Flips Popping up in the Parkside of Old Town: 437 W. Division
There are several buildings associated with the Parkside of Old Town development including The Hudson, a 9-story midrise building at 437 W. Division.
The 128-unit building started closings in 2008 but is not sold out.
This penthouse re-sale unit is currently on the market with a 27×8 balcony that has, the listing says, “million dollar city views.”
The kitchen is also “highly upgraded” with Verde Cascade granite and, in the master bathroom, granite and travertine.
The condo has 11′ high ceilings.
The unit was just reduced by $20,000. It is now the cheapest 2/2 on the MLS.
Gregory Jarvis at Baird and Warner has the listing. See the pictures here (mainly of the kitchen and bath).
Unit #907: 2 bedrooms, 2 baths, no square footage listed
- I couldn’t find an original closing price
- Originally listed in April 2009 for $399,900 (parking $30k extra)
- Reduced
- Currently listed for $379,900 (parking $30k extra)
- Assessments of $426 a month
- Taxes are “new”
- Living room: 15×14
- Kitchen: 11×8
- Bedroom #1: 12×12
- Bedroom #2: 12×11
balcony looks nice
rest of place builder/barfy
This development has been a disaster ever since it started. Stay far far away from this place… I mean its across the street from the cabrini high rises!
You should have a separate category for penthouses. I like penthouses.
Well at least soon the flippers won’t have to compete with the developer because as I recall the developer is in chapter 7 wind down to shutter operations within a year. They’ll have to compete with the bank selling the remaining properties at firesale prices. Oh yeah and if theres any quality issues down the road you’ll be SOL as theres no recourse for a company that used to exist.
The mid and highrises are going away. They just demo’d the red midrise on Chicago leaving only two red midrises and three white highrises left. The row homes aren’t going away and they are eight rows deep–yeah a lot more than then one row you can see from the El.
Also location issues aside the exterior of this development just looks cheap to me.
Agree with Sonies: this place is a disaster and I don’t know why they are separating out parking.
Pass.
Pass.
Pass.
The original listing showed 970 sf, with the only rooms listed as a 14×13 LR/DR combo, and bedrooms of 12×12 and 12×11.
#907 was listed on 2/7/07 for $353,900 plus parking, contracted on 2/7/07 and closed 8/20/08 for $356,351. The parking was likely included, but the records are kind of a mess since the condo PINs are not yet created.
Btw, the same listing/contract date is more likely games played by the developer/listing agent than actually “sold in a day.” This was very common and really distorted market times for new condo developments.
“Oh yeah and if theres any quality issues down the road you’ll be SOL as theres no recourse for a company that used to exist.”
Bob, they all use individual LLC’s for each project that always seem to be broke after the last unit is sold anyway. I guess it does remove some of the “we’ll picket your next project” threat if they are completely OOB.
On second thought, nobody has a next project anymore, so that threat is history.
How on earth did they think people would drop $600K+ on poorly designed townhomes with bright purple and blue exterior accents? These are the tackiest exteriors I’ve ever seen at this price point.
(Sorry, I’m referring to the townhomes at ParkSide, not the midrises).
“How on earth did they think people would drop $600K+ on poorly designed townhomes with bright purple and blue exterior accents? ”
Its the idealistic liberals grandiose social experiment where everything always turns out peachy. Mixed income development, near the projects, everyone holds hands and sings together and the subsidized housing people learn to be better, productive citizens of society merely by their physical proximity to more well to do people. I mean with such a grand plan like this, what could possibly go wrong?
Big wonder the parent developer is BK. Even in normal times I could foresee this being a flop.
Also you should see the press this place is getting on some of those late night “Inside Chicago” TV shows. The developer must be a sponsor as they really try to hype this place up as affordable new housing. LOL.
““How on earth did they think people would drop $600K+ on poorly designed townhomes with bright purple and blue exterior accents? ”
Its the idealistic liberals grandiose social experiment where everything always turns out peachy.”
Yeah, has nothing to do with political favors and making outsized profits. Nothing at all.
Look over there–that guy’s saying something that takes the focus off of the mooks who run our city and county for the benefit of themselves and their friends. Listen to him–he’s probably right.
Bob- you should google Oakwood shores. That project had the same idea: mixing hard working jackasses like us with those that get to live free off our tax dollars. Needless to say, there were break ins within the first 60 days and most of the working people moved out. There was just an article in the tribune about 2 weeks ago about Daleys friend’s making 9 figure profits off all these mixed income communes. (I’m not against mixing social classes but some of these people were born and bred to live off the gvt and steal from others instead of working hard to get their own.)
If the price gets low enough you can just buy them and rent them out. Despite the housing projects there is a lot to like about the area. Just not a lot to like at 600K.
Those “freeriders” have to meet employment requirements and have to take drug tests. It’s still subsidized, but it’s not as “easy ride.”
Brian
“working jackasses like us with those that get to live free off our tax dollars”
….I wouldn’t talk so loud. 33 million americans are now on food stamps, thats 1 in 9. Official unemployment is 9.4% and climbing. Unofficial u/e is 15-20%….you never know.
sartre,
Minor point but I and perhaps the other poster were referring to the permanently unemployed. Those people don’t show up in unemployment stats as they aren’t currently looking for work.
Also to clarify those that qualify for the subsidized housing here generally do need to pass a background check and drug tests–they are generally better behaved and don’t cause problems. The issue is these prerequisites only apply to the new buildings–not to the remaining row homes, high rises or Marshall Fields Gardens.
Brian, what is not an “easy ride”?! Don’t do drugs, check. Keep ANY type of job, check. okay, give me my free or retardedly cheap house!
How about letting these people stay in their “subsidized” homes if they put in community service, in the community they live in.
Also I read over on Joe Z’s blog about how a lot of people purchase the income restricted units (teachers, city workers, anyone making less than 54k) at a subsidized price then turn around and flip them a few years later for FULL price. Basically they get a tax free grant from the city on the order of 50k.
I can see how these got built. In the mid to late 90s they tore down that oscar mayer plant nearby, and built a bunch of homes. Granted they were east of the tracks but they sold well and turned out ok, so they got a little bolder and started heading west. the dominicks got plopped in where the old basketball courts used to be. the big “cabrini o green” sign and churches chicken came down and the neighborhood was rapidly improved. everyone got super optimistic, started building crap, overextended themselves and then the bubble popped.
Yes, many income restricted units were purchased by social workers, teachers, etc…in the Domain Lofts and they flipped them for market. The building is getting less mixed income day by day…going full market.
Bob, I am sure the same income restricted programs that allow low income folks a chance at purchasing their own home are the same throughout the country. I know in Florida and NY that if a grant is extended for such a purchase, there is a clause in it that forbids any resale of such a unit. So there is really no free grant abuse in that respect.
“In the mid to late 90s they tore down that oscar mayer plant nearby, and built a bunch of homes. Granted they were east of the tracks”
Many of those homes (as opposed to the condos–there certainly are more units east of the tracks) are actually WEST of the el–remember the OM plant had a connection over the el. And their original prices were in the mid- to high-$300s. For SFHs in Old Town.
“Bob, I am sure the same income restricted programs that allow low income folks a chance at purchasing their own home are the same throughout the country. I know in Florida and NY that if a grant is extended for such a purchase, there is a clause in it that forbids any resale of such a unit. So there is really no free grant abuse in that respect.”
Not everywhere in Chicago. They messed it up in certain projects.
IC…it doesn’t really surprise me with the level of corruption in local government here. A bit of back scratching the right poli and then you turn into a slum lord!
westloopelo,
Some of those city income units are in _nice_ condo projects too. IIRC a property featured here awhile back had some income restricted units, I think it was on Kingsbury. I think the people have to remain there for a couple years or three, but they then resell them for market prices. My taxpayer dollars at work. Yay.
“Those “freeriders” have to meet employment requirements and have to take drug tests. It’s still subsidized, but it’s not as “easy ride.”
Here’s a free home….but you have to lay off using taxpayer $$$ to buy and use drugs?
This isn’t a “easy ride?”
Bob- you said;
“The mid and highrises are going away. They just demo’d the red midrise on Chicago leaving only two red midrises and three white highrises left. The row homes aren’t going away and they are eight rows deep–yeah a lot more than then one row you can see from the El.”
Do you know a timeline? When did that red midrise get demo’d? Thanks
“Many of those homes (as opposed to the condos–there certainly are more units east of the tracks) are actually WEST of the el–remember the OM plant had a connection over the el.”
that is correct. been 4 yrs since I rode that el to work and I was thinking of the town homes east of the tracks. totally forgot the rows of houses on goethe and scott. they seemed kind of chintzy and cookie cutter when they went up but I bet those buyers did well.
” they seemed kind of chintzy and cookie cutter when they went up but I bet those buyers did well.”
Pretty cookie cutter, not sure about chintzy, tho they are all (afaik) frame with vinyl siding and brick facades. 3 currently on the market for $775k, $869k and $949k. And I’m fairly certain that original list started in mid-$300s.
They’d actually be an interesting post as a three pack, especially b/c the cheapest one last sold in 2004 for ….
wait for it
…..
$1,220,000.
They’re listing for a 37% loss. And the place does not appear damaged in any fashion, tho it is rented and it is VERY mid-90s.
I’ve seen those on the el too. Nobody’s gonna buy a POS vinyl sided building with a wood frame that hasn’t likely been properly weather treated for 800k.
“Nobody’s gonna buy a POS vinyl sided building with a wood frame that hasn’t likely been properly weather treated for 800k.”
Sure they will. They’ll probably regret it later, but sure they will.
mid 300s to 1.2 million in under 10 years. holy high hell! did others change hands at this price or does it look shady.
i thought the vinyl siding seemed chintz but i guess not enough to keep the price down. only been inside a rowhouses to the east and it was pretty nice.
anon–Bob’s right on the demo of the mid-rise on chicago and sedgwick (and it’s the first time i’ve agreed with him in a year or so). although the 3 white hi-rises that still stand…i think one of them is senior housing (IL) and may not come down. not sure. it’s the one west of larrabee on division?
“and it’s the first time i’ve agreed with him in a year or so”
I made a factual statement it was not my opinion. Also you are a giant toolbox.
I just wanted to clear up some points that some posters got incorrect. It is true that Kimball Hills filed for bankruptcy. However there was another developer in the deal, Holsten, who is buying out Kimball Hill’s interest. They have been taking care of warranty issues all along and as the developer of the rest of the site they have an interest in doing a good job. I don’t know why Sonies says it has been a disaster from the beginning. I have lived in the midrise almost a year and think they did a nice job. I have been happy with the construction, the building, the location, and my unit. Yes it is near the high rises (which I walk by every day without problem), yes there are affordable units in the building (at least two occupied by Chicago police officers who are required to live in the city) none of which have not been resold at market price (just because it happened in one part of the city doesn’t mean it is happening everywhere), and yes there are public housing residents in the building (a few of whom are my neighbors). Those things in and of themselves do not equal disaster. I wish all of you would at least get your facts straight before you go and spew misinformation about perfectly good developments and negativity about people just because of their socioeconomic status.
I agree with the last post by the Resident of Parkside. I have been living in the neighborhood directly across the street from the three remaining white buildings on Division for 4 years now and have watched this area make tremendous progress from where it was. The last three buildings are coming down soon and the neighborhood is still adding great retail and traffic. It is only a matter of time before the city fills in this little gap and forgets completely about what was here before. I honestly believe that this area is now as safe as or safer than any other within 5 miles of downtown. My ‘subsidized’ neighbors are friendlier than my ‘market rate’ neighbors, and I’m really feeling sad for all the people who miss out on a tremendous opportunity to live this close to downtown and the beach due to fear and prejudice.
Ryan – you a realtor?