Chicago Market Conditions: Downtown Apartment Occupancy Plunges to 18-Year Low
We’ve been waiting to get the updated data to see what is happening in the downtown apartment and condo markets.
As we’ve been chattering about for several months, residents of New York City and San Francisco have been flocking out of the city center to the suburbs, and other states, to escape the city after COVID and due to new work-from-home options.
But what about Chicago?
Crain’s provides an update on the downtown second quarter apartment market.
Remember the second quarter was April through June, or the height of the pandemic.
According to Integra Realty Resources, a consulting firm, occupancy fell to 89.2%, the lowest since 2002.
From Crain’s:
Net rents at the most-expensive Class A downtown buildings fell 12.4 percent in the second quarter from a year earlier, while Class B rents dropped 14.9 percent.
Suburban landlords, meanwhile, are faring surprisingly well. The suburban occupancy rate has edged lower, to 95.1 percent from 95.3 percent in second-quarter 2019, but the median net rent has risen 1.6 percent, according to Integra.
“Everything’s moving against living in the city right now,” says Maurice Ortiz, director of operations at the Apartment People, a Chicago-based brokerage. “It’s going to come back, but I think we are in for a year or two of difficulties.”
That’s bad if you own a multifamily building in the city, but not if you are in the hunt for a new apartment. Ortiz found an apartment in the neighborhood near DePaul University for about $1,600 per month, down from $2,000 before. To fill their buildings, some landlords are offering two months rent-free, concessions that would have been unheard of at the beginning of the year.
“If you are a renter right now, the bargains are everywhere,” Ortiz says.
First you had COVID, then you had layoffs, now the $600 a week unemployment has expired, and then you had the protests and looting.
Add onto that, that many of the big downtown companies including Facebook, Google and Salesforce, are allowing employees to work-from-home until at least August of 2021, why renew your lease in downtown Chicago?
Putting more pressure on landlords is the continued construction of new apartment high rises that are expected to come on the market with hundreds of more units.
How low will occupancy go before it stabilizes?
New figures show downtown is being drained of apartment dwellers [Crain’s Chicago Business, by Alby Gallun, September 4, 2020]
On top of Cascade, 808 Wells, Parkline (just to name a few) will add hundreds of additional apartments in the next 18 months. In addition, Vista Tower, Tribune Tower, Cirrus will add hundreds of additional condos and buildings like Renelle and 360 Erie struggle to unload their last dozen condos that buyers didn’t even want pre-COVID.
Any macro-economic enthusiasts care to guess what happens to office space downtown that is destined to become vacant?
When you lockdown healthy people for a cold virus and then encourage rioting and looting in your city dont be surprised nobody wants to live there anymore. I never thought the Democrats could be this stupid but here we are. If you arent voting republican this year then you are the problem.
Living in downtown Chicago is no longer fun and exciting. Obviously people are going to leave. Going to get worse too.
“Any macro-economic enthusiasts care to guess what happens to office space downtown that is destined to become vacant?”
DT office RE will windup going full Kumite
“When you lockdown healthy people for a cold virus and then encourage rioting and looting in your city dont be surprised nobody wants to live there anymore. I never thought the Democrats could be this stupid but here we are. If you arent voting republican this year then you are the problem.”
6,314,282 infected Americans and 189,400 American deaths. 55 days left in this regime. We are so fortunate to have Joe Biden and Kamala Harris. Perhaps after POTUS gets removed from the WH, he should move to Moscow and build a Trump Tower. I am sure it will be as fabulous as the one in Vancouver, which recently closed — permanently.
“189,400 American deaths”
Those are deaths *with* COVID (include those that died of other causes but had COVID at time of death) not *from* COVID.
We have a true count of who has died *from* COVID in this country.
“189,400 American deaths”
Those are deaths *with* COVID (include those that died of other causes but had COVID at time of death) not *from* COVID.
We DO NOT HAVE a true count of who has died *from* COVID in this country.
“We DO NOT HAVE a true count of who has died *from* COVID in this country”.
I am currently reading “Too Much — Never Enough” from Mary Trump. Great perspective from a family member and licensed psychologist.
Does anyone ready anything anymore????
“Those are deaths *with* COVID (include those that died of other causes but had COVID at time of death) not *from* COVID.”
Did all the victims in the WTC die of 9/11 or was it due to fire inhalation, heart attack, burns etc.?
This argument is so incredibly stupid, I don’t even know what to say.
Without the airplanes flying into the buildings, would those people have died that day? Without COVID, would all of these 190,000 Americans have died this year?
They are FROM Covid.
“Living in downtown Chicago is no longer fun and exciting. Obviously people are going to leave. Going to get worse too.”
Agreed Nyet. That’s why the neighborhoods are exploding. Everything for sale is selling quickly in the north side neighborhoods, especially if it has outdoor space.
And the apartment market seems to be holding up pretty well in the neighborhoods as well. But that’s the next thing to watch as there are still a lot of restaurants and stores going under. Lots of people can’t pay their rent.
About it getting “worse”- I don’t know. That’s the question, right? Most are professionals living in those high rises. The rents are too high for it to be service sector employees.
“In addition, Vista Tower, Tribune Tower, Cirrus will add hundreds of additional condos and buildings like Renelle and 360 Erie struggle to unload their last dozen condos that buyers didn’t even want pre-COVID.”
Cirrus prices aren’t as high as the other buildings which are all “luxury.”
From what I’m hearing, Cirrus is selling pretty well right now.
But Vista will take a decade, or more, to sell out at those price points. I wouldn’t be surprised if they try and rent out some of the unsold units.
“Those are deaths *with* COVID (include those that died of other causes but had COVID at time of death) not *from* COVID.”
To add clarity here, I know of a couple of older individuals (a family friend and a friend’s grandparent) who died during the pandemic. One immediately after a heart attack, another immediately after a stroke. They happened to each receive a diagnosis of testing COVID-positive as well upon entrance to the hospital.
These were heart attack and stroke victims. Not COVID victims. Yet their death certificates indicate COVID as cause of death.
“These were heart attack and stroke victims. Not COVID victims. Yet their death certificates indicate COVID as cause of death.”
You’re dealing with the lizard brain
Orange Man bad, Therefore all deaths are due to Covid
Its funny/sad that for a lot of people that dont like Trump, dealing with the likes of Sabrina and her ilk are going to push votes away from the Dem party. Its like they made o conscious decision to be as annoying as possible. I guess they’re too stupid to learn the lessons of 16
Maybe some of the people that read this blog should occasionally pick up a book read, instead of ONLY getting their filtered information from FOX News. Amazing that FOX is not even covering this.
https://www.cnbc.com/2020/09/09/trump-admits-downplaying-coronavirus-dangers-new-bob-woodward-book-says.html
JJ, That’s interesting, I am currently watching — this is the opening story on FOX at the 5:00 hour.
I’ve personally heard two different stories of people getting sick with covid and dying from heart attacks, one was a 35 year old ex-Marine who had a miserable case of Covid in April.He was never hospitalized but he was very sick for about 3 weeks. In late May, he was carrying a basket of laundry in his one story apartment and fell dead.
Some people continue to acknowledge that there are still a lot of unknowns regarding covid.
https://www.scientificamerican.com/article/covid-19-can-wreck-your-heart-even-if-you-havent-had-any-symptoms/
The Loop is done for. Ronny’s Steakhouse: closed, Kroll’s: closed, Cactus Bar: closed. This pandemic will turn the loop back into the ghost town it once was.
“Ronny’s Steakhouse: closed”
What’s that?
Lol.
Clearly you haven’t been in the Loop in a LONG time Bob. Most are going to Sweetgreen now.
“I guess they’re too stupid to learn the lessons of 16”
After 2018, you’d think you would learn JohnnyU. You and Homedelete, who is not posting here in the lead-up to the election because he knows the blue wave is coming and can’t handle the inevitable.
Follow the money.
KK Honey, “JJ, That’s interesting, I am currently watching — this is the opening story on FOX at the 5:00 hour.”
Fox News top story is still covering Nancy Pelosi getting her hair washed. It’s text book Fox News. Distract from covering the important core important story by either diverting the news to something ridiculous.
I encourage everyone to toggle between news sites to view how important world news is covered by various networks, the differences are staggering.
“Ronny’s Steakhouse: closed”
What’s that?
Lol.
Clearly you haven’t been in the Loop in a LONG time Bob. Most are going to Sweetgreen now.”
Ronny’s was a Chicago institution going back decades. From what I can gather about sweetgreen is it’s a chain salad place, likely happily selling salads to suburbanites who take the Metra each day into downtown.
Don’t worry, it will likely be closing soon, too. Too bad I missed the new “hip” place “most” are going to. Hahaha not. Not at all.
Sabrina if you really think places like sweetgreen are a substitute for the institutions closing weekly in the loop and that the loop will be fine with the sweetgreens, Chipotle’s, Greek Kitchen’s & Panda Expresses, why pay those sky high loop taxes when you can have the same experience I don’t know in, say, Deerfield?
“After 2018, you’d think you would learn JohnnyU. You and Homedelete, who is not posting here in the lead-up to the election because he knows the blue wave is coming and can’t handle the inevitable.
Follow the money.“
Because the Presidents party almost always loses seats in a mid-term? Wow you really schooled me there lol
Hillary also out raised Trump, so that may not be the sign you’re looking for
But like I said keep acting the fool and see where that gets you…
Ronny’s was frequented most recently by African-Americans and construction workers. There’s no crossover with “sweetgreens” and white liberals. Ronny’s son opened Hi Tide Poke across the street at 203 N LaSalle.
“Hillary also out raised Trump, so that may not be the sign you’re looking for”
Because she won?
LMFAO.
Follow the money. Big money isn’t giving to Trump because big money doesn’t support the loser. And small money is crushing it for Biden right now, another sign.
Oh JohnnyU. It’s so hard to be wrong about the direction of the country over and over again.
All you need to know is that millions of women who marched against this president will now get their chance to vote against him, and any Republican who stayed silent amidst his corruption.
When Trump came into office in 2017, 41 of the House seats in the 100 districts with the most college educated voters were Republican. After 2018, it was just 18 seats.
In 2020, 8 of those seats are considered toss ups.
It’s a total destruction of the Republican party in what is, essentially, the suburbs.
But when your political philosophy is a cult, with no actual “policy”, you deserve to lose.
The Senate is going to go Democratic this wave too. And the Democrats will likely fight amongst themselves at that point to get things passed. Lol.
“Sabrina if you really think places like sweetgreen are a substitute for the institutions closing weekly in the loop and that the loop will be fine with the sweetgreens, Chipotle’s, Greek Kitchen’s & Panda Expresses, why pay those sky high loop taxes when you can have the same experience I don’t know in, say, Deerfield?”
Bob, again, obviously you have NOT been to the Loop in some time.
I used to live in the Loop. I never once went to Ronny’s. It should have closed years ago. Never been to the other places you mentioned either.
I would, however, go to Sweetgreens (as you can in River North and elsewhere.) And the Willis Tower food hall is going to be fantastic.
Did you know they’re constructing a new food hall in Union Station? Should be cool as well.
I also used to go to Small Cheval that they opened right near the River.
But the reality was, on the weekends, I mostly went out in the West Loop/Fulton Market or River North. Never IN the Loop as the choices are lame. It’s just not a restaurant neighborhood. Never has been. It’s better than it was 15 years ago but still not great.
At least the Starbucks are open on the weekends now.
“But when your political philosophy is a cult, with no actual “policy”, you deserve to lose.”
“millions of women who marched against this president will now get their chance to vote against him”
You’re crazy, bat sh*t post-menopausal nuts. Trump has accomplished more than any president in recent memory. If you watched the GOP convention, they covered the long list. The hack media, and people like you (overwrought emotionally) never bother to study, appreciate, or acknowledge the list of accomplishments. The media never reports on any of it.
The millions of crazed women who marched, do so based on emotion. Women like those who 15-20 years ago were lining up to get tickets to Oprah’s TV show at her studio. Too stupid to see what she really was, now outs herself as an avowed anti-white racist. Billionaire “oppressed” by systemic racism. LOL. Lies. These same types of women, go to see the anti-white racist “Hamilton” and fork over millions of their dollars to another white-hating bigot. Before that they went to see “Rent” about sero-converted drug addicts and sexual perverts. None of these “millions” of women are deep-thinkers, obviously.
Hopefully, the Hispanics who work for a living, and see the crazed BLM and white females, see thru the crazed COVID regime members like DeBlasio and Lightfoot who are destroying their jobs, these Hispanics will vote for Trump in a margin to offset the unmarried and post-menopausal angry white shrills.
I cannot believe anyone with a functioning brain would vote for the senile Joe Biden and his crooked son, and hate-mongering VP pick. Trump Derangement Syndrome is real. It is the most amazing and crippling mental problem among women. It’s put there by the mass media and they are too dumb to think critically.
“ Because she won?”
What did she win –
2nd place?
Worst pantsuit?
Worst blaccent?
helmethofer “Trump has accomplished more than any president in recent memory.”
For the record, please provide Trump’s Top 3 accomplishments as President? We would love to hear.
Im not a fan, but you really have to be a Sabrina to think he hasn’t accomplish anything (I wont get into the more political accomplishments – Taxes, Judicial appointments, etc)
Renegotiating NAFTA
First Step
Israel – UAE Peace agreement
Wow, you’d think the real estate gurus on here would be smart enough to recognize that record stock market levels prop up the real estate market.
Renegotiating NAFTA – what did the US actually gain in the renegotiation? No elimination of tariffs, no sunset clause. A slight increase in the patent timeline? The clause requiring 75% of auto components be manufactured in North America probably benefits Canada more than the US (or could possibly raise wages in Mexico).
First Step is good, but it’s basically a watered down version of the SCRA (which didn’t pass in 2015 because of Republican opposition)
Israel – UAE – we shall see, I guess, since it isn’t signed yet, but Israel and the UAE were not at war and had already somewhat normalized relations. (Israel has also said that annexation is paused, not stopped)
Pubic companies got a one time EPS boost for 4-quarters from the tax cut. Each quarter thereafter, the tax cut is now considered base line so they really get no EPS lift after year one. Plus, companies trade at multiples of EBITDA, so taxes are not even factored. On the individual side, singles earning more than $500,000 and less $100,000 got a tax cut, everyone else in the middle is paying more, sometimes a lot more. Even in 2019, with the economy booming and everyone working, the U.S., was still borrowing to balance the budget since our tax base is now to low. 2020 borrowing is off the chart.
Judicial appointments are a given right for the president, not an accomplishment.
NAFTA was replaced with USMCA. Trump described NAFTA as the “worst trade deal ever made”. Please read the changes below. USMCA is basically the same as NAFTA, with a few % modified. It’s hardly as revolutionary as he would like people to believe. Trump knows that hardly anyone (including him) knows anything about NAFTA or how it works or what will benefit the U.S. economy or U.S. Workers. It’s nothing more than a soundbite for Trump rally.
Country of origin rules: Automobiles must have 75 percent of their components manufactured in Mexico, the US, or Canada to qualify for zero tariffs (up from 62.5 percent under NAFTA).
Labor provisions: 40 to 45 percent of automobile parts must be made by workers who earn at least $16 an hour by 2023. Mexico agreed to pass new labor laws to give greater protections to workers, including migrants and women. Most notably, these laws are supposed to make it easier for Mexican workers to unionize.
US farmers get more access to the Canadian dairy market: The US got Canada to open up its dairy market to US farmers, a big issue for Trump.
Intellectual property and digital trade: The deal extends the terms of copyright to 70 years beyond the life of the author (up from 50). It also includes new provisions to deal with the digital economy, such as prohibiting duties on things like music and ebooks, and protections for internet companies so they’re not liable for content their users produce.
Sunset clause: The agreement adds a 16-year sunset clause — meaning the terms of the agreement expire, or “sunset,” after 16 years. The deal is also subject to a review every six years, at which point the US, Mexico, and Canada can decide to extend the USMCA.
Since we are on the topic of accomplishments, what exactly has Biden gotten done during his time in Washington? I tuned into the DNC to sincerely learn about his record and future policy plans, but only heard “anyone but Trump”.
“NAFTA was replaced with USMCA. Trump described NAFTA as the “worst trade deal ever made”. Please read the changes below. USMCA is basically the same as NAFTA, with a few % modified. It’s hardly as revolutionary as he would like people to believe. Trump knows that hardly anyone (including him) knows anything about NAFTA or how it works or what will benefit the U.S. economy or U.S. Workers. It’s nothing more than a soundbite for Trump rally.”
Senile Joe sure seems to like him some USMCA
Its also bad form to cut n paste from articles and not credit them
“For the record, please provide Trump’s Top 3 accomplishments as President? We would love to hear”
The 3 that should matter to you are:
1) Trump is the most anti-war president in 4 decades. No wars. (Just like Bernie Sanders)
2) Trump is pro-America on trade, bringing back jobs, and trade deficits (Just like Bernie Sanders)
3) Trump reduced prison sentences for blacks.
Trump’s done good work on illegal immigration, exposing the depths of the immoral dishonest press, standing up against anti-white racism and BLM, exposing Democrat-run cities.
And there’s been all this behind the scenes, which if the media reported on it, would make Sabrina and her million Wiccans shreik and reach more more wine to drink. https://www.frcaction.org/accomplishments
“Trump’s done good work on illegal immigration, exposing the depths of the immoral dishonest press, standing up against anti-white racism and BLM, exposing Democrat-run cities.”
What has Trump actually done on illegal immigration. Did you not feel safe prior? Do you feel safer now? Did you feel illegal immigrants were taking away your job opportunities? It’s all rhetoric to fire up his ignorant base. The Wall will never get finished beyond 3.5 miles and was 100% waste of tax payer money. A lot of minorities are hard working and fulfill job requirements in our country that would go unfilled, i.e. housekeeping, landscaping.
Dishonest press? It’s completely ironic that as CNN and others call out bull, they are labeled as dishonest. The term fake news didn’t exist until Trump entered the office. Trump wants state owned media like Russia and North Korea to fan him with praise and glory all day. Fox News doesn’t actually cover all the news, they pick and choose news items that they want their viewers to see. Don’t take my word, toggle and view for yourself.
pro-America on trade, bringing back jobs, and trade deficits. What jobs has Trump brought back to the U.S.? Please name one. NAFTA was replaced with USMCA, which was only marginally different than NAFTA. IF NAFTA was the “worst trade deal in American History”, what did Trump accomplish, a “slightly different worst trade deal in American History”?
Trump reduced prison sentences for blacks. Trump reduced prison sentences for various drug related crimes, irregardless of race.
“standing up against anti-white racism and BLM, exposing Democrat-run cities.” Yes. Trump supports white supremacy and has done NOTHING for the minority communities, except fan racism and xenophobia. Trump likes to blame everything bad on the democrat led states and cities. IT’s his way of constantly dividing people and communities. IT’s us against them.
I cant wait to watch jj’s head explode when Trump beats Biden. The Democrats are so stupid and incompetent that they have the least liked president in possibly all of history to run against and they choose to, for the second time, ignore their base and instead run a corpse and the lowest performing candidate from the primaries as vp. The universe gave them 2020 on a silver platter and they were like, “nah, I’ll have this sh*t sandwich instead”. So f*ck them. Trumps bad but he’s not the circus freak clown show that the Pelosi party is. Should have listened in 2016 guys.
Marko—oh your so angry……
Trump probably doesn’t even want to be President for the next four years — why would he? He never expected to win in 2016 and has no agenda for the next four. His entire purpose in the first place was personal financial gain.
Unfortunately, things haven’t worked out as planned. Forbes has shown his net worth has plummeted and his brand is so polarizing and toxic, nobody will license it in the future. Look at the Trump Tower in Vancouver – permanently closed in July 2020. Trump Tower in Toronto, is now a St. Regis and the Trump Tower in Panama is now a JW Marriott. Perhaps, countries as corrupt as Azerbijan will keep their Trump Tower, but then again, if nobody will stay there, investors will flee.
I guess he could try hiring another ghost writer to write a new book, but his base doesnt read, so who would buy it?
“The Democrats … choose to, for the second time, ignore their base”
Bernie?? You really think that the Ds should have nominated Bernie f’ing Sanders? And that Bern Bros and avowed socialists are the true D party base?
Serious question!
1) Trump is the most anti-war president in 4 decades. No wars. (Just like Bernie Sanders)
There were 18,000 troops in Iraq, Afghanistan, and Syria at the end of Obama’s 2nd term. In late 2017, there were 26,000. After 2017, the Trump administration stopped releasing data on the number of troops deployed. The recently announced reduction in troops would probably put the number close to what it was at the end of Obama’s presidency. How does that make Trump the most anti-war president?
2) Trump is pro-America on trade, bringing back jobs, and trade deficits (Just like Bernie Sanders)
Sure, whatever
https://www.reuters.com/article/us-usa-economy-pmi-idUSKBN1Z21JF
The Institute for Supply Management (ISM) said its index of national factory activity fell to 47.2 last month from 48.1 in November. It was the lowest reading since June 2009 and, coupled with readings for both new orders and factory employment at multi-year lows, thwarted expectations for a leveling off in the pace of decline in a sector buffeted by trade tensions.
A reading below 50 indicates the sector is in contraction, and December’s reading marked the fifth straight month below that benchmark level. Economists polled by Reuters had been looking for an increase to 49.0.
3) Trump reduced prison sentences for blacks.
?? That is some weird-ass framing. Sentence reduction for drug crimes was long overdue, and as noted above, the First Step act doesn’t go nearly far enough.
Still waiting to hear about Biden’s accomplishments, and his major policy plans for the future.
We are 2.5 mos from the election — shouldn’t this be easy for anyone paying attention to articulate?
And no, I don’t mean go cut and paste from his campaign website.
If you’re a Biden supporter, you should know the things.
“Still waiting to hear about Biden’s accomplishments, and his major policy plans for the future.”
DNC believes a potted plant can beat Orange Man Bad, so no need to offer voters anything else. Status quo works so well for anybody that really matters.
I can only think of one worse opponent against Trump, and she lost last time the dems weren’t worried.
https://projects.fivethirtyeight.com/2016-election-forecast/
“ Because she won?”
What did she win –
2nd place?
Worst pantsuit?
Worst blaccent?”
Well Sabrina also says Biden will win so let’s hope she’s right by the way she defines winning as well.
Still waiting to hear about Biden’s accomplishments, and his major policy plans for the future.
I was totally going to vote for Trump and then some rando on a snarky real estate website posted a list of Biden’s accomplishments and now I have completely changed my opinion.
“Well Sabrina also says Biden will win so let’s hope she’s right by the way she defines winning as well.”
Yes- we know from 2016 that the men on this site are sexist assholes. What’s new?
But last I checked, Biden isn’t a woman so that argument is out the window this time.
If you aren’t paying attention, Hillary won areas like the Philadelphia suburbs by 14 points. Biden is up by 28 right now. This isn’t 2016. Trump isn’t running as an outsider. He’s the president who is literally killing Americans and dividing the rest of us with his rhetoric.
Americans, especially women, are tired of it.
Oh- and all those white women who voted for Trump last time?
Polls are showing that at least 10% of them will vote for Biden. If I do my math correctly, then that’s pretty much game over.
What’s Biden going to do after he’s elected?
Let’s make a list:
1. Put us back in the Paris climate accord
2. Pass a huge disaster relief package to bail out the cities and states (it will be much too late by January, but better late than never)
3. Hire competent people to run our agencies
4. Restore the CDC to glory
5. Restore the US Postal Office to glory
6. Restore the FDA to glory
7. Restore the military to glory
8. Restore funding to NOAA
9. Restore FEMA
10. Restore whatever else the Trump administration has destroyed that was actually working- which was a lot of things.
11. Protect Obamacare and make changes to make sure that it’s strengthened so that Americans can keep coverage for pre-existing conditions. If the Supreme Court invalidates the whole law next year, he and the Congress will have to pass a better law to replace it. That’s going to be huge.
12. Figure out a way to preserve Medicare and Social Security. He was in the Senate the last time they “saved” Social Security so he knows what to do.
13. Immigration legislation is essential. DACA legislation needs to be passed and we need bold initiatives in immigration to move us into this century. Enough with the legislating by executive order on this issue. Obama did it and now Trump has done it. Congress must do its job.
14. Not sure what will happen with foreign policy. The Brits will have Brexited and some trade deal will need to be signed (good luck to them).
15. More trade issues probably with China.
16. Not sure on Iran but the door will probably be open to them again.
Americans don’t care much about foreign policy, unless it’s a war. But Biden’s been pretty consistent in his world view over the last 50 years.
That will be enough for him to do in 4 years.
It’s going to be tough for him with millions still out of work as he takes office. But hopefully the economic emergency will light a fire under the new Congress. They will only get 1 or 2 big pieces of legislation passed. That’s how it works. And they’ll only have 2 years to do it before the Congress changes. It will be a repeat of Obama 2008-2010 in some ways.
“I can only think of one worse opponent against Trump, and she lost last time the dems weren’t worried.”
Wrong.
Biden is perfectly chosen for these times. At the very time when a pandemic and natural disasters are striking the country. When people are going hungry, for goodness sakes.
We are all looking to Washington for empathy and leadership.
Yes, we want someone who is competent and who cares.
We had these exact same discussions before 2018. Many of you saying there was no way the Democrats were going to win those Congressional seats etc.
The bigger blue wave is still coming in less than 2 months. Millions of women who marched have been waiting 4 years for this.
We need competence. Isn’t 200,000 dead enough? My god.
Oh- and I’d like a leader who doesn’t watch television all day and golf every single weekend. Thanks.
“The Democrats … choose to, for the second time, ignore their base”
Ba ha ha.
Who do you think chose Biden?
“Trump probably doesn’t even want to be President for the next four years — why would he?”
He’s gotten used to flying in Air Force One, according to Michael Cohen. He likes it. He likes having traffic halted for him.
And it’s the only way he can avoid going to jail.
“I cant wait to watch jj’s head explode when Trump beats Biden.”
Tell me how he gets there marko?
Legitimately. Please tell me.
Tell me where the 270 comes from.
This isn’t 2016. It’s 2020. The suburbs are not his friend. He’s lost them completely. He’s also losing some of the elderly vote who decided to give Trump a chance, but now that he wants to cut their social security (because that’s what the payroll tax cut is), is going to lose even more. He just needs a few to turn in Florida and it’s game over.
If you want to say Biden is a corpse, please do. Did you see how many people were surprised at his convention speech? What? You mean he can talk from a teleprompter for 30 minutes without gaffes? Of course he can. Please, please, please say Biden is going to do poorly in the debates. Please keep saying it.
Because those of us who watched all of the democratic primary debates know exactly how he’s going to do. He was never good in the format with like 8 or 10 on the stage. He can’t do the 30 second response. But he doesn’t do that in the general election. He was just fine going up against Warren and Bernie in the final debates, and they’re no slouches in terms of facts etc.
Of course, Trump won’t have ANY facts. So it’s going to be dicey for Biden. But I do hope Trump is called out on his biggest whopper of a lie he keeps telling (and WHY???) that he passed the Veterans Choice Act. It was, of course, Obama/Biden in 2014. This is the question he was finally asked about in his presser where he abruptly cancelled the press conference. Lol.
Because there really IS no answer as to why you’d lie about the Brooklyn Bridge being in San Francisco, when it obviously is not.
Hillary beat Donald in all of their debates. I expect Biden to do the same. Trump isn’t preparing either, but that’s the same as he did last time. I expect him to basically not answer the questions and Biden to give detailed facts behind what he’d do.
Trump is incompetent. If only he had a sliver of competence. Somewhere. Somehow. Less people would be dead. Fewer out of jobs. But he’s a failed businessmen and now a failed politician. No surprise.
“Trump’s done good work on illegal immigration, exposing the depths of the immoral dishonest press, standing up against anti-white racism and BLM, exposing Democrat-run cities.”
What’s the “work”?
He had both chambers of Congress for 2 years and didn’t pass any immigration reform. Why not?
Oh yeah- he was too busy passing the corporate tax cut.
Otherwise, he’s done nothing.
Bush II and Obama actually DID build the wall. And Obama actually deported more illegals than anyone else, by far (which the Latino community hated him for.)
He built, what, 20 miles of wall? Bush II and Obama built hundreds of miles.
Please tell me what he has done?
We DO need comprehensive immigration reform. And we need policies so that people stay in their own countries. We finally saw Mexico grow its middle class. But now the problem is some of the others in Central America.
“And there’s been all this behind the scenes, which if the media reported on it, would make Sabrina and her million Wiccans shreik and reach more more wine to drink.”
You know why Trump will lose bigly in November?
Because of sexist assholes like HH.
The women are coming for you HH. We’re voting Biden. You should have figured out that the path to the White House was through women, but you’re too dumb.
Also, remember, HH is in his 70s. Just like Trump. Can’t have women in leadership, earning money, spending money, buying homes, making decisions.
Heaven forbid.
“Wow, you’d think the real estate gurus on here would be smart enough to recognize that record stock market levels prop up the real estate market.”
Yes- they do KK. As I’ve been saying.
That’s why the luxury market is alive and well. Multiple offers in some neighborhoods on luxury properties.
“What did she win –
2nd place?
Worst pantsuit?
Worst blaccent?”
Does your wife know how sexist you are JohnnyU? What about your daughters and granddaughters?
So sad. Truly.
Yes, she won the popular vote. I expect Biden to more than double what she got. And he’s going to easily win in Michigan and Wisconsin.
I love how no one is talking about all the other states that shouldn’t even be close right now. What is Biden doing being neck and neck with Trump in Texas?
LMFAO.
But I predicted here after 2016 that Texas would go blue, certainly by 2024, but after the blow out in 2018 in the Texas Congressional districts, 2020 is now in play.
And NO ONE is talking about what a disaster that is for the Republicans when it happens.
Oh- and the Trump Administration ending the census a month early, means that Texas will be undercounted. Just their strategy, right? Less money sent to the latino communities.
Except it means Texas will lose a Congressional seat.
Rock on!
I guess you don’t care if they’re all going to be Blue districts anyway.
“The millions of crazed women who marched, do so based on emotion.”
Ba ha ha.
75 Helmethofer? That’s where I’d peg your age. Or, no, 74 just like Trump. Never worked for a woman. Never had a woman work in your company unless she was a secretary.
It’s ironic on the 100th anniversary of women being allowed the right to vote that we’re going to vote out the sexist incompetent in the office.
Trump is going to lose because of women.
ha. ha.
You can’t make this shit up.
Oh- and HH’s whole rant is basically men’s argument to deny women the right to vote from 1800 to 1920. I’m glad you’re going to be alive, HH, to see the first woman Vice President and to see women vote this president out of office.
“We are all looking to Washington for empathy and leadership.
Yes, we want someone who is competent and who cares.“
Biden is literally senile
“ Does your wife know how sexist you are JohnnyU? What about your daughters and granddaughters?”
Just because you don’t like something, doesn’t make its sexist. This attitude is what is giving Trump a chance
BTW
She won 2nd place
She’s a horrible dresser
She has a terrible blaccent – google Hillary & Hot Sauce
Hillary Clinton would be the first to admit that she has never been a slave to fashion, however, at least she has the common sense not to wear a green military fatigue dress to the RNC and look like “Castro’s Barbie” or a rain coat with “I really don’t Care, Do you?” for a trip to see migrant children.
“The women are coming for you HH. We’re voting Biden. You should have figured out that the path to the White House was through women, but you’re too dumb.”
Lol, the Hispanics will swing the election to Trump. They will counter the crazed white women Biden votes. Hispanics work. The lunatic self-annihilating unmarried/divorced White women contingent is LOATHED by everyone in America except the black males who don’t work. Even black women can’t stand the Sabrinas of the world, did you see that recent video on the Spirit airplane?
There’s been some interesting articles written about the 100th anniversary of suffrage, by young people. Many of the predictions have come true and many white women today are miserable as the predictions of 100 years ago stated. Go visit any Chicago farmer’s market. I was at Wicker Park’s yesterday, and the shrieking single losers, with no hope to improve their lives as they age, was palpable. These are Biden voters. Sad. These LOSER hopeless females aren’t going to end up like Hillary Clinton or Kamala Harris. For every one of them, there are 10,000,000 who follow the feminist “dream” and end up alone, as suckers and bitter and Biden voters.
“Trump is incompetent. If only he had a sliver of competence. Somewhere. Somehow.”
LOL, Trump reached the very pinnacle of 3 highly-competitive professions.
TV/Media
Commercial RE in NYC and beyond
National Politics
You think it’s just luck? Any person is considered competent to reach the pinnacle of any one of those professions. But all 3? That makes Trump 1 in 100,000,000 who could accomplish that. Trump is probably the most hard-working President we’ve seen in our lifetimes. His work ethic has always been strong. JB Pritzker never worked as hard, and JB could never have achieved Trump’s level of broad competence across disciplines.
TDS leads people to think irrationally and emotionally. It’s sad to see.
“He had both chambers of Congress for 2 years and didn’t pass any immigration reform. Why not?”
because of Paul Ryan and John McCain. They cockblocked him. John McCain really deserved what was coming to him at the end of his tenure. Trump called him out as a Loser on multiple levels.
Meghan McCain is the poster-child of an unhinged white female. She’s visibly unhappy and always angry. Finally found a sucker husband at age 36 to try and counter her stupid life lived as a bitch feminist. No kids. Miscarriage. She’s so angry, and fat, and ugly. Yeah, suffrage was great for girls! LOL, and Meghan McCain is held up as a role model.
For every pissed off Meghan McCain (a feminist success story??), there are 10,000,000 women who are far worse off and even more angry and resentful. Biden voters.
from Helmut: “LOL, Trump reached the very pinnacle of 3 highly-competitive professions. TV/Media; Commercial RE in NYC and beyond; National Politics”
I’ll grant you that Trump is successful as a Communicator (if being able to charm people to believe total lies represents the pinnacle of that skill); Also successful as Con artist and actor.
Somehow you didn’t mention: his highly successful university; his success in casino business where he lost money for everyone except himself; His success in running a “charitable” foundation; His reaching the very pinnacle of tax evasion in multiple business/personal/”charities”/other; his success in running beauty pageants, etc.
His bluster, his lack of any personal morals, his lack of self control, and his belief that he is smarter than everyone else at everything, are his only “competencies”.
And–regarding your characterization of Meghan McCain, I think you are using Projection, Helmet. Did you ever marry, and if so, is she still with you?? I highly doubt it. How much do you weigh? And speaking of angry and unhappy, your posts definitely reflect that as your ongoing state of mind. You probably drove your beat-up 40 year old Mercedes to Kenosha to try to run down protestors.
I read an article last week about Trump supporters (who knows if they actually vote or not)/Qanon people up in Wisconsin who are threatening to kill themselves if he loses. Should be fun…
“LOL, Trump reached the very pinnacle of 3 highly-competitive professions.
TV/Media
Commercial RE in NYC and beyond
National Politics”
I concur with JAH. He’s a great communicator. I’ve never seen anyone able to gaslight like that and get people to believe him. And to do it over and over again. The con is strong in that one.
If he was able to combine those communication skills with actual political competence, he would be walking away with this election even with COVID and the horrible economy. If only he had tracked to the middle after he won. If only he had gone to the inaugural and said, “together we will make America Great Again” and then actually given us a whole new healthcare plan, and gotten North Korea to stand down on its nukes, and had a DACA plan and executed it. If only, when COVID hit, he had called for PPE to be made immediately, instituted a national mask mandate, and took his great communication skills and urge all of America to shut down for 6 weeks because pain then meant gains later.
If only he had ANY political skills.
His greatest “accomplishments” in office were accomplished by others because THEY were good politicians. Why does he call McCain a loser (to this day)? Because McCain was everything he could never be. A war hero. Beloved. Honorable. Oh, and a GOOD politician.
Politics is a skill. Americans keep thinking that anyone can do it. They can’t. We should have learned from Jesse Ventura and Arnold Schwarzenegger. Will we learn from this Trump debacle?
Paul Ryan didn’t just “cockblock” him. He was in total control. It was Ryan who got the corporate tax cut through. Obviously. And it was Mnuchin, of all people, who got the $3 trillion disaster aid through. Now, Trump has blocked Mnuchin from doing it again by putting Meadows on him. And Meadows has nothing when up against Nancy Pelosi. Couldn’t do anything against her while in Congress, won’t when he’s out.
So Trump, again, has never actually done anything that is “political.” He even deferred the COVID response to the governors so he could blame them when things went wrong.
But a good, or great, politician, would have seen COVID as an opportunity. Americans love to rally around the flag, and the commander-in-chief, when in a national emergency. What a missed opportunity.
But, alas, Trump never tracked to the middle. He continues to run as if women, blacks, Asians and Hispanics don’t matter. It’s why he’ll never get above 50% of the voters. He cannot because he never tracked to the middle and appealed to the independents.
And stop attacking Meghan McCain, who I personally like a lot. She’s smart and holds her own in a tough environment on that show. She was thinking of quitting it. I’m glad she didn’t.
Yes- ALL women are nasty HH. All of us. And we’re going to vote Trump into the history books so he can meet his fate among the prosecutors.
“Somehow you didn’t mention: his highly successful university; his success in casino business where he lost money for everyone except himself; His success in running a “charitable” foundation; His reaching the very pinnacle of tax evasion in multiple business/personal/”charities”/other; his success in running beauty pageants, etc.”
LOL! Even Sam Zell went bankrupt. Sabrina remembers “Corus Bank”. Bust!!! Dead. Lost everything. Trump not only did not die, he became President of the United States, in addition to getting a Walk of Fame star on Sunset Blvd. And his properties were solvent (up until COVID which effects Hyatt/Pritzker equally.
PS Lots of Leftists who use “philanthropy” as a form of display or marketing or money laundering. Hunter Biden, Bloomberg, etc. Trump is less guilty of this farce than the Pritzkers. Any time you see a company bragging about their philanthropy on a website, it’s only done for display and marketing.
Not sure why you hate beauty pageants, Meghan McCain is an angry shrill because of them, men chose the beautiful over the ugly.
“your posts definitely reflect that as your ongoing state of mind.”
Lol, my posts support health, families, offspring, work, etc. I ridicule the unmarried, childless, feminists, infertile homosexuals, perverts, socialists.
“Lol, the Hispanics will swing the election to Trump.”
Wow. You’re delusional. You mean in Texas, Illinois and California?
Yikes.
The only Hispanics Trump is doing better with are the Cubans in Florida. How many Puerto Ricans have moved to Florida who won’t EVER forget what he did after Hurricane Maria? Quite a few, I think.
Again, HH, I know you’re about 75. It’s been shocking to you to realize that women are now in positions of power and that one will be Vice President by next year. You can call women “losers” all you want. It just shows you’re a misogynist in addition to your racism, homophobia, anti-Semitism, and whatever other “ism.”
Women will put Biden over the top. They’re raising MILLIONS for him.
You’re too clueless to get it.
“Biden is literally senile”
Come on JohnnyU. Do you have any thoughts of your own?
If he’s senile, what’s Trump? And I’m asking that in all honesty. Biden can recall exactly how he voted on bills from 1992, right down to where he was in the voting order and what time of the day, or night, he voted. If that’s senility, then we’ll all be just fine.
Please, keep saying he’s senile. Keep doing it. Say it over and over and over again. I love the low expectations. Biden isn’t the Biden from the 1990s. Or even from 2008. He’s too old now. But Warren Buffett isn’t the Buffett from 10 or 20 years ago either and he hasn’t lost anything when he talks. He’s just a little slower in answering questions these days. Can still go for hours in a Q&A at the annual meeting. Biden can do a 3 hour debate without any problems. Can Trump?
We’re going to find out.
Oh- and, yes, you’re sexist JohnnyU. So sorry for your wife and daughters. Ugh. It’s hard enough without the attacks on what we wear and how we do our hair because of sexist men like you.
Trump has NO chance. It’s so obvious.
But wait, he’s pulled even with Biden in…Texas. He may have a chance there.
Lol.
“LOL! Even Sam Zell went bankrupt. Sabrina remembers “Corus Bank”. Bust!!! Dead. Lost everything. Trump not only did not die, he became President of the United States, in addition to getting a Walk of Fame star on Sunset Blvd. And his properties were solvent (up until COVID which effects Hyatt/Pritzker equally.”
Who the f*ck cares about Sam Zell???? Why bring him into this???
What about Jorge Perez? Has HE gone bankrupt??? No. Is that the standard for greatness now? I went bankrupt only a few times? Or someone else went bankrupt so it’s okay.
LMFAO.
Is he 12?
And he got a star on the Walk of Fame??? Lol. Those are given out by the Chamber of Commerce. You have to PAY FOR IT. They call you and say, “hey- want a star?”
Another reason he should NOT be President.
Again, Trump has NO political skills, unlike Reagan who did.
Look at what Trump said about COVID and the economy to Bob Woodward on August 14. When Bob was asking him about the economy recovering when COVID got under control, he didn’t seem to get it. He doesn’t understand that his election is predicated on getting it under control so the economy can recover. That’s it.
ANY politician sees that.
But he’s incompetent and just a gosh darn horrible politician. When people are starving, literally, you give them food. In this case, withholding the next huge aid package is yet another thing that will doom him in November.
Again, none of us are politicians here and even WE know what should be done.
Politics is a skill. And he doesn’t have it.
in addition to getting a Walk of Fame star on Sunset Blvd.
a) the walk of fame stars are on Hollywood Blvd, not Sunset
b) the stars are purchased by the honoree (and/or fans of the honoree)
c) they average 2-3 new stars per month; nearly anyone who has been on a tv show/in a movie can get one as long as they cough up the cash.
I love how Trump fans are simultaneously so disdainful of “Hollywood” and yet so mesmerized by its allure.
Speaking of market conditions, Crain’s is reporting that there were 10 sales of homes over $4 million in the Chicago metro area in August.
That’s ahead of the August “average” since 2017 of about 4 properties.
The problem, for the upper bracket, is that there are a LOT of properties now listed over $4 million including dozens of condos. Inventory is still high.
“in addition to getting a Walk of Fame star on Sunset Blvd”
Trump’s Star on Hollywood Blvd was destroyed by a fan with pickaxe in 2018. Not sure if they still have police tape around it……just sayin….but its not the first time and certainly not the last…..:-)
“If he’s senile, what’s Trump? And I’m asking that in all honesty. Biden can recall exactly how he voted on bills from 1992, right down to where he was in the voting order and what time of the day, or night, he voted. If that’s senility, then we’ll all be just fine.
Please, keep saying he’s senile. Keep doing it. Say it over and over and over again. I love the low expectations. Biden isn’t the Biden from the 1990s. Or even from 2008. He’s too old now. But Warren Buffett isn’t the Buffett from 10 or 20 years ago either and he hasn’t lost anything when he talks. He’s just a little slower in answering questions these days. Can still go for hours in a Q&A at the annual meeting. Biden can do a 3 hour debate without any problems. Can Trump?
We’re going to find out.”
If you really don’t think Biden has serious cognitive issues, then you are either a liar or completely delusional. The guy fucks up reading a teleprompter
Saying he hasn’t lost anything is TDS
Let’s see if Biden takes Joe Rogan up on his offer, Trump accepted. This could be the greatest 4hrs in television history.
As for “What is Trump”, likely on some form of Amphetamine. Which between a Trump bring Hopped up and Joe not knowing where he’s at, the country is in the very best hands
“Oh- and, yes, you’re sexist JohnnyU. So sorry for your wife and daughters. Ugh. It’s hard enough without the attacks on what we wear and how we do our hair because of sexist men like you.“
Funny how you are so quiet regarding JJ’s Mellania comments. It’s why your opinion not only incorrect, but worthless. I feel sorry for your husband and sons (if you have a spouse or male children), I’m sure your harping & browbeating over the patriarchy or other foolishness make home a real joy.
Can we make fun of her for her a Blaccent? Or is that sexist? Or losing?
1984 & Animal Farm aren’t a how to.
“Trump has NO chance. It’s so obvious.
But wait, he’s pulled even with Biden in…Texas. He may have a chance there.
Lol.“
You probably said the same in ‘16
“the August “average” since 2017 of about 4 properties.”
Is that 11 or 14 sales over a three year period?
Yes, 10 is a lot more, either way, but this was a seriously weird year–should probably compare YTD sales, instead of just one month.
“YTD sales, instead of just one month.”
Here’s how it compares to last year from Dennis’ article:
Even with a hearty August, though, sales at the top of the market are lagging behind 2019’s tally. Year to date on Sept. 10, 31 Chicago-area homes had sold for $4 million or more, compared to 40 at the same time last year.
That’s not keeping agents from being optimistic about the upper end of the market.
“We definitely expect to see more sales like these in the next few months,” says Paige Dooley, a Compass agent. Dooley handled two of August’s big deals, representing the sellers in a $5.5 million Winnetka transaction and the buyers in a $4.5 million purchase in Kenilworth. At least 14 homes priced at $4 million or more are marked with contracts pending, according to Midwest Real Estate Data.
How hot is it out there?
This 3/3 loft in Bucktown came on the market 9 days ago. It has a rooftop deck. Listed at $750,000.
Already under contract.
https://www.redfin.com/IL/Chicago/2111-W-Churchill-St-60647/unit-307/home/12698814
Yeah because an anecdotal data point about a property next to the 606 trail surely can be extrapolated out to the entire Chicagoland market.
And yesterday Powell is stating that he’s going to keep rates at 0 through 2023 or 2024, so that should depress mortgage rates even further leading to another small surge of activity.
At which point even 2.5% 30yrs & 2% 15yrs are priced into valuations. And once everyone refis at these lower rates and that’s priced in it’s peak pricing.
Then tax increases from city financial crisis are priced in. Then income tax increases on this segment if Prizker’s “FAIR” tax gets through. Then tax increases from US congress if Dems sweep.
I wonder what affect all of these tax increases and rock bottom interest rates already being priced in that can’t go lower will have on real estate valuations?
Not sure who is crazy enough to buy real estate these days but if a loft like this represents ~20% of your net worth & you have to work here I guess it wouldn’t be too big a gamble.
Even if Dems undo the 2017 tax cut bill & restore the mortgage interest deduction up to $1MM and reinstate the SALT deduction, that mortgage interest deduction limit won’t affect a property such as that loft that was “snapped up” as it’s too low only the SALT deduction change.
Will that SALT deduction change offer increased cash-flow to cover the increasing taxes in all of the other areas? Not even close. Taxes might be going up, up, up, valuations going down. And in 2025 with rates going up (if ever haha) valuations going down.
“Then tax increases from US congress”
Tax increases already baked in; deficit spending is a deferred tax.
“Tax increases already baked in; deficit spending is a deferred tax.”
This is quite the fallacious argument that macroeconomists love to use.
An amorphous potential tax in the future whose rates and other aspects haven’t been decided on yet and won’t be for several years can hardly be counted as a deferral. Who will this potential future tax hit and when will it hit? And how much of it should be forecast? Will the world remain the same as it has since 1945?
No a bird in the hand is better than two in the bush. In the future I could wed a supermodel & all, afterall that also doesn’t violate the laws of physics/math?
“This is quite the fallacious argument that macroeconomists love to use.”
And you seem to be arguing that the debt might just go away.
Does the government need MORE money in the future than it would if there were no debt from deficit spending? The answer is incontrovertibly yes.
Is it a good trade? The answer (at least for the US) is almost always yes, but not for all sorts of deficit spending.
But Bob is far more likely to marry a supermodel than the debt is to simply go poof without taxes that are higher than they would have been without the debt.
I would also note that:
“An amorphous potential tax in the future whose rates and other aspects haven’t been decided on yet and won’t be for several years can hardly be counted as a deferral.”
would also apply to the (stupid) decision in Illinois to kick the pension can down the road for 50 years. And there is zero doubt that Illinois deferred the tax increase.
“Yeah because an anecdotal data point about a property next to the 606 trail surely can be extrapolated out to the entire Chicagoland market.”
I don’t have to extrapolate out the data points Bob.
They’ve been right there on this site all along. And on Crain’s. And on Gary’s blog.
Your desire for the city to somehow be “doomed” is just a bunch of hot air. It’s a fantasy. And I don’t understand why you, or anyone else, would want one of America’s greatest cities to be doomed so desperately. But for some dumb reason, you do.
How sad.
“And I don’t understand why you, or anyone else, would want one of America’s greatest cities to be doomed so desperately.”
Evaluating the data and coming to a different conclusion isn’t “wanting the city to be doomed”.
Its pathetic that thats immediately where you go when one disagrees with your theories
If you believed 1/2 of what you state, you would be levered to the hilt in Chicago RE, but you’re not
Alas,
“The historic Southport Lanes is closing its doors for good after 98 years in the neighborhood…”
It wasn’t my haunt but I regret its passing all the same.
Since the city’s unlikely to permit return to a speakeasy, brothel or illegal off-track horse betting venue, I’ll venture to guess the next tenant will be a bank, mortgage-lender, realtor, or weed dispensary—some business that sells products the locals consume in size.
https://blockclubchicago.org/2020/09/17/historic-southport-lanes-is-closing-for-good-after-98-years-because-of-coronavirus/
I like anecdotal data, like the Trib’s recent report that former OU coach Bob Stoops sold his Gold Coast home, which originally
traded June 2000 = $1.6 mm
Stoops bought in 2006 @ $2.2 mm
Listed March 2020 @ 1.78 mm
Sold Sept 8, 2020 @ 1.67 mm
Presumably nothing was cheap in the GC in 2006, so his loss is partly due to bad timing. But even so, this property’s 20-year round-trip price to nowhere has a nice symmetry to it.
https://www.redfin.com/IL/Chicago/33-E-Elm-St-60611/home/14124218
“Presumably nothing was cheap in the GC in 2006, so his loss is partly due to bad timing. But even so, this property’s 20-year round-trip price to nowhere has a nice symmetry to it.”
Yeah- he bought at the top of the housing bubble. Lots of sellers still taking losses who bought then.
“Evaluating the data and coming to a different conclusion isn’t “wanting the city to be doomed”.”
Bob the Bear has been on this site for 13 years, literally, spouting the same bearish “the city is doomed” bullshit.
He was here from 2008 for 6 or 7 years but when the city wasn’t doomed, and many properties DIDN’T fall 50% or more and prices started to recover in 2013-2016, he disappeared from this site.
For years.
And now he’s back just in time for the next recession.
Coincidence? No.
He’s like HD who has disappeared from this site because he doesn’t want to deal with the reality that Trump is going to lose Bigly.
Denial is a powerful thing.
So, no, JohnnyU (who HAS come lately), those of us who have been on this site for a long time know EXACTLY who and what Bob is.
He speaks doom and gloom every recession. He literally roots AGAINST the city. For what?
Why are so many of you HOPING for the city to die?
It’s so sad.
Oh, and by the way, the city AIN’T dying. And neither is the housing market. No matter how many times you say it is.
Yeah the city isn’t doomed this time around. Yeah…right.
“Yeah the city isn’t doomed this time around. Yeah…right.”
Like I said. As on cue. Bob the Bear shows up with his doom and gloom. Just like in 2009-2012.
Doom, doom, doom.
Yet downtown condos continue to sell even as Bob refuses to believe it.
Even Chicago burning down didn’t doom it. You think 2 days of looting and COVID is going to?
Ha.
Yes–I think covid is going to. I think the city is in for a retail apocalypse in the coming year and there will be massive tax increases on the remaining tax base in an attempt to make up for it as spending cuts will be avoided at all costs, even if they, too, will wind up being inevitable.
Not sure what world you’re living on but it’s not the same planet as me.
“Yes–I think covid is going to. I think the city is in for a retail apocalypse in the coming year and there will be massive tax increases on the remaining tax base in an attempt to make up for it as spending cuts will be avoided at all costs, even if they, too, will wind up being inevitable.”
Were you on the Mag Mile this weekend?
Plenty of people waiting in line to get into Ugg, Starbucks Reserve and Garrett’s.
Mag Mile was crowded with shoppers. Gasp.
North & Clybourn is the same thing.
Consumers aren’t afraid to go into the stores.
Where’s the “apocalypse”?
The real trouble will be in the restaurants and hotels. In Houston, 70% are in trouble because no business travel or conventions. What’s it like in Chicago? Has to be similarly bad.
Lawry’s just called it quits. How can the steak houses hang on without the conventions and no holiday office parties once the weather turns cold? Grim days.
This is why the Congress must pass another aid package and specifically target it to restaurants and leisure. They also need to give cities and states help. As you said Bob, about there being “massive tax increases”- um…no. Because Congress will give the aid. They have no choice. No city can tax it’s way out of a billion dollars in revenue lost. Every city is in dire straits. My god, NYC’s subway needs like a billion just to be revenue neutral. Imagine what the CTA and Metra need here?
The federal government cannot allow transportation to shut down in the world’s greatest cities because of a national pandemic.
So, you see Bob, the doom isn’t coming.
And if the Republicans are too stupid to do another aid package, which is certainly looking likely, then the Democrats will pass the package in January. It will be too late to save millions of jobs and the economy will be spiraling by then nationwide, but at least they’ll get it done.
This is the planet I’m living on Bob.
“Mag Mile was crowded with shoppers. Gasp”
Gasp, indeed. Might the robust (albeit low dollar) retail activity you observed on the Mag Mile have something to do with it being the major shopping destination for lots of downstate Illinoisans, Indianans, et al? I imagine the Covid risk tolerance of a big percentage of those folks probably has them willing to breathe in each other’s faces in order to obtain some popcorn and whatnot.
Home prices rose by double digits in August + the number of sales shot up by the most they’ve risen in 7 years.
https://www.chicagobusiness.com/residential-real-estate/home-sales-rise-most-7-years
“Home prices rose by double digits in August”
I know that’s what the article sez, but it’s not true.
The *mix* changed, driving the median higher.
Individual home prices could be up, down or flat. We don’t know based on the data presented.
A hotelier, probably more familiar with market-timing than Bob Stoops, bought a condo at 189 E. Lake Shore Drive in Nov. 2010—not the bottom of the cycle but well after Chicago’s condo index had peaked in March 2007.
Bought Nov. 2010 = $1.9 million.
Sold July 30, 2020 = $1.8 million.
Ten years and a small loss, if he didn’t spend too much on upgrades.
https://www.redfin.com/IL/Chicago/189-E-Lake-Shore-Dr-60611/unit-2E/home/14119549
That same building — 189 E. Lake Shore Drive — houses a condo once highlighted on Crib Chatter, Unit 1W
Sold Nov. 1996 = $1.1 million
Sold Feb. 2007 = $4.5 million
Listed Jan. 2013 = $6 million.
Sabrina posted it April 2013
http://cribchatter.com/?p=17001
Unable to find any takers, this condo was continually relisted over the years at ever lower asks.
Sold Feb. 2007 = $4.5 mm
Listed Jan. 2013 = $6 mm
Relisted Jan. 2015 = $5.25 mm
Relisted May 2019 = $2.65 mm
Sold May 8, 2019 = $2 mm
Twelve years and a 55% loss, for a premier address.
I kinda think it’ll trade for more than $2 mil next time, but since I had said in 2013 that it was worth $4 million mum’s the word.
https://www.redfin.com/IL/Chicago/189-E-Lake-Shore-Dr-60611/unit-1W/home/14119901
“Twelve years and a 55% loss, for a premier address.”
This is where you got it wrong.
189 E. Lake Shore Drive isn’t a premier address. Nothing on E Lake Shore Drive is anymore.
That used to be a premier address 15 years ago. Since then, about a dozen better addresses have been built and a whole new popular neighborhood has emerged.
East Lake Shore Drive is for the Greatest Generation and Baby Boomers.
The money is moving to GenX and Millennials now.
This unit was also bought at the height of the bubble (when the Baby Boomers were also still working, by the way). And it’s on the first floor which had its own problems.
“Might the robust (albeit low dollar) retail activity you observed on the Mag Mile have something to do with it being the major shopping destination for lots of downstate Illinoisans, Indianans, et al?”
Anonny, I know you’re not in Chicago, but the Mag Mile has been DEAD as in bike riders have been riding their bikes down the sidewalks, since mid-March. And no, it wasn’t the looting. It was the pandemic. All the stores were closed. No one wanted to go into the malls. All the Starbucks closed. NOTHING open.
Even early summer. More of the same. Then you had the two looting episodes with no tourists (hotels just off the Mag Mile like the Sheratons and Marriotts are STILL closed anonny) and now fears of “the city and the anarchy”.
So to see a line waiting to get into Garrett’s? Strange.
To dodge obvious tourists speaking in foreign languages on the sidewalk? Strange.
To see shoppers, with bags from stores, walking into the Gap? Haven’t seen that since the winter.
To see people walking into the Water Tower Macy’s? Why? But they were.
Very, very strange. Almost as if COVID is over. Even though it’s not.
I’m glad for the stores and restaurants. They need this.
Well, I guess that explains why our Covid cases are not going down. God help us this fall.
“To see shoppers, with bags from stores, walking into the Gap? Haven’t seen that since the winter.”
I belong to Equinox at the 900 Shops on Michigan Ave and there is a queue EVERY day to get into the Gucci store and the Louis Vuitton store across the street. The African American youth seem to have an insatiable appetite for luxury goods at the moment.
“Well, I guess that explains why our Covid cases are not going down. God help us this fall.”
Don’t go to Indiana, Gary. They are reopening everything. No capacity limits inside in restaurants, bars, sporting events. Nothing.
Yikes.