Bank Owned 2-Bedroom at 3014 N. Sheffield in Lakeview Finally Sells for 55% Under 2006 Price
We’ve been chattering about this 2-bedroom at 3014 N. Sheffield in Lakeview since October 2010.
See our last chatter in February 2011 here.
It is bank owned and the bank has slowly been lowering the price over the last few months.
It finally went to auction and sold for about 55% under the 2006 purchase price for $227,500.
At least one of you guessed it would finally sell between $225k and $250k. One of you thought it would sell for under $200k next year.
If you recall, this was a new construction building in 2006. The kitchen appeared to be intact with granite counter tops and stainless steel appliances.
It had one car deeded parking, central air and washer/dryer hook-up.
Meanwhile, 3 other units are for sale in nearby identical buildings (all built in the same time period.) 2 of those are bank owned.
- 3014 N. Sheffield Unit #3S: bank owned 2/2, appliances missing, now listed at $280,000
- 3020 N. Sheffield Unit #3S: bank owned 2/2, kitchen intact, listed at $276,210
- 3010 N. Sheffield Unit #3N: 1500 square foot 2/2, listed at $520,000
Also, for those long time readers, this grouping of condos is the same one mentioned in the March 2008 article about housing deals that G asked me to bookmark as buyers catching falling knives. The unit in that article was in 3024 N. Sheffield and the buyer paid $480,000 and thought it was a deal.
See the March 2008 chatter on knife catching here.
Are the foreclosures setting the comps on this block?
Jason Shapiro at Rising Realty LLC had the listing.
Unit #2S: 2 bedrooms, 2 baths, no square footage listed, 1 car parking
- Sold in October 2006 for $499,000
- Lis pendens foreclosure in July 2009
- Bank owned by Bank of America in August 2010
- Was listed in October 2010 for $366,300
- Reduced
- Was listed in November 2010 for $330,600
- Reduced several times
- Was listed in January 2011 for $289,900
- Reduced
- Was listed in February 2011 for $275,405
- Sold in May 2011 for $227,500
- Assessments of $140 a month
- Taxes of $7110
- Central Air
- Doesn’t list washer/dryer but there should be a hook-up in the unit
- Included parking
- Bedroom #1: 16×15
- Bedroom #2: 12×11
Deal.
Piece of Sh1t
So the knife catcher bought an equivalent place next door for $480,000 in 2008, and now this place goes for $227,000? Talk about learning a lesson the hard way. I wonder if he still lives there.
It’s got to be a gut-wrenching experience to watch your property value fall so much. However, he was insane to pay $480,000 in 2008, as it was already clear that the market was under pressure. Perhpas no one knew exactly how bad things would get, but even so, not a good decision.
Looks like a good deal to me. Parking included. Put $20K into fixing the place up and live here for a few years… or rent it out… and the owner should make a nice profit on sale in 3-4 years.
nothing says i have given up on life and just need cash for hungry man frozen dinners like the architect that drafted up this place.
Seems like a great deal. Why don’t banks holding foreclosed real estate get their acts together and stop leaving money on the table for places like this?
I’ve heard Clio and other complain about trying to buy properties from banks and then see them sold to another party at a lower price, and we all know how hard it is to deal with any short sale situation or other situation requiring a bank’s approval.
Given the massive volume of “shadow inventory,” isn’t this the right time for a well-run large corporation to reform its practices? Never mind, I guess that I answered my own question.
wow someone got a deal
I looked at this place, And it was a good amount of space for the price. But there were liens and stuff on it.
“And even though the condo’s value may drop further, the couple wasn’t concerned since they plan to live in the place for at least three to five years. ”
From today’s imputed value of 227,500, let’s bump that up to 255,000 as the bank might have priced it for a fire sale. If they wanted to move toward the end of their expected time frame there they would need 37.2% appreciation in 2011 and 2012.
This is going to get a lot uglier for Chicago condos, folks.
Still cheap even for “a piece of &*^%” at that location, especially since it’s new construction.
Wow, but prices on Chicago condos are dropping like decabling elevators. I wouldn’t try to get a comparable price for an old 5-room with high HOA that needs a ton of work in Edgewater or Rogers Park, but many sellers up in this neck of the woods are clinging to bubble prices. They will wait a looooooong time.
Oh yes and forgot the detail that Mr. Klauer listed his condo for sale on March 25, 2010 and then after not selling delisted it on August 4, 2010.
Its his condo and he’s going to live in it. This is what he signed up for and his assumptions regarding the future were wildly off the mark.
Much as the jailer says to the inmate: that’s where you’ll be.
I like that Sabrina has a “knife-catchers” category on the side.
“This is going to get a lot uglier for Chicago condos, folks.”
Yeah but it looks like with tightening credit standards things are heating up.
Would be nice to get all artificial supports out of the way and let this market get it over with. Taking forever to find out just how bad it should be.
“JJJ on May 11th, 2011 at 10:43 am
Seems like a great deal. Why don’t banks holding foreclosed real estate get their acts together and stop leaving money on the table for places like this?”
VS.
“# Was listed in November 2010 for $330,600
# Reduced several times
# Was listed in January 2011 for $289,900
# Reduced
# Was listed in February 2011 for $275,405
# Sold in May 2011 for $227,500”
What money? I don’t see any money on the table. I’m looking under the table, on the table, around the table, inside the table. I see 6 months of listings beginning at $289,900 with no bites. There was no money on the table.
This is the NEW Chicago market where 2/2s will sell in the 200’s. Higher end 2/2’s (larger, good locations, high end fixtures, higher floors) will sell in the 300’s. Lower end units (outside of GZ, bad location, needs renovation, lower floor, HOA issues) will sell in the $100’s or less. This is also the OLD pre-bubble Chicago market.
So I could buy both the unit in 3014 and 3020 or just the unit in 3010? How on earth does one get listed at double the others? That’s some incredible denial…
“Wow, but prices on Chicago condos are dropping like decabling elevators.”
Yes, prices on mc-condos in sub-prime locations that were in the $500kish range at the peak are in a free fall. But prices on relatively nice condos (that also fetched $500k at the peak) in prime locations are down about 10% from the peak, give or take a couple percent, and there are very few on the market (and they have been selling within a few months on the market for the past year or so).
Of all of the bad real estate decisions we talk about on this blog I don’t think any are as bad as folks in this complex. This one takes the cake.
Sure a multi-millionaire might lose a few hundred k on a luxury $1.4MM+ condo purchase downtown. But that’s chump change in terms of likely overall composition of their net worth.
I am guessing 250k isn’t chump change to these people. Or else there would’ve never been a need for second mortgages and 5% down loans.
For those not familiar with this area it’s nice but it’s a totally post-collegiate hookup fest area. Not my first choice to spend half a million dollars on real estate. Probably near my last. Totally radical when you’re 26 as Mr. K showed us. Not as appealing when you’re 28, as Mr. K showed us when he tried to sell last year.
Let’s see what he thinks of the drunks from Uncle Fattys, Mad River and Kirkwood and that el noise as Mr. K and wifey are forced to live here into their 30s (babies don’t like drunk noise or el noise).
The only people I know that voluntarily live in this area beyond their early 30s are alcoholics.
“sub-prime locations ”
This is, at worst, an Alt-A location. “sub-prime” is simply not an accurate description for this area.
The issue is, of course, that this unit in this location *never* should have sold for about $375k (which is a 4 cap of $15k annual rent, net of T+A), which would, if roughly following the C-S curve for condos, give a current value of about $269k, which seems about right for these places *if* (severe counterfactual) none of them were distressed.
“Sure a multi-millionaire might lose a few hundred k on a luxury $1.4MM+ condo purchase downtown.”
Wait–all the $1.4mm+ condos in the Loop/SLoop/Woop/RiverN/SVille/Gold Coast (which must number in the hundreds) were bought by *multi* millionaires? I suddenly feel better.
“This is, at worst, an Alt-A location. ‘sub-prime’ is simply not an accurate description for this area.”
I realize this location isn’t exactly a gangland warzone. But when I think of “prime” areas, places like the GC, ELP, Sville (north of Chicago) and RN (the nice parts) come to mind. For “alt-a” areas, ELV, RV, BT and the SL (the nice parts) come to mind, as do the best locations within RW/Aville and Lincoln Sq.
“Wait–all the $1.4mm+ condos in the Loop/SLoop/Woop/RiverN/SVille/Gold Coast (which must number in the hundreds) were bought by *multi* millionaires? I suddenly feel better.”
Well even some lawyer or power couple earning 250k can much more easily recover from a 400k hit than these middle-class people acting as poseurs of wealth can from 250k.
These McCrapBoxes along this stretch (there must be at least a hundred of them) compete with those near Halsted & Diversey for the most cookie cutter compartments developers could jam into a space and charge 500k apiece for during the boom selling to post-collegiate 20-somethings who want to live near the hookup bars but also want to “own” because “its cool, brau”.
Although those Halsted ones are slightly funnier as the bust came before that final lot could be developed so there’s a bunch of them on one side separated by a vacant lot with garbage in it and a bunch on the other side LMAO. And you can tell the McCrapBoxes have cinder blocks on the side of them instead of brick with that vacant lot showing the sides.
“I realize this location isn’t exactly a gangland warzone. But when I think of “prime” areas, places like the GC, ELP, Sville (north of Chicago) and RN (the nice parts) come to mind. For “alt-a” areas, ELV, RV, BT and the SL (the nice parts) come to mind, as do the best locations within RW/Aville and Lincoln Sq”
This is a construct and a segmentation that exists in your head and a few others that live in LP. From looking at RE values they’re all similar in all of the places you listed–perhaps due to the bubble.
Hell some “Alt-A” areas you listed are doing better than some “prime” areas (IE: Roscoe Village vs River North).
“Hell some ‘Alt-A’ areas you listed are doing better than some ‘prime’ areas (IE: Roscoe Village vs River North).”
I know, I counted RN as a “prime” area mainly to avoid offending those who live in RN.
“For “alt-a” areas, ELV, RV, BT and the SL (the nice parts) come to mind, as do the best locations within RW/Aville and Lincoln Sq”
Your view of the city is among the most negative here. Yeah, we get it, you’re a *HUGE* location snob, and anything outside of your preferences is shite.
Yes, this precise location ain’t great (on Sheffield, too close to bars/el/hospital, etc), but it is a *fantastic* place for apartments (for most of the same reasons), and the side streets directly behind it (Kenmore, Seminary, Clifton) are all nice blocks. There are also plenty of *specific* locations in your “prime” areas that are not so prime, but it doesn’t mean the general area around not prime.
River North is no longer “prime”. I have lived here for 5 years and I’m moving to Lakeview/Southport next month. I no longer enjoy living here.
The “element” has taken over River North: Wildings every night, muggings, car jackings. Worst it’s ever been.
The media is covering this up. Read the “Second City Cop” blog or any other CPD blog to hear the truth about the “element” taking over River North.
“River North is no longer “prime”. I have lived here for 5 years and I’m moving to Lakeview/Southport next month”
Going from “prime” (albeit “only to be nice”), to “sub-prime”, you realize. Anonny’s kid will razz you for living in SoPoor.
Actually, I’d place the nicer parts of the SoPoCo solidly in the alt-a group.
Being in Lincoln Park on a crappy street, in a crappy building, with a crappy view, near crappy bars is often worse than being in a better condo with better amenities in a less than popular hood.
I do think Bob is right about the general psyche that drives the purchases of some of these less than optimal places in LP & Lakeview.
“Going from “prime” (albeit “only to be nice”), to “sub-prime”, you realize. Anonny’s kid will razz you for living in SoPoor.”
Was his kid in that Toyota Highlander commercial?
I have a nicer car than them.
“The media is covering this up. Read the “Second City Cop” blog or any other CPD blog to hear the truth about the “element” taking over River North.”
It was warm out and Pookie wasn’t goin’ to school tomorrow. Maybe it was a Bulls celebration ghettoglomeration?
“Your view of the city is among the most negative here. Yeah, we get it, you’re a *HUGE* location snob, and anything outside of your preferences is shite.”
I realize that it might come off that way, but that’s sincerely not my view of things. Yes, I personally privilege location above all else. But I don’t think any of the alt-a areas are shite. To the contrary: I think they’re great areas; but other than ELV, I couldn’t see living long term in any of them, due to their distance from the park/lakefront and/or their distance from the Loop.
Believe me, I’m of the “a rising tide lifts all ships” mentality. It’s in my interest to have the alt-a areas go back up in value, just as it’s in the interest of alt-a owners to see the prices within prime areas go back up.
“Being in Lincoln Park on a crappy street, in a crappy building, with a crappy view, near crappy bars is often worse than being in a better condo with better amenities in a less than popular hood.”
I completely agree. I’d happily live in most of the alt-a areas before I’d ever live in much of LP (e.g., within a few blocks of North Ave, west of Sedgwick or so (i.e., I’d stay within the OTT); south of Fullerton, west of Larrabee on some streets, west of Halsted on some streets, and west of Lincoln on some streets; north of Fullerton, west of Clark on some streets and west of Orchard on other streets).
“The “element” has taken over River North: Wildings every night, muggings, car jackings. Worst it’s ever been.”
please provide links, as you sound totally full of crap
lakeview based on my observations was also getting worse in 2008 when I lived there, that doesn’t mean its actually true based on one person’s anecdotal evidence. why would the media cover this up?
maybe you should stay away from chicago avenue if people of color scare you so badly or maybe, you know… call the cops if you see that sort of behavior going on
I call the cops all the damn time when people are being extraordinarily stupid in my hood, its not a big deal. If you don’t do anything, the “element” will think its ok, and stay.
Sonies: The provided the source (second city cop).
Why don’t you check out their website at: http://secondcitycop.blogspot.com/
And search for “wildings”
Personally I think that blog sucks and is incredibly biased but I’ve never known him to outright lie.
Anonny–you must do a lot of walking. Care to pontificate on the greater west-town area? This is a very interesting area to me for a number of reasons–one being is that values have not plummeted like in the area listed for this condo and demand seems higher for these areas rather than your traditional “alt-a” category. As for the listing, these condos suck and the people who bought them were morons.
Bob the flash mob thing is interesting and more does come up on Second-City-Cop than the general media. Though I wonder if the hard facts of poverty in Chicago have made him so cyncial or if he is racist, or if he is just being honest about the how some people act. “The flash mob” thing on State and Chicago is both funny and scary
“please provide links, as you sound totally full of crap”
*Sigh*. Fine, I’ll do all the work for you.
http://articles.chicagobreakingnews.com/2011-04-06/news/29390084_1_police-custody-perez-gang
http://www.chicagobreakingnews.com/news/local/chibrknews-man-stabbed-on-near-north-side-street-20110406,0,1087328.story
http://secondcitycop.blogspot.com/2011/05/wildings-continue.html
http://secondcitycop.blogspot.com/2011/04/media-starts-to-notice.html
You must not have seen my first comment. I AM MOVING AWAY FROM CHICAGO AVE!
I bet that dude really regrets allowing his full name to be used for that article.
lol wut from SSC
“018 was waaaaaay out of control tonight, flash mobs and wilding all over the gold coast; from rush st to water tower wild packs of 50-60 deep would bum rush stores, steal, and flee. Also a couple strong arms thrown in for good measure, as well as a group of almost 100 on the lake front knocking people off of bikes, and beating people at random.”
I have never seen anything like that… In fact, i don’t think I have ever seen 50 black people in the same place on Michigan Ave that wasn’t a foot locker or Lidz store… I think this guy added maybe a few zero’s to his numbers to sensationalize it a bit
no surprise as cops always “need more funding”
what a clown, i’ll never read that d-bag’s blog ever
I’m afraid to say that I haven’t spent a great deal of time in the greater West Town area. I know one person who purchased a SFH there right around the peak. My sense is that he’s still pretty happy about the move, even if the value’s down a bit (note that their kid was already enrolled in private school).
Sonies, cops do see things we never see. But some of this it indeed too much to believe. Anonny–I think West Town is popular simply because it is not “West Green Zone” Cubs Frat Cookie Cutter.
“what a clown, i’ll never read that d-bag’s blog ever”
I tried reading it for a little while awhile back. When he never mentioned the press about drunk off duty cops beating the crap out of two UofC doctoral students at a taco stand in Wicker Park then on duty cops coming to cover it up I knew he was very selective with his coverage.
“The “element” has taken over River North: Wildings every night, muggings, car jackings. Worst it’s ever been.”
Since 1998 maybe. Go back a few years, it was a lot worse. So was the entire city, save certain areas close to the lake.
“Anonny–I think West Town is popular simply because it is not “West Green Zone” Cubs Frat Cookie Cutter.”
West Town has lower rents overall, but the same kind of commercial found in LP/LV. It’s definitely for people who don’t see themselves fitting into LP/LV and now WC/BT now that the yuppies have thoroughly invaded those areas as well.
It’s a pretty eclectic place. I like to crash keg parties that organic grocery store throws there in the summer. The locals are like who’re you? And I’m like I’m Bob from Wrigleyville I’m here to drink your Three Floyds. I gotz ears everywhere for teh freebies.
You guys really are a bunch of idiots who have no idea about real estate/pricing, etc. Think about it – this unit could/will/is renting for 2200-2500/month. That is just fact….. OK – now someone buys this unit for 227 w/ 77k down. There total monthly cost is is around 1400/month – so basically, they are making about 800-1100/month profit on their 77k investment (12-17% return).
OK – now let’s say someone pays 227k cash for the place – their monthly costs are around 750/month and their profit is 1450-1750/month on their 77k investment (8-9%).
Either way – it is a good investment.
I wonder if anyone remembers the labor protest that happened AT this place when it was going up, they had the inflatable Rat and everything. it was up for a while.
First of all, SSC *always* posts something as soon as the weather warms up. Last year it was North Ave Beach. This year it is River North. Guys, crime in Chicago is seasonal. Honestly, I am shocked we didn’t wake up to 3-4 homicides and 20 shootings from last night. But I guess some gang bangers had schoolnight curfews, so we’ll have to wait for a weekend.
Second of all, I cannot believe how big a hit these condos have taken. But the market is a price buyer / investor market right now. High end anything ain’t selling or if it is at a horrible discount. I still think the rental alternative is a good one if you do not need your bait back from a while.
That 2nd to last sentence should read (….1450-1750/month on their 227k investment)
SCC is about the most pitiful representation of Chicago’s police ever imagined, what’s sad is it’s real. Those folks who post there seem to live in a bubble of their own imagining, and it’s very easy to see how endemic corruption continues, as you’ll almost never see them side with the public in the case of a “he said-she said” if a cop is involved.
As to this location, what Bob says has some truth behind it, but it’s also a pretty wild exaggeration- yeah, Sheffield has some goofs in that twenty-something demographic & the cookie-cutter crapboxes are sprinkled throughout the area, but the larger housing demographic is families and two-flats, spruced up SFHs, etc.
Purchase prices aside, the taxes are just brutal, the people willing to pay them are increasingly doing so due to the reality/perception the schools are now decent.
“Either way – it is a good investment.”
Has anyone on this thread said it _wasn’t_ a good investment at $227,500? Please show me where.
really? that’s nuts…
“Think about it – this unit could/will/is renting for 2200-2500/month.”
“I like to crash keg parties that organic grocery store throws there in the summer. The locals are like who’re you? And I’m like I’m Bob from Wrigleyville I’m here to drink your Three Floyds. I gotz ears everywhere for teh freebies.”
hahaha bob that made me LOL at work… sounds like something me and the old lady would do
“Wildings every night, muggings, car jackings.”
Lurker–please define “wilding”, in your view.
Also, actual data on carjackings, or anecdotes? And I don’t need a cite, just a “I *know* X people who were carjacked”, rather than “I heard about X carjackings”. TIA.
To Bob’s “SCC don’t lie” point: He doesn’t, but that wasn’t SCC writing that, rather posting an email received. And comments on SCC are *full* of lying mooks (or there are a couple of very active lying mooks).
“this unit could/will/is renting for 2200-2500/month. That is just fact”
$1900-2200
So now Mr. Klauer has to live next to Clio’s renters…It was a bad move in the past, I think that it well established. Personally I don’t want to deal with the hassel of renting out several condo units. Just a headache. SO these places are still crap and if there were labor issues expect a huge assesment at some point with several bank-owned units– it’s just a mess.
That is good rental income. We don’t buy in condo associations, but if we did, this would fit our ongoing asset allocation parameter for investment.
“Lurker–please define “wilding”, in your view”
I tried provided links but my comment is awaiting moderator approval due to the links.
I have a friend in one of these exact units and would say they probably rent between 2000-2200, maybe get a sucker to pay 24/2500.
they are nicely finished, even though cookie cutterish
James: “they had the inflatable Rat and everything”
Sorry I missed it. I *LOVE* the rat. Anyone have any idea how much one costs? I’d prefer a 6′ version, to put in my office.
Skeptic: “SCC is about the most pitiful representation of Chicago’s police ever imagined, what’s sad is it’s real.”
Every cop who *isn’t* one of the mooks who posts comments there should be embarrassed by those who do. I don’t have a lot of faith in Rahm’s change, but we have the first chance since the 40s to maybe reduce the number of mooks on the force–and I’ll take *some* hope of change over *none*.
Skeptic: “really? that’s nuts…”
I’d figured $2k was safe, but wouldn’t say $2200 is nuts. I would say that about $2500, tho.
“To Bob’s “SCC don’t lie” point: He doesn’t, but that wasn’t SCC writing that, rather posting an email received.”
Ahhh…I thought it was not so credible to begin with. Ontario & Clark? Haha yeah the only time I get robbed in that area is at Clark St Ale house with those $8 beers. Yeah they’re delicious but you need to eat 50lbs of free pretzel sticks to amortize out that $80 bar tab.
Lurker: “I tried provided links but my comment is awaiting moderator approval due to the links.”
I’ll check back–next week, when Sabrina’s approving comments.
Found this regarding crime in River North/along the store on MI Ave: http://www.chicagonewsreport.com/2011/04/gang-attacks-man-downtown.html
By the way, for those of you making seasonal and weather excuses, Loyola has been putting out student alerts on the mobs since February.
What makes this unit an even better investment (ON TOP OF THE 10%rate of return) is that you know that the unit will be worth 400k (if not more). Add that appreciation into the mix and you are looking at HUGE returns. In fact, you would be an IDIOT NOT to buy something like this…… (if money was your only interest). Therefore, I don’t understand the comments (from Bob and HD) about how these units are terrible and are going to keep going down – I just don’t see that happening. We are at the bottom (esp for something like this in this type of location – we are past the bottom in nicer areas).
It’s not just crime it’s the perception of crime. Same goes for inflation and housing prices.
From Loyola: http://www.luc.edu/safety/crimealerts/041211.shtml
“Loyola has been putting out student alerts on the mobs since February.”
Referenced here, for example: http://www.chicagonewsreport.com/2011/04/loyola-university-on-high-alert-after.html
clio, you’re assuming this isn’t the shoddy new construction that has been regularly highlighted for leakage and other maintenance problems.
I’ve said it before & I’ll say it again, split-face/cinder blocks are not a good fit for our climate. too much expansion/contraction.
I’ve lived in River North for the past 6 years and it’s always been common sense to avoid that part of Chicago Ave. The only flash mobs I see in my part of RN are all the hot women walking to East Bank in their Lulu’s.
ps: To the point of my question about “wildings”, that doesn’t come anywhere *close* to what I think of when I hear the word which is more akin to what’s discussed here: http://schott.blogs.nytimes.com/2010/04/08/wilding/
Flash-mob shoplifting just doesn’t incite the same sort of fear in me.
loyola is also in the heart of the crime infested dump known as Rogers Park
Yeah, that mcdonalds at state and chicago sucks and yeah it will be shut down someday because it is a terrible example of a mcdonalds
but other than that particular block and maybe some parts of old cabrini I have felt more safe in RN than any other neighborhood i’ve lived in ever just from there always being people around at all hours. I mean its one of the few places where you can get home at 4-5AM and still see people all around walking the streets, that aren’t criminal thugs
“loyola is also in the heart of the crime infested dump known as Rogers Park”
Talking ’bout the “Water Tower Campus”, which is next to the Park Hyatt.
“clio, you’re assuming this isn’t the shoddy new construction that has been regularly highlighted for leakage and other maintenance problems.”
Yeah, maybe – but it is still good for several years – and the location is not going to get any worse……
“Yeah, maybe – but it is still good for several years – and the location is not going to get any worse……”
Once the flash mobs bring Boul Mich to its knees, they’re headed to the Belmont/Sheffield area, so I wouldn’t count on it.
we placed an offer above ask on a 3br unit in this building – a cash offer won out though. bank owned for $345k, not sure how much cash offer was for, sale is still pending. i thought it was a great deal.
http://www.redfin.com/IL/Chicago/3014-N-Sheffield-Ave-60657/unit-1N/home/18944250
clio, i would be SHOCKED if a 2br in this building goes for 400k anytime in the next 5-7 years.
lol anon you better watch out, ELP is between the gold coast and wellington & sheffield! they are gonna be marching through the next over 90 degree day…. HUNDREDS of them, beating everyone in their patch!
“clio, i would be SHOCKED if a 2br in this building goes for 400k anytime in the next 5-7 years.”
whitecity – I might agree with you for the next 5 years – but I think within 10 years the price of a 2/2 WILL be over 400k. We forget how fast things can change – just 3 years about people were paying over 400k for units like this – and 10 years is a LONG time away.
“SCC is about the most pitiful representation of Chicago’s police ever imagined, ”
hey Anon (ufo) and skeptik,
you think on may 16th SCC will implode?
hear, hear.
who the heck would have predicted what we saw from 2000 – 2010 in the market?
otoh, I could have safely predicted that buying within my means meant that 10 years later I’d be in better shape than those who didn’t or used funny-money financing.
btw, house not too far from me just sold pretty close to a Zillow estimate, I think I saw that it came in at $475K:
zillow.com/homedetails/3046-N-Sawyer-Ave-Chicago-IL-60618/3669969_zpid/#{scid=hdp-site-map-list-address}
“and 10 years is a LONG time away.”
“The “element” has taken over River North: Wildings every night, muggings, car jackings. Worst it’s ever been.”
wow peoples sheltered lives are becoming more agoraphobic each year huh.
you would think playing Grand theft Auto hour on end would desensitize people but i guess the real “element” is too scary.
luckily i grew up on mario bro’s eating mushrooms so my “element” tolerance is in tune to reality *somewhat
“I’d put my money on a massive uptick in thinly-veiled anti-semitic postings, that’s for sure.”
i was going for a full out black hole happening and the site turning into a non-for profit childrens charity.
but i guess we will just digs at ballerinas.
gosh free speech is fun
“btw, house not too far from me just sold pretty close to a Zillow estimate, I think I saw that it came in at $475K:”
which, ignoring the time-decay, will have a downward effect on the C-S for Mar-11.
“I’d put my money on a massive uptick in thinly-veiled anti-semitic postings, that’s for sure.”
And not-so-thinly, too, which may press the proprietor on his personal tolerance of the mooks.
And for 3 hours I thought RN was being descended upon by large groups of previously organized individuals who broke out in dancing and singing performances. I can see the terror in that. That might be even more disturbing than the 3 black guys, with absolutely no rhythm, playing the upside down plastic containers on Michigan Ave.
Ah just good ‘ol wilding.. Now we are really talking about remember the 80’s.
So what is consensus after this discussion…is RN prime or non-prime?
“otoh, I could have safely predicted that buying within my means meant that 10 years later I’d be in better shape than those who didn’t or used funny-money financing.”
Wow, I’m the exact opposite in sentiment. Look at the guys in Vegas and Phoenix that had 0% in the game. Final loss for them 0. I never knew living outside of ones means could have such benefits.
“*that* was the post that drew that out? huh.”
too soon?
“or that they can never do things motivated by ethnic-networking/racism?”
Yep Bro! You made us that way, it wasn’t by choice (see history)!!! ROFLMAO!!!
Guilty as charged and not feelin one bit guilty about it, now that it’s huge to our favor…
“C’mon, you’re not familiar with the google? Or you want us to take up a collection and buy you one?”
I’m out of that collection, I already got him a wooden cigar smokin Indian.
“too soon?”
Apparently so.
“C’mon, you’re not familiar with the google?”
The google-fu failed me on that one.
“Or you want us to take up a collection and buy you one? ”
That’d be great, thanks! (found this: “The rats, which are usually between 6 and 30 feet tall, cost between $3,900 and $8,000 and come with motorized blowers so they can inflate in minutes.” which seems awfully expensive; I’ll need a used one, and I’ll pay a finder’s fee–remember, ~6′ is preferred)
“Nice try. You guys are the original, non-assimilist, self-segregating, wagon-circling, inbred racists….something written by your elders long, long, long ago about being “chosen” and everyone else is an alien-outsider (see history!!!!!).”
LOL.. Oh yeah, that’s correct too. Either way I’ll take it, so long as I have ‘some’ reason not to let you in my co-op.
Do they actually have a Club, and what’s the address? I want to go through their trash if they’re really this rich, who knows what might be in there.
seriously, I think the point is racism is by definition not factually based. If you can prove your conclusion beyond a reasonable doubt (and have your hypothesis repeated/tested by others getting the same result), it’s called science.
but beware – actual Ph.D.s tried to establish racial patterns using all kinds of hokey crap like phrenology in the late 19th century, and their results have been ridiculed and debunked repeatedly over the decades.
“anon(tfo): and what if what someone says is right, accurate and factually based? Are you actually saying that Jews never do anything wrong? or that they can never do things motivated by ethnic-networking/racism? and that people shouldn’t call them out when they do these things? People can criticize Jesse Jackson, the “daley irish” when appropriate but not Rahm and Chicago’s clubby & influential Jews?”
that big inflatable rat is up at the corners of waukegan and caldwell in morton grove this week.in front of the crappy lennar subdivision they have been building on and off for the last couple years.there were a bunch of union mopes milling around too.the whole scene is pretty funny.
The closest thing we have to flash mobs in the ‘burbs was the Meeks New Trier protest scare. Then there is Evanston. Just head to Dodge & Emerson for all the urban contemporary activity you can handle.
“there were a bunch of union mopes milling around too”
Usually, they are non-union guys being paid hourly to hold the signs. In that particular case, they might be actual tradesmen, I dunno.
I know somebody renting a 3 bedroom condo a few blocks away with garage parking for ~$2k a month. However, it is right next to the el tracks.
“It’s not a joke:”
1. that happened in rogers park, not river north
2. note that one of the perps is an upstanding Wilmette resident.
“No, their results are being verified by DNA decoding and hard science”
“Are” or “Has”. We need to put in a call to Rockville and ask.
“Believe me, I’m of the “a rising tide lifts all ships” mentality. It’s in my interest to have the alt-a areas go back up in value, just as it’s in the interest of alt-a owners to see the prices within prime areas go back up.”
I would tend to agree with that, with one BIG caveat: that the increase in valuation of the real-estate reflects an actual increase in the value of the neighborhood area, the city as a whole, ect., and is not due to artificial inflation because of some unsustainable financial instrument or bad government policy.
Im not understanding this schizophrenic thread. Are we still talking about the property in question and that neighborhood, racism, rogers park, mobs, or rats? seriously, i must be stupid – i can’t follow or understand anything anyone is saying. Am i alone?
No, you are not alone. Folks remember Sabrina is in vacation and she asked us to play nice. Can we please stick to harmless topics such as 80s music if we are going off topic ?
I am going to say something sexist though but as it pertains to my own gender, I guess it is ok : ) All you men take a moment to cherish your gender and stop your bickering, it sucks to be pregnant and have to work 12 hours a day seating in front of a machine with backache killing you : ( I somewhat deserve it though as I decided to wear heals so late in the game for sake of vanity.
“Im not understanding this schizophrenic thread”
speaking of kids, and harmless off-topic themes, let’s revisit what everyone thinks the best strollers are.
previous threads indicate very wide, enthusiastic support for the city mini. internet reviews suggest not a “smooth ride” and “slouching” as drawbacks. others?
substitutes?
discuss.
“Usually, they are non-union guys being paid hourly to hold the signs. In that particular case, they might be actual tradesmen, I dunno.”
Now THAT is not true as someone who has taken a strike or two can attest. Most unions barely have enough in their strike funds to pay $100 / wk, let alone pay people to actually hang out.
You are also the one who decided to get yourself knocked up.
“2. note that one of the perps is an upstanding Wilmette resident.”
Gots to be West Wilmette. And by the age spread and name, I am guessing there is more to that story.
“Now THAT is not true as someone who has taken a strike or two can attest. Most unions barely have enough in their strike funds to pay $100 / wk, let alone pay people to actually hang out.”
“Usually” might exaggerate it, but see:
http://www.washingtonpost.com/wp-dyn/content/article/2007/07/23/AR2007072302011.html
“No, you are not alone. Folks remember Sabrina is in vacation and she asked us to play nice. Can we please stick to harmless topics such as 80s music if we are going off topic ?”
The rat is relevant to this property, as there was one at the site when construction was going on. And I kept it up because the other direction we were going was worse.
The garbled mess that is this thread is what this P.O.S property deserves.
SCC and Loyola campus security posts have noted “flash mob” “North Michigan/Water Tower” activity since last summer, occurring btwn 5 – 10 pm on Saturday nights. Started out as rowdy group behavior, then some taunting and crowding of certain pedestrians, then some group mugging of shoppers/tourists, with “flash mob” coordinated group shop-lifting at North Face, Gap, Filenes, Armani, Water Tower stores, etc, plus “wilding” of hapless pedestrians nearby. “Flash mob” apparently meets at McDonalds, and coordinate precise “store-hit”. Some stores’ security personnel have locked doors and held-back their patrons in store when “flash mob” passes by.
Trib and SunTimes appear to be avoiding story for fear of “racism” charges. Culprits are juveniles; cops aren’t arresting juveniles for shoplifting, mob action, and/or suspected mugging, just holding them until release to a parent. Kids aren’t afraid of cops anymore. People are being injured as well as robbed.
“previous threads indicate very wide, enthusiastic support for the city mini. internet reviews suggest not a ‘smooth ride’ and ‘slouching’ as drawbacks. others?
substitutes?”
There is no substitute.
I reiterate my endorsement of the City Mini. We got it when the kid was about 22 months, having used the Orbit up until that point (plus a MacL Volo for plane trips, and a Bob Rev for running). The Orbit is extremely stable and smooth, with incredible handling, even in slushy/snowy/grassy conditions, so at first, I noted that the City Mini was not as smooth or stable as the Orbit. But again, that’s in comparrison to an extremely stable system. And yes, the Orbit toddler seat was more “upright” than the City Mini (and also rotates, as do all Orbit seats, which is an outstanding feature that sets it apart from its peers). However, the City Mini (i) is not that slouchy (at least not for kids 2 and older) and (ii) the new/current model features some sort of board/insert to address the slouch issue.
As someone who took the whole stroller thing so serious as to be absurd, and who felt that the Orbit system was $1,000 (including the toddler seat) well spent for the first 1.5 year-old range, I can assure you that you will not be disappointed with the City Mini.
Have both the orbit g2 & the city mini, based on glowing recommendations from CC.
““Usually” might exaggerate it, but see:”
I think it goes farther than that. I deal with unions a lot, unfortunately for me.
“The United Brotherhood of Carpenters is the only union that routinely hires homeless people for its picket lines, union leaders and labor scholars say.”
wait, you used the City Mini *starting* at 22 months? How long did you use it? We hardly used the stroller at all after 2 1/2 or so for #1.
“I think it goes farther than that. I deal with unions a lot, unfortunately for me.
“The United Brotherhood of Carpenters is the only union that routinely hires homeless people for its picket lines, union leaders and labor scholars say.””
“routinely” and “homeless” separate that statement from the underlying point, wherein I did not mention homeless.
Ze:
We’ve now twice achieved the “same time stamp as the point being made” coincidence in this thread. What are the odds of that?
Dan… I’m married to a Roman Catholic, and about to eat pork for dinner, I dont care what you know about my people. Hell I always thought we were successful because we all get money transfered to us at the age of 13 along with a crappy silver plated cup taped to a copy of ‘understanding wall st’.
““routinely” and “homeless” separate that statement from the underlying point, wherein I did not mention homeless.”
Obsessive parsing of the language doesn’t really strengthen the argument. Unfortunately, I think you need to realize that this just doesn’t really happen. An oddball case doesn’t make it so, particularly when the evidence you cite even says so. Trust me.
“wait, you used the City Mini *starting* at 22 months? How long did you use it? We hardly used the stroller at all after 2 1/2 or so for #1.”
Actually, I’d say we got it at 21 months, and are now at around 27 months. We’re still a few months off from where you stopped using one altogether. That said, for several months now (even before this purchase), we tend to only use it when the outing is going to be longer than, say, an hour. It’s nice to strap the bag onto, or put coats/umbrellas under, and the kid likes to hop in from time to time if tired or cold.
Note: We got one so late in the game mainly because the place we moved into did not have an elevator. The City Mini is a breeze to break down an take up the stairs with one hand.
In fact, if you knew anything about labor actions, the more likely substitutes *if any* are furloughed union members from other employers within the same local. They get the strike pay, which is more than zero.
“Trust me.”
My apologies if I don’t rely sufficiently on the pronouncements of a fake internet person to make you happy.
As for strollers, I have bought a Britax Chaperone travel system as Britax has some crazy sale deal on it (I think still is on going), but the reviews are not that great. I think for the price point thought it should be ok. I also got a Maclaren Triumph for later on as it seems to be light weight for our travel needs. My friend will give me her City Mini by end of the summer so that is nice.
I am planning to use Bjorn carrier for the first 4 month or so as it is summer so I think I can do with a sub par travel system. We’ll see how it goes. I am not going to buy a jogging stroller as I am not the type to jog with a baby.
Miumiu
We were never big on the “travel system.” Much wiser this time around and avoided the infant travel system, just went with a snap n go. Assuming this is your first, I highly recommend waiting to see what you like/need (if it’s not too late).
Anonny,
Thanks, that is good to know re: City Mini and stairs.
JMM and Anon,
Stop arguing about picketers and get in the stroller debate!
Ze, enjoy your dinner, bet it is yummy. I have to go make ours too. I think I will be lazy and make just some pasta and salad as I have a deadline.
I agree Roma, but this thing is so cheap that basically was worth it for just the infant car seat and base part of it alone. Also we will be in Chicago for the summer and I will not be using that much my car so will not really have to fold and unfold the stroller as we will be walking around mostly.
No idea or movement is ever flawless especially ones pertaining to people from diverse backgrounds with different needs. I am still grateful that I have an option to work and had the opportunity to go to university and study. Still the option of being a stay at home mom is available to women who like to take that route.
I have a lot of respect for stay at home mothers if that is what they like to do. As for men, I believe we are lucky to deal with the modern kind, they have improved quite a bit compared to generations ago : ) It will take a while before we figure things out on maternity leave policies and things of the sort, but to me the movement has been in the right direction.
“Feminism is great! Men can expect work & income under all circumstances from females, women voluntarily self-criticize their own stay-at-homes, and single women are now expected to put out by the third date. Win-win-win for men. Liberation is great!”
“is that you know that the unit will be worth 400k (if not more).”
Hahahah yeah right clio. That’s what Mr. Klauer thought when he plunked down 480k for his unit three years ago: he was going to live there three to five years and never imagined it could possibly fall as much.
I’m still betting it’s not 400k in ten years. You make too many rosy assumptions about the future for this to get back up to 400k.
Baby needs neck strength to holld her head up to use the baby bjorn effectively.
Thanks HD. Man, is the the worst mother of year award I can nominate myself for? : )
mm.. No matter how much i love cooking, no matter how many things i try, pasta just remains my favorite. Touch of lemon zest in the tomato sauce always makes me happy,
“I am planning to use Bjorn carrier for the first 4 month or so as it is summer so I think I can do with a sub par travel system.”
miumium, get the Ergo carrier, certainly when older, maybe a sling when younger (there’s an infant insert for the Ergo, not everyone likes it, some use a blanket, some prefer Ergo for more like 6+ mos).
“Hell I always thought we were successful because we all get money transfered to us at the age of 13 along with a crappy silver plated cup taped to a copy of ‘understanding wall st’.”
This confirms my longstanding suspicions.
In My Country There is Problem
http://www.youtube.com/watch?v=Vb3IMTJjzfo
Bob.. I loved that video.. Fairly certain the real joke is supposed to be the people watching though. 58 seconds in makes me feel guilty that I still give 5-10% of my energy to work. Maybe if I try at 2% of capacity things will be fair.
“Again, remind us why you left Ohio???”
Hahaha not from Ohio. It’s funner here with the bubble to laugh at idiots like you. America, in addition to being the land of rags to riches, works the other way, too.
And you’re on the wrong side of a deflating asset bubble, jay. Maybe if you were smart you would’ve cashed out your chips before the bottom fell out as the seller who sold to Mr. Klauer realized in 2007 and took a 32k loss.
My guess is you were too stubborn and your ego couldn’t afford to take minor losses like that and now you’re F’d. You, jay, are probably what us renters call an FB on here. You can figure out what that stands for 😀
This is the 2nd dumbest thread ever. This would be the LAMEST keg party ever if we all happened to show up at the same 3/2 in lake view on a random saturday night. Well, I haven’t been out on saturday night in a while anyways which is explained by my knowledge of the baby bjorn.
Back to real estate: April volume was slow and my goodness, May seems even slower. Some suburbs and areas of the city are going an entire week with only one or two closings. Maybe closings will pick up before memorial day weekend, but even so, there’s not that much even under contract.
“Maybe closings will pick up before memorial day weekend, but even so, there’s not that much even under contract.”
Transaction volume is not coming back for many, many years. It was abormally high due to the bubble and now that needs to be paid back, which means many years of below trendline transaction volume. Its something those whose incomes depend on transaction volume have a hard time grasping.
And jay if having “no skin in the game” means drinking and watching a craps table from the sidelines where everyone who bets the passline seems to be losing then absolutely. Who doesn’t love a good trainwreck and remember, noone ever forced you to play the game.
”
a. Last July, Illinois had 47,383 REALTORS®,
b. Number dropped by 5.10%
c. Current total number of REALTORS® is 44,965.
”
Methinks transaction volume is probably still falling faster than the number of Realtors(tm). The famine continues–but Suzanne looks like she could shed a few pounds anyway.
Volume will return when more homes in the MLS are listed with lower selling prices. South FL has returned to boomtime volumes and yet prices continue to trend even lower. Great news all around!
http://www.miamiherald.com/2011/04/20/2177684/south-florida-home-sales-hit-6.html
“South Florida home sales hit 6-year high in volume but not price
Existing home sales hit a six-year high in South Florida in March, as sellers got creative to make their properties stand out in the crowd. Prices, though, remain low.
Related Content
By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com
Celebrity name-dropping, Twitter contests, skywriting planes and free grub are all strategies home sellers and real estate agents are using to entice buyers to the closing table in South Florida’s oversupplied and uncertain housing market.
The list of marketing gimmicks used to sell houses and condos has grown longer and more eccentric as the real estate market has struggled toward an awkward rebound, characterized by high sales volume and deeply discounted prices.
In terms of selling properties, the sellers’ strategies—which include catering to the ever-important international buyer—have helped push sales numbers to boom-time levels, although prices in parts of the market continue to sputter.
In Miami-Dade County, existing home sales reached 1,031 in the single-family market and 1,542 in the condo market in March, up 59 percent and 85 percent, respectively, over last year. According to a report released by the Miami Association of Realtors on Wednesday, those were the highest sales totals since the 2005 buying frenzy.”
http://triblocal.com/oak-park-river-forest/2011/05/11/real-estate-agents-oak-park-condo-sales-still-struggling/
Real estate agents: Oak Park condo sales still struggling
Homes and condominiums are still historically cheap in Oak Park, and while real estate agents are optimistic, problems still linger in the local market.
Recent news and statistics for home sales are showing mixed news for real estate sales people, who think the single-family market is “turning the corner” but are still seeing problems with condominiums. On one hand, prices are good for buyers, but the large number of properties on the market, especially for condominiums, are creating lingering issues, agents said.
There are simply too many condos still on the market, experts say. Real estate agents judge the health of the stock on “month supply,” which is an estimate of how long it would take to sell every since home if no new ones came on the market. Single-family homes stand at about eight months. At this point last year, the supply for homes was at almost 18 months, said Roz Byrne of RE/MAX In The Village in Oak Park.
“That’s not bad because six months is the dividing line between a buyer’s market and a seller’s market,” Byrne said. “But for condos in Oak Park, it’s at 22.9 months. That’s nearly two years to sell all the condos on the market.” Last year, multi-family units were at 27 months, Byrne said.
Bob, by movie producer you mean John Galliano?
He is a designer and was Dior’s lead designer. Have you seen his lashing out video?
It is so crazy. I think he really needs help. I urge you to watch it.
“Celebrity name-dropping, Twitter contests, skywriting planes and free grub are all strategies home sellers and real estate agents are using to entice buyers to the closing table in South Florida’s oversupplied and uncertain housing market.”
LMFAO! Thanks for the laugh, HD. Goes to show even with the ridiculous condo web-ads and newsletters here and the dumb parties we had during the boom Chicago is still downright midwest sensible compared to the coasts.
“Mel Gibson ain’t in Hangover 2 for a reason”
Ze shaking head and laughing… why could that be? Who wants to work with someone that you know hates you? C’mon.
I am truly interested to watch the next few months. Fall coming, will be many sellers who listened to the “listen to brokers who know, things are strengthening” BS getting nervous now. I really do think this is going to start moving faster.
“Not what you said when spewing knowledge about Proctor and Gamble, but then again who really cares, it fit the moment right? ”
Lived there for awhile. It’s an okay place. P&G is the mega-corporation of the town I lived in/near for a number of years (its a border town so there’s more than just OH there).
“Just because Lindsey Lohan (sp?) is a train wreck, it doesn’t mean LA is imploding.”
You’re right most of Chicago RE isn’t a train wreck. That much I admit. But does it make a good discussion? Do those places anonny cites as being 10% off their peak make for a good discussion? No moreso than a stock that dropped 10%.
“I say this country should return to the days when *only* landowners could vote and give their opinion”
Howabout this, Jay: only those people who pay any net federal/state income tax can vote for federal & state offices, respectively? Or for those that don’t maybe a nominal fee of $200? That would do wonder to fixing our society.
“will be many sellers who listened to the “listen to brokers who know, things are strengthening” BS getting nervous now.”
no – they will be enjoying their new house and spending quality time doing things they enjoy – instead of renters wondering what their rent will be, where they will live next year, when and how they are going to buy and checking the market every five minutes!!!
jay: “I say this country should return to the days when *only* landowners could vote and give their opinion, that way I would care even less of a f*ck what FB means. ”
ah, I was sort of agreeing with you until you said this. Now I just think you’re a racist 😉
“my knowledge of the baby bjorn”
Very nice, I was going to ask…
Get the Ergo.
“Ze shaking head and laughing… why could that be? Who wants to work with someone that you know hates you? C’mon.”
An excessively intoxicated person going on a drunken rant to try to get the goat of the cop that busted him? No that’s never happened before. And it appears for all intents & purposes his Hollyweird career is definitively damaged, after being put on a five year hiatus, because he offended the sacred demographic (who run things).
Yet others in Hollyweird have done far worse things and get a pass.
Guess what Ze? If someone went on a similar rant about my demographic I think I’d be able and willing to put it aside in the name of professionalism. But I’ve already touched on the vindictiveness of that particular group.
Oh no Clio.. They always talk amongst themselves about this shit. Whose buying, whose selling, what prices… Then there are the people that wear unit and floor like a badge of honor.. People are funny.
“no – they will be enjoying their new house and spending quality time doing things they enjoy – instead of renters wondering”
1) “what their rent will be”
2) “where they will live next year”
3) “when and how they are going to buy and checking the market every five minutes!!!”
The uncertainty regarding the future is _killing me_, clio! Better to have the certainty of buying now knowing full well I will probably lose a lot of money, right? Because a near certain loss of an uncertain amount is better than an uncertain risk of a nominal rent rise.
“Guess what Ze? If someone went on a similar rant about my demographic I think I’d be able and willing to put it aside in the name of professionalism.”
I don’t know. I’ve been surprised when people brought up, 10+ years later what I did when I was in my early 20’s. It’s like your DWI’s some shit you wear for a long time. I just consider it taking responsibility for my actions, whether I feel it still warranted or not.
Sabrina, please ban everyone from this site who makes gross generalizations and prejudicial remarks about any cultural/ethnic group. And to those who do make those remarks: shame on you. stick to real estate discussions or leave this site.
The world is such a nice place, the energy is just so unnecessarily misplaced.
And in full circle, the CC flash mob appears…
… Grab your pitchforks.
“Should we seek their banning?”
Not worth the effort. Anon won’t be around for a while anyway. He found a 6′ rat for $1,500, but has to blow it up himself.
Btw why don’t any of these apartment photos have pin-ball machines?
Could you imagine living in a condo and seeing your new renting neighbor pulling in a vintage Bally KISS pin-ball machine?
dan you’re just jealous my RS6 will blow the doors off your t-top Iroc-Z
oh gosh you guys dont know how much money i would pay to replace all the above posts for a Clio and G name calling cat fight.
somebody please bring back westloopelo!!!!
i promise to read his *whole post if you just bring him back, i cant take it anymore 🙁
no seriously i have money and i am willing to pay a lot just to change the post topics to annony’s unicorn place.
please, i will even sit through and participate in a boundaries of the real east lincoln park debate.
thats it i give up i am going to go look at old listings and read 9 day past the original posts from chitowngal
Clio forgot to factor in depreciation, special assessments, and interest rates returning to 10% or higher. (no surprise doctors are notoriously bad at math and business). Even assuming a rosy outcome an 8-10% return is hardly something to be called “HUGE.” This unit could easily loose 25% or more of its value over the next 5 years. I’m sure there are much worse purchases out there, but this is by no means a sure thing good investment.
“You’d be an idiot not to buy.” You sound like every single bimbo pitching RE and mortgage loans up to the peak and the whole way down.
—
clio on May 11th, 2011 at 1:13 pm
You guys really are a bunch of idiots who have no idea about real estate/pricing, etc. Think about it – this unit could/will/is renting for 2200-2500/month. That is just fact….. OK – now someone buys this unit for 227 w/ 77k down. There total monthly cost is is around 1400/month – so basically, they are making about 800-1100/month profit on their 77k investment (12-17% return).
OK – now let’s say someone pays 227k cash for the place – their monthly costs are around 750/month and their profit is 1450-1750/month on their 77k investment (8-9%).
Either way – it is a good investment.
What makes this unit an even better investment (ON TOP OF THE 10%rate of return) is that you know that the unit will be worth 400k (if not more). Add that appreciation into the mix and you are looking at HUGE returns. In fact, you would be an IDIOT NOT to buy something like this…… (if money was your only interest). Therefore, I don’t understand the comments (from Bob and HD) about how these units are terrible and are going to keep going down – I just don’t see that happening. We are at the bottom (esp for something like this in this type of location – we are past the bottom in nicer areas).
If it’s helpful, this unit was cash only because none of the units in the building are owner occupied. The rate of return is good as was stated above. In my opinion though, having 0% owners severely limits the ability to have an exit strategy and thus the potential appreciation.
Timing of this is lovely. Sonies still in denial I bet.
From CBS news this morning:
“A warning to those who come downtown: Chicago Police are on alert for a new brand of criminal.
Sources say in the past three weeks, there have been more than 35 arrests for wilding and flash mob attacks.
CBS 2?s Suzanne LeMignot reports, Chicago police are stepping up patrols to try to put a stop to it. Recently there was a large police presence in front of McDonald’s at State and Chicago and officers on horseback at North Avenue Beach.
The increased patrols have been noticeable among residents.
“I saw cars, [officers] on horseback and just walking around,” said Joseph Golz, who was cycling along the lakefront. “They were present, now I know why.”
Sources say the lakefront has been targeted by large groups of teens, carrying out wilding incidents. Two people riding bikes on the path at North Avenue Beach were recently surrounded by about 100 teens.
Both were knocked off their bikes, then thrown into Lake Michigan. The same thing happened to a person who was walking along Navy Pier. The pier was shut down for a few hours after the incident.
“I think it’s terrible,” said Jill Gomberg. “I think it’s really scary. The lakefront is like a sanctuary.”
“
Timing of this is lovely. Sonies still in denial I bet.
http://chicago.cbslocal.com/2011/05/11/police-step-up-patrols-after-lakefront-downtown-mob-attacks/
“Two people riding bikes on the path at North Avenue Beach were recently surrounded by about 100 teens.
Both were knocked off their bikes, then thrown into Lake Michigan. The same thing happened to a person who was walking along Navy Pier. The pier was shut down for a few hours after the incident.
“I think it’s terrible,” said Jill Gomberg. “I think it’s really scary”
“…..somebody please bring back westloopelo!!!!”
Ask and thou shall receive.
Now what is there to talk about on this thread?
Pretty disgusting that a few idiots have hijacked what is normally an enjoyable blog to read…equally disgusting is how the ‘regulars’ are encouraging these cyber thugs to post even more of their ridiculous ‘beliefs’.
Perhaps on her next well deserved vacation Miss Sabrina will place a replacement moderator in charge to keep this garbage out of here.
In the meantime how about we use the imaginary ‘ignore’ button to banish these asses to cyber hell?
I’ll tell you all when we’ll see the markets recover – when about 2 dozen of the most egregious bankers/financiers who caused the panic go to JAIL and the banks are either nationalized or forced to quit holding on to the capital they got courtesy of taxpayers Joe and Jane Six-Pack. Throw in Jim Twelve-Pack to boot.
A year before we refinanced to a 15 year at 4.2%, we tried to refinance with Chase, who had gotten our mortgage when WAMU folded. Those idiots couldn’t finance their way out of a paper bag, dragged the process on for months, before we finally bailed. Found a competent guy who had it all wrapped up in weeks, and then:
Chase bought the mortgage from the company we refinanced with. *#&*(@&*(!
You don’t need to be Henry Ford to know that’s a study in inefficiency and market waste.
I think the French may have been on to something with the public executions back in the day…
“Sources say”? “its scary?”
come on, you can do better than that…
I did LOL just imagining the story though… a phalanx of black teens throwing two yuppies on their fixies into the lake? hahah
guess I should stay away from taste of chicago and most CPS schools as it appears you have a minute chance of getting attacked when 100 black teens are in the same place at the same time
“In the meantime how about we use the imaginary ‘ignore’ button to banish these asses to cyber hell?”
WestloopElo,
how about we go domino’s pizza and “avoid the noid” (the noid being dan and the pizza being civil human society)
http://www.youtube.com/watch?v=bri0SA7FTf4
Seriously though — this kind of stuff is bad for business, and for Chicago. And what is bad for business and Chicago is bad for Chicago real estate. No more baby boomers buying condos on Grant Park if they are concerned about mob action.
LOL…deal.
Too much time on your hands nowadays Groovy? I mean come on, crusing you tube for obscure commercials…for Domino’s no less…
skeptic.. Let’s make it 2-3,000 financeirs and everyone who commited fraud signing off on their own falsified incomes.
“Too much time on your hands nowadays Groovy? I mean come on, crusing you tube for obscure commercials…for Domino’s no less”
found i have so much more free time now that i have to skip 80% of the post on cribchatter.
you should see the sweater i just knitted
who cares about what baby boomers are doing, we’re just waiting for them to die anyway so that they can pass down their assets to a more fiscally responsible generation
“we’re just waiting for them to die anyway so that they can pass down their assets to a more fiscally responsible generation”
Don’t disagree.
But remember, there are *all* sorts of business bets set up based on what BB do or do not do. Healthcare prime among them. RE not far behind.
HD: This is the 2nd dumbest thread ever. This would be the LAMEST keg party ever if we all happened to show up at the same 3/2 in lake view on a random saturday night. Well, I haven’t been out on saturday night in a while anyways which is explained by my knowledge of the baby bjorn.
I am pleased to reprot I agree with HD!
x-educator: Ditch the Baby Bjorn and hire a Baby Sitter!
I imagine that this place, like so many like it in that location, was marketed as just a short, healthy walk to Nirvana a/k/a Wrigley Field…
Groove:
take a zen moment my friend.
Also, do you have any leads on a used giant rat? Unfortunately ze was wrong and I didn’t find one w/o a blower (btw, have one of those for a bouncy castle, so I could make do), but was busy trawling for one.
“I imagine that this place, like so many like it in that location, was marketed as just a short, healthy walk to Nirvana a/k/a Wrigley Field…”
Holy cow, CTG, commenting on a still active thread!!
I’d like to agree, but, WHAT assets? as a demographic these jokers are broke as a joke and have been living beyond their means since Reagan.
Gen X and beyond will be paying for this generation’s low taxes/high government spending for decades.
I still shake my head trying to understand what goes on in the brain of someone who thinks you can cut taxes while embarking on multiple wars. One friggin’ day’s expenses in Afghanistan and Iraq re-routed to public transportation in a major city would go a LONG way…
“who cares about what baby boomers are doing, we’re just waiting for them to die anyway so that they can pass down their assets to a more fiscally responsible generation”
Yeah! And a haircut!
“I think censorship is really lame.”
oh gosh freedom of speech staple didnt take long to get used. yawn!
dude its common decency F***ing use it! i dont think a talk about strollers is really going to offend anyone, my vote is still city mini its a all around tooper and really the only stroller you need. and the this is, here is the kicker my futile friend….is somebody voiced offense or angst towards the talk of strollers WE WOULD HAVE THE COMMON DECENCY to move on to a different subject.
if russ and my talk about real hip hop after d battery killing boom box oldschool hip hop, reminded you of the day you came home and saw your mom getting the effile tower from two jewish guys while taking a 50% handling fee from your trust fund. if you voiced your disspleaseure of that I WOULD HAVE THE COMMON DECENCY to respect you and move on to talk of tree hugger who order vegi pizza.
and at any time you would like to discuss your views on life face to face i am always free.
Baby boomers? What assets! Their over-HELOC’s home? Their depleted bank accounts? Their diminished 401k’s? Their depreciating vehicles? Sure there are some boomers with money but boomers are only up to age 65, it’s those older than 65 with the real money to pass down to the next generation. They’re the ones sitting on millions in the bank earning next to nothing in interest. And guess who will inherit and subsequently squander that? sort of anecdotally, and not intended to prove any broad generalization, I meet a ne’er-do-well boomer a few years ago who inherited over a million dollars and 80% of it away on failing real estate deals, like section 8 rentals, strip malls in rural areas in the south, and some other rental apartments on the west side. and his partners, they too were a bunch of broke boomers who couldn’t be trusted to perform simple tasks as collection of rent. My god, the boomers will squander whatever is left of this country’s wealth …. “but I MUST go to Hawaii before I die! And I need an elevator in my house so I can get upstairs to my bedroom….”
Oh no Groove. We like you!
““The men the American people admire most extravagantly are the most daring liars; the men they detest most violently are those who try to tell them the truth.” — HL Mencken”
ahhh the obligatory random obscure quote to show how your learned to use the dewey decimal system. can you be more cliche?
“If I had told you to STFU about your off-topic hip-hop discussion you’d not have stopped it on account of little ol’ me and probably come back with some angry comment. Get real.”
no really i would have, thats how the world outside your parents basement functions
the intertubez are a easy way to say your shyte without repercussions, but as a society its whats greater for the whole, not the individual, is what works.
“then stop crying like a baby and deal with reality”
how about this reality, i will give you two options, your choice;
1. How about this Dan, you stop posting on here and so will i. Deal?
2. and at any time you would like to discuss your views on life face to face i am always free. I will be in the jeff park area today or i can meet you anywhere else.
miumiu: “[at 10:26 am CST]”
*exactly*.
“Does anyone else think that wildings are kind of funny? I mean as long as it doesn’t happen to you and nobody gets seriously hurt.”
the one with the couple pulled off their bikes and tossed into lake mich was kind of funny to picture. but it’s hard to believe nobody got hurt.
I too remember the original wilding in central park. but the word itself seems kind of silly
i like westloops opinion. No further responses to it from me. If dan wants to think the inbred at 58 seconds into the Borat video can get together with the moron in the white hat and the tool in the red shirt, and together they could run a company that can make America the bestest…. Well… Nothin left to say about his self declared intellect.
i was once caught in the middle of a ‘wilding’ just a large group running down the street on haloween night throwin punches in peoples faces. Not funny!
I remember the first one, then the Post and Daily News kinda ran with the idea. Gangs with AIDS needles. Etc… This is what the pure capitalists forget, myself included, pull all social support and prepare to live in hell.
I totally get where you and anon are coming from and really do believe that people should be free to say whatever they want. Where I start to get bothered, though, is when there are no consequences for speech. Free speech, from a constitutional perspective, protects you from retribution at the hands of the government for what you believe and say. It does not (and never has) protect you from consequences brought upon you from individuals due to your beliefs and speech.
One of the most frustrating aspects of the internet is how it completely masks your identity and provides cover for the most base and cruel utterances of mankind. I know, I know…that’s the way the internet is and I should get over it. But ultimately, it will always piss me off that individuals will take to the internet to mask their identity and use that cover as cowards to say things they would never utter or admit to in real life.
In some ways, I suppose, the “freedom” it gives these individuals is good for all of us. It helps remind me, for example, of how awful human beings are behind their polite, publicly reserved facades. Still, can you blame me for not wanted to be bombarded with this s**t on a RE blog? I mean, inane chatter is one thing. Same with tangentially related “uncomfortable” topics related to properties. But outright racism, baseless claims based on the worst stereotypes, etc.? I’d really just rather avoid that, thankyouverymuch. Some kind of ignore feature would be really great, IMO.
miumiu: “I am with you too. I don’t agree with almost anything he says, but I believe in free speech. One could just ignore his comments. He is entitled to his opinion. Now this is to me very different than what Galliano did, he went to other costumers in a bar and ruined their night by ranting at them. Free speech does not grant the right to make others uncomfortable. For instance, one cannot make sexual comments that would make colleagues uncomfortable at a work place but there is nothing wrong in having a blog and say whatever filthy thing someone desires. At least that is my view point. That being said, Sabrina owns this blog and she has a right to not accept certain comments. If she asks me to stop talking about strollers or say schools, I should respect that. “
The fact that you think this is about simply referencing the flashmobs (or thinking that that is totally unacceptable behavior that needs to be stopped) is very revealing. I find it amusing how anyone that disagrees with racists is cast as some hypersensitive, ultra-liberal that doesn’t understand the “true nature” of the world. So utterly clueless and wrong.
And bob: as hard as it is to wrap your head around, bigotry is not always related to some devastating, “reality-exposing” incident. Some people are just bigots, no matter their life experiences.
“Both were knocked off their bikes, then thrown into Lake Michigan. ”
Finally read the artcile. LMFAO!
Reminds me of a time I crashed a hockey team’s party (semi-pro). They realized I didn’t belong and we going to throw me in the pool but I bargained them down to the hot tub.
“No, Groove what I kindly ask is that you stop posting on this thread henceforth, and you stop whining about censorship from now on. OK?
you say: “no really i would have”
Will you? Let’s see you do what you are kindly asked to do, and what you say you would do. Thanks. Seriously.”
ok i will, you voiced your discomfort with the topic i will respect it and move on to something else, sorry if i offened you or your beliefs my apologies.
now the new topic;
ok all you Cribchatters i have a dilema, a buddy of mine opened up a hot dog stand and i want to support him with my patronage and referrals but when he opened his fries were HORRIBLE i and a few other close had to pull teeth to get him to change either the vendor or the product.
the issue i have is the rest of his menu is so-so and his italian beef is a bland. I dont think i have it in me to go the “fries” ordeal again and i really want to support him but even i cant eat that many hot dogs in a month. and they are not even vienna dogs at that.
whats a brother to do?
they ask for a cafezinho ‘little coffee’… Kinda cute that way…
“they ask for a cafezinho ‘little coffee’”
Was there ever a coin or note with a coffee bean on it?
“I totally get where you and anon are coming from and really do believe that people should be free to say whatever they want.”
I hope you appreciate the irony going on here, with who gets to say what. I feel it applies in all directions, but not everyone agrees.
Also, I kind of think of this place as a (as HD sez, really, really lame) party at Sabrina’s house, and it’s (1) here right as the hostess to ask someone to leave, for whatever reason, and (2) everyone’s right, subject to #1, to say to another partygoer, “knock it off, you’re being rude/obnoxious/making someone uncomfortable” and to ignore that person if they don’t stop and to counter what they say that is rude/obnoxious/making someone uncomfortable (so long as one doesn’t run afoul of #1).
“Do you know that beef stand on Elston just north of Foster (I think, Bubba’s) that opened and now is closed?”
it was called bumpa’s beef and when they opened it was darn good and even the beware vampires too much garlic sign wasnt a warnig i think the garlic cloves in the sangwich would let you know the secret ingredient.
fast forward 6 months after opening bumpa’s beef bread/roll went el cheapo then the seasoning went light then the fries got worse.
add that to that location has been a failure for all other biz that tried.
they never shoveled the walk or thier parking the front door slammed and instead of fixing it they put foam to cushion the slam.
So you agree that it is more likely to search/arrest (basically profile) people and you think that is ok?
“Doesn’t matter how many white cokeheads there are: in order to be incarcerated by our criminal justice system you need to get _caught_ first.”
honestly i stayed arms length from this one. Culpability fell on the title company and i made it clear to them their liability in this, so they took care of this. They did make it clear to me this afternoon that one can be rather well cafeinated from the coffee they had to brew. Me, just thrilled it’s over. Would have been a nice wreck.
For every cokehead in a nightclub snorting the finest Bolivian, there are 5 or 10 cokeheads snorting the nastiest, mixed, cut and impure garage bought off the street for 10$ for a tiny baggie. somewhere in between is the biker or the lawyer or the college kid who blows a few lines every now and then, but percentage wise most of the cocaine in the world is not making it into the noses of the rich and wealthy.
“honestly i stayed arms length from this one. ”
Never doubted it for a sec, just curious about the origin, as it usually draws on a symbol of how it was done some time in the past.
Did they once do it by leaving coins/notes on a saucer or in a cup?
Of course, there was a *long* history of such things in Chicago, at the recorders office, and it *probably* would still be going on, but it got to the point that the charge (usually Grant or Franklin) was included on the RESPA forms.
Black people used to get pulled over without a second thought in the town I grew up in. Now they pull over CFOs of multi-billion dollar publicly traded companies.
That is progress.
“Btw, if you see a small or large group of marauding youths, do not say s*** or confront them in anyway, and do not attempt to hold your ground if you are in their path.”
They need not even be “marauding”. Got a problem with the way they’re acting, call the cops. *nothing* good comes from confronting a group of teenagers.
Yeah, call the cops and say you don’t like how someone is “acting” downtown. You sound like someone about to get a wilding, perhaps deservedly.
—
They need not even be “marauding”. Got a problem with the way they’re acting, call the cops. *nothing* good comes from confronting a group of teenagers.
“Yeah, call the cops and say you don’t like how someone is “acting” downtown. You sound like someone about to get a wilding, perhaps deservedly. ”
If you mean *me*, take a step back and focus on the point, wherein I was agreeing with you. If you mean *one*, yeah, sure, but it was a bit of advice for anyone thinking of being stupid and challenging a group of teenagers out on the town looking to have some “fun” and not needing to rise to the level of a “marauding” group for it to be a bad idea.
Also, if you don’t think 911/CPD get *constant* calls about the stupid bucket boys (i.e., about how someone is *acting* downtown), you aren’t paying attention to 911 and CPD complaints about the stupid shite they get calls about.
Yep, they get constant calls like that, my point exactly. So go ahead add in a few more calls of your own.
—
Also, if you don’t think 911/CPD get *constant* calls about the stupid bucket boys (i.e., about how someone is *acting* downtown), you aren’t paying attention to 911 and CPD complaints about the stupid shite they get calls about.
“Yep, they get constant calls like that, my point exactly. So go ahead add in a few more calls of your own. ”
Again, *me*, or *one*?
And, what’s your sage advice for the person who doesn’t want to just ignore “a small or large group of marauding youths”? Just suck it up and deal?
ahhh… Chicago, city that changed Americas interpretation of adolescent crime.
Oh you’ve hit bottom when someone from Rio makes fun of your crime situation. New trend down here is dynamiting those stand alone atm machines. Now that would make a trip to white hen more thrilling.
“Oh you’ve hit bottom when someone from Rio makes fun of your crime situation. New trend down here is dynamiting those stand alone atm machines. Now that would make a trip to white hen more thrilling.”
Couple weeks ago, was stuck in traffic (don’t remember exactly where; Clybourn?) because of four police cars surrounding a badly-broken ATM in the middle of the street.
I’ve had people call the cops on me because my girlfriend and I were watching a dvd in my parked car. I had a cagey old man call the cops on me for pulling over to use my phone (on a busy street with lots of parked cars). This was after he came out of his house 1 minute into my call to yell at me bang on my car, obviously seeing that I was on the phone likely leaving in 3 minutes anyway. I’m not black so this is not due to racial profiling either. Too many people, especially those over middle-age, call the cops over nonsense, then wonder why police resources aren’t there when they are getting a wilding. I hope the police have a sophisticated system to weed-out/deprioritize the jag-offs who place multiple 911 calls every year.
Yes Brad but the only time my neighbors made the call, the driver was black. I lived 3 years in that condo and I used to go out most Saturdays.
Brad F: “[don’t much like dealing with cops; hate people who call ’em for nonsense]”
Yeah, me too, but if a friend is wondering whether to say something to marauding yutes, or call the cops, I’m telling ’em to call the cops.
Yo – Listen to your district’s police scanner for 20 minutes tonight. It’ll blow your mind. The calls aren’t primarily old people complaining about people on cell phones; it’s batteries, shootings, stabbings, fights, assaults, drunks, drunken drivers, lots of domestics, shoplifters, plenty of burglaries and home alarms going off and being reported by private security agencies. You’d be pretty naive to think that the police are going to prioritize a call about a guy on a cell phone. The cops just run from call to call to call and do very little of what the wire calls ‘po-lice work’. And the calls get backed up pretty good. Last weekend I spent an hour or two on a saturday night listening to the scanner (like I said I can’t go out anymore) and there were gangbangers driving down montrose and kimball/Sacramento engaging in what amounted to a firefight. Groups of five teenagers beating the hell out of somebody in a gangway. vehicle thefts, garage breakins, muggings, assaults. YOu only read about the cases taht make chicaogbreakingnews but there are literallly hundreds you don’t hear about.
http://www.chicagoscanner.com/
Here’s a scanner that randomly takes calls from all the districts and aggregates them together. Like I said, this is a BIG city with lots of bad people and lots of crime, there’s a ton of stuff going on out there.
Wow – why am I not surprised that the same fear-mongerers that spout nonsense about real estate continuing to crash are the people who are trying to scare everyone into thinking that all of chicago is going to be a gang war zone. Ridiculous.
Did you listen to the scanner clio or are you shooting off your mouth again?
“Did you listen to the scanner clio or are you shooting off your mouth again?”
I don’t listen to the scanner – I have eyes and believe me, I have only had one problem with someone on the street (who threw a water bottle at me – but I was heavily intoxicated and walking my dogs and I think I may have been the one who provoked him). Seriously, I have been to many areas in chicago, walked many places and have never had any issues….
“Last weekend I spent an hour or two on a saturday night listening to the scanner (like I said I can’t go out anymore) ”
house arrest? what crime did you do?
lol…I assume he has a baby or something. HD is too level headed for a house arrest.
House arrest! m&m is more correct.
levelheaded?!! have you lost your mine, miumiu? hd is obviously a delusional paranoid depressed fear-mongerer. nothing level headed about his posts…
“lol…I assume he has a baby or something. HD is too level headed for a house arrest.”
no i heard a rumor its house arrest as he is on the “second strike” the first being the phone harassment of steve hietman and second the stalking harassment of joe zekas.
i heard steve hietman had to quit his dog walking job because of it.
Clio, HD might have some strong viewpoints on the house prices but he is balanced and is not dramatic as a person. I cannot see him go to jail at all.
To be honest some folks here have more mood swings than me and I have a excuse : )
Oh the NONSENSE of real estate declining in value – what a CRAZY and RIDICULOUS idea that is…lol. Let me guess, now is the perfect time to buy, right Clio? Just like it has been for the last 5 years. Do it for your family, do it for your kids, and of course for your own life’s enjoyment. After all Suzanne researched this. Remember.
http://www.youtube.com/watch?v=Ubsd-tWYmZw
In reality the couple in that video are still living there for now but haven’t made a payment in 3 years. Their kinds are now 6 and 8. They haven’t heard much from Suzanne since the closing. She’s so busy doing that research and said not to worry about price declines because it’s just a paper loss, not actual money. Unfortunately the kids will be forced to switch school districts just as they’re forming lasting friendships. Since John was in construction his employment situation is inconsistent. They have lost more on paper on that house than they would have accumulated in two lifetimes, which their creditors won’t soon forget. But on the sound advice of Suzanne and Clio they’ve decided not to think about that.
miumiu: I didn’t mention that I was not black to refute your story of your friend’s racial profiling. I know profiling and also racism is constant and everywhere. I’ve seen it first hand in the treatment of my employees by others. I mentioned it to point out that even as a non-black I had to deal with bored people who call the cops at the drop of a pin. Blacks I suspect have to deal with this even more when someone calls the cops on them for walking to the grocery store or driving a nice car, etc.
The average gay man is in much better shape than the average straight. The vast majority of them have gym memberships and use them. So in a domestic violence situation the injuries tend to be much more serious. Just my theory.
—
Wow – why am I not surprised that the same fear-mongerers that spout nonsense about real estate continuing to crash are the people who are trying to scare everyone into thinking that all of chicago is going to be a gang war zone. Ridiculous.
BREAKING NEWS: 3 youths were reported “bouncing a ball”
Just turned on the police scanner. Thanks to the person who posted the link. Not a single assault, stabbing, or anything serious yet in the past 10 mintues. But guess what at 10:54pm a call came across for “3 youths bouncing a ball” who appeared to be to young to be out at 11pm. lol Yep, that is an exact quote the youths were “bouncing a ball.” And someone decided that warranted a 911 call.
Undoubtedly it was the same type of person who called 911 on me for watching a dvd and for pulling over to use my phone. If you’re the sort who is so bored that you like dealing with cops regularly you got issues. Virtually all normal people would rather not actively deal with police as a reoccurring part of their daily life.
—
“Yo – Listen to your district’s police scanner for 20 minutes tonight. It’ll blow your mind. The calls aren’t primarily old people complaining about people on cell phones; it’s batteries, shootings, stabbings, fights, assaults, drunks, drunken drivers, lots of domestics, shoplifters, plenty of burglaries and home alarms going off and being reported by private security agencies. You’d be pretty naive to think that the police are going to prioritize a call about a guy on a cell phone. The cops just run from call to call to call and do very little of what the wire calls ‘po-lice work’. And the calls get backed up pretty good. Last weekend I spent an hour or two on a saturday night listening to the scanner (like I said I can’t go out anymore) and there were gangbangers driving down montrose and kimball/Sacramento engaging in what amounted to a firefight. Groups of five teenagers beating the hell out of somebody in a gangway. vehicle thefts, garage breakins, muggings, assaults. YOu only read about the cases taht make chicaogbreakingnews but there are literallly hundreds you don’t hear about.”
Editor’s Note:
I can’t believe I have to take time off my vacation to come on here and monitor what you all are saying! This thread went way out of control (and even my substitute moderator, who follows the site everyday and knows all of you- couldn’t keep up and got overwhelmed.)
How sad. You couldn’t even keep it together for 5 days.
I have banned several of you (you know who you are) because the conversation is just not appropriate. Sorry.
While I don’t mind conversation about crime, schools, heck even strollers and cars (occasionally)- why does it always have to evolve into something that isn’t very nice?
So- yes- some of you have been banned. Hopefully, this action will clear up the discussion so many of us can learn from each other about real estate in Chicago (which is what we come here to read about.)
I hope I don’t have to come back here to monitor Crib Chatter again until next week (when I am back from vacation.)
I honestly can’t believe I had to interrupt my vacation to do so.
so i wonder who got banned?
Sincere and heartfelt thanks, Sabrina. Enjoy the rest of your vacation!
Im surprised all you heard was a bouncing ball call. It was warm last nights and it is close to a weekend and lots of excitment is on the streets.
Sabrina-Thanks so much. Let’s talk about real estate.
who besides dan would be banished?
Brad F- I would pray for 8-10% inflation after I bought this investment. You want to be heavily indebted in a high inflationary environment. You know, to pay back the loans on your tangible assets with the green paper that people are now using for toilet and rolling papers.
Hey everyone –
I Know this is an old thread, and yes this is my first post, but I know one of the units here is for rent. I have applied to rent the unit, but the management company (that is handling the rental) did advise me that the owner is in foreclosure (the bank has not yet taken possession of the deed). Having said that, I am wondering if you guys think that this a good idea or not? I would be renting the top floor penthouse unit for $2200 for one year. I know that as a tenant, I would be protected from eviction when the bank does take possession, until the lease is up, but my concern is, is there any risk in renting from a landlord that is in foreclosure? The management company (MCM, run by a guy named Krabowski, out of Wicker Park) claims that they are going to do the maintenance, and that they are going to hold my security deposit in escrow. Thanks in advance for any advice that can be offered!
“I Know this is an old thread, and yes this is my first post, but I know one of the units here is for rent. I have applied to rent the unit, but the management company (that is handling the rental) did advise me that the owner is in foreclosure (the bank has not yet taken possession of the deed). Having said that, I am wondering if you guys think that this a good idea or not? I would be renting the top floor penthouse unit for $2200 for one year. I know that as a tenant, I would be protected from eviction when the bank does take possession, until the lease is up, but my concern is, is there any risk in renting from a landlord that is in foreclosure?”
Um…yes.
First of all- why in the heck would you EVER want to rent froma landlord who hasn’t paid his mortgage in, say, 2 years? Why the heck are you giving that person your money???
Secondly- you are renting from someone who doesn’t care. What happens when the toilet is backed up? Oh- sure- the “management company” will have it fixed. But who is paying them????
You would have ONE YEAR here- tops. And then you’re going to be kicked out. Why bother? There are plenty of other units for $2200 a month.
I’ve recently talked to two other people renting condos inside the GZ where their landlord has gone into foreclosure (bank has taken possession and is kicking them out because they’re on a month to month.) It’s more problem than it’s worth. I advise all renters looking to rent condos to check the ccrd to see if there is a lis pendens filed against the property FIRST, before they ever rent it.
“First of all- why in the heck would you EVER want to rent froma landlord who hasn’t paid his mortgage in, say, 2 years? Why the heck are you giving that person your money???”
Simple–move in, pay the first month or two, then stop paying.
Landlords facing foreclosure aren’t exactly motivated to evict deadbeat tenants. Heck probably more than half of them aren’t even local anymore. Lets see some absentee landlord try to evict you.
“I would be protected from eviction when the bank does take possession, until the lease is up, but my concern is, is there any risk in renting from a landlord that is in foreclosure?”
Umm not sure on this one, either. IIRC the bank can initiate the eviction process on you once they take possession, but they rarely do so. Your lease is a legal document between you and the previous owner–the bank isn’t automatically subject to it just because property ownership reverts to them.
If I were you I’d go for it–just don’t expect to live there more than a year or two.
“It’s more problem than it’s worth. ”
Tell that to my friends who haven’t paid rent in many months, or the guy that posts here who is doing similar.
You’re right in most cases probably not worth the hassle if you don’t plan on becoming a deadbeat. But if you’d consider becoming a deadbeat to save thousands of dollars, there is the possibility of winding up in a situation living rent free for up to two years.
“If I were you I’d go for it–just don’t expect to live there more than a year or two.”
Bob- you’re making a lot of assumptions. Some of the people who have posted here who haven’t paid anything in a couple of years were already living in the unit when the landlord stopped making the mortgage payments.
In this case- it sounds like that happened quite a long time ago. (I could look up the property, but I don’t feel like spending the time right now.) Under your scenario- they would have had to stop paying just months ago- wherein they wouldn’t already be in foreclosure (most likely.) It sounds like the lis pendens foreclosure has already been filed.
As we know- that can mean 18 to 24 months before the bank even takes possession. But what if it’s already been 2 years? What if the bank is just a few weeks away from taking possession? You’re NOT going to be living in a condo in the middle of lakeview for years waiting for the bank to relist it. At the most- it would be a few months.
Also- as our friend who lives in Rogers Park would tell you- you’ll be paying the assessment to the condo association, at the minimum. The condo association can also sue you to get the rent (if there is a back assessment that hasn’t been paid.) This happened to friends of mine.
so- it’s not all easy and fancy free as you make it out to be – if you’re going into the situation knowing the bank could be taking it over at any time. That’s why it’s really vital to research the info first.
LakeviewResident:
Here are two reader comments which address the wisdom of doing business with Karbowski, posted after Crain’s reported in March 2010 on Karbowski’s then most recent foreclosure – the article noted that lenders had filed 65 foreclosures against Karbowski and/or related entities as of 2 years ago:
“Michael W. wrote:
Karma. I was involved in 1 transaction with Mr. Karbowski and he lied to my face on multiple occasions. He also utilized association funds just before we took over the building and left us $19,000 in debt. After consulting an attorney we found that he had a track record of doing this but any suit would likely not recoup any funds.”
“David F. wrote:
This guy has screwed just about everyone in town…not surprised by this at all.
He asked me to consult on a building he was being sued on….I did the work and helped him, then he stiffed me.”
Bro bob bro – so you dispense first rate legal advice on top of all the other good you do here ya hillbilly you? I defer to HD (or any lawyer) but iirc the bank, by foreclosing, put the world including prospective tenants on notice of its superior interest re the soon to be (if not already) former owner here. Once the sheriff’s sale & judgment of foreclosure are confirmed the bank receives an order of possession & anyone claiming rights under the former owner (even under a lease) was FORECLOSED out (that means SOL bro). Could be 30 – 90 days not 2 years. Unless the bank had agreed to said lease but even the bank that decided hiring you was a good idea would never agree to subordinating to help a bro get by.
Bob (March 25, 2012, 12:14 pm)
“I would be protected from eviction when the bank does take possession, until the lease is up, but my concern is, is there any risk in renting from a landlord that is in foreclosure?”
Umm not sure on this one, either. IIRC the bank can initiate the eviction process on you once they take possession, but they rarely do so. Your lease is a legal document between you and the previous owner–the bank isn’t automatically subject to it just because property ownership reverts to them.
If I were you I’d go for it–just don’t expect to live there more than a year or two.
“Could be 30 – 90 days not 2 years.”
Depends how far along it is. I’m not arguing with Sabrina only that I’ve known people who have timed it quite impeccably. From what I’ve seen also it isn’t the “bank” who winds up holding senior interest in the property, genius, it’s a government sponsored entity (IE: Fannie/Freddie). And in which case the “bank” is “overwhelmed” and takes their sweet time moving each step along.
8.3% mortgage delinquency in Illinois.
http://nationalmortgageprofessional.com/news28777/mortgage-delinquencies-illinois-fall-833-percent-latest-survey
Yeah for some reason I don’t think reality is worked out as your l-school classes might have stated from your case studies.
Hey everyone – thanks for the replies!
Well, I did some more research over the weekend, and on units that are in the foreclosure *process* (but not yet actually finally foreclosed, where the bank has taken the deed back), the tenant does get to stay in the unit until the lease is up…HOWEVER, if the bank puts it on the market and sells it to a buyer who intends to live in the unit (as opposed to leasing it out), then you have up to 90 days to live in the unit.
Yes, this is a unit that was developed by Krabowski…he does not own it, but he owns other units in the building and they are also in foreclosure…however this unit is owned by one of his friends (sorry, “business associates”) and it appears that is the case with all the units in this building (and the other building in that stretch on Sheffield). They are almost all owned by Krabowski and his buddies and they are in all foreclosure and they admitted to me that they are trying to get every penny they can before the bank gets the property back. I was a little dumbfounded by this. He told me “we have the legal right to collect rent on the unit while we still own it.” So, my concerns were with maintenance and with making sure that I get my security deposit back.
I called the CCRD on Friday and they advised me that it was Krabowski’s buddy who owns the unit, and that the judgement took place last summer, but the bank has not recaptured the deed yet. It could happen at any time I think. So on Saturday I met with the guy who owns the unit, as well as the realtor from MCM who represents him and shows the unit. They told me that they think that it will be at least 9 months or longer before the bank takes posession of the unit. I told him that I want the security deposit placed into a joint account that requires dual-signatures in front of a teller, to withdraw the funds. He agreed to that.
My angle with wanting to rent this unit, is that I would like to end up being the owner of the unit. I remember touring the unit at an open house at the time when it was built and wishing I could live there. I knew the market was crashing at the time and knew not to buy it. But now, the units there have been going for around $250k. So, I am hoping that by renting it, when the bank does take it, I can then be first in line to work with the bank on buying the unit and getting it at (hopefully) around that price. I think 250 is a fair price for this unit….2/2, penthouse, fireplace, jacuzzi, 2 balconies and a semi-private roof top deck. So I was thinking that I am willing to possibly rent the unit for a while, let the bank take posession, then work with the bank to purchase the unit (or at least be first in line to make a bid). Does this sound like a good idea at all? Or, is this not worth dealing with Krabowski and his associates? I really like this unit in this location.
In a building that sounds like it will have no HOA due to all being bank-owned units? Nightmare waiting to happen!
“I think 250 is a fair price for this unit….2/2, penthouse, fireplace, jacuzzi, 2 balconies and a semi-private roof top deck.”
What you think is a “fair price” and what is the market price could be two different things.
In my opinion, the bank won’t care that you’re the tenant. They’ll just list it. If you want to make an offer- then fine. (why anyone would want to own in a small condo association where every unit is in foreclosure is beyond me.) Is the water even turned on? Who is paying for the garbage pick up? I’m doubting that the condo association in this kind of situation is even active.
One of the other ones in this line of buildings is likely to come on the market. Just wait until one of those comes on and buy it if you must have it.
Good call on the possible future issues with the HOA. I didnt think about it from that angle. Having said that, I am going to pass on this place. I have an option on the table to move to Dallas TX with my current employer. They will let me take my Chicago salary there. Housing in their version of Lakeview (Uptown Dallas) is much more affordable there and they have a lower crime rate as well. I may just take that option and say goodbye to Chicago!
LakeviewResident:
For future reference imo there is an important axiom for you to consider:
It is virtually impossible to get a good deal from bad people.
They are capable of working angles that likely no one you have ever met would consider. Good luck wherever you decide to end up!
Complete, total, unmitigated disaster on many fronts. Run, don’t walk, from this one, whether buying or renting. It sounds like life’s saving you from a really bad situation.
Identical McShitBox at 3020 unit 3N is a short sale with an ask price of 480k. Yeah…good luck with that.