe may know that many kids if he is well connected enough.
“OK for fun look at rent appreciation in 2010 in parts of Rio. Bottom left corner page 5pdf or page 3 of the actual journal. Translation won’t be necessary. Bubble?”
Wow. Stunning. Obviously not normal. Thanks for the info Ze. No one is talking about Brazil much and what is going on there. Obviously 55% appreciation is NOT normal in one year.
Good luck down there. Chicago must be looking mighty cheap right about now.
Let’s say Joe does know 20 to 30 traders making this. There were at least 100 CME millionaires when CME Group went public. Did that impact the millions of housing units out there? I suppose if they all rushed to one town to buy it might have. But they didn’t.
Heck, there are at least 20 to 30 Cubs, Sox, Blackhawks, Bulls players that all make enough money to buy this place. Why isn’t anyone talking about them buying (other than one person who commented on it?)
I’d back Joe up as well, there are plenty of traders out there that make this kind of money. Chicago is considered one of the top places to trade in the world and people come from all over to do just that. Chicago is to trading, as Vegas is to gambling. Money is always changing hands and in the past decade electronic trading has placed a lot of money in the hands of younger generations. Go ahead and google “Prop trading firms in Chicago” and you should find an extensive list relatively easy. I think people are talking about traders over athletes because there are so many more making this kind of dough in Chicago.
Look at the Trump must be over 100 million dollar listings in that building still. And I guarantee there are not that many trading whizzes in their 20’s making that kind of money. Their numbers aren’t that big to the entire market but also many aren’t natives who want to get tied down here, but also banks aren’t going to be throwing money at these people after a few good years and their not the type who’d want to tie up a lot of money in real estate.
How many penthouse condos are available in all of lincoln park and lakeview that are between 1M-3M? You guys are suggesting there is an over supply for this search criteria? and that there isn’t that many traders in Chicago with that type of money?
“How many penthouse condos are available in all of lincoln park and lakeview that are between 1M-3M? You guys are suggesting there is an over supply for this search criteria? and that there isn’t that many traders in Chicago with that type of money?”
You’re assuming that every trader making enough money to afford this will want to live in those 2 neighborhoods in a condo (and not a single family home.) That they won’t want to live in the Loop, the Near North Side, the West Loop or some suburb somewhere.
But condos in that price point in those two neighborhoods aren’t real common (let alone penthouses). There are about 26 total condos right now- but some are new construction so you couldn’t move into them right now anyway.
I would expect more to come on the market this spring. But even still- this price point isn’t common. Most buyers would be looking at single family homes or the condos along Lincoln Park/Lake at that price point.
“You’re assuming that every trader making enough money to afford this will want to live in those 2 neighborhoods in a condo (and not a single family home.) That they won’t want to live in the Loop, the Near North Side, the West Loop or some suburb somewhere.”
No, I was just sticking to the neighborhood that the thread property was in. Im not sure why I included Lincoln Park. And also was sticking to the property type of being a condo.
“But condos in that price point in those two neighborhoods aren’t real common (let alone penthouses). There are about 26 total condos right now- but some are new construction so you couldn’t move into them right now anyway.”
26 does not seem like an over supply. If you take the condos off of lakeshore dr. there only appear to be a handful. I’d imagine there has to be 5 people looking for a condo in lakeview/lincoln park over a million?
“26 does not seem like an over supply. If you take the condos off of lakeshore dr. there only appear to be a handful. I’d imagine there has to be 5 people looking for a condo in lakeview/lincoln park over a million?”
It would be a very small supply of people who are looking in that neighborhood for a condo (and not a single family home.) The more obvious choice would be a professional athlete- and NOT a trader.
It only takes one buyer. But this is a very unusual property (at that price point and location.) Many blackhawk players live nearby- perhaps one of them will be interested?
As you’ll recall, we chattered about this penthouse at 550 W. Wellington for over a year which was priced around $1 million. It had views and its own rooftop deck.
It never sold and was withdrawn from the market.
http://cribchatter.com/?p=8213
We shall see on this Southport property.
“It would be a very small supply of people who are looking in that neighborhood for a condo (and not a single family home.) The more obvious choice would be a professional athlete- and NOT a trader.”
I’m not sure I understand why? I would bet that more traders live in this neighborhood than blackhawk players that could afford this? And I do agree that in these neighborhoods single family homes are more desirable, and your 550 W. wellington is an interesting comp that never sold.
“I’m not sure I understand why? I would bet that more traders live in this neighborhood than blackhawk players that could afford this?”
There are 4 or 5 blackhawk players who live just a few blocks away in Roscoe Village (apparently it’s a “hot” area for the blackhawks.) One just bought a townhouse in November near Hamlin Park, according to the Tribune.
“There are 4 or 5 blackhawk players who live just a few blocks away in Roscoe Village (apparently it’s a “hot” area for the blackhawks.) One just bought a townhouse in November near Hamlin Park, according to the Tribune.”
The bars around there must have been letting them in underage a couple years ago =)
The Chicago trading community is not that large. Same goes with the hedgies. There are only two cities on earth with massive wealth creation from such sources: NYC and London.
Chicago, in comparison, is a minor player.
Most moneyed folks in Chicagoland are small business owners and professsionals, just like everywhere else in the Midwest. There is nothing remotely like the Upper East Side of Manhattan or Greenwich, CT anywhere in Chicagoland.
Now there is plenty of money in Chicagoland, but to assume that there are tons of rich young traders ready to save the market is frankly absurd. The market is very weak right now. According to Case-Shiller, we’re the nation’s worst major market.
Part of living way up here is to get to a SFH for me. This kinda makes me re-think that idea. It looks cool but I feel like people wanting to spend that kind of cash in this neighborhood might be looking for their own land. It is a great place and will sell it is just what I might be looking for if I wanted to live closer to the loop.
I like the piano in the photo. I wonder if someone actually plays it? The problem with McCrapbox condo construction is that they are hardly sound proof and I bet these people living below can hear every keystroke.
The subject property is in Hamilton School district, which I’m told has 3 kindergarten classes of 28 kids each, made up of mostly caucasian kids that live nearby. So I guess that school will be improving.
At the end of the day the place is pretty cool however without the roof deck it is just another oversized “top floor” condo. Most Blackhawks players and other professional athletes do not stay in Chicago during the off season so that awesome rooftop deck might hold slightly less value for them. Same thing for a Bears or Bulls player. Also they practice up north so most of them live in the northern suburbs. The Cubs or Sox players might be different.
Trading whiz kids are likely targets but I think that everyone missed the real target. My guess is a youthful fun empty nester couple used to a huge backyard and space to entertain their large extended family will end up buying the place. They still have some equity in their PAID OFF home and that will make for an easy purchase. The downside is that they might find Southport a bit young and not as classy as other areas of LP or RN. Tradeoff is the cool rooftop. REmember what I said on Monday. People buy on EMOTION. He/she will fall in love with that backyard located up on the rooftop.
“The Chicago trading community is not that large. Same goes with the hedgies. There are only two cities on earth with massive wealth creation from such sources: NYC and London.”
Really? Is there any data to back this up? with exhanges including the CME, CBOT,CBOE, CHX in Chicago surprises me that the trading community is not large. Where did all the volume come from to make all these exchanges world leaders? New york and London may have more traders but relatively speaking I couldnt think of any other city bigger.
This is the type of place I think someone like Riz would buy. He could ask daddy for 280k down payment and he could swing the mortgage/tax assessments once he gets a job as an attending. Then, in 5-10 years, sell and move to a SFH for the kids. Until then, you could have awesome parties and memories!!!!
Riz,
Clio is right this is the perfect place for you! Can I get an invite to your first annual 4th of July BBQ? I’ll bring some ahi tuna and steaks from Paulina Meat Market. Please make sure to raise those railings so that my one year old and your drunk friends do not fall off the roof!
The current owners who likely bought on ‘EMOTION’ are going to take a bath when this place finally resells.
Why don’t you all just admit that the market for $1,699,000 penthouse condo on the Southport corridor is infinitesimally small?
JP3 is absolutely right about people buying on emotion. My house in OB is a perfect example. Although the place has never been on the market, I have received 7 unsolicited offers for the place. To most people, houses represent unfulfilled dreams/fantasy. In the case of my house, they see multiple summer pool parties, golf outings, volleyball with friends/family. They see a happy large family/extended family having wonderful times in the yard, playhouse, etc. They want THAT life and a home/house is the tangible link to that fantasy. Very very few people are immune to this – I know that when I bought the place, that is exactly what I was thinking. Even if it didn’t turn out to be anything like I expected, I am sure that my next place will be bought on some other unfulfilled fantasy of mine.!!!!
“The current owners who likely bought on ‘EMOTION’ are going to take a bath when this place finally resells”
Who cares?!! Seriously – most people that can afford this would GLADLY lose money if they were able to satisfy some fantasy/dream they had. This is not a hard concept to understand – look at the cars people buy – do you think that people expect to get a return on their investments? look at women’s shoes, purses, clothes, etc. – do they expect to get a return on these investments. Now look at the billions of dollars spent on vacations, spas, dining, etc. – how do you think these people feel about spending this money?!! Now do you understand?
clio it’s glaringly obvious that pure emotions alone (likely greed), as opposed to financial prudence, were the basis for your purchases and you will likely suffer the financial consequences for the same.
“This is the type of place I think someone like Riz would buy. He could ask daddy for 280k down payment and he could swing the mortgage/tax assessments once he gets a job as an attending. Then, in 5-10 years, sell and move to a SFH for the kids. Until then, you could have awesome parties and memories!!!!”
I absolutely won’t lie. I like this place a lot, and if i had the money, and was positive that i’d be in Chicago for 10+ years, I’d scoop this place up…not for 1.69 though! at that price i’d throw 700k into a condo in the city, 700 into a house in the burbs, and save 200k for an exotic car. =D
“at that price i’d throw 700k into a condo in the city, 700 into a house in the burbs, and save 200k for an exotic car”
HD – your maint. costs of having 2 places and an exotic car will be much higher than living in this place!!!
meant “Riz” – not HD
” In the case of my house, they see multiple summer pool parties”
“Even if it didn’t turn out to be anything like I expected, I am sure that my next place will be bought on some other unfulfilled fantasy of mine.!!!!”
Clio – Ok I knew you had a pimping big cool place in OB but never heard anything about the pool. You have officially taken over from Riz for the official Crib Chatter 4th of July party!
BTW what do you think about this place? I just saw it over the weekend and find it interesting. It appears to be way over priced for the current condition and recent sale down the block at $850K but it is a pretty cool design. With some $$$ I could make this place shine again. The downside is that the grade school is still a long walk and across a busy street for a young child.
Are you familliar with this area of OB? Thoughts? I was in the neighbors home two doors down and it was FANTASTIC. Might have been one of the nicest homes I have ever been in ever.
http://www.redfin.com/IL/Oak-Brook/23-Baybrook-Ln-60523/home/18086523
Clio, my ‘unfulfilled dreams/fantas[ies]’ usually involve Dungeons and Dragons. So if I find a home with a cavernous basement that’s perfect for my sultan gaming table (http://www.geekchichq.com/Co_Store/The_Showroom/The_Sultan/The_Sultan.html) will my emotions take over and buy it? What if I can buy this monstrosity of a home only if I lie on my mortgage application, should I do that too? What if I get in over my head on finances because I’m too busy dreaming about hosting all-nighter D&D parties where I’m the dungeon master and I can serve chips and cheap beer…..is that OK?
HD – Man do I hope that was 100% sarcasm. If it was 90% your stock just went down Mr. Dungeons and Dragons…..
The oak brook home is great architecture but the inside is a little icky. the taste looks a little like late boomers trying to cash out on their purchase. I’d have to rip out all the carpet, remove some of the wood, redo the kitchns and bathroom to give it a more modern look.
JP3 – I also saw this house – completely awesome location in a very good subdivision. The only downside is that it is in the downers grove school district (Ginger Creek is weird that way – half of it is Hinsdale/Oak Brook schools and half is Downers Grove). The school district will always keep the price of the house down. Actually, there are much better deals in Oak Brook right now. What price range are you looking in?
Of course it’s sarcasm – i’ve never played a table top D&D game in my life. I have no creativity to be a DM anyway.
There’s sort of a semi-yearly dungeons and dragons joke that pops up here every once in a while. As soon as clio said that homes are about unfulfilled dreams and fantasies I just couldn’t resist.
hd – I am not saying that buying a house based on unfulfilled dreams is GOOD or OK – I am just saying that it is what happens for most people. You need to understand this and accept it – otherwise you won’t understand the market.
Jp3,
screw the pool for the party i found a home with a real Indian tepee tent in the yard.
HD,
have you seen the house with the TePeeeeee tent in “OIP”. do you have any knowledge or info on why or how the family did that?
HD – Whew…I was afraid that I was going to have to discount your opinions by 25% or more. Your thoughts on that home were spot-on as usual. The home needs around $150K to $200K to get in into today’s styles. There are many homes selling and sold in this immediate area for well over $1M so it could handle the improvements. My goal would be to live there for 20 years making that improvement risk mostly irrelevant.
Clio- still mainly interested in the CC area of Park Ridge but I look for interesting architecture and areas with a nice view etc. And I am a sucker for big open spaces with lots of glass. Mid-century modern is a favorite style of mine.
http://www.redfin.com/IL/Park-Ridge/100-Shoreline-Dr-60068/home/13648015
This one got away. I really liked the design and area but we had not even put our place up for sale at the time it went under contract. In addition my wife worried appropriately about raising little ones next to a pond. Loved the home and can not wait to see what the new owners do with the interior. It needed big time work.
Which house is that Groove?
That Sultan Gaming Table is the coolest thing I’ve ever seen on Crib Chatter. Thanks for the link, HD!
screw the pool for the party i found a home with a real Indian tepee tent in the yard.
That will be perfect for the Groove Thanksgiving party. RSVP for three, wait make that four by then!
Park Ridge home is awesome, totally awesome, but needs some work; I too love the midcentury which is a relatively new thing for me.
doing the rehab work is the hard part. I haven’t got the eye or the patience to live through a rehab.
doing the rehab work is the hard part. I haven’t got the eye or the patience to live through a rehab
I love it. My real job does not give me options to be very creative so rehabbing gives me a great outlet to exercise that side of my brain. Just can no longer live in the space while doing the work like I used to….kids and wives are not that adventuresome.
FYI the owner of the park ridge house is a patent attorney for big pharma, which is a bit out of my league.
“Which house is that Groove?”
Its right behind Schurz second or third house off the sw corner one block north of addison.
I thought murphy lake was the “it” spot. and thought it was a no boat “lake” but it looks to be a no motorized boat lake.
Yeah no motors allowed on either of those lakes. This one is on park lake which is Not really all that useful of a lake but protects your views and is suprisingly quiet.
“Above a dry cleaner? No thank you.”
There’s no dry-cleaning plant there; unless grandfathered in, all of the DC is centralized, with this just being a store-front for pick up/drop off.
stock market is at a 2.5 year high – mad money is being made today. I am sure there are several people who made more than the price of this unit just today in the market. 🙂
HD – We heard he was an attorney but did not know what kind. This is his current home Similar style but very “colorful.” Apparently it recently went under contract. We liked that one as well but it was small, had too many level changes, and I found it really hard to expand or remodel to fit our lifestyle.
http://www.redfin.com/IL/Park-Ridge/910-Hastings-St-60068/home/13649894
Under contract – this is shocking even to me!!
“Under contract – this is shocking even to me!!”
I have to agree with you clio. There is a lot on the market at this price point all over the city in some of the best buildings/neighborhoods. Many of those other similarly priced properties are not selling. So it IS a bit of a shock to see this one go under contract.
It only takes one buyer…
I am sure there are several people who made more than the price of this unit just today in the market. 🙂
“Very very very few”
I somehow missed this listing so I had to go to the Rubloff site to review the pics (which you can do if you are registered with them) of the sold unit.
While it is very nice with high end finishes and some very unique features (a flower vase built into the bathtub?), I don’t understand how any place in this area, above lower end retail, could get that much money.
But then, who am I to debate the reasons one would chose to buy ANY property.
I too have ‘fallen in love’ with a number of listings…Jennifer Ames’ in particular. The outrageous floor through loft on Huron (with a urinal) and that beauty of a duplex penthouse that went for almost half off…based not on practicality but rather on an emotional “I HAVE to have this house”. All three of my places (NY, Miami and Denver) were purchased as a result of this strong emotional reaction to seeing unique and fantastic (if only to me) places. All three times I threw sensibility and my usual “what will this sell for in ___ years” thoughts out the window.
That said, after having owned them (two of them at least) for the long time I have, I am glad I did buy when I did as I landed extremely awesome deals on them and the appreciation on the units has been extraordinary…not that I ever plan on selling any of them…ever.
So, no matter what the reason for a person buying any property, the only thing that matters is if owning your desired place brings you satisfaction and enjoyment, who has the right to piss on your decision to live in the house of your dreams?