East Lincoln Park 3-Bedroom 17% Off the 2006 Purchase Price: 2115 N. Cleveland

This 3-bedroom at 2115 N. Cleveland in Lincoln Park was listed in February 2011.

2115-n-cleveland-approved.jpg

In that time, it has been reduced $126,000 and is now listed $96,000 under the 2006 purchase price.

Even though it was built in 1891, it appears to have all the things buyers look for including central air, washer/dryer in the unit and on-site parking.

The unit still has some vintage features including a wood burning fireplace, high ceilings, crown molding and built-in bookshelves.

The kitchen has stainless steel appliances and granite counter tops.

The master suite has a marble bath.

Is this a deal?

Clare Zaro at Coldwell Banker has the listing. See the pictures here.

Unit #2: 3 bedrooms, 2 baths, no square footage listed

  • Sold in October 1988 for $162,000
  • Sold in January 2000 for $365,000
  • Sold in August 2001 for $415,000
  • Sold in August 2005 for $545,000
  • Sold in May 2006 for $570,000
  • Originally listed in February 2011 for $600,000
  • Reduced
  • Currently listed for $474,000
  • Assessments of $299 a month
  • Taxes of $7824
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 18×23
  • Bedroom #2: 10×10
  • Bedroom #3: 10×11

85 Responses to “East Lincoln Park 3-Bedroom 17% Off the 2006 Purchase Price: 2115 N. Cleveland”

  1. This should be under contract in about 3 hours.

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  2. Chicagobull, I don’t follow – it’s been listed at this price for a month (and @500 for a month before that). Why isn’t it under contract now?

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  3. Small 2nd and 3rd bedrooms? Awkward layout? Electric stove? No private outdoor space? Same price as a townhouse? Wonder if there’s something else going on here, too. Seems odd.

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  4. “This should be under contract in about 3 hours.”

    it has been at this price for nearly 1 month….

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  5. “Is this a deal?”

    Yes. But the pricing history seems a bit odd. Wonder what’s going on there.

    Shame about the layout (kudos to the listing agent for including a floorplan); having the other two beds right off the living room and dining areas is less than ideal. Wonder if that “sitting room” could be reconfigured to allow for a powder room, and make the master bath actually in the master bedroom).

    But unless there’s something else afoot, this place is a deal.

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  6. is this a converted 4 bedroom?

    also goodness the layout is really awkward and looks really narrow

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  7. “Same price as a townhouse?” Can I please see a 3 bed townhouse with a garage spot in ELP/Lincoln attendance area for $474k?

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  8. He must be referring to the CribChatter effect, where a bunch of anonymous people bash a property inspiring someone to go out and place an offer on it immediately.

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  9. its not a deal

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  10. I think Sonies got it right. It really feels narrow to me too.
    That being said, the wood burning fireplace is so wonderful!

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  11. “Wonder if there’s something else going on here, too. Seems odd.”

    its americans view of bigger is better thats what wrong. the dining and living are NARROW and the bedrooms off the living/and dining are no way 10 feet wide more like 9 and 8 respectively.

    the kitchen is TIGHT and to me i think the door swings the wrong way making it tighter.

    that said the groove fam is totally ok with the size if the price is right.

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  12. I looked at this place at an open house (which I admittedly found on Trulia and just showed up to, thinking “open house” meant open house). The seller’s agent was there but apparently was not expecting the general public to be able to locate open houses listed on MLS. After asking me “and who are you?”, the agent proceeded to assure me that they had an offer already and almost certainly the place would be under contract shortly. This was at least 2 months ago.

    I sort of liked the place, but as suggested, the layout was indeed a bit awkward, the 2nd and 3rd bedrooms were the size of a large closet, and the “extra room” is really just extra space in the master. Any attraction to the place, however, was overwhelmed by the attitude I got from the seller’s agent. I don’t dress all fancy-like for open houses, so I probably didn’t look like the typical LP-er w/100k for a downpayment, but I would have expected the agent to not immediately kill any interest with the first thing she said to me.

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  13. “the bedrooms off the living/and dining are no way 10 feet wide more like 9 and 8 respectively.”

    yup, and notice how the room dimensions of those bedrooms are conspicuously absent in the floor plan (all others are listed)

    “the kitchen is TIGHT and to me i think the door swings the wrong way making it tighter.”

    this is almost always 5-dollar, 1-hour fix, as you’re well aware

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  14. There is another thing that bothers me with the living room, the focal point. I would have rather seen the book cases being built around the fire place. It is not clear how one should put the sofa in the living room.

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  15. If I saw/heard about my agent doing anything like that, I would fire them on the spot.

    “After asking me “and who are you?”, the agent proceeded to assure me that they had an offer already and almost certainly the place would be under contract shortly.”

    “Any attraction to the place, however, was overwhelmed by the attitude I got from the seller’s agent.”

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  16. “Can I please see a 3 bed townhouse with a garage spot in ELP/Lincoln attendance area for $474k?”

    $479k – no garage spot. But still enough to make me wonder if I’d pay the same price for a narrow condo instead.
    http://www.redfin.com/IL/Chicago/1956-N-Burling-St-60614/unit-B/home/13348707

    $479 – but under contract. you missed it.
    http://www.redfin.com/IL/Chicago/1651-N-Vine-St-60614/home/13346338

    $529 – Right down the street. no garage. but nicer, IMO, with 2 outdoor spaces including private rooftop access.
    http://www.redfin.com/IL/Chicago/2026-N-Cleveland-Ave-60614/unit-B/home/12556525

    $535 – but in the ballpark. think it’s LP, but maybe Oscar Mayer.
    http://www.redfin.com/IL/Chicago/1649-N-Burling-St-60614/unit-A/home/13346280

    Cue the “yeah, but that’s south-west-eastish LP” comments in 3..2..1…

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  17. I would do the same. It’s sad when potential buyers are treated like this. I look for open houses on trulia as well. This place does look narrow, but it’s probably still going to close at around $460-470k for this area.

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  18. Not any more narrow than other row house types… not sure why everyone is shocked by this. And the floor plan is mislabeled, in terms of the bedroom/sitting room. Must be a load-bearing wall between them.

    Agree that the price is a little high for the market, and that lowering it below jumbo load would attract a larger audience. Paying for the location.

    At least it looks to be well done inside.

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  19. “lowering it below jumbo load would attract a larger audience.”

    It is below jumbo if you put down 20%. 80% LTV at list is $379,200.

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  20. formerroscoevillager on April 20th, 2011 at 11:22 am

    I don;t often see the ceiling painted a darker shade than the walls and love the effect here it is great. Kudos to the designer.

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  21. “Not any more narrow than other row house types… not sure why everyone is shocked by this. . .Paying for the location”

    Agreed.

    I’d say that someone gets a super deal if they close this thing at $450k. It’s nice looking, a decent amount of space, with a garage, w/d and a/c, in Lincoln attenance area. At $450k, I’d bet there are buyers who would prefer this place over those places on Grant that are going for the upper $300’s.

    Reasons why I’d pass it up: it’s west of Lincoln Ave; no powder room; it’s not the top floor (in places like this, I don’t think I’d want anyone living above me – and the peace would be well worth climbing an extra flight of stairs); and the living room is combined with the dining room (I could work with the awkward layout and even the unfortunate locations and sizes of the two other bedrooms, but I don’t want to see a t.v. from my dining table and I don’t want a dining table in my living room).

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  22. “this is almost always 5-dollar, 1-hour fix, as you’re well aware”

    not all are changeable, most, but not all.
    even if, it just seems like a oversight, that irks me, but what else was not thought out?

    “I don’t often see the ceiling painted a darker shade than the walls and love the effect here it is great. Kudos to the designer.”

    i have been told by my wife that designers call it the “fifth wall”. and the trend now is put as much effort into the ceiling as the walls.

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  23. formerroscoevillager on April 20th, 2011 at 12:00 pm

    humm, think I’d hand her the roller and say “knock yourself out”

    “i have been told by my wife that designers call it the “fifth wall”. and the trend now is put as much effort into the ceiling as the walls.”

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  24. “it’s west of Lincoln Ave”

    Revise to read “while it’s east of Lincoln, it’s a bit close to the Lincoln/Cleavland/Dickens intersection.”

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  25. I believe that this property is east of Lincoln – Cleveland is east of Lincoln when north of Dickens (2100 block)

    “Reasons why I’d pass it up: it’s west of Lincoln Av”

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  26. This stretch of Cleveland is one-way heading south. Not too much traffic at that location, but who knows what will happen when Webster Square gets finished. Also Carnival Foods is steps away…..

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  27. “Same price as a townhouse?” Can I please see a 3 bed townhouse with a garage spot in ELP/Lincoln attendance area for $474k?

    A little farther west, and 2 bdrm instead of 3, but: 1810 N. Fremont is listed at $469k (Oscar Mayer/Lincoln Pk HS district).

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  28. “Entire floor condo”. Lol.

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  29. Just looked at the Google street view for this place. Except for the place at the SW corner of the block, it’s a really charming street of late 19th century homes.

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  30. “Same price as a townhouse?” Can I please see a 3 bed townhouse with a garage spot in ELP/Lincoln attendance area for $474k?”

    Listed 4 townhouses all in the same ballpark price, but the comment is stuck in moderation limbo.

    Start with 1651 Vine, though.

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  31. ““Entire floor condo”. Lol.”

    are you saying its funny because its a 3flat row house or am i missing the set up and punchline?

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  32. I thought it was ridiculous that they even put that.

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  33. 1810 N. Fremont?

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  34. +50k for being close to the bargain Friday happy hour drinking establishments

    although most that can afford this would be a bit old for that sort of thing

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  35. Those places on Vine do look like pretty good values, and I could even live with their complete lack of charm or curb appeal. I don’t think I could handle their proximity to North Ave.

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  36. Layout is a deal breaker for us, who wants the kids sleeping steps away from where your entertaining? Or even just relaxing watching tv?
    Too bad, because everything else about this place is ideal, and we would otherwise be very interested:(

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  37. I’ve been in this place and the place is a little wacky (and so is the agent). The living/dining space is great, nice big windows, cool ceiling paint and has lots of character. The kitchen is a deal breaker. It’s so tiny, just off the hallway past the living/dining. It’s a shame they didn’t build into the tiny bedroom right next to it to make a really great kitchen. The other deal breaker is the tiny master bath amidst a huge amount of master bedroom space. It would be perfect for an in-town as is (huge entertaining space, though I don’t know how you’d cook for more than 2, nice master bedroom and no problem with the 2nd and 3rd bedrooms being small) but it would be hard to make this work otherwise.

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  38. “Why isn’t it under contract now?”

    Because Chicagobull doesn’t quite have the pulse of the market like they think they do.

    430k gets ‘er done.

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  39. How about the complete lack of storage in this unit. You get two closets in the master bedroom and then two very small closets in the bedrooms. That is it. No room for all those other goodies, such as vacuum and toilet bowl plunger.

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  40. This reminds me of a home we’ve been looking at down the road, 2317 N. Cleveland. We offered very close to their asking of $1.395mm but they wouldn’t budge. The longer it sits on the market, the more crazy it seems for half of a house? Can anyone weigh in since we’re not from the area?

    http://www.redfin.com/IL/Chicago/2317-N-Cleveland-Ave-60614/home/13350348

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  41. nyc buyer,

    The price does not strike me as incredibly out of line. One possible comp to keep an eye on is 2133 N. Sedgwick, also a rowhouse, that was on the market for $1.3M and is now under contract. That place has worse finishes, not as many vintage details, no yard, and a smaller lot.

    Another is 2332 N. Cleveland, which sold for close to $1.5M. Smaller house, vintage details similar to the property you are looking at, worse finishes (terrible kitchen, for example), but a crazy 200′ lot with a big backyard.

    With the location and the price point, the comps aren’t perfect, since the number of similar properties is going to be much lower, but the price does not seem particularly out of line. With $1M+ properties with unique features (vintage in tact, good updating), the seller might be banking on the right buyer coming along and falling in love with the place, paying a premium.

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  42. gringozecarioca on April 20th, 2011 at 5:39 pm

    …and remember you always get to say ‘could you imagine what this would cost in bkln heights’

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  43. I thought it was only ELP if it was East of Clark!!!

    /obligatory

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  44. Toured this house at an Open House. Problems:
    -shared roofdeck
    -washer dryer off livingroom with only a curtain cover
    -tiny galley kitchen off hallway
    -weird master with extra space that is mirrowed
    Best things about it are its address and the floors in the living room and dining room

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  45. B: good list of other properties that meet the criteria.

    What about 2321 N. Geneva Terrace? Just 2 blocks away. 3-bedroom fee-simple townhouse listed at $480,000.

    No interior pics however.

    http://www.redfin.com/IL/Chicago/2321-N-Geneva-Ter-60614/unit-C/home/13351091

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  46. Eek at that listing, unless you have kids and need them to go to Lincoln.

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  47. nyc buyer, that’s a nifty place, really nice.

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  48. 2317 N. Cleveland doesn’t have a garage. It has a parking pad on the side of the house. Maybe it’s just me, but I would think some buyers would have a problem with that at that price point.

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  49. This place reminded me of the place I lived at in Boston (on chester square) in the south end – they were called “grand double parlors” and are beautiful. It got me nostalgic so I went on redfin to see if I could find one that recently sold – when I looked at this place (very similar to the one I lived in) I remember why I loved Boston architecture so much more than chicago:

    http://www.redfin.com/MA/Boston/534-Massachusetts-Ave-02118/unit-3/home/9287238

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  50. Clio, except the kitchen the place is beautiful. It has an old world charm.

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  51. Fantastic moldings in that Boston property Clio. Thanks for sharing. But I’m with Miumiu on the kitchen. Why do they “ruin” vintage by putting in standard “new” kitchens that have nothing to do with the period of the property? It’s just so out of place. I see this more than you know here in Chicago as well.

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  52. I think the kitchen is fine on that Boston place, I have a bigger problem with the bathroom after it. I must say, I can’t believe I’d say this, but awesome place, Clio!

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  53. maybe clio’s flip $tories are true after all!

    534 Mass Ave
    Sep 29, 2003 Sold (Public Records) $540,000 16.9%/yr Public Records
    Dec 09, 1996 Sold (Public Records) $186,500 21.5%/yr Public Records

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  54. Hey Clio,

    Gotta love the Boston/brownstones. When I was in grad school, I lived less than a block away from the place you listed. Our apartment was just west of mass, so didn’t have quite the same charm, but entertaining nonetheless.

    Every few months I do some searching to see how much these brownstones are going for, always so expensive!!

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  55. SFO-ORD, thanks for the comps. We actually were in contract for 2133 N. Sedgwick at a price WAY lower than the $1.3mm asking. We pulled out after the engineer’s inspection for a number of reasons. The Sedgwick house was one of the main reasons we thought 2317 Cleveland was overpriced (since it lacks a garage and is really only 3 bedrooms- they count the basement as a bedroom, but no such thing…). Back in August we must’ve bid on every SFH under $2.5mm. My husband loves to “low-ball” and I was shocked at the bids accepted. Chicago RE is way more fun than NYC!

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  56. @nyc buyer –

    Sabrina is correct… it’s the parking thing, pure and simple, as the house and location is ideal. 2332 Cleveland which just sold was in need of a rehab, beautiful details and floorplan, but just old ( think it had radiator heat and no air). So a $1.5M fixer-upper.

    This is the *real* LP and most people who buy a vintage townhouse never leave.. I’ve been in my place for over 20 years and so have many of my neighbors. Don’t be confused by the casual look of the people, as most home owners here have real wealth, not just money, and few if any are desperate to sell… they can hold on just because.

    This isn’t a boom/bust neighborhood as it’s historically protected (you can’t tear down) so it doesn’t attrack the type who builds a monster ego house then gooes broke and leaves their mess. That alone would be a major selling point for me; your block will look the same in 20 plus years, just as mine has.

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  57. “B: good list of other properties that meet the criteria.”

    Yes and no. Those properties might present the right fit for some prospective buyers, but they don’t meet the Unicorn Criteria (if that’s what you meant by criteria), nor are they even comps for 2115 Cleavland (if that’s what you meant by criteria). Beyond the fact that each is either practically at a yucky stretch of North Ave, or lacks a garage, or some other deficiency, I would say that the townhomes in (nice areas of) LP that are under $600kish tend to be pretty dumpy. Condos in that range simply tend to be nicer.

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  58. LOL. It’s hilarious that someone so concerned about defining their location as the “*real* LP” is quick to knock someone else’s “monster ego.”

    Do you have “real wealth” or just “money” if you are 50 and still have to travel for work to dine with clients in Ohio?

    Besides, isn’t this area notable for the number of long time homeowners who could not afford to buy their places at current prices?

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  59. G – I didn’t read jay’s post quite as arrogantly as you seem to have interpreted it, so it is interesting to see the differences of opinion. I’d count the areas around Armitage / Halsted -> park as what most folks would locate on a map as Lincoln Park so it’s not far off to think it is the *real* LP. Compare this to listings that say the area north of Diversey and west of Ashland is Lincoln Park.

    Your point on long time homeowners actually plays into why the current owners in this area might have ‘real wealth’ – house should be long ago paid for or closing in on doing so with their real payments low due to small borrowing amount and inflation. Why lambast one of the wealthiest and sought after areas in our metro region?

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  60. “Why lambast one of the wealthiest and sought after areas in our metro region?”

    because G and HD are bitter that they can’t afford to live there…..

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  61. “maybe clio’s flip $tories are true after all!”

    I told you – I don’t lie…

    See- you guys didn’t believe me that you could buy up these units in the South End of Boston in the mid nineties for 130-190k renovate for 50k and re sell in 2002-2003 for 500-600k. It was easier than taking candy from a baby – AND really fun because of the historical and architectural magnificence of the buildings (again take a look at a typical unit:

    http://www.redfin.com/MA/Boston/534-Massachusetts-Ave-02118/unit-3/home/9287238

    Chicago has/had nothing on Boston…….

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  62. “because G and HD are bitter that they can’t afford to live there

    not like you can afford to live there either buddy.

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  63. Well said, Jay. We looked for a ‘screaming deal’ in this area, assuming that real estate in this area had the same issues as other areas of the city. Of course prices have fallen a bit, but we didn’t get the crazy deal we thought we could. Friends of ours bought in west lake view at the same time and could afford MUCH more than we could at the same price point. When we moved into ELP, I started to understand why… Most of our neighbors are very established and vested in the well being of the neighborhood, which gives the neighborhood a wonderful community feel (ie, not a bunch of people who want to live here for 3-5 years and then move again). I would take a smaller home in this neighborhood any day!

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  64. “not like you can afford to live there either buddy.”

    wait – is this a joke or are you just baiting me? I would suspect the latter, but with your history of posts, I am not quite sure.

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  65. “wait – is this a joke or are you just baiting me? I would suspect the latter, but with your history of posts, I am not quite sure.”

    No Joke, you cant afford to live there right now. dont let your ego fool you. you are so long on asset holdings and all of which you cant make liquid without substantial loss. so in reality you cant afford to live here. take your ego out of the view and you know its true.

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  66. “No Joke, you cant afford to live there right now”

    Huh? Obviously you don’t know me or anything about people with money. Nobody is that stupid to put all their money in one thing. Of course I could afford to live in East Lincoln Park, etc. – but why would I want to? I live in two better places in much better areas….. It would be like telling you that you can’t afford to live in Englewood because you haven’t sold your house. Ridiculous.

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  67. no its not Ridiculous,

    you took a ride on the coattails on the upswing of a bubble in boston, then jumped on the chicago upswing its bubble. but when the musical chairs game you played ran out you found that you have a bunch of expensive chairs and all the players have gone home.

    so your stuck holding a bunch of homes waiting and praying for things to magically come back so you can unload these assets so you can get somewhat liquid again, but your addiction will continue and you will roll it into another assets praying again it will get better so you can unload it.

    the sad fact is that your holdings are holding you down so bad that even if you wanted to live in LP you can afford a home there unless you unload a few “chairs” a loss to pay for your new LP home.

    its easy to admit if you let your ego out of the equation

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  68. example,

    so again clio explain to me why your renting (holding) a SFH in Hinsdale?

    wait i know you are going for landlord of there year award arent you?

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  69. “the sad fact is that your holdings are holding you down so bad that even if you wanted to live in LP you can afford a home there unless you unload a few “chairs” a loss to pay for your new LP home”

    uhh – last I checked you can still buy property with cash….. again, no true investor is that stupid to invest all of his/her money in one type of investment.

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  70. “so again clio explain to me why your renting (holding) a SFH in Hinsdale?”

    I actually own a few homes in Hinsdale and, for your information, I make over 6% return on all of them – THAT is why I am holding on to them. Remember, not everyone has a mortgage on their investment properties….. (or homes for that matter).

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  71. “I make over 6% return on all of them – THAT is why I am holding on to them”

    a true 6% return? if so that impressive.

    but yet i can bet you would have rather have sold them off long time ago instead of waiting for the next wave.

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  72. Also Clio,

    look at your balance sheet with you assets at fair market/current market value.

    your short term view will be much clearer be it a sadder one.

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  73. ‘LOL. It’s hilarious that someone so concerned about defining their location as the “*real* LP” is quick to knock someone else’s “monster ego.”’

    People bought/buy here because of it’s high concentration of preserved elegant ‘simple’ urban homes, not so they could tear them down and build a glass block palace that dates itself as fast as your laminate kitchen does. It has a village feeling to it, always has, and there’s a small but wealthy group of people who will pay for that: same types who keep Becon Hill, West Village, Chelsea in London expensive even in this economy. It’s always been LP until the agents and poor cousins figured out they could charge/make more simply by calling everything in 60614 LP… you fell for it and now your cinder block McMansion at Lakewood and Diversey ain’t worth nothing.

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  74. Groove, you know nothing about economics so let me educate you on one of my properties:

    Purchased for 500k cash taxes of 7500. Rented for 3500/month – net income/year is around 32000 (2500 taken out for misc. expenses). That is a 6.4% return. Many investors would jump on paying me 500k for this place RIGHT now for this type of return (and for the added bonus that prices are increasing in the nicer areas). Short and simple – just like you.

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  75. “Groove, you know nothing about economics so let me educate you on one of my properties:”

    i may be a simple man and i really dont know about macro economics.

    but one thing i am good at is reading a financial statement. and from all you have bragged about i can tell your margin at standard looks large, but the truth is after period expenses and that picture is bleak.

    and its easy to take a winner out of a portfolio but put that winner back in rest of the break evens and losses thats the true grasp of the whole.

    a good sit down with your CPA and have him “really” go over your P&L statement and not in the “tax” looking way.

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  76. ‘Do you have “real wealth” or just “money” if you are 50 and still have to travel for work to dine with clients in Ohio?’

    Why bother… but…. I didn’t spend years building up a company just to walk away from it in my 40’s (not 50 yet), and I have to work and ‘dine with clients in OH’ the same way I ‘have’ to go to the gym; not really having to do something makes doing it all the easier.
    I also post here from Southern CA where I live most of the winter, doesn’t make me a surfer. Learn to read between the lines G, it’s something a 14 year old should know how to do by now.

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  77. jay, I know this may not be the place, but since you brought up LA, I wanted to get your opinion on this place – I am thinking of buying it as a winter get away:

    http://www.ziprealty.com/property/141-S-CLARK-DR-WEST-HOLLYWOOD-CA-90048/5768623/detail

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  78. “Remember, not everyone has a mortgage on their investment properties…”

    this is where clio’s story breaks down, because most mini-Trumps used leverage to acquire their mini-empires. As I stated, I know a mini-trump in Chicago and he would refinance his winners on the way up, and then take the proceeds and buy another property, do it again…..so he always had debt on the investment properties, these people were addicted by the easy money and they never thought values would fall. I find it hard to believe that someone could have a mini-trump portfolio without having alot of debt today on the properties. The person using debt usually would have more “balls” in the acquisition period and come out the winner in the bidding. Cash buyers are always more conservative, and at the margin, they are usually outbid by the speculators rolling the dice.

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  79. “Short and simple – just like you.”

    good bait, because it worked 🙂

    first i and still touch rim, but cant dunk anymore. so height is not a factor.

    the simple is true, but the reality my shock you.

    the funny thing is if we sit down at really look at it. take your your superior (paid for) schooling and large take home income compared to my desk jockey income and sub-par schooling (I paid for) and lets check the margin on ROI.

    well you will when $dollar wise as a fact your working with bigger $$$, but the funny part is i will win Margin/%/ROI wise.

    so can your ego handle a simple man, doing greater than you with way, way, way less?

    i know i know it stings a little, but dont worry you can write yourself a script for that.

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  80. Dan, Dan, Dan …. where do I begin?

    1. Mini-trumps are bankrupt now – any smart person knows the dangers and most wealthy, educated and smart people weren’t lured by the easy money. Only the stupid and greedy lost out big time.

    2. Real estate isn’t my full -time job – it is just my hobby and passion (renovating and rehabbing – that is what I do to relax)

    3. While I acquired all of my chicago real estate in the past 6 years, I didn’t buy all of them with cash – but subsequently (within 2-3 years) when I realized the market was tanking, I paid most of them off. The hinsdale example I gave was a property that I was in a bidding war and therefore HAD to use all cash to entice the sellers.

    4. You really have to learn the difference between people who are truly wealthy and those who are heavily leveraged and in debt.

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  81. “so can your ego handle a simple man, doing greater than you with way, way, way less?”

    In a word.. “yes”

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  82. “Learn to read between the lines G, it’s something a 14 year old should know how to do by now.”

    Funny that you feel the need to impress a 14 year old, jay. Kind of like how your ego is so dependent upon not being associated with the rest of Lincoln Park. Even a 14 year old can see that and laugh.

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  83. @clio –

    I’m not really big on owning in LA, or anywhere in Southern CA right now (I’m sure the north is different?), and so I rent. So much more flexibility and I don’t have to worry about the pool pump breaking and stuff like that. If I lived there full time, that’s another story. But, I hear prices are pretty level now, and if I were going to buy it would be now. Like Chicago, there are *no* deals on the prime houses in the better neighborhoods nor have there ever been… something buyers don’t want to understand.

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  84. thanks jay – I am still debating the issue -right now (while I am still working) I figure I would have to go there 1 week every month to make it worthwhile- but, in the future, when I retire, I just don’t want to be priced out of the market in case I want to retire there. This totally happened to me in Boston – I owned so many condos and a few buildings in the South End and ended up selling them all. I realize now that I would have loved to have held on to one of them but when I look at the market, there is no way that I will pay 300-400k more than for what I sold them.

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  85. went to an open house and agree with the bad kitchen.
    What we noticed was strong greasy cooking smells coming from above.
    Looking at the mailboxes, there was a catering business in the building, probably above. Realtor suggested moving the kitchen.

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