How Low Will It Go? 3-Bedroom Now at $200K on the Drive: 3500 N. Lake Shore Drive

We last chattered about this vintage 3-bedroom at 3500 N. Lake Shore Drive in Lakeview in April 2011.

3500-n-lake-shore-drive-approved.jpg

See our prior chatter here.

Priced in April at $249,000 in a short sale, most of you thought it would sell pretty quickly and that it was a deal even with the larger assessments.

The unit is still on the market and has been reduced $49,000 to $200,000.

At 2500 square feet it is larger than many single family homes.

The listing says it has an updated kitchen and that the bathrooms have been restored.

There’s a butler’s pantry with the original woodwork and a wood burning fireplace.

The unit has Wrigley and partial lake and city views.

It doesn’t have central air, washer/dryer in the unit or deeded parking.

But there are washer/dryers in some other units in the building so it appears it can be installed.

The co-op will do 80% financing.

We determined during the last chatter that the assessment DOES include the taxes of $344.57 a month. The listing also just lists it out separately as well.

How low will this go?

Marna Spizz at @Properties still has the listing. See the pictures here.

Unit #7A: 3 bedrooms, 3 baths, 2500 square feet

  • Sold in April 1997 for $101,000
  • Sold in July 2001 for $510,000 
  • Was listed in April 2011 as a “short sale” for $249,000
  • Currently listed as a “short sale” at $200,000
  • 80% financing allowed
  • Assessments of $2002 a month (includes “everything”- heat, electric, doorman, cable- AND taxes)
  • Taxes of $4134
  • Parking is rental nearby for $150 to 250 a month
  • No central air
  • No in-unit washer/dryer (but other units in the building have it- so can probably be installed)
  • Bedroom #1: 19×13
  • Bedroom #2: 18×13
  • Bedroom #3: 11×11

76 Responses to “How Low Will It Go? 3-Bedroom Now at $200K on the Drive: 3500 N. Lake Shore Drive”

  1. It has Nettelhorst going for it. But not sure people willing to pay $3k per month are willing to go without central air, washer/dryer in the unit, and/or deeded parking.

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  2. I’m getting to like the price for this place. An offer of $180K might buy it.

    Even though the assessment sounds huge, it includes heat and taxes, which together would add up to about $500 a month. So that makes the assessment the equivalent of more like $1,500 a month. If you buy the place outright, and add $200 a month for parking, your cost is about $2,200 a month. I imagine whoever buys will pay cash at this low price.

    There are a bunch of drawbacks, of course. No direct lake view, no washer and drier, the building doesn’t have great amenities, and worst of all, you have to walk outside in winter and down the block to get your car, assuming you rent a nearby space. And your guests have nowhere to park. If I’m going to suffer all those inconveniences, I’d rather at least be on a higher floor looking over the lake. But what do you expect for $200K?

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  3. Two things bug me about the listing. First, the view shown is from the building’s roof, not this unit. False advertising.

    Second, the listing agent needs to learn that the word “its” doesn’t need an apostrophe unless she means “it is.” Should read, “Vintage elegance at its finest.” A pet peeve of mine.

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  4. always wondered about the penthouse on top of this building. looks cool from lsd

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  5. I think people are worried about the assessment with a building this old. But 3000K for location and size is really reasonable. Its just so much of this payment is not tax deductible. But again, if Congress has its way, none of the interest on a mortgage will be deductible. If it had parking, it would sell much easier.

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  6. Any idea what happened between 1997 and 2001?

    Sold in April 1997 for $101,000
    Sold in July 2001 for $510,000

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  7. Quick question, i know the answer has been discussed ad nauseam here but how much is homeowners insurance on a $300,000 house? The wife and I were discussing this last night and neither of could come up with an answer

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  8. “Second, the listing agent needs to learn that the word “its” doesn’t need an apostrophe unless she means “it is.” Should read, “Vintage elegance at its finest.” A pet peeve of mine”

    Really?!!! What about:

    “….no washer and drier,….”

    again, pot meet kettle. (

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  9. “Any idea what happened between 1997 and 2001?”

    YEah – someone made a profit – not that hard to understand.

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  10. “Quick question, i know the answer has been discussed ad nauseam here but how much is homeowners insurance on a $300,000 house?”

    HD – I hope this means you are considering buying my hinsdale house…. but insurance on a 300k house (not condo) should be between 600-800/year. That is how much my insurance costs me on 3, 300-400k houses (and this is MAX coverage limits) but with a 5000 deductible.

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  11. “how much is homeowners insurance on a $300,000 house?”

    Not sure if it’s more or less for a condo (likely less than a SFH, as a condo association has insurance as well), but for a $300k condo, it’s under $300.

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  12. clio: “Really?!!! What about: “….no washer and drier,….” again, pot meet kettle. (”

    Yes, because:

    random blog comments == real estate listing

    You really expect the same level of quality and proofreading of blog posts as a professional advertisement? :facepalm:

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  13. Chris M: “Any idea what happened between 1997 and 2001?”

    Real estate hysteria? You’d hope that the place was at least rehabbed in that time period for it to make any sense. I’m not exactly familiar with 1997 pricing, but it does seem like that might be a bit low.

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  14. Thanks for the info!

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  15. $2002 for assessments – Holy F%ck

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  16. HD – We paid about $45/month for insurance on our house in Oak Park, which we bought for around $300k.

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  17. I like this unit. It seems like it would appeal to an elderly couple who can pay cash for it, don’t have a car, and send their laundry out.

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  18. OK – I spelled dryer wrong. I guess I look pretty dumb. However, as someone else said, this was a blog response, not a professional real estate listing. If I were writing for publication, I would have double-checked my spelling.

    Clio – why are you so full of venom?

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  19. Another quick question, can someone with access to the MLS give me the highest listing price of this house

    818 E Canterbury Dr ARLINGTON HEIGHTS, IL 60004 MRED #07579330

    before it finally sold before it finally sold for $326,000 in September 2008?

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  20. STATUS: ACTV -> CANC CANC $349,900 07/12/2010 Call Broker
    STATUS: PCHG -> ACTV ACTV $349,900 06/19/2010 Call Broker
    STATUS: ACTV -> PCHG PCHG $349,900 06/13/2010 Call Broker
    LIST_PRICE: $359,500 -> $349,900 PCHG $349,900 06/13/2010 Call Broker
    STATUS: PCHG -> ACTV ACTV $359,500 04/07/2010 Call Broker
    LIST_PRICE: $369,900 -> $359,500 PCHG $359,500 04/01/2010 Call Broker
    STATUS: ACTV -> PCHG PCHG $359,500 04/01/2010 Call Broker
    STATUS: PCHG -> ACTV ACTV $369,900 03/04/2010 Call Broker
    LIST_PRICE: $379,800 -> $369,900 PCHG $369,900 02/26/2010 Call Broker
    STATUS: ACTV -> PCHG PCHG $369,900 02/26/2010 Call Broker
    STATUS: PCHG -> ACTV ACTV $379,800 11/16/2009 Call Broker
    STATUS: ACTV -> PCHG PCHG $379,800 11/10/2009 Call Broker
    LIST_PRICE: $379,900 -> $379,800 PCHG $379,800 11/10/2009 Call Broker
    STATUS: PCHG -> ACTV ACTV $379,900 10/25/2009 Call Broker
    STATUS: ACTV -> PCHG PCHG $379,900 10/19/2009 Call Broker
    LIST_PRICE: $389,000 -> $379,900 PCHG $379,900 10/19/2009 Call Broker
    STATUS: NEW -> ACTV ACTV $389,000 09/24/2009 Call Broker
    STATUS: DRF -> NEW NEW $389,000 09/18/2009 Call Broker
    STATUS: ACTV -> EXP EXP $389,000 09/18/2009 Call Broker
    STATUS: PCHG -> ACTV ACTV $389,000 08/24/2009 Call Broker
    STATUS: ACTV -> PCHG PCHG $389,000 08/18/2009 Call Broker
    LIST_PRICE: $399,900 -> $389,000 PCHG $389,000 08/18/2009 Call Broker
    STATUS: PCHG -> ACTV ACTV $399,900 05/27/2009 Call Broker
    STATUS: ACTV -> PCHG PCHG $399,900 05/21/2009 Call Broker
    LIST_PRICE: $409,900 -> $399,900 PCHG $399,900 05/21/2009 Call Broker
    STATUS: PCHG -> ACTV ACTV $409,900 03/06/2009 Call Broker
    LIST_PRICE: $419,900 -> $409,900 PCHG $409,900 02/28/2009 Call Broker
    STATUS: ACTV -> PCHG PCHG $409,900 02/28/2009 Call Broker
    STATUS: NEW -> ACTV ACTV $419,900 12/23/2008 Call Broker
    STATUS: DRF -> NEW NEW $419,900 12/17/2008 Call Broker
    STATUS: ACTV -> EXP EXP $419,900 12/06/2008 Call Broker
    STATUS: NEW -> ACTV ACTV $419,900 09/11/2008 Call Broker
    STATUS: DRF -> NEW NEW $419,900 09/05/2008 Call Broker

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  21. “Any idea what happened between 1997 and 2001?”

    The 1998 Cubs effect. A true mania. (And you don’t even need a bike to get there.)

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  22. thanks steven, I don’t think we’ve ever chatted before!!!!

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  23. CH,

    Same here about the penthouse. I believe it was on the market at one point not too long ago. Here’s the link. Can’t tell if it’s old or still on the market.

    http://www.urbanrealestate.com/property/3500-N-Lake-Shore-Unit-17PH-CHICAGO-IL-60657-R3B3NQCCRZBVE.html

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  24. SOld in september 2010, not 08, my typo, thanks again!

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  25. About the penthouse – looks like it was taken off the market. They were listing it at $3.5 million – no way that was going to happen.

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  26. No problem. I dropped out of the house hunt but I still follow this blog every so often.

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  27. Penthouse relisted – now under $3 million!

    http://www.urbanrealestate.com/property/3500-N-Lake-Shore-Unit-17PH-CHICAGO-IL-60657-R3B3NQCCRZBVE.html

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  28. Unit makes sense at around free given the taxes & assessments. Seriously, free. People forgot during the bubble economies of price scale where the cost per bedroom & bath is supposed to fall with each additional as it does in the rental market

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  29. Sorry – I’m going to hear now from Clio how stupid I am. I posted the wrong listing above. Hopefully the one below is correct.

    They want $2.9 mln, and the assessments are sky-high at nearly $6,000 a month. I don’t think there’s any parking in this building. The listing says it’s for a “distinguished” buyer. More like for an obscenely rich buyer who doesn’t care much about practicality.

    http://www.urbanrealestate.com/property/3500-N-Lake-Shore-Unit-17PH-CHICAGO-IL-60657-2C54DEO4X4SQE.html

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  30. It took two years to sell that house. It had minor $10,000 price drops every couple of months and it sold within 93% of list price after 24 months on the market which means it sold within 78% of the original list. Interesting. THanks

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  31. This will be my last post for a while – I promise!

    Why buy the 7A unit for $200,000 when for $45,000 more you could be on the 12th floor with a direct lake view? Roughly the same assessment and transferable garage space next door.

    http://www.movoto.com/il/3500-n-lake-shore-dr-chicago/461_07866882.htm

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  32. I too have long wondered about the PH in this building. Perhaps it’s just a poorly done listing (imagine that), but it sure is underwhelming, to put it generously.

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  33. 818 E Canterbury prior sale 7/2/98 $210k so there was still fat on the bone. Adjusted with CPI, CS-NSA Chicago and CS-NSA Hight Tier Chicago all result in $281-285k.

    9/10 buyer put 20% down

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  34. HD: “how much is homeowners insurance on a $300,000 house?”

    It can vary a great deal based on location, construction and dedcutible, and whether you have auto policies, and what your claims history on all insurance is, and your credit score. We have a less than $5k deductible, coverage for everything, and enough coverage to rebuild a total loss at $200 psf, and it was right around $1000 this year. 3 years ago (I think) it was about $1400. Two years before that it was $800. We’re too lazy to shop insurance (almost as annoying as buying a car) for a few hundred $$, so that’s all with the same shop, too.

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  35. Agree about the PH listing, Anonny. If it indeed has all that outdoor space, how about showing it?

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  36. thanks anon and G.

    The seller of the arlington heights home appears to be selling a very similar ranch home in a different suburb (not in the seller’s name but in the parent’s name) and interestingly enough, the seller’s final listing price of $349,000 is exactly the same price as the new 2/11 listing of the parent’s home. It’s like once you start digging a little into a property’s history it all starts to makes sense.

    The seller got a solid bite on his own ranch at $349,000, so the seller listed the parents home at the same price a few months later.

    Too bad there have been no price reductions to date, and it remains to be seen if the seller would accept a also accept 22% haircut on the $349,000 price six months into the new listing! $272,000 and I’d seriously consider it.

    Next year.

    I won’t list a link to the property because 1) i don’t want my post deleted and 2) everytime i post something i like it goes under contract within 7 days (except for one property on kostner).

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  37. the insurance question was to try nd figure out the PITI.

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  38. I know this is a bit off topic, but anon will enjoy it

    saw the giant rat and a loud mob in front of EnV apartments on my walk home today… immediately thought of cribchatter… time to take a break! lol here’s a pic

    http://img846.imageshack.us/img846/5773/p00213.jpg

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  39. “saw the giant rat and a loud mob in front of EnV apartments ”

    Oooh, the really big one. Love it. To big for home use, tho.

    Wonder if any of the city unions are contemplating setting one up in front of Rahm’s house. Bet they don’t have the wherewithal to try it.

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  40. The assessment has to be scaring people away. It would only make sense to buy for people who could pay cash. A mortgage plus assessment would require pretty deep pockets.

    Can I spring another insurance question on y’all? Is condo insurance different than homeowners? And do you need to insure up to the price of the unit?

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  41. why is it ok to talk about houses in arlington heights and not ok to talk about houses in hinsdale/oak brook? Seems like quite a double standard and hypocritical thinking…… oh yeah, people like HD and dislike me – so I guess that makes it OK…

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  42. clio, try to be more likeable, like hd. think of the psychological benefits!

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  43. CH, do you ever post anything about a property or just interrogate Jenny? or have one liner words of wisdom for Clio? Not that there is anything wrong with it, but was just curious.

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  44. The assessment is $2,000 including the taxes. Homeowner’s on a condo shouldn’t be much since most condo associations have the building itself covered, you just have the interior. This is priced right and will sell quickly probably at close to full price. At 4.375% over 30 (with 20% down) the total payments are right around $2,800. For three bedrooms and 3 baths that is a really good price. I will say that whoever buys this is going to change the kitchen and probably at least some of the bathrooms. Very dated.

    The other one 12D should sell pretty quickly too IMO. The kitchen and at least 1 of the bathrooms are re-done nicely while 7A is all dated. 7A might have a better layout with more windows–there are 4 or 5 in the living room. You’d have to see the views to know if 12D is worth $40,000 more than 7A.

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  45. I like you clio.

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  46. miumiu, please see fourth post from the top.
    if it werent for my jenny questions, we’d never know she likes fruit. 🙂

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  47. EB, define quickly. it’s been priced here since june 20

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  48. “we’d never know she likes fruit”

    Have you figured out how she can buy all that fruit, of a quality that she does not hate, on only $40 a week?

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  49. lol…you guys are bad : )

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  50. “$2002 for assessments – Holy F%ck”

    What’s with all the outrage over the assessments?

    This includes the taxes plus cable and everything else.

    It is a 3-bedroom at 2500 square feet.

    In many of the high rises, with a unit of this size- the assessments would be the same (if not more.) Sorry to tell you.

    Okay- I went looking around just to prove my point. Check out this 3 bedroom of 2700 square feet at 100 E. Huron.

    http://www.coldwellbankeronline.com/ID/1629110

    Assessments of $2239
    Taxes of $20654 or $1721 a month

    Total to live there: $3960 a month – BEFORE the mortgage.

    Not all are this expensive either.

    But dream on if you think you’re getting 3-bedrooms with this much square footage with an assessment this cheap in most other buildings.

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  51. in 2008 G explained the breakdown of assessments for co-ops, re another unit at this address.
    http://cribchatter.com/?p=3276#comment-4884

    that unit 3500 sq ft, went for 290ish to a rehabber who tried to flip it near 900 and lowered to 6 and change. didnt see what he finally got for it .units here have been featured a good bit. Jenny hated the antlers displayed in one featured last year. I am starting to think she might be vegan

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  52. I happen to have the cash to buy either 7A or 12D (I’d lean toward 12D with the lake view), and it’s very tempting to just do it because prices will probably never be lower. I’d love a nice in-town, but what’s holding me back is having to pay $2,000 a month for a place I’d have to rent out for the next 10 or so years. I suppose I could find someone to rent it at a break-even price, but I wouldn’t want to have to worry about being a landlord.

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  53. Dan #2 – put down the drink and start to think!!!! Do NOT under any circumstances buy something to “rent out” for 10 years. Nobody knows what their circumstance will be in 5 years, let alone 10!!!! Your personal, professional, financial, and social situation will likely be totally different. In the meantime you are stuck with this property which may be a nightmare to rent out. Don’t do it……

    To the others – isn’t it interesting how strong the real estate “draw” is? Even with such terrible stories about foreclosures, short sales, etc., people still have the desire to buy buy buy. I ask why why why?

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  54. “Even with such terrible stories about foreclosures, short sales, etc., people still have the desire to buy buy buy. I ask why why why?”

    Another sign we’re not at the bottom yet. I’ve been saying this for many months (years) now. People are NOT afraid to buy.

    Dan #2 said prices can’t go any lower.

    Why not?

    At the bottom of a bust- NO ONE wants to own the asset. Here we have Dan #2 willing to buy it even though he can’t even live in it for 10 years.

    Oh my.

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  55. Sabrina,

    I don’t know about that – people will always want to buy real estate. Interest will NEVER EVER go down to zero (just as people will always want to buy cars). I don’t think that is a good way to judge the “bottom”. I honestly feel as though we are at the bottom and will be down until next spring. Next year is an election year – believe me, the govt is going to come up with some new product/rule/propaganda to boost home sales and the economy. That pilot light may just re-start another housing boom – people do not change – they WANT to own – they are just looking for a sign….

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  56. By “interest” I meant people’s interest, not “interest rates”

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  57. People will always buy real estate- but they will no longer buy the “scary” real estate like:

    1. 1 bedroom condos
    2. 2 bedroom condos
    3. Single family homes in areas without good schools
    4. Any other location challenged property

    They will be scared because they will know (at the true bottom) that they will have to live in the property for a long, long time.

    At the bottom- NO ONE will be saying, “I may buy this to rent out for the next ten years.” Sorry to keep using you as an example Dan #2. But you clearly are not scared that this property could ultimately sell for $50k or less in, say, 5 years.

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  58. “At the bottom- NO ONE will be saying, “I may buy this to rent out for the next ten years. But you clearly are not scared that this property could ultimately sell for $50k or less in, say, 5 years.”

    HUH? Maybe they are saying that because they realize we ARE at the bottom – your reasoning is weird.

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  59. Clio- at the bottom of an asset class people are terrified. They believe that asset will ALWAYS keep falling in price – so who would ever want to buy it?

    This has happened to every asset class under the sun when it finally reaches the bottom. People just can’t take the endless falling of prices and eventually throw in the towel. They don’t want anything to do with it.

    At the bottom, no one would be contemplating something as risky as Dan #2 is- i.e. buying a property to not even live in for the next 10 years. He would be too scared to do so.

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  60. Sabrina,

    housing is very different than any other asset class because:
    1. It serves a dual purpose (you can live in it and treat it as an investment)
    2. It is tied with social status
    3. it is a reflection of who you are.
    4. there is perceived independence when you own

    Those 4 things make it totally different than any other asset class – because now you have psychology and social issues involved.

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  61. I agree that this would make sense for a cash buyer. The assessments are scary no matter what they include. And taking a closer look at the photos for 12D, I’m having a hard time understanding what has been recently rehabbed in either the kitchen or the bathroom.

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  62. “1. It serves a dual purpose (you can live in it and treat it as an investment)
    3. it is a reflection of who you are.”

    So do diamonds.

    “2. It is tied with social status”

    Used to be for sure for almost all tiers of ownership.

    These days debt millstones aren’t financial status symbols unless when you visit the person it’s obviously a Baller’s pad ™. Baller’s pads are maybe 15% of the featured properties on here, if that.

    I admit when visiting a person with a “baller’s pad” the first thing I think of is location: if its not prime I’m like yeah I could see them making compromises. But if it is a prime location I’m like “yeah they might be drowning up to their eyeballs in debt but WTF do I care I’m gonna drink their booze for this party.

    “4. there is perceived independence when you own”

    Yeah but its easy to fake owning.

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  63. “This has happened to every asset class under the sun when it finally reaches the bottom.”

    Not every asset class some commodities have a minimum floor level depending on their utility value–the Hunt Brothers didn’t cause a crash in the price silver after that thing played out (yeah it went down and busted but didn’t go down crazy). Not food though it spoils–think copper and such.

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  64. I’m not saying that the prices on these places won’t fall further, just that based on what I’m seeing around these are reasonably priced. I think they should sell soon.

    As far as how quickly that is, considering the one had the price drop in June, I would have thought it would be under contract already. Maybe the bank is playing games as it is a short sale, maybe the market dip in August is scaring off the cash buyers. I will say, these places are just huge and for the monthly money it seems very attractive. If these places can’t sell, and it has nothing to do with the bank, that’s not a good sign for the real estate market.

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  65. gringozecarioca on September 2nd, 2011 at 3:35 am

    Ze not liking copper right now…

    Funny story about the silver crash and the Hunts. Hunts have to liquidate their position. Call their broker – directly to the floor – tell him what’s going on and what they need to do. Brokers reply ‘ I no longer do brokerage’. Hangs up phone on their face, walks into pit and sells some serious size for himself, and then just waits….

    True story.

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  66. Dan #2 – This is a co-op; co-op rules usually forbid owners from renting out their units to anyone except perhaps immediate family members for short intervals. This is one of MANY drawbacks for co-ops.

    I predict many if not most of these buildings will follow the lead of the Hyde Park co-op to condo conversion we discussed recently. Young buyers are just not as “into” ci-ops as the older generationd were.

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  67. “housing is very different than any other asset class because”

    To Clio’s list I would also add “availability,” or “quality.” Ever seen adds for rentals stressing the fact that it’s of “condo quality”? That’s because apartments generally feel like…apartments. It’s sort of like ski/snowboard rentals 10 or 15 years ago (before “demo” quality stuff became routinely available at a tolerable premium): if you wanted really good stuff, of a quality used by professionals and hardcore locals, and not the stuff used by busloads of Texan tourists, you had to buy.

    The place we rented for over two years was a condo, directly from the unit owner. It was a great place, and was far better than the 20 or so other rentals (apartment and condo) that we looked at before renting signing the lease. We then looked for a suitable place to buy for about two years – almost entirely at 3 bedroom condos (and some TH), but all were lacking in some critical way (usually as to parking). We ended up buying a 2 bed condo for many reasons, but a major reason was that we simply could not find a (truly) comparable (i.e., comparable to the particular place for sale) place to rent (and as great as the condo we were renting was, it lacked in-unit w/d, and had rental parking a block away). Yes, yes, yes – scream it from the rooftops, yes: I wish we could have followed my own long-professed rule – only buy a 3 bed, not 2. But we want very particular things out of our residence, and buying – even if only a 2 bed – was the only way to obtain the Unicorn Criteria within our budget.

    In the past 10 months or so, I’d say I’ve only seen one property list and close that met the Unicorn Criteria; I’ve not seen any places since; and though I don’t follow the rental market as closely any more, I imagine it remains fairly difficult to rent a Unicorn Criteria compliant place. (And if anything, I’ve only gotten more picky. Things that were once optional are now required Unicorn Criteria (e.g., a powder room).)

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  68. for somebody who has had a pretty interesting life, you sure are fixated on unicorns and e elp.

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  69. anonny –

    I agree. Finding a cheery, well equipped rental is darn tough these days.

    Also, I have dogs. They make me happy. Ever try to rent a place with 2 dogs? Forget it. Unless you’ll accept a grungy, fringy neighborhood where a dog is required for personal safety.

    And, as a grown adult with a couple of dollars to rub together, I just do not want a landlord (who I probably out-earn) telling me how I can live, and when I have to move.

    Thank God I rented for the last few years, becuase it surely helped my bottom line. But, I was looking for quality of life more so that picking ‘the absolute bottom’ when I recently purchased.

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  70. “People will always buy real estate- but they will no longer buy the “scary” real estate like:
    1. 1 bedroom condos
    2. 2 bedroom condos”

    so no single, divorced, couples whose kids are grown and moved away would buy 2BRs? Not all buyers are families with school age kids.
    My parents brought us up in a 2 flat home, but now that they are older they have moved to a 2BR high rise albeit this is not in US, but they have money to buy whatever they want, but like the security of a place with doorman, not having to maintain their home, etc…I am sure plenty of people think the same here too.
    Also Chicago is not just any town, it is one of the biggest metropolis in US, people will always buy in towns here and I doubt they will be SFHs.

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  71. I was being a bit facetious about buying the place, but thanks, everyone, for the advice. Sounds like you all have my best interests in mind. I’m keeping the money in the bank (where it can make 0.01% interest). And you’re right, the place is a co-op, so renting it out doesn’t make sense.

    I looked again at 12D listing and wasn’t too impressed, either. Seems like not much has been done, and the rooms all seem small. With a building like this, a usual perk is large public rooms (living room, dining room), but I saw no sign of that. Definitely a strike against.

    I don’t think the bottom is necessarily in. However, when I see large apartments in East Lakeview listed at prices that I last remember seeing in the mid-1980s, I have to think things are getting close to a bottom.

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  72. Tell that to hordes of investors who own rental properties in places like London, Paris & NYC who don’t even live in the COUNTRY, much less the City itself.

    You are such a provincial-minded boor, clio.

    “Dan #2 – put down the drink and start to think!!!! Do NOT under any circumstances buy something to “rent out” for 10 years. Nobody knows what their circumstance will be in 5 years, let alone 10!!!! Your personal, professional, financial, and social situation will likely be totally different. In the meantime you are stuck with this property which may be a nightmare to rent out. Don’t do it…… “

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  73. “Also, I have dogs. They make me happy. Ever try to rent a place with 2 dogs? Forget it. Unless you’ll accept a grungy, fringy neighborhood where a dog is required for personal safety.”

    haha so true its impossible to find a “nice” dog friendly rental

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  74. Unit #3A, also a 3/2.5 2500 square foot unit, is under contract listed at $142,000!

    Wow.

    Sold “as-is.”

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  75. What would be the rental equivalents for the area?

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  76. gringozecarioca on April 4th, 2012 at 5:25 am

    ROFLMAO.. I actually made a call on copper in a cribchatter thread? Evil Ze was here without me knowing?

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