Can You Still Get a High Rise 2/2 for $400,000? 1111 S. Wabash in the South Loop
This 2-bedroom at 1111 S. Wabash in the South Loop came on the market in May 2021.
Built in 2006, 1111 S. Wabash has 247 units and an attached parking garage.
It’s a full amenity building with door staff, exercise room and pool.
This unit has west views from an 18 foot balcony off the living room.
It also has a separate den which the listing says could be a home office or Peloton/workout room or, if you put on doors, it could be a third bedroom.
The kitchen has white 42″ cabinets, stone counter tops and “brand new, never been used” stainless steel appliances.
The main living areas have “newly stained” dark hardwood floors and there are new carpets in the bedrooms.
The primary bedroom has blackout shades, a walk-in-closet, and an en suite bath with soaking tub and shower.
The listing says it’s “freshly painted.”
This unit has the features buyers look for including central air, washer/dryer in the unit and garage parking is available for $30,000.
The listing indicates that the building has a rental cap of 20%, and that it’s been met.
This unit was originally listed in May 2021 at $439,000 and went under contract twice over the summer.
It’s been reduced to $395,000.
This is the first resale of this unit, which last sold in 2006 for $375,000.
Is this a deal?
Nick Kluding at Baird & Warner has the listing. See the pictures here.
Unit #1508: 2 bedrooms, 2 baths, 1300 square feet
- Sold in January 2006 for $375,000
- Originally listed in May 2021 for $439,000
- Under contract twice over the summer
- Reduced
- Currently listed at $395,000 (plus $30,000 for parking)
- Assessments of $666 a month (includes heat, gas, a/c, doorman, cable, Internet, exercise room, pool, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes of $5905
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 14×11
- Bedroom #2: 10×12
- Den: 14×10
- Living room: 17×13
- Dining room: 14×10
- Kitchen: 11×8
Nice that they count the den & dr as 2 separate spaces When it’s the same space. If you want the 3rd space enclosed just buy 701 and get a bigger MBr
“ This unit was originally listed in May 2021 at $439,000 and went under contract twice over the summer.”
And didn’t close. This is a good sign
2nd bath doesn’t have a shower
Places like this are going to be slaughtered as rates rise.
Jan-06, $375k + CPI = $525k.
Not impressive at all. Honestly the bike room was the most exciting pic, that looks quite solid.
“Not impressive at all.”
It’s not a luxury building and that’s reflected in the price. Can you rent for what you could buy this for? What will the rents be in the new Helmut Jahn building or in Essex on the Park?
It has the home office that you can’t get in a rental.
“Can You Still Get a High Rise 2/2 for $400,000?”
In the south loop you can get an updated 2/2 condo in a high rise for ~$350M – $375M. Not having a 2nd shower (only bath) is going to severely hurt the price. Sub $350M maybe ~$325M gets this sold as in addition to most people viewing this as a 2/1.5 the bathrooms need to be updated and the place needs some touch ups.
You can see the shower in the mirror. Just a bad angle of the picture.
“Jan-06, $375k + CPI = $525k.”
So it’s a deal then?
Mortgage rates were over 6% as well. People really paid a big premium during the bubble. It can take a LONG time to see appreciation after a bubble bursts.
Sure but then you have to live in the South Loop. Bleh.
“Places like this are going to be slaughtered as rates rise.”
Really? With that appreciation since 2006?
Usually the things that get “slaughtered” when rates rise are those that have jumped big in price, right? When something is “affordable” how does it get slaughtered? We are a monthly payment nation. This condo is cheaper to buy than to rent down the street. Even with rising rates.
“Usually the things that get “slaughtered” when rates rise are those that have jumped big in price, right? When something is “affordable” how does it get slaughtered? We are a monthly payment nation. This condo is cheaper to buy than to rent down the street. Even with rising rates.”
The owner cant move this at $395k.
Do you think if rates move up to 4+% its going to:
A) Have no effect on sales price
B) Increase the sales price, because Chicago is AwEsoME
C) Decrease the sales price, as its a what can I afford monthly unit
“Do you think if rates move up to 4+% its going to:”
It’s been under contract twice this year.
I’m assuming the investment in new appliances, new carpet, painting and whatever else they replaced might have had something to do with that but that’s just my assumption.
I would take this off the market, stage it, and relist it in January when the spring buying season begins. But that’s just me.
I have said dozens of times that when rates rise towards 4% or get to 4%, that the Chicago market will slow. It happened in 2017 and it will happen again in 2022.
Rising rates haven’t caused Chicago’s housing market to “crash” or even prices to decline. Sales have slowed, however.
Housing is “sticky.” It would take much higher rates than 4%, and it would have to happen quickly, for home prices to actually decline. Don’t forget that wages are also rising now. And buyers are the most qualified in decades with big down payments due to wage increases and the stock market/bitcoin being at record highs.
The supply/demand metric is much more powerful than rate increases heading into 2021. Millennials are the largest generation in US history. The biggest group of them are turning 30. They are marrying and having families. They want to buy now. And they are. And there is NO inventory in Chicago or Chicagoland to buy right now.
Basic economics will tell you that home prices aren’t going to decline any time soon.
Home buyers can absorb rate increases because it’s better than rental price increases, which we’re seeing again.
“So it’s a deal then?”
No, they are losing a boatload of money in real terms.
Or, if you prefer, they paid a ton of imputed rent compared to buying something that kept pace with inflation.
It’s only a deal if it is “cheaper” (measured now or over time) than the alternatives.
Will the seller be bringing cash to closing? Not a chance (mortgage is from ’09). But that’s not the only way to lose.
Question: is there anyone who didn’t refi since ’09, UNLESS they moved out and didn’t want to deal with refi’ing as not an occupant? Or had financial troubles.
I don’t understand the budget market. The price disparity from cheap appliances and fixtures ( like this place ) compared to mid lux finishes would barely move the needle in terms of monthly payment. If you disagree then you should probably agree that interest rates WILL have an impact on the buyer pool.
“Sure but then you have to live in the South Loop. Bleh.”
Plenty of people love it. They keep building more apartment buildings.
“Not impressive at all. Honestly the bike room was the most exciting pic, that looks quite solid.”
I looked at a 2/2 here in 2010. I decided against it before I even made it to the unit based on the building.
But you say, but it’s not luxury. I was trying to stay under $350k, nothing was luxury. There were nicer buildings.
“It’s been under contract twice this year.”
And fell thru 2X LOL. Should tell you something
“I’m assuming the investment in new appliances, new carpet, painting and whatever else they replaced might have had something to do with that but that’s just my assumption.”
So more capital outlays for an asset with an almost 0% return – Sounds HAWT ™ to me
“I have said dozens of times that when rates rise towards 4% or get to 4%, that the Chicago market will slow. It happened in 2017 and it will happen again in 2022.”
You lie alot as well. adress the point on returns
so bUY NOw oR bE PriCEd oUt FoREVeR?
“Housing is “sticky.” It would take much higher rates than 4%, and it would have to happen quickly, for home prices to actually decline. Don’t forget that wages are also rising now. And buyers are the most qualified in decades with big down payments due to wage increases and the stock market/bitcoin being at record highs.”
No – Its a montly payment game – rates directly affect this
Wages arent rising as much as inflation
“The supply/demand metric is much more powerful than rate increases heading into 2021. Millennials are the largest generation in US history. The biggest group of them are turning 30. They are marrying and having families. They want to buy now. And they are. And there is NO inventory in Chicago or Chicagoland to buy right now.”
Where’s all the appreciation? Demand is HAWT ™ right? Why aren’t places like this being snapped up Vs being on the market for 2 years?
“Basic economics will tell you that home prices aren’t going to decline any time soon.”
Whats soon?
“Home buyers can absorb rate increases because it’s better than rental price increases, which we’re seeing again.”
Another made up stat to make you feel good
Excluding gentrifiers and a few selct hoods, there isnt much
“No – Its a montly payment game – rates directly affect this”
Your monthly payment is LOCKED in. Duh.
Meanwhile, rents are going up double digits.
Which one are you going to choose?
“Why aren’t places like this being snapped up Vs being on the market for 2 years?”
50% of November sales went under contract within the first week on the market. If you bothered to READ Gary’s great monthly updates on the Chicago housing market, you would know how hot the market is.
But I can only lead the horse to the water.
This is why I would recommend to any sellers with older listings to unlist during the holidays, stage or paint or fix whatever buyers are complaining about, look at your pricing and relist for the spring buying season.
It will start “early.” It will start in earnest the first week of January instead of after the Super Bowl. Buyers are scared rates are going to rise soon so they want to buy NOW.
“Whats soon?”
Years JohnnyU. Prices won’t decline for years, if ever. It took years for the biggest real estate crash in Chicago to play out. And you think with no inventory, GDP above 4%, unemployment at 4.2%, the stock market near new highs, that a 50 point rise in the mortgage rates is going to somehow hit prices by 10% immediately?
LOL.
Come on.
“Your monthly payment is LOCKED in. Duh.”
So its locked in for next year? Cool – let me know the financial institution where this is possible
“Meanwhile, rents are going up double digits.”
In your head
Isn’t the billions being spent going to add to inventory?
“50% of November sales went under contract within the first week on the market. If you bothered to READ Gary’s great monthly updates on the Chicago housing market, you would know how hot the market is.
But I can only lead the horse to the water.
This is why I would recommend to any sellers with older listings to unlist during the holidays, stage or paint or fix whatever buyers are complaining about, look at your pricing and relist for the spring buying season.
It will start “early.” It will start in earnest the first week of January instead of after the Super Bowl. Buyers are scared rates are going to rise soon so they want to buy NOW.”
Thats a lot of words to not answer the question
I can only lead you away from the boxed wine
“So its locked in for next year? Cool – let me know the financial institution where this is possible”
Most home owners have fixed rate mortgages these days.
Rents are rising in Chicago, and nationwide. Back to all-time highs in Chicago. All the rental deals from 2020 where they were giving out 3 or 4 months free rent have gone away a LONG time ago. We’ve discussed this months ago. If people wanted a rental “deal” that time has passed. And those who locked in one during the summer of 2020 are likely already paying much more as the landlords simply aren’t giving out those deals anymore.
I’m waiting for an update as to how quickly One Chicago is leasing. It’s the most expensive set of buildings, on a per square foot basis, in the city. Although, I think they are only leasing out the cheaper one right now as there is still construction on the bigger tower which will also have the condos.
“It’s been under contract twice this year.”
hasn’t closed and the rate market is shifting quickly. If it’s not under contract by May and haven’t decreased their asking pricing by at least 10% they will be stuck holding the bag for awhile.
“I have said dozens of times that when rates rise towards 4% or get to 4%, that the Chicago market will slow”
The south loop condo market is already slow with plenty of supply and more new condos coming online. Looks like rates are going to be approaching or past 4% by the end of 2022 if we indeed get 2 – 3 interest rate hikes.
“Rising rates haven’t caused Chicago’s housing market to “crash” or even prices to decline. Sales have slowed, however.”
If its a monthly payment game with rising rates, property taxes, HOA’s and EAV increases given the triennial assessments currently taking place how’s the monthly payment going to look on this place over the next 8 – 13 months?
“Don’t forget that wages are also rising now.”
Don’t forget inflation is 6%+ and the city is tying automatic annual property tax increases to CPI now. Are wages for homeowners rising this much or only for hourly service workers that wouldn’t qualify for a mortgage of $350K+
“And buyers are the most qualified in decades with big down payments due to wage increases and the stock market/bitcoin being at record highs.”
Bitcoin and Crypto are currently in a bear market….. also costs a pretty penny to sell and then there’s the taxes. In a rising rate environment with more regulation being added taking away the anonymity of the transaction it might not be the best place to be for the next 12+ months.
“They want to buy now. And they are.”
Are they going to buy in the heart of the city at age 30 or moving into the neighborhoods/suburbs for more affordability and space given Covid and WFH?
“And there is NO inventory in Chicago or Chicagoland to buy right now.”
Unless you are in the south loop or in a high rise neighboring the loop….
“Basic economics will tell you that home prices aren’t going to decline any time soon.”
But asking $400K for this place isn’t going to work…. Maybe $325K – $350K now. Might be $300K or slightly under if it’s still not sold a year from now.
“Home buyers can absorb rate increases because it’s better than rental price increases, which we’re seeing again.”
Can homebuyers absorb 100 bps in higher rates + 5%+ automatic annual property tax increases, + property tax increases from reassessment + increased HOA?
Depending on what and where you are buying the increases in a monthly mortgage may be the same or higher than rent increase.
“Thats a lot of words to not answer the question”
Even in Los Angeles or San Francisco, some properties sit on the market for months or years. It’s always been thus. Doesn’t mean it’s not a hot market because some properties don’t sell immediately.
But in Chicago, 50% of the listings are basically selling immediately. And many of them with multiple offers.
“Years JohnnyU. Prices won’t decline for years, if ever. It took years for the biggest real estate crash in Chicago to play out. And you think with no inventory, GDP above 4%, unemployment at 4.2%, the stock market near new highs, that a 50 point rise in the mortgage rates is going to somehow hit prices by 10% immediately?
LOL.
Come on.”
If you truly believed that what you wrote why isnt Chicago RE seeing much if any appreciation? And why arent you leveraging to aquire a mini RE empire?
I said 1% – its amazing how dishonest you are
Inflation at almost 7%, FOMC signaling 3 hikes next year – but just ignore the canary in the coal mine and open another Box-O-Wine
“Most home owners have fixed rate mortgages these days.”
Homebuyers have to close on the property first which is what JohnnyU was talking about….. The rate landscape will be changing very quickly next year for homebuyers.
This blog has always been skewed towards properties that aren’t selling right away. I mostly won’t crib on properties that are already under contract.
With it this hot, by the time I cover the property it is usually already going under contract.
Therefore, the properties I cover are those that are tending to stick around for a while, for whatever reason.
And this week’s properties were the “deals” of downtown. Some downtown properties are selling within a week too. Those aren’t going to show up on this week’s posts.
And once again, if you have to say someone is “drunk” then you’ve already lost the argument.
I gave actual data about how fast Chicago properties are going under contract.
Data is the data.
Also, Gary is kind enough to post the link to his monthly updates here on this blog so we all can easily access them.
I really recommend those who are interested in the data about what is going on in Chicago’s housing market to check it out.
I keep waiting for the slowdown that must be coming at some point. But we just haven’t seen it yet. Sales continue to make new highs even with hardly anything on the market. It’s really surprising.
“Prices won’t decline for years, if ever. It took years for the biggest real estate crash in Chicago to play out.”
You are being dishonest again. When did someone say “crash” or “decline”. I think people might be surprised how little equity they will have 3 – 5 years from now if they go to sell especially if they refinanced or purchased over the past 2 years assuming rates rise the way the FED is projecting over the next 12+ months and property taxes keep rising the way they are.
“But in Chicago, 50% of the listings are basically selling immediately. And many of them with multiple offers.”
You’re making stuff up again Smolette
This is a single data point but somewhat instructional as how poorly the Chicago market has fared – https://twitter.com/iowahawkblog/status/1471571593524568066
On the market for a year, buying at bottom 11 years ago – 30% gain
HAWT ™
“But in Chicago, 50% of the listings are basically selling immediately. And many of them with multiple offers.”
“You’re making stuff up again Smolette”
Again, it’s really sad that JohnnyU doesn’t bother to read the updates on Chicago’s housing market that Gary posts every month. It’s free. No subscription required.
Yeah, 50% of the listings are going under contract within the first week. That’s how low inventory is.
I encourage everyone to check out Gary’s blog. He posts the links here on the Market Condition posts. Great source of information about what is selling, how long it’s taking, what inventory looks like, how many contracts were entered into, which will tell us what should happen in the next few months.
Check it out.
“You are being dishonest again. When did someone say “crash” or “decline”.”
JohnnyU specifically said prices will decline 10% when rates rise WP.
I’m surprised WP is showing his face here given what is going on with COVID nationwide right now.
He always disappears off this blog when he gets COVID 100% wrong, which he, sadly, has once again.
Cases rising everywhere now. Our biggest wave is coming. Vaccinated should stay out of the hospitals, thank god. But there’s still too many unvaccinated. A hope will be that Omicron isn’t as severe and the unvaccinated will also be able to avoid the hospitals.
I fear a catastrophe with our hospitals. Nationwide.
Additionally, so many people are about to get COVID (experts are saying 2 to 3 million a DAY will test positive by early January as over a million a day are going to test positive in the UK and we are much bigger) that the economy may grind to a halt for a few weeks because people will be sick at home, or have to stay home to quarantine.
What if half of a Whole Foods gets COVID at the same time and can’t go into work?
What if dozens of Metra conductors get it and can’t work?
We are seeing the first impacts in professional sports. They were the first to shut down in March 2020 and now they are, again, postponing games. Will leagues have to temporarily halt all games until the worst of this outbreak passes? Will fans have to be banned from indoor stadiums again until the outbreak passes?
In NYC, Omicron is now 13% of all cases. It is spreading quickly. The UK is now over 50% of all cases being Omicron. It was at 44% just 2 days ago. NYC will be all Omicron by Christmas.
Omicron cases are doubling every 2.2 days.
Dozens of restaurants have already temporarily shut in NYC due to outbreaks. They have to shut and wait 10 to 14 days.
Cases again rising in the states that had bad Delta outbreaks in August and September, including Florida and Texas.
The key is to keep the hospitals operating and essential workers healthy enough to go to work.
Will we be able to do that with 2 million cases a day? Our highest level was 200,000 a day last winter.
Prayers.
Get your booster while you still can. Once you get COVID you have to wait at least a month to get the booster.
“Homebuyers have to close on the property first which is what JohnnyU was talking about…..”
I don’t know what he was talking about but my comment was about homeowners. They don’t care if rates rise. That’s why they are all rushing to buy whatever they can right now because rates are going to rise next year.
Sales will slow in Chicago- just like they did in 2017 when rates rose back above 4% that year.
How many times do we have to keep going over this?
We literally have an example of what happens in Chicago when rates go from the mid-3s to the 4s and it was just 5 years ago. There was NO crash. There was NO price decline. Sales DID slow. So?
Inventory was nowhere near this low, however. And the Millennials weren’t in the market in a big way 5 years ago. It will be interesting to see what happens this go around.
Until the rates rise over 4%, however, the Chicago housing market will remain hot.
“If its a monthly payment game with rising rates, property taxes, HOA’s and EAV increases given the triennial assessments currently taking place how’s the monthly payment going to look on this place over the next 8 – 13 months?”
What do people NOT understand about your payment being fixed if you buy?
Yeah- there are higher property taxes but that’s it. HOAs go up 1 to 3% a year. That’s it and any buyer would be pricing that in.
You are BUYING right now because rents actually ARE going up at a far faster rate thanks to the inflation you all are screaming about. In inflationary environments, you DO want to own real estate because your payment is mostly fixed. Duh.
“Can homebuyers absorb 100 bps in higher rates + 5%+ automatic annual property tax increases, + property tax increases from reassessment + increased HOA?”
They’re getting 5% or more pay raises and their stock portfolios are at record highs WP.
You tell me.
This is the most qualified home buyers in decades. The credit check is steep.
If they don’t qualify, they don’t qualify and they will rent. But monthly sales are at their highest since the condo boom, when many of those purchases were by investors. It’s hard to believe that we’re actually selling MORE condos right now than during the boom years when dozens of new high rises were going up with their fancy sales centers and investors were buying 3 to 5 units to flip.
The buyers we have now in Chicago are legit homeowners. They are going to live in the property. That makes these sales an even bigger deal than what we saw in the housing boom years.
Power of demographics. Largest generation in US history. And they want to buy now.
This strong demand should last about 3 more years.
“ Again, it’s really sad that JohnnyU doesn’t bother to read the updates on Chicago’s housing market that Gary posts every month. It’s free. No subscription required.
Yeah, 50% of the listings are going under contract within the first week. That’s how low inventory is.”
Please walk me thru how you get a 50% are under contract in a week – TIA
“However, there has been a bit of a running mystery in the data. While detached homes have logically been selling much faster attached homes have actually been taking longer to sell. Detached homes that closed in November went under contract on average in only 46 days, down from 64 days last year and that makes sense since there are fewer homes on the market relative to sales. However, despite the decline in attached inventory it’s actually taking longer for those homes to sell – 80 days this year, up from 66 days last year. Go figure.
And by the way…half the homes are selling in roughly half the average time!”
“ I don’t know what he was talking about but my comment was about homeowners. They don’t care if rates rise. That’s why they are all rushing to buy whatever they can right now because rates are going to rise next year.”
Because like numbers, words have no meaning to you.
They care if they need to sell.
They care as the cost of money for the city & state increases
“ They’re getting 5% or more pay raises and their stock portfolios are at record highs WP.
You tell me.”
With inflation at near 7%, they’re losing purchasing power.
since it’s impossible to have $1MM in a 401k by 50, how much money can this cohort have in their portfolios?
“It has the home office that you can’t get in a rental.”
Huh? Yes you absolutely can… I have.
Rob–don’t tell us you have a foyer, too.
“when he gets COVID 100% wrong, which he, sadly, has once again.”
I said we wouldn’t peak until mid-January like last year. Let me look at the calendar real quick….. it’s mid-December.
“I fear a catastrophe with our hospitals. Nationwide.”
Do you live in a constant state of fear? May want to talk to your doctor about anxiety medication.
“experts are saying 2 to 3 million a DAY will test positive by early January as over a million a day are going to test positive in the UK and we are much bigger)”
Again, Maddow and Cable news (Fox included) is bad for your health and your brain. The “experts” only get booked by these networks to drive ratings. They drive ratings by saying outlandish things.
Further, the 2 – 3 million testing positive is between now and the beginning of the year which is two weeks away which means between 140K – 214K per day will test positive. The US 14 day rolling case average is currently 125K….. You are delusional.
“What if half of a Whole Foods gets COVID at the same time and can’t go into work?”
Same as what’s been going on for the past two years…. either send employees from nearby whole foods to cover the shifts or you close the store for a few days. Further, there’s another grocery store a block away. I know first world problem of having to go without 5 year old smelly cheeses, $25 LB Chilean Sea Bass, and organic, non-GMO $7 LB noodles for a week. Are you really this out of touch?
“What if dozens of Metra conductors get it and can’t work?”
Metra trains are like half full anyway so it might be a good cost saver especially since its the holidays and ridership typically decreases this time of year….
“Will leagues have to temporarily halt all games until the worst of this outbreak passes”
Who cares?
“Will fans have to be banned from indoor stadiums again until the outbreak passes?”
Who cares?
“In NYC, Omicron is now 13% of all cases. It is spreading quickly. The UK is now over 50% of all cases being Omicron. It was at 44% just 2 days ago. NYC will be all Omicron by Christmas.”
The goal isn’t and was never covid zero. In South Africa where Omicron was first detected in their health minister reported today “South Africa delivered some positive news on the omicron coronavirus variant on Friday, reporting a much lower rate of hospital admissions and signs that the wave of infections may be peaking.
Only 1.7% of identified Covid-19 cases were admitted to hospital in the second week of infections in the fourth wave, compared with 19% in the same week of the third delta-driven wave, South African Health Minister Joe Phaahla said at a press conference. ”
May already be peaking what has it been 3 weeks after the first detection? Good lord. Take a pill and relax already.
“”including Florida and Texas”
Yet Florida and Texas are two of 8 states that the Chicago Public Health Department currently doesn’t have a travel advisory on…..
“The key is to keep the hospitals operating and essential workers healthy enough to go to work.”
What insight. I think you qualify as a Cable News “Expert”. Just say something outrageous after this point though to keep the eyeballs.
“Get your booster while you still can. Once you get COVID you have to wait at least a month to get the booster.”
Plenty of people are still getting covid even after they get their booster….. “The broadcaster Victoria Derbyshire tweeted that her brother caught Covid three or four weeks after receiving his booster jab after a night out with “a load of mates” on 3 December. All were vaccinated and 17 out of 21 tested positive, she said.”
“One Zoe contributor said 16 out of 18 people at a 60th birthday party in Somerset tested PCR positive for Omicron. All were vaccinated, some with boosters, and had a negative LFT 24 hours beforehand. Their symptoms were mild, Spector said: sore throats, nausea, slight temperatures and headaches. No one needed a doctor.”
Will you stop worrying about case counts…..
https://www.theguardian.com/world/2021/dec/12/how-omicron-appears-to-be-infecting-britain-despite-the-vaccine
“They’re getting 5% or more pay raises and their stock portfolios are at record highs WP.”
Half the country doesn’t have a stock portfolio and skews higher with younger age you elitist white liberal. Inflation is 7%. How is a 5% pay raise going to help?
“How is a 5% pay raise going to help?”
It’s better than no raise, right?
Core inflation is 4.9%, and PCE is 4.12%, so a 5% raise is reality based.
“Cases rising everywhere now. Our biggest wave is coming.”
And Biden, Pritzker, the party of science, truth, and democracy is doing or going to do nothing (assuming your words have any merit)?
“What if half of a Whole Foods gets COVID at the same time and can’t go into work?”
Wait a second are you putting profits over people and their health? You support the party of death now?
“Will leagues have to temporarily halt all games until the worst of this outbreak passes?”
I’m assuming you are worried about the billionaire owners, multimillionaire athletes, and the billion dollar media companies, oh and your personal entertainment to alleviate boredom?
If as you say this will be “our biggest wave” why is this even remotely a concern to you?
Such a shill.
“JohnnyU specifically said prices will decline 10% when rates rise WP.”
No he didn’t. You are the only when that cited a 10% decline. He asked what you think is most likely to happen if mortgage rates increase and posed the following possibilities:
“A) Have no effect on sales price
B) Increase the sales price, because Chicago is AwEsoME
C) Decrease the sales price, as its a what can I afford monthly unit”
You again are conflating or being intentionally dishonest to answer (C) that the sales price decreasing means the market is in decline or dropping 10%. All because someone puts a house on the market for $400K doesn’t mean it sells for $400K. Further, if the final price ends up being $350K that also doesn’t mean the market is in decline. The seller may have initially bought the house for $350K or $325K. It does mean sellers will need to appropriately price their house or risk having it not sell.
He then stated price growth would be 1% in a rising rate environment given interest rate effects on monthly payments. Not declining 10%.
You are worse than a used car saleswoman or salesman, or salesperson. Not sure how you identify.
“He then stated price growth would be 1% ”
Nah, there was missing context.
S claimed JU was asserting calamity with a 50 bps increase in rates, when JU had asserted a 100 bps increase in rates would hit values.
“Additionally, so many people are about to get COVID (experts are saying 2 to 3 million a DAY will test positive by early January”
Since I know Sabrina will call me a covid denier as she normally does I’ll site the medical punditry from CNN on how this assertion is complete hogwash.
“In the next three to eight weeks, we’re going to see millions of Americans are going to be infected with this virus,”
Again, we currently average one million cases in the US over 8 days. So no crap we are going to have millions of cases over a 3 – 8 week period. We have already been experiencing this….
“What you have here right now is a potential perfect storm,” Osterholm said.”
Good lord we have been hearing the same take for two years…. It’s like these people want this to happen. Maybe that’s what will get them more segments on CNN and maybe their CNN contract pays them per segment?
What a garbage opinion from the “expert”. Absolute clickbait.
https://www.cnn.com/2021/12/17/health/us-coronavirus-friday/index.html
WP –
What I said (in a different convo) was if rates rise 1% to keep the monthly payment the same the purchase price needs to be cut by about 10%.
I dont think this any big surprise to the folks that can do math.
The question is who eats the effects of rising rates. I dont find it plausible that buyers will. First time buyers are usually pushing the payment envelope so they dont have much room to work with. Existing buyers looking to upgrade are taking a hit as their dollars wont go far. So yes, I do think its going to reduce prices and will find an equilibrium in a few months. If not people are going back to being leveraged to the hilt and I think we know how that ends, especially in a location like Chicago that has had anemic growth
Not sure what Sabrina Smolette thinks will happen. Maybe there’s am inflation fairy that magically makes up the difference
“Cases rising everywhere now. Our biggest wave is coming. Vaccinated should stay out of the hospitals, thank god. But there’s still too many unvaccinated. A hope will be that Omicron isn’t as severe and the unvaccinated will also be able to avoid the hospitals. I fear a catastrophe with our hospitals. Nationwide.”
Your are a f*cking moron. It’s people like you who are allowing this sh*tshow to go on by playing along with the fear mongering and fake BS narratives like the shots actualy work which is blindingly obvious that they dont. We’ve pretty muched moved permanently to our FL condo where life is great and people wont put up with this BS. Chicago, SF, NYC et all deserve everything they are experiencing. 80% of the USA is over covid and not playing the game anymore. My cousin just relocated his business from IL to SC and took 15 employees with him and their families – tyranical covid power grabs exposed how anti-business and freedom this state is and was the last straw. That’s over 50 people in just one small apparel company and this happening in every sector in these blue state shitholes. You clowns ruined our greatest economic engines and cities and frankly I hope you all rot with the rest of IL in the sewer you created. TX and FL are on the ascendancy and will absolutely wallop IL and NY in the coming decades. Brandon can’t save you. Fat Boy wont save you – he’s already in FL laughing at you mooks who voted for him. Put on a third mask, go get that 5th or 6th clot shot, and cower in fear like the pussies you are and leave the rest of the country alone.
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Best post by anyone in four or five years on CC.
+1,000,000
“We’ve pretty muched moved permanently to our FL condo where life is great and people wont put up with this BS.”
It’s been hard on everyone mentally Ed. It sucks! It sucks for us all. But the Omicron is 5x transmissible and, according to the Danish, you basically get NO protection from the vaccinations. Booster gives you 50% to 80%, probably because it’s so recent. The Danish and Brits are rushing to try and boost as many as possible.
Florida will be another shitshow. Prayers to you all. Cases rising rapidly there already. Up 40% in just the last week. Not surprising, the Orlando area seeing the most instances of Omicron. Will only take a week or 10 days before it is the dominant strain (if the UK is any indication.) 80% of the cases in London are now Omicron.
Currently, we are fighting a two-prong war against the virus. Both Delta and Omicron, like Europe was until about 2 weeks ago. Now it is ALL Omicron.
The key is to make sure the hospitals don’t get overwhelmed. That has always been the goal. We have mostly succeeded but this Delta wave has been terrible. Even before Omicron hits the following states are at capacity:
Indiana
Pennsylvania
Ohio
Nebraska
Iowa
Illinois
Wisconsin
Minnesota
Colorado (looks like Delta is finally abating there)
Michigan
Ohio has called in the national guard. Nebraska hospitals are limiting elective surgeries and care. Colorado has been limiting elective surgeries for weeks. Michigan and Wisconsin have asked for help from FEMA.
This is all before Omicron takes hold.
Hopefully, South Africa’s data is correct and there are not as many severe cases. But the sheer number of people who WILL get it, probably means our hospitals will be overwhelmed anyway.
From Denmark, which has an excellent tracing system.
“The next month will be the hardest period of the pandemic,” said Tyra Grove Krause, the chief epidemiologist at Denmark’s State Serum Institute, a campus of brick buildings along a canal.
“This will overwhelm hospitals,” Grove Krause said. “I don’t have any doubt about it.”
In her office building, where she works with a six-person modeling team, she tried to explain why omicron amounts to such a setback in the fight against the pandemic. She likened the virus to a flood, and she described how vaccines, under earlier variants, had acted like two barrier walls safeguarding the health system. One barrier resulted from the vaccines’ ability to reduce the probability of infection, keeping spread low. The other barrier stemmed from the diminished likelihood of severe sickness and death. Both barriers had some holes, but together, they ensured that the floodwaters never got too high.
But now, she said, the first barrier has been largely removed. Denmark’s data shows people with two doses to be just as vulnerable to omicron infection as the unvaccinated. Those who’ve received boosters have better protection — a sign of hope — but meanwhile, about 3 in 4 Danes have yet to receive a third dose, making the majority of the country vulnerable.
https://www.washingtonpost.com/world/2021/12/18/omicron-variant-denmark/
“My cousin just relocated his business from IL to SC and took 15 employees with him and their families – tyranical covid power grabs exposed how anti-business and freedom this state is and was the last straw.”
Rock on. In America, you can just move. Fantastic. Businesses should go where they are most productive.
“You clowns ruined our greatest economic engines and cities and frankly I hope you all rot with the rest of IL in the sewer you created.”
I don’t know what you are talking about Ed.
Chicago is getting about $8 to $10 billion in VC money just this year alone. How is that “ruined”?
I have said many times on this blog, that the biggest, more economically powerful cities (the “superstar” cities) aren’t for everyone. Not everyone can compete in them. Nor should they want to.
I never lived in NYC because I knew I couldn’t make it there.
It’s okay to move to Florida because Chicago is just too damn hard. It costs too much. There’s too much competition for the best jobs. It’s hard to be a big fish in a big pond.
Florida has some great second tier cities like Tampa and St. Pete.
Nothing wrong with those cities.
Happy holidays to you and your family Ed. Prayers during this wave of the pandemic.
“So yes, I do think its going to reduce prices and will find an equilibrium in a few months. If not people are going back to being leveraged to the hilt and I think we know how that ends, especially in a location like Chicago that has had anemic growth”
This scenario has literally NEVER happened before in the city of Chicago. And we just had rates rise 1% 5 years ago.
And it won’t happen this time either.
The only thing rising rates have EVER done, is slow sales. If they rise high enough, buyers move down to a lower price point in a different neighborhood.
Can’t afford Highland Park when rates are 4.25% and still want that 3-bedroom house? Look in Palatine or Arlington Heights instead.
Same in the city.
Can’t afford that high rise 2-bedroom? Will get a low rise-2-bedroom that is cheaper and has lower assessments in a different neighborhood instead.
“Again, we currently average one million cases in the US over 8 days. So no crap we are going to have millions of cases over a 3 – 8 week period. We have already been experiencing this….”
Per day WP. Not “per week.”
The highest number we’ve had in the United States is just over 200,000 positives a day and that was last winter.
2 to 3 million per day is at another level. But Norway expects to see 90,000 to 300,000 per day at its peak, if their modeling is correct. And they are TINY.
Big states in the US could be seeing 100,000 per day at this rate.
“You are worse than a used car saleswoman or salesman, or salesperson. Not sure how you identify.”
Please apologize to me WP.
JohnnyU DID say a 10% decline, as he confirmed.
“And Biden, Pritzker, the party of science, truth, and democracy is doing or going to do nothing (assuming your words have any merit)?”
What do you want them to do?
First you say, “you can’t make me get the vaccine or the booster.” And NOW you all want them to “do” something?
They have made the vaccine available nationwide, for free. Same with the booster.
But what they’re likely going to have to do in the next 2 or 3 weeks, is open up field hospitals in the major cities again when those hospitals overflow. Congress is going to have to offer stimulus support to businesses and those impacted economically when they have to shut due to large outbreaks.
Our businesses have been through so much. Many have made it this far. But they can’t go it alone.
“Half the country doesn’t have a stock portfolio and skews higher with younger age you elitist white liberal. Inflation is 7%. How is a 5% pay raise going to help?”
What a dumb comment WP.
Are the people who are buying in the GreenZone in Chicago, which this blog covers, going to have a stock portfolio or not?
I’d put the odds of them having one at 99%.
Please, try and stick with the reality of what this blog talks about and covers.
And, yeah, a 5% wage increase actually DOES help.
“Metra trains are like half full anyway so it might be a good cost saver especially since its the holidays and ridership typically decreases this time of year….”
Do you live in Chicago WP?
This is completely wrong. Metra is crowded. Has been for months. It’s not back to rush hour crowds, but weekends have every seat filled on some routes.
Again, what will happen to the economy when many of our essential workers all go down with COVID at the same time and have to quarantine at home?
The economy is going to come to a grinding halt again over the next 6 to 8 weeks, give or take. It’s going to be terrible, along with all the human pain and suffering we’re about to endure.
Prayers.
“Huh? Yes you absolutely can… I have.”
Which buildings have home offices Rob? I’m really interested in this because I’ve been saying for some time now that the market will adjust to everyone working from home, but they’ll have to adjust in apartments.
But I haven’t seen ANY with home offices yet in new buildings, but that could be because they have been going up DURING the pandemic, instead of those that are starting the construction now so they can actually add this feature into the floor plans.
For instance, will the massive Helmut Jahn building on South Michigan now have 1-bedrooms that incorporate an office space of some kind? Or a 2/2 that also has a separate office space (which isn’t just the second bedroom)?
You would think that renters would really WANT this feature.
That’s what makes this unit so attractive right now. It not only has the two full bedrooms, but also has a separate office space.
https://metra.com/sites/default/files/inline-files/November%202021%20Ridership%20Trends%20Memo%20v2.pdf
Metra is not crowded by any stretch of the imagination. Ridership is up from 2020 lows but November 2021 was 27% of November 2019 ridership. I occasionally get stopped by a METRA train as I drive around my town and it’s obvious that ridership is still way down.
Realistically, much of this ridership isn’t coming back. Downtown is dangerous and workers don’t want to return. I spoke with a ******* (large, hip multinational) employee the other day at a community event, he said all employees were ordered to return to the office after the holidays. Apparently there was a staff revolt over safety. Both city and suburban employees were fearful of crime, muggings, carjackings & rolling shootouts in west loop. I was told only a few were worried about covid, but overwhelmingly employee safety was the #1 issue.
I also have a neighbor who works for a 5,000+ employer in River north and the employer only requires non-essential employees to come into the office 1 or 2x a week (and will regularly waive compliance) because of the crime. Employees are getting mugged in the parking garage, they witness rolling shootouts, walk past smash and grabs during the middle of the day. Employees, employers and businesses are changing their schedules and lives accordingly based on conditions on the ground.
The dream of flipping some switch, metra magically returning to 2019 levels, and the downtown offices busy again is gone. Downtown Chicago (SF and NY too) may be some of the last cities to recover as other cities around the nation recover far faster. If I had to guess, Chicago may not recover for at least half a generation. Every mayor after Lori will throw the kitchen sink at fixing the downtown vacancy problem but it’s too late, people’s habits have changed, and there’s no turning back the clock. Few want to return to the office downtown and it’s going to be close to impossible to get employees to cram into a metra at 7 am to go downtown and dodge bullets, smash and grabs, and worry about getting mugged if they take the pedway.
This is the feeling the City of Chicago has towards suburbanites and downtown. Please do tell, with this contemptible attitude, how your leaders plan on convincing 1,500,000+ people back into the loop/RN/West Loop five days a week… They just don’t care, they really don’t care. It’s not clear your leaders even WANT people to return to downtown….
https://chicago.suntimes.com/2021/10/29/22751518/downtown-chicago-loop-shootings-murder-river-north
* * * * * * * * * * * *
Even as thefts have dropped dramatically this year, Rob Karr, president and CEO of the Illinois Retail Merchants Association, said Chicago has become an “epicenter” for “organized retail crime,” pointing to an armed robbery spree earlier this month that hit 7-Eleven stores in the Loop.
“It’s not the same as a 14-year-old walking out with a candy bar,” Karr said. “These are coordinated. They have shopping lists. They prepare with U-Haul vans and getaway cars. And it is being used to fund other criminal activity.”
Crime is now “top of mind” for retailers weighing whether to move to the city and for those considering whether to leave, he said.
Karr said he’s not aware of any business owners leaving due to crime. But he said crime has affected decisions to close store locations and cut back hours in some cases.
“Whether anyone wants to admit it or not, there’s a perception that it is increasingly unsafe downtown,” he said. “And I think it’s going to take a concerted effort by everyone in leadership to address it over a long term.”
O’Malley, the deputy mayor of public safety, was pressed about downtown crime during a meeting with BOMA in July. O’Malley said he had blunt words for the organization.
“They’re yelling at me about the crime in downtown Chicago,” he said during a July 15 meeting of the Chicago Police Board, which he previously served on. “I told them, ‘Y’all need to get in your car and go to Gresham, Austin, Lawndale, Englewood, Roseland.’
“Don’t come to me, yelling at me about the crime downtown,” he said. “I’m sorry that Suzie who lives in Lisle thinks she’s afraid to come downtown because the last 18 months she’s been working in her pajamas from home. We’re working downtown. The police are downtown.”
RACIAL SLUR: CHECK
HATRED OF SUBURBANITES: CHECK
DENIAL OF CRIME DOWNTOWN: CHECK
EQUITY: CHECK
Yup, yup, the suburbs are booming these days…The average home in Orland Park is on the market for a whopping 12 days, Arl. Hts is 23 days, Lisle is 21 days…..but 60611? Don’t even ask (86 days…)
“ What do you want them to do?”
What did Joe “inappropriate shower” Biden say about what he’d do about COVID?
“This is completely wrong. Metra is crowded. Has been for months. It’s not back to rush hour crowds, but weekends have every seat filled on some routes.”
You realize trains run less frequently on the weekend then during the week right?…..
“What do you want them to do?”
(i) testing should be free. I should be able to walk into walgreens grab and test and leave. But no Psaki laughs that off and says go though your insurer to get reimbursed. Who the hell has time for that?
(ii) If you are the party mandating masks why haven’t you mailed medical grade masks to every household in the United States? My employer literally did that for me multiple times.
(iii) If you want to push more vaccination set-up vaccination sites at employers offices, schools, etc. and pay the employee sick leave of two days to deal with the side effects and provide tax credits to the employer. Go to were the people are
(iv) It’s been two years yet we have less hospital beds in the State today then we did 8 months ago. Build more capacity and subsidize a portion of the excess capacity. The Tribune had an article over the weekend saying non-covid related hospitalizations are up 25% from the same period in 2019 due to people avoiding hospitals last year. We have had 10,000 baby boomers a day retiring for the past couple of years and its continuing for the next 5 – 10 years. Pandemic or not you need more capacity
(v) Tort reform. Maybe more people will stay in healthcare if they don’t fear getting sued every dang day
(vi) payoff private/public healthcare workers student loans after 5 years of employment. Heck just pay it off once they complete residency.
(vii) Raise wages of frontline healthcare workers either through tax credits, direct payments, and/or employer subsidies for a period of time until you reform a system that’s set-up to advantage large scale insurers, tort lawyers, and pharma companies at the expense of hospitals
That’s a start.
“First you say, “you can’t make me get the vaccine or the booster.” And NOW you all want them to “do” something?”
I think again you are missing the point. The left shut-down the entire economy and closed schools last spring and fall as they were saying hospitals were going to fail and be overrun.
Today, the left is saying including yourself that this is going to be the worst that we have seen (again I don’t agree with this) which would mean hospitals will be overrun yet the same politicians won’t lift a finger this go around.
Why? And if not now if they truly believe its going to be the worst yet that all of the hospitals are going to fail then why did they close everything down last year? You are handing DeSantis and the Right a huge W that your policies were complete failures and were only based on emotion to get Trump out of office. Nothing more.
Half of Dems still support shutting things down and going back to e-learning and are all scared of Covid even after vaccines and boosters. By doing nothing you are fracturing your own base. Why would they show up to vote next year or 2024 if you literally do nothing at this stage?
“Are the people who are buying in the GreenZone in Chicago, which this blog covers, going to have a stock portfolio or not?”
Is this being driven by first time buyers that are ~30 years old or not? If so, how much stock do they have outside of a retirement fund?
“Is this being driven by first time buyers that are ~30 years old or not? If so, how much stock do they have outside of a retirement fund?”
Where have you been?
Who is on Robinhood?
“Today, the left is saying including yourself that this is going to be the worst that we have seen (again I don’t agree with this) which would mean hospitals will be overrun yet the same politicians won’t lift a finger this go around.”
Because there is NO will among the population to go into lockdown again. We are all exhausted.
Good politicians can read the room, right?
But if it spins out of control, I think Illinois and New York will close movie theaters and indoor dining again. But you will have to have the hospitals overrun for it to happen.
Again, we can watch London and Copenhagen and see what is happening over there for a light on what it will look like here.
And in the meantime, there will be a self-imposed lockdown by some of the population. For instance, many Chicago restaurants are seeing hundreds of cancellations of reservations now.
Also, NO PARENT wants to go back to e-learning. Some of my friends are saying that this week the schools should do e-learning just to get to the holiday (as some schools are still in session until Wednesday). But permanently to start next semester? No. Hell no.
You clearly don’t have any kids WP because there have been huge outbreaks in all the schools, even before Omicron, and many have been in quarantine etc. This wave is actually hitting at a good time. The worst of it should be over break. If nothing else, they can push back the start by a week or 10 days to get over the worst of it.
“(iii) If you want to push more vaccination set-up vaccination sites at employers offices,”
Come on. Really?
You can literally walk to a Walgreens to get the vaccine from any office building in downtown Chicago. And if you’re in the suburbs, you can drive to huge, free vaccination centers that will do vaccines or boosters.
Too late for vaccination now, by the way. If you haven’t bothered to get the vaccine a year after it first started being available, then you have other issues (Fox News) so opening up a station in an Amazon warehouse isn’t going to help you. Best hope is to get those who have been vaccinated, boosted.
“You realize trains run less frequently on the weekend then during the week right?…..”
On the weekends, they were on a massively reduced schedule for about a year after the pandemic hit. There would sometimes be only 3 or 4 people per car. The trains were also shortened.
There was NO demand.
Now, most of the lines have returned to pre-pandemic schedules, including running once an hour on some routes. They are crowded. Most seats taken, even in the early AM schedule but I assume that is because some in the suburbs are coming in early to go to the Christkindlmarket and to shop downtown so they want to get into downtown by 9:30 or 10:00 am.
You are talking about something you know nothing about WP.
“Who is on Robinhood?”
Redditors that love loss porn?
Amazing that 30YO can have so much stock market equity, but its impossible for someone at 50 to have $1MM in their retirement account
“Yup, yup, the suburbs are booming these days…The average home in Orland Park is on the market for a whopping 12 days, Arl. Hts is 23 days, Lisle is 21 days…..but 60611? Don’t even ask (86 days…)”
Yes, they are. Just like Chicago is booming. All of Chicagoland is hot, HD, because of lack of inventory and too much demand. You give a downtown zip code. It’s the one place that isn’t hot, as I’ve said over and over.
Citywide, it’s 22 days for single family homes and 36 for condos.
Hot.
The violence is bad. But what makes you think it’s just Chicago? Because that’s all your bubble is telling you HD?
https://patch.com/illinois/aurora/man-shot-death-aurora-sunday-night
https://www.dailyherald.com/news/20211214/nordstrom-in-oak-brook-robbed-twice-in-same-day
“Amazing that 30YO can have so much stock market equity, but its impossible for someone at 50 to have $1MM in their retirement account”
It doesn’t take them much to buy this condo. Can put 5% down if your credit rating is good. GenXers had big stock portfolios in the late 1990s too. Lol. That’s what happens at the end of a bull market in stocks, everyone gets sucked in. And they shove as much money as possible into it.
There was record amounts going into ETFs this year as well as record launch of new ETFs. Robinhood, Schwab and other online brokerages have record accounts.
Many will have cryptos of some kind too. My kids own some of that, but not too much. Most of it just for fun. Some buying homes with that, however.
Young people don’t save in their 401ks as much. And Robinhood doesn’t offer IRAs yet, do they? They were going to try and set it up. I haven’t been on the app in a while so I’m not sure if they’ve finally launched that feature.
Record high asset prices makes people feel better about buying. And the job market is red hot. Many millennials getting signing bonuses, rising pay etc.
The data doesn’t lie. The Millennials are buying. Everywhere.
Mocking Millennials, or Robinhood investors, just shows your age JohnnyU. It’s no wonder the younger generation mocks the Boomers.
“You can literally walk to a Walgreens to get the vaccine from any office building in downtown Chicago.”
You realize most people in Chicago don’t work downtown right? Also, alot of people still aren’t back in the office….
Where’s the nearest walgreens for people living in transit and/or food deserts?
“And if you’re in the suburbs, you can drive to huge, free vaccination centers that will do vaccines or boosters.”
That assumes everyone owns a car and is able to take a day or two off recovering from symptoms…..
Look at where the areas in the city, suburbs, and downstate that have low vaccination rates. There aren’t walgreens within walking distance, or mass vaccination sites close by.
“Good politicians can read the room, right?”
So DeSantis is/was right and Pritzker is/was wrong?
“Where have you been?
Who is on Robinhood?”
The median account balance on Robinhood is $250 and the average account balance is $5K. That ain’t close to 5% on a 2/2 condo in a “greenzone”.
Please try again…..
“It doesn’t take them much to buy this condo. Can put 5% down if your credit rating is good.”
Its fallen out of contract 2X, dont think 5% DP is going to get it done
“GenXers had big stock portfolios in the late 1990s too. Lol. That’s what happens at the end of a bull market in stocks, everyone gets sucked in. And they shove as much money as possible into it.”
Guessing you were a big fan of pets.com
“There was record amounts going into ETFs this year as well as record launch of new ETFs. Robinhood, Schwab and other online brokerages have record accounts.”
Is that new money or rotating in from other investments?
“Young people don’t save in their 401ks as much. And Robinhood doesn’t offer IRAs yet, do they? They were going to try and set it up. I haven’t been on the app in a while so I’m not sure if they’ve finally launched that feature.”
Yeah they’re a pretty dumb generation as a whole
“Record high asset prices makes people feel better about buying. And the job market is red hot. Many millennials getting signing bonuses, rising pay etc.”
https://www.youtube.com/watch?v=O1hCLBTD5RM&t=3s
“The data doesn’t lie. The Millennials are buying. Everywhere.”
Great, good luck with that.
“Mocking Millennials, or Robinhood investors, just shows your age JohnnyU. It’s no wonder the younger generation mocks the Boomers.”
OK Boomer
GenX mocks everyone
““Young people don’t save in their 401ks as much. And Robinhood doesn’t offer IRAs yet, do they? They were going to try and set it up. I haven’t been on the app in a while so I’m not sure if they’ve finally launched that feature.”
What sense does it make to invest in an IRA Vs a 401k
I honestly hope you dont offer financial advice
“But if it spins out of control, I think Illinois and New York will close movie theaters and indoor dining again.”
Pritzker’s going to do this in an election year with no Federal Government support through PPP or additional ARP money?
Pritzker is already asking for a bailout of Illinois unemployment fund since they owe treasury billions and have no idea how to pay that back without instituting automatic payroll hikes on the employers and employees.
Good luck….
“Also, NO PARENT wants to go back to e-learning.”
What’s CTU think? Lets see what Jesse Sharkey says in a few weeks or Stacy Davis-Gates especially if she announces a run for mayor.
The state and local leaders are beholden to the teachers unions.
JB’s problem is that 40-45% of the population of the state, and upwards of 85% of the land mass of the state, is in open defiance of him. The further you get from Chicago, the less covid compliance there is, and by the time you exit the metro region, COVID-19 becomes just another routine public health issue along with car accidents, drug overdoses and chronic poverty. Schools barely enforce mask mandates and they openly defy much of his edicts. Restaurants stayed open and completely flaunted his supposed restrictions. Public health officials refused to enforce his executive orders and many courts disregarded or found ‘work arounds’ for his moratoriums.
JB knows he exists in a little bubble, and while on paper he controls the entire government, the reality on the ground is that half the state actively – and honorably – defies his dictator-like proclamations. The only way he can force the other half of the state to comply with his executive orders is by the barrel of the gun. So far, he’s wisely chosen not to go down that path, full well understanding that half the residents of IL are scared to death of him, and prove their fear daily by purchasing more guns in 2020 and 2021 than any other state in the country. Look it up, IL leads the country in gun sales two years in a row. And it’s a very, very healthy lead too.
So JB exists alone in his little bubble, surrounded by yes men and women, knowing that if he doesn’t first drown in his own lung fluid while on the ventilator, he’s likely to drown in the red wave that’s coming in 2022 for the petty covid dictators…
“In NYC, Omicron is now 13% of all cases. It is spreading quickly. The UK is now over 50% of all cases being Omicron. It was at 44% just 2 days ago. NYC will be all Omicron by Christmas.”
All this freakout again for nothing. Per the AP citing the CDC who says 73% of all cases are Omicron and it’s over 90% in NYC, Midwest, Southeast, and Pacific Northwest.
“In much of the country, it’s even higher. Omicron is responsible for an estimated 90% or more of new infections in the New York area, the Southeast, the industrial Midwest and the Pacific Northwest.”
“But CDC on Tuesday said they are revising some of the earlier numbers, after analyzing more specimens. The new numbers indicate that about 13% of the infections the week of Dec. 11 were omicron, and not 3%, CDC officials said.”
CNBC article today “Mayor Bill de Blasio on Monday said New York City is experiencing a rapid surge of omicron infections, but he expects the wave to peak in a matter of weeks.
“It’s going to be a very challenging few weeks. But the good news is based on what our healthcare leadership understands, at this moment, we are talking about a matter of weeks,” De Blasio told the public during a Covid update on Monday.”
“However, de Blasio said people infected with omicron in New York are experiencing mild symptoms so far”
Bottom line: Everyone is getting Covid nothing you can do about it. We have known this from the beginning. Everyone will likely get covid multiple times in their life as well.
Granted not sure how much anyone should trust Bill De Blasio especially since he is done being mayor in 11 days. However, his analysis seems to be on par with what South Africa experienced.
Omicron is nothing burger….
https://www.cnbc.com/2021/12/20/covid-nyc-expects-omicron-to-rapidly-surge-but-peak-in-weeks-mayor-says.html
“JB’s problem is that 40-45% of the population of the state, and upwards of 85% of the land mass of the state, is in open defiance of him.”
So?
“The land mass”
LMFAO.
That’s up there with “Trump has won the most counties so he MUST have won the election.”
Lol.
“he’s likely to drown in the red wave that’s coming in 2022 for the petty covid dictators…”
Ba ha ha ha.
He has the highest polling of any Illinois governor in years.
It’s the economy, stupid.
Who will run against him?
No one.
He will coast to victory. Interesting that his people have ruled out a run for the White House in 2024.
“Pritzker’s going to do this in an election year with no Federal Government support through PPP or additional ARP money?”
If it spins that far out of control, there will be federal money WP.
Have you paid ANY attention to the last 2 years or not?
My god.
But people’s behavior may change enough that it won’t matter. They won’t have to close down the theaters if people just choose not to go. Problem in Europe was, not enough changed their behavior and the hospitals were in an emergency situation.
“ Ba ha ha ha.
He has the highest polling of any Illinois governor in years.”
The Red Wave Gov fatass needs to worry about is over indulging on strawberry zingers, Cherry slurpies and red velvet cup cakes.
“If it spins that far out of control, there will be federal money WP.”
Let me know how that works with Joe Manchin and West Virginia. He seems to be more worried about the debt/inflation. I don’t think West Virginia is closing anything…..
I’m not sure if Sinema or Tester would feel the same either. So where you going to get 50 votes from in the Senate?
“Problem in Europe was, not enough changed their behavior and the hospitals were in an emergency situation.”
So not enough Europeans changed behavior but you think Montana, Arizona, and West Virginia are suddenly going to the left of Europeans who have vaccine mandates and passports? Ok……
“He has the highest polling of any Illinois governor in years.”
Not a high bar when the prior governors where either impeached, indicted, or shut-down the state for years on end.
It’s like saying the Lions are playing their best in years because they beat the Cardinals on Sunday and are 2 – 3 -1 over the last six games….
“Who will run against him?
No one.”
There’s talks of the aurora mayor jumping in the race and Griffin spending funding the campaign with $250 million.
“He will coast to victory.”
Define “coast”. He won’t expand on his 2018 margins I can guarantee you that.
“Interesting that his people have ruled out a run for the White House in 2024.”
Needs to win re-election in 2022 first. Why would someone vote for a Governor if he openly declared that he would run for President which he would need to declare his candidacy within a couple months of being re-elected.
I think it’s absolutely comical that wealthy white liberals in big cities actually think JB for President is even a remote possibility.
There’s no way he would get out of the primary. The Bernie Bros, AOC’s and the left flank are going to embrace a billionaire, trust fund baby, with massive private equity investments and wall street ties who is the heir of a hotel chain?
Honestly, what small bubble do you live in? You seriously think he could not only win in a “tax the rich” primary but also would win states like PA, MI, WI, AZ, etc. in a General?
The only other elected office he might be able to win would be US Senator if Durbin retires and doesn’t run again in 2026 given he is already 77. It would also align with the ending of a second governor term assuming he wins.
“He will coast to victory.”
You do know statewide bail reform modeled after Chicago’s goes into effect three months before the election…..
If people in Chicago are pissed about the crime and lack of consequences how do you think that plays out in the suburbs?
He won so easily in 2018 because Rauner wouldn’t pass a budget for years and had the national “blue wave” at his back due to orange man bad.
We aren’t in that political climate. Just look at New Jersey. Very little funding for the republican candidate comes within 2 points of the incumbent.
Illinois isn’t as blue as you think it is. If a nut doesn’t win the republican primary it can be close if the candidate runs a good campaign i.e. Youngkin like.
“There’s no way he would get out of the primary. The Bernie Bros, AOC’s and the left flank are going to embrace a billionaire, trust fund baby, with massive private equity investments and wall street ties who is the heir of a hotel chain?”
“If a nut doesn’t win the republican primary”
Two sides of the same coin, right? Only way through for either would be a very segmented primary–more plausible at the state level, of course, because it’s just one day.