A 2-Bedroom Listed $33K Under the 2004 Price in the Sexton: 360 W. Illinois in River North
The Sexton, at 360 W. Illinois, is one of River North’s most popular loft buildings.
Located across from the East Bank Club, the building has both a timber portion and a concrete tower portion.
This 2-bedroom on the 8th floor of the tower has been listed on and off since 2008.
The listing says it is price for a “quick sale.”
This is no small sized 2-bedroom unit.
At 1670 square feet, it has 11 foot high finished ceilings (not timber) but is missing the exposed brick found in many other units in the building.
While it is a corner unit, only 1 of the 2 bedrooms appears to have windows.
The kitchen has white cabinets, granite counter tops and some stainless steel appliances.
This loft has been reduced $89,100 since September 2008.
It is also listed $33,600 under the 2004 purchase price (including the parking in the current list price.)
This is only $7,400 over the 2001 purchase price.
Is this loft a deal?
Or is the 2001 price now the current market in the Sexton?
Kathleen Krist-Krueger at Krist-Krueger Realty has the listing. See the pictures here.
Unit #8F: 2 bedrooms, 2 baths, 1670 square feet
- Sold in February 2001 for $450,000
- Sold in June 2004 for $491,000
- Originally listed in September 2008 for $509,000 (parking may have been extra)
- De-listed
- Re-listed in October 2010 for $429,900 (parking extra)
- Reduced
- Currently listed for $419,900 (parking $37,500 extra)
- Assessments of $685 a month (includes doorman)
- Taxes of $7178
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×14
- Bedroom #2: 11×11
- Living room: 24×25
The photos make it appear larger than the dimensions suggest that it is. Still this is a pretty big unit with good light (often light is an issue with timber lofts). Good deal.
wow I love this building, what a great deal
Seems like they are at a point where it should sell. I wonder how many offers they have had since first listing the unit.
The answer is that they’ve probably had zero offers in the last 58 days or else they wouldn’t have lowered the price a grand total of $10,000 since the Oct. 6 listing date.
It’s price appropriately for the comps in the building, all of which have sold for higher prices in the last few months.
But this is the double dip – you’re witnessing it now. It’s happening before your very eyes. A property priced very appropriately at slightly below the comps. In theory, it should sell. However, it’s not selling….
This property is great evidence that prices are dropping before our very eyes. It will take some time for these drops to be recognized in our pricing metrics.
did those comps include the 37k parking? That could be a hangup here.
LOL @ the $700 assesments.
So you pay 8K a year to have a doorman, then I’m sure you pay another 15 – 25k in special assesments every 2 or three years, and at the end of the what, 5 years anyone could posibly stand to live in RN, you sell the joint for 50 – 100k less than what you paid for it.
Sign me up.
Buying a condo in RN has to be one of the dumbest financial decisions anyone in this town could possibly make.
cool story bro
I don’t think the comps included parking. Regardless this property with the parking is still priced at the comps.
or maybe they did. who know.s
most sale prices that you see on chicagotribune or whatever include parking
Can someone justify for me the point of paying some of these ridiculously high (to me) assesments?
Lets say this place ultimately sells for $400K w/ 50k down. Your monthly mortgage is somewhere are 1.5K, plus 700 in assesments, and then a small amount in taxes/insurance per month. You’re now paying 1.5k of your mortgage and you have sunk costs of nearly $1000…
Why not just rent this place for approximately $2K (probably closer to $2.2-2.4K), with a roommate ($1K per person)? Same sunk cost, better mobility.
Unless someone can tell me I’m backwards and unwind me, its for this reason alone that I’m not interested in purchasing anything in RN (not even considering the neighborhood, which I don’t mind but others do).
Try 2.6K with rents rising. Some of us are adults who prefer not to have a roomate. If you need a roomate to afford the place, you really should not buy. Explain how RN is any different than other neighborhoods with large full service, doorman buildings?
Also, a slightly lower price is not necessariily indicative of a double dip. It’s winter, the comps sold before the end of October, and no one wants to move in winter. They may be able to get a higher amount in spring, but perhaps this owner needs to move asap.
“with a roommate ($1K per person)?” Totally dude. I can see the beer pong adventures now.
uhhh – the stock market is getting stronger and stronger and near 1 year highs and rising. Again today, billions were made in the stock market. This money and confidence WILL trickle down to real estate. If the stock market and conusmer confidence keep on this track, we will start to see much more spending on real estate in the spring. People are itching to move on with their lives.
remember cwrls, 400 or so of your 1500 mortgage payment goes towards principal which certainly adds up to a nice nest egg over a period of a few years.
Also renting a big 2/2 in this building costs at least 2500 a month.
So once again it goes to
1) do you have a stable job or adequate cash reserves in case of emergency
and
2) how long would you like to live in the place you purchase
if under 5-7 years, it probably doesn’t make sense to buy, but if you like the area and want to live there a while (which some people do) then why not buy with prices and interest rates so low?
crwls,
You’re spot on.
Why are the assessments so high?
Probably a large portion of their tenants have stopped paying their assessments and they need new suckers to come in and pick up the slack.
The 450K condo with 700 a month in assessments equals almost a 600K SFH. And in the SFH you’re paying that 700 a month toward your mortgage.
You know what kind of place you can get in Highland Park right now for 600k?
Let’s just say it’s a little nicer than a RN loftard convo that you’ll end up paying special assessments of 15 -25k every 3 years on.
But, yeah, they don’t have Rocket or Howl at the Moon in HP.
LOOLZ
chicagobull:
Bob, Bob is that you?
chicagobull i wasn’t going to take your bait before, but you are one stupid person… the main reason that assessments are “so high” at $700 a month is that you have a lot of extra money socked away in a reserve fund so that you don’t get hit with “special assessments every 3 years” not to mention paying for crap like elevators, doorman, heat, water, gym, and other crap
and how many 600k Single family homes are there across the street from EBC or on the near north side in general that isn’t in Cabrini green or on the el tracks?
Highland Park SUCKS! You can’t even compare living in HP to River north its like comparing Syracuse real estate to New York City!
Also, rockit and HOTM are a hike from here and are really in streeterville, why wouldn’t you say any of the good restaurants that are a lot closer than those two crapholes? Oh i get it, you’re trolling!
LOL touche – forgot that we are all at different stages of our lives/have different lifestyle preferences. a++ on the pong reference.
Perhaps I should have phrased the question differently or used a different property – to me, having a roommate or not doesn’t matter, and would only buy a place I could afford on my own (having a good friend to hang out w/ and help me pay down the mortgage fastr is an added bonus). I look at this place and see a 2.5K/month payment if I buy (1.5 PI and 1K in what I consider sunk costs). Given my lifestyle prefrences, I could live in the same place for nearly the same sunk cost (2.5K rent/split 2 ways = 1.25k/person).
I don’t need anyone to confirm this for me – and I don’t think the assessments are really all that much higher here than any other place in RN or on the lake. It’s just that I continually find the high assesments as my resistance point b/w buying and renting.
Wonder why other people feel differently (probably more money to spend ;D indifference)
-Mike
You got it, sonies. HP is so not comparable. Hell, even the area 2-3 blocks from Cabrini beats HP as Cabrini is going down. Last two families in the remaining highrise have 10 days to evacuate.
“You know what kind of place you can get in Highland Park right now for 600k?
Let’s just say it’s a little nicer than a RN loftard convo that you’ll end up paying special assessments of 15 -25k every 3 years on.
”
OK – you obviously don’t own a SFH. Believe it or not, when you calculate all of the costs of a SFH (maint. costs), they probably come out to much much more than 700/month. People just don’t realize it. Seriously, factor in roof replacement q 20 years, H20 heater/A/C/Furnace maint./replacement, lawncare, flowers, windows, elect., gas, cable, driveway repair, etc etc. and you will see that the monthly costs are HUGE.
Well, I wouldn’t equate Syracuse/NYC to Highland Park/River North. HP is a prime north shore community (particularly for Jewish families, chag sameach!) within easy commuting distance to the city. Syracuse is in the middle of nowhere.
But the rest of Sonies’ comment is spot on. While nobody should be thrilled with $700/mo payments that (i) don’t build equity and (ii) provide no tax benefit, there’s quite a bit that such a payment covers, including (presumably) the funding of a reserve.
Heck, I pay $360/mo at my association, and that covers trash, water, common maintenance and insurance on the roof, and a very basic twice/mo cleaning of the minimal common areas. I don’t think we allocate much toward a reserve, and we certainly don’t have an elevator or any ammenities such as door staff. (And while I do like paying less than $400/mo in assessments, I’d pay a few hundred bucks more for an elevator and at least a daytime door/office person to receive packages.)
Has anyone been to the East Bank Club? I know that it is quite prestigious and expensive. Are the instructors and equipment that much better than other health clubs? Are the members that much better looking?
Agree. The annual gutter cleaning out on my SFH costs $500. This is on top of law care and plantings. Home maintance costs are far more than these assessments. Oh, and when your cable goes out, you get put on a list and someone comes in a week if your lucky. When your in a big building….the cable guy comes that day.
Sonies,
Are the reserves/special assessments why places that I would consider comprable, and in the relatively same location , so much cheaper?
For example 2bd/2ba, 1450sq ft & 2 blocks north @ 420 ontario:
http://www.redfin.com/IL/Chicago/420-W-Ontario-St-60654/unit-206/home/12697545
The building is troubled (which I don’t quite understand yet) is about the only reason I can make up for such a significant difference in price (obviously the original place is nicer/more light – but not by $150k right?).
Thanks for the insight.
-Mike
danny – I was a member for a while… its ok, but only really makes sense if you go 2-3 times a week and are a “classes person”
There are some serious trainwrecks there, (far more than actual attractive people) and god damn its expensive. I did enjoy shooting hoops near D-wade a few times though, that was neat.
cwrls – thats a short sale, that price might look really good but the odds of the bank approving it in a timely manner are slim, so its not really a comparable property since the bank is not likely to let the property go at that price.
I dont like 420 ontario, its right across from Reza’s and they always have dumpsters on the street there for some reason, also the 94 feeder might run right behind this unit literally right outside the 2nd floor. Also its a bit further from the loop (and bus routes to the loop) which would add about 10 minutes to my commute
that is not a comp to 360 illinois at all 🙂
“Has anyone been to the East Bank Club? I know that it is quite prestigious and expensive. Are the instructors and equipment that much better than other health clubs? Are the members that much better looking?”
I don’t think prestigious, is exactly how I would refer to EBC (it is nice, lots of different activities). Theres an alternate 11 letter, ‘pre-‘ word that I think is more befitting
also LOL @ the realtor putting the red box (for the location in the birds eye view on the listing) at 430 W. Erie instead of 420 w ontario, so you can’t see that the building is right on the 94 feeder… also no outdoor or window photoes… so SHADY!
Thanks Sonnies – 360 does look nice, would like to see a brick/timber loft though
“11 letter, ‘pre-’ word that I think is more befitting”
absolutely! people there are kinda pretentious d-bags… so I didn’t really fit in at all
Not my expeience. $500 to clean out your gutters? We do that ourselves. Course you have to be willing to climb a ladder. We also painted the exterior of our house a few summers back, saving ourselves lots of money. We’ve replaced a few windows and doors, the total cost of which, including labor, was under $5000. After living here for almost 20 years, we have never had to call in a cable guy, we do our own lawncare and snowblow our own sidewalks. If and when we have to replace our roof and furnace, it will cost a lot less than $700 a month for 20 years ($168,000). We pay $350 a year to the homeowner’s association in our subdivision. But we are always looking for ways to save money and aren’t afraid to do things ourselves.
“Agree. The annual gutter cleaning out on my SFH costs $500. This is on top of law care and plantings. Home maintance costs are far more than these assessments. Oh, and when your cable goes out, you get put on a list and someone comes in a week if your lucky. When your in a big building….the cable guy comes that day.”
http://www.redfin.com/IL/Chicago/360-W-Illinois-St-60654/unit-301/home/12738630
another 2/2 in the building, more sqft, but the not preferred north facing view
I used to rent in 42O Ontario. Its cheaper b/c there are no amenities other than 1 doorman. Very little public space. The elevators are tiny (less costly) and poorly outfited. The lobby is nice but smaller than Sexton. Definately next to interstate ramp. All of condos on that side hear the hummm….I rented on the front side and heard the drunks spilling out of private parties from Reza’s weekly. Sexton is much quieter and much more light.
“Try 2.6K with rents rising.” – a local
They might get the $2600 since that’s what 10F recently rented at, but that contradicts the “rents rising” part since the subject last leased for $2700. Here are unit lease dates and prior dates where I have them. Not many rising rents here:
10F 9/13/2010 $2,600
8F 10/22/2008 $2,700
6F 3/1/2005 $2,550
103 8/19/2010 $3,100
103 9/18/2008 $3,100
304 4/2/2010 $1,475
304 2/12/2005 $1,375
327 8/8/2010 $1,550
327 9/1/2009 $1,600
414 10/28/2010 $2,200
414 12/31/2009 $2,000
423 1/23/2010 $1,500
423 1/6/2009 $1,700
501 7/5/2010 $3,100
501 7/27/2009 $3,100
504 5/17/2010 $1,690
504 6/1/2009 $1,700
510 12/21/2009 $1,200
510 1/12/2006 $1,250
4G 5/19/2010 $2,400
4G 9/10/2009 $2,400
4G 1/10/2008 $2,600
8A 11/4/2008 $2,600
8A 7/9/2007 $3,300
8G 12/31/2009 $2,200
8G 11/18/2008 $2,200
“so SHADY!”
Sonies, did you catch the part in the listing that says “WOW! ORG LISTED @550K PRICED FOR QUICK SALE”? That would be the 45 days it was listed before cancellation in Sept-Oct 2008.
I take it theres an MLS for rentals then too, probably nothing similar to RedFin for access to that no?
G – okay maybe not rising yet. But much higher than the 2K and 2.2K mentioned earlier. The prediction is that rents downtown will rise…but probably not unit spring b/c demand does not pick up unti then. Chicago is very seasonal. No one wants to move in December if they can help it.
“The prediction is that rents downtown will rise”
By who? Anybody who hasn’t incorrectly predicted rental rates over the past few years?
Juliana, you are comparing apples to oranges. A full service building where maintenance is done for you versus doing every home maintaince project imaginable. It is costing you a lot…of time. And, time is money…unless of course you think your time is worth very little. In that case then okay. But most of us value our time.
juliana on December 2nd, 2010 at 3:09 pm
“Not my expeience. $500 to clean out your gutters? We do that ourselves. Course you have to be willing to climb a ladder. We also painted the exterior of our house a few summers back, saving ourselves lots of money. We’ve replaced a few windows and doors, the total cost of which, including labor, was under $5000. After living here for almost 20 years, we have never had to call in a cable guy, we do our own lawncare and snowblow our own sidewalks. If and when we have to replace our roof and furnace, it will cost a lot less than $700 a month for 20 years ($168,000). We pay $350 a year to the homeowner’s association in our subdivision. But we are always looking for ways to save money and aren’t afraid to do things ourselves.
Also, juliana, remember assessments also include some, if not all utilities.” So you are paying more than $700 month.
“Sonies, did you catch the part in the listing that says “WOW! ORG LISTED @550K PRICED FOR QUICK SALE”? That would be the 45 days it was listed before cancellation in Sept-Oct 2008.”
haha no I missed that, classic!
“Also, rockit and HOTM are a hike from here and are really in streeterville,”
Really? I’ve always thought Streeterville was east of Michigan Ave., and River North was west of Michigan Ave. Both of those places, as bad as they are, are a few blocks west of Michigan Ave.
Calderon,
You are correct. Rockit is in River north and a 5 min walk from the sexton
My utilities average about $400 a month including cable. Of course, I am willing to keep the temperature at 68 in the winter (also turning my programmable thermostat down to about 55 at night when I am snuggling under my down comforter) and 71 in the summer (usually cooler at night and set at about 85 when I’m not home). That still leaves $300 a month ($3600 per year, or $72,000 over 20 years) to cover “special assessments.
“Also, juliana, remember assessments also include some, if not all utilities. So you are paying more than $700 month.”
Sonies – IIRC Sabrina posted in past townhomes 1.5 blocks SW of Sexton @ 310 or 320 N Clinton for abt $500K with $150/mo assessments. Or for abt $360K – 2 br/2 ba @ Kinzie Park, Riverfront lofts @ 550 Kingsbury or Union Sq lofts @ 333 W Hubbard.
Re EBC: I go 3x/wk and @ $170/mo EBC is exceptional value to me. I previously paid for cheaper health clubs I didn’t go to. EBC’s facilities, employees and classes are exceptional. I dropped 15 lbs in last 12 mos thru spinning classes. Yes there are some d-bags as there are anywhere including CC but all in all EBC is a very, very nice place to exercise and recreate. And where else could I witness drama like a minor league politico telling Oprah’s Stedman that Stedman couldn’t afford to play a politico games of horse for $?
Also Am-Russ of Wheeling cleans my SFH’s gutters and windows inside and out for less than $250
8K a year for average SFH maintenance? HP = ‘Cuse NY? This assessment includes utilities? Having high assessments prevents special assessments? Rocket and HATM are in Streeterville?
Right. I’m the stupid person here Sonnies.
“Yes there are some d-bags as there are anywhere including CC”
I resent the implication.
“Right. I’m the stupid person here Sonnies.”
I think I speak for everyone here when I say ‘we appreciate your honesty’
G – see “The prediction is that rents downtown will rise”
http://www.chicagorealestatedaily.com/article/20101115/CRED02/101119937/big-rent-hikes-foreseen-for-downtown-apartments
I’ve been to EBC as a guest many times. It’s always nice and clean, there’s never a wait for a treadmill (or anything, I imagine), there’s something for everyone’s exercise interests, there’s a rooftop in the summer, the dining options are all pretty good (including Sunday brunch), the store/deli is handy, the locker/shower facilities are very nice, and there’s a garage. It’s a real scene, and definetely lots of attitude and d-bags, but that’s to be expected. If it were in LP, we might consider joining (Equinox is $125/mo, and it’s no EBC). In the meantime, I’ll continue to be an occassional guest at EBC over the cold months, but will usually just throw on warm clothes and go exercise across the street in the free gym (aka “the park/lakefront”).
a local – see “By who? Anybody who hasn’t incorrectly predicted rental rates over the past few years?”
Pollyanna – I mean Juliana,
My husband probably couldn’t find the business end of hammer so we live in a full service building with an engineer who will come and take care of most repairs – even those in our unit. We pay assessments that would almost certainly shock you. We also work all the time, and like a local said, value our time. Different stokes I guess.
Gym plug-
If you’re young and a single guy (and not gay) join LVAC or LPAC. They have corp discounts, are really nice gyms, and basically packed with young, mostly hot 20-somethings. Although its considerably harder to pick someone up at the gym vs a bar (at least if you’re not rock-climbing), the facilities are really nice.
What I’d really like is a SFH atop a midrise, full service building.
Hey, I’m no Pollyanna, actually most people I know would describe me as the complete opposite (I’d be surprised if you are more of a pessimist than me) But its amazing the things you can figure out how to do on your own with a little effort and help from friends. Maybe we’re just mechanically minded. I can’t imagine raising a family in your circumstances. My kids grew up learning to help with maintenance chores. Different strokes, for sure.
“My husband probably couldn’t find the business end of hammer so we live in a full service building with an engineer who will come and take care of most repairs – even those in our unit. We pay assessments that would almost certainly shock you. We also work all the time, and like a local said, value our time. Different stokes I guess.”
“What I’d really like is a SFH atop a midrise, full service building.”
A lot of people here talk about the SFH like the end-all-be-all solution but honestly if you like city living I don’t really think its necessary, especially if you have a friend’s backyard to sit out and drink in in the summer and as a place to shot off fireworks and live near a park to take your dog/kids.
Although these days condos scare me: I don’t want my financial situation to be tied at the hip with other owners in my complex (I remember the ol Groove77 quote “condo = communism”). If I were to buy today for me a fee simple townhome makes the most sense. But then again those ain’t cheap so I’ll just keep renting.
“If I were to buy today for me a fee simple townhome makes the most sense”
So … a SFH without a yard.
Is mowing really *that* big of a burden? Everything else maintenance-wise is (basically) the same as a SFH.
As to the “value our time”, (apart from painting the exterior) how much time do you condo dwellers think the discussed work takes on a city lot?
anonny, clio:
Enjoy your upcoming weather. I think it says for you guys 4-5 days of continuous snow once it starts late tomorrow night. For those a little inland its more like 1.5. When its only lakefront on the weather its described as “Lake Effect Snow” which means accumulating flurries. We’re all gettin’ snow but you’re getting more!
You guys really don’t seem to understand the costs of single family home ownership!! I would gladly pay a montly assessment to free me from the burden of doing those repairs/chores as well as the burden of the expense to pay for routine replacement/maint.
This is somewhat of a sore subject for me as they just finished my roof and I made the final payment today: 42,000 for a tear off roof – ridiculous!!
“Enjoy your upcoming weather. I think it says for you guys 4-5 days of continuous snow once it starts late tomorrow night”
I have a snowplow and a live-in person who does it – I’m set.
“Is mowing really *that* big of a burden?”
My guys charge 250/week to mow, blow (not me), and edge – that is getting up there in costs.
Not many people here live in a palace like you do, Clio. Your maintenance costs are ridiculous. But you drive a lambo. You can afford it.
“You guys really don’t seem to understand the costs of single family home ownership!! I would gladly pay a montly assessment to free me from the burden of doing those repairs/chores as well as the burden of the expense to pay for routine replacement/maint.
This is somewhat of a sore subject for me as they just finished my roof and I made the final payment today: 42,000 for a tear off roof – ridiculous!!”
Oh, and my neighbor pays his service $45 a week for cutting/blowing/edging. But he only has 1/3 acre, so there you go.
“My guys charge 250/week to mow, blow (not me), and edge – that is getting up there in costs.”
Oh, another thing Clio. I’m sure contractors are more than happy to take advantage of a pompous ass such as yourself.
I wish it would snow more here. Lots more. It’s absurd that it’s so cold all winter, with only a few decent snow accumulations per winter. Then again, I’ll be heading west three times this winter, to places where it snows about 400 inches per season. So perhaps I’m biased.
What’s wrong with you people? This place sucks for 420K, and those assessments are a killer.
Juliana, why are you so mean? What makes me a pompous ass? I don’t say what I say to be pompous – just providing another view/opinion of a contingent of people that are under-represented on this site. Instead of spending so much time with your family doing chores and saving money (“My kids grew up learning to help with maintenance chores”), maybe you need to spend time with your family learning tolerance, respect and acceptance.
Oh, maybe things like you saying how the “little people” get such a thrill when they see you in your lambo may have given me the impression you are a pompous ass. You seem to assume that the average single family homeowner has the same maintenance and expenses that you do in your “estate”. You are out of touch, and I could never respect somebody like you. I know plenty of people with money, but none of them have such a need for ostentatious display as you do. Instead of spending your money as fast as you can to distract yourself from your miserable existence maybe you can find something more meaningful to do with your megabucks. And I am pretty sure I spend more time with my family in one week than you do in a year.
“Juliana, why are you so mean? What makes me a pompous ass? I don’t say what I say to be pompous – just providing another view/opinion of a contingent of people that are under-represented on this site. Instead of spending so much time with your family doing chores and saving money (”My kids grew up learning to help with maintenance chores”), maybe you need to spend time with your family learning tolerance, respect and acceptance.”
“And I am pretty sure I spend more time with my family in one week than you do in a year.”
Wow – from your attitude, I’m sure your family LOVES to spend time with you. You, my dear, are projecting quite a bit. I am not sure why all of this anger is coming out (seriously look back on your posts – you may have a problem). I understand that the holidays are stressful and if you are feeling a bit too much pressure, you should sit back, take in a deep breath and relax – even for a few minutes. You will feel better. I really am not being sarcastic – I really can feel your stress – it’s just not good for your health (mental or physical).
Reminder: Please try and keep the topic about real estate (and not on people’s lifestyles- real or imagined.) Thanks.
Had a nice rant on the increased social stratification in the US, but decided not to argue politics. Its not your class I resent, its your need to let everybody know about how much you have. Your need to flash your bling makes you low class in my eyes. The truly wealthy that I know keep it quiet.
“Wow – from your attitude, I’m sure your family LOVES to spend time with you. You, my dear, are projecting quite a bit. I am not sure why all of this anger is coming out (seriously look back on your posts – you may have a problem). I understand that the holidays are stressful and if you are feeling a bit too much pressure, you should sit back, take in a deep breath and relax – even for a few minutes. You will feel better. I really am not being sarcastic – I really can feel your stress – it’s just not good for your health (mental or physical).”
“Your need to flash your bling makes you low class in my eyes. ”
He hangs out in bars on Rush st. I’m not sure his class in your eyes is of concern to him. Seriously this is clio in regular form: put down the wine glass.
“The truly wealthy that I know keep it quiet”
yeah – whatever. There is a huge misconception of what it is to be rich, etc. Sure there are those that PRETEND to be rich and live beyond their means. Then there are those who don’t know HOW to live nicely and are stressed about the extra attention or are too cheap to pay for extras (probably the people you refer to as “truly wealthy” – there are a lot of people out there and most of them made their money themselves, etc.) BUT there is a third group of people who ARE truly wealthy, DO have the upbringing and know how to live nicely, who are NOT stressed out about extra attention (and believe me it can be stress inducing for people) and who AREN’T too cheap to pay for extras – now these people are the TRULY wealthy. Seriously, anyone can make 200k and live in a shoebox, take the bus, rent a 700 walk up and eat TV dinners and end up saving a few million – is that your idea of “truly wealthy” – OF COURSE NOT. Truly wealthy people are people who can live very nicely AND have reserves. Give me a break!! Also, they don’t spend money to show off – they spend money because they like nice things.
“He hangs out in bars on Rush st.”
Bob, I didn’t realize that NoMi, RL, Epic, Underground, The Wit, Sunda, the bar at the Peninsula and 4 seasons were on Rush St.
OK – sabrina, I’ll stop and try to redirect back to real estate.
I eagerly await the snow. Let it dump!
Hey Clio… that video of the 24-room Hong Kong apartment that you linked to yesterday was awesome.
danny, I know – I really, seriously think that there could be a market for this type of living in certain areas (NY). It would be great to develop a company that did this, team up with an architect to build this type of structure and market it to young professionals. The profit margin would be HUGE.
I rent a 2/1 in the Sexton. I’ve been there for 1 1/2 years and think it’s a great building. The $700 assessment on this unit is because it’s larger. The 2/1s like mine have assessments in the mid $400s. From what I can tell talking to owners, the building is stable, so I’m sure some of that assessment is going towards strengthening the reserve. If I was willing to buy a condo, I would definitely buy here.
Agree, the assessments are not out line for the location, amenities, and size of the unit I have a unit that is 2875 sq foot with a 600 sq foot terrace and pay 1200 per month including all utilities (full cable and internet.) I priced a SFH that cost the same as my unit in Bucktown, Lakeview and LP. In asking for past utility bills, maintenance (lawn, gutters, annual window cleaning (yes, I don’t much care for heights)), and setting aside some reserve ($200 mo for repairs), I’m ahead on average $300 per month. The monthly maintenance with $200 in savings for repairs (which I think is probably not enough) ranged from 1475-1600 for these SFH on a standard chicago lot. I don’t have a yard in my current condo, but the terrace is nice and I would prefer the gym and doorman over the tiny backyards that come with a city SFH. Really, the assessment is not that bad.
“In asking for past utility bills, maintenance (lawn, gutters, annual window cleaning … ranged from 1[2]75-1[4]00 for these SFH on a standard chicago lot.”
Holy rip-offs batman! I don’t strive for economy on stuff like that, and gas+elec+phone+internet+cable is around $600/month. I can’t imagine that I *could* spend $10k/year ($800/mo) on lawn+gutter+windows+shoveling+leaves if I tried unless I had the lawn re-sodded annually, and probably replaced half the flowers/shrubs, too. And I take care of mowing, gutters and shoveling in under 25 hours/year and the leaves add maybe 6 or 8 more over a month (and the kids are close to old enough to take *that* over, too).
Seriously, lifestyle choices are as varied as personalities. I personally own 2 units and live at the Sexton. As a broker, I do many resales and rentals in the building. 2BR/2BA’s now rent as high as $3,100 (more if furnished), and 1BR’s as high as $2,000.(and usually rent within 5 days) For a loft building I rate it as one of the 2 best locations in the city. Great professionally gifted board, with solid reserves. Also, in the Ogden School District, which has recently become an IB (internationally baccalaureate) school, so we have families in the 3 BR’s, penthouses, and townhomes. If you are a busy professional, are out of town frequently, or just enjoy the convenience of on site maintenance, 24/7 security, dry cleaners and receiving room, huge exercise room, the assessments are a small price to pay. In many cases it is 1-2 hours of a professional’s billable time. No grass to mow, no snow to blow, great reserves with 252 units continuing to contribute to any future improvements or repairs. I love the timber and the brick and the uniqueness of the living space. It is communal living, so if you prefer solitude, SFH, or fee simple TH may be your gig. Different strokes for differents folks.
“As a broker, I do many resales and rentals in the building. 2BR/2BA’s now rent as high as $3,100 (more if furnished), and 1BR’s as high as $2,000.(and usually rent within 5 days) For a loft building I rate it as one of the 2 best locations in the city. Great professionally gifted board, with solid reserves. Also, in the Ogden School District, which has recently become an IB (internationally baccalaureate) school, so we have families in the 3 BR’s, penthouses, and townhomes.”
Ivy- what’s going to happen now that there’s a 40+ high rise going in right across the street? Obviously- a lot of views and sunlight will be blocked by the new building. There have been quite a few foreclosures/short sales in the building already (several covered here on Crib Chatter.)