How Low Will They Go? 1-Bedrooms Now Under $100K in 1620 S. Michigan in the South Loop
This bank owned 1-bedroom at 1620 S. Michigan in the South Loop recently came on the market.
It is listed at $99,900, or $70,100, under the 2006 purchase price.
It has hardwood floors, central air and washer/dryer in the unit.
From the pictures, it looks like only the refrigerator is missing in the kitchen. There is a stainless steel stove and dishwasher and granite counter tops.
In the bathroom, the tub and vanity are visible in the picture.
The listing doesn’t say anything about parking with the unit.
Is this a deal for an investor?
Ayoub Rabah at Great Street Properties has the listing. See the pictures here.
Unit #1016: 1 bedroom, 1 bath, no square footage listed
- Sold in September 2006 for $170,000
- Lis pendens foreclosure filed in February 2010
- Bank owned in November 2010
- Currently listed at $99,900
- Assessments of $185 a month
- Taxes of $2358
- Central Air
- Washer/Dryer in the unit
- No parking included
- Bedroom: 11×11
- Living room: 19×14
- Kitchen: 10×5
Yea, but the price will probably go lower.
How many vacant/unsold/foreclosed units does this building have? In many ways, this is really a worse building to own in than the one featured the other day in Lincoln Park, on Clark St.
The South Loop neighborhood is not well-developed and lacks walkability and convenience, and is way overburdened with foreclosures and half empty buildings. While this a an almost-new building and not one getting up on middle age like the one in LP, this place is starting out with way more problems. The apartment here is a very ordinary rental grade apartment that doesn’t justify selling over rental parity, and to arrive at an accurate figure, you have to figure in the hidden costs and problems that may lurk in this building.
I can see why it’s cheap.
Laura, I am getting tired of the anti-South Loop sentiment. Yes it is a newer neighborhood but like LP there are good parts and not so good parts. As far as walkability, given that I can walk to work in the loop and I don’t think that is possible from LP I would say that walkability is actually a plus for the neighborhood. Stop the snobbery and comment on the building.
Uh there is no way you can walk to the loop from here. I lived next door at 1720 for a year and didn’t like this end of the south loop at all. It’s not convenient to anything, not even jewel. It’s an alright block of the south loop but after 18th street it’s kind of ghetto, the block of wabash and state behind here are pretty desolate too.
There is no comparison between the” bad parts ” of the south loop and lp. The south loop is basically just a good place to live on a budget, and has good proximity to highways.,,terr was no other charm or character to the neighborhood.
Stuart has a point Laura. This building has a walkability score of 92…it’s on Michigan Ave very close to some nice restaurants and bars. The south loop continues to develop albeit at a slower pace. Look at the Roosevelt Shopping Area with the Target, the Home Depot, Whole Foods, and that new theatre.
Having said that, the SLoops problem is that there are too many condos and townhomes available due to foreclosure and short sales. At a price like this one, my friends who live in 1 bedrooms across the street are never going to be able to sell theirs for what they owe.
This building is way better than the Clark Street Building. It has light…..and the architecture is much nicer. The finishes are somewhat lacking and rental grade but an easy upgrade fix to a more discerning buyer. Also, while there may be hidden costs to a new building with lots of foreclosures (i.e., increase in assessments for reserves, covering defaulting owners), the Clark Street building has serious costs too. Older concrete buildings need regular patching,tuckpointing and the lobbies and elevators will need upgrading…so they are of this decade.
@Stuart,
Can you give examples of the “bad parts” of Lincoln Park?
Looks like student housing.
We have a place in SL and walk every where from there. We have a lot of guests including my in laws in their late sixties who walk to museums and down town from here. Red line on Roosevelt is close by and there are many buses on Michigan Ave. if one is not a walker or when it is too cold. There are many small super market even a fantastic Italian one on Michigan if you are missing an ingredient.
For the substantial shopping there are all the stores on Roosevelt which I drive to.
It is not a beautiful old neighborhood with large trees and all like some like, but claiming it is not walkable or easy to commute is not true. Further, there are many good restaurants in walking distance.
“Having said that, the SLoops problem is that there are too many condos and townhomes available due to foreclosure and short sales. At a price like this one, my friends who live in 1 bedrooms across the street are never going to be able to sell theirs for what they owe.”
I don’t agree with this. I have been checking the short sales and foreclosures and I did not observe that SL is leading other neighborhoods as claimed here. Also good buildings/units are keeping their value. Please see:
http://www.redfin.com/IL/Chicago/1235-S-Prairie-Ave-60605/unit-3206/home/21957829
http://www.redfin.com/IL/Chicago/1515-S-Prairie-Ave-60605/unit-512/home/12678019
http://www.redfin.com/IL/Chicago/1901-S-Calumet-Ave-60616/unit-2009/home/12974271
There are many more examples.
ok, no way we can compare Sloop to LP. that is wrong on so many levels.
try driving to a store in LP and then trying to get parking in the lot
now do the same in the Sloop.
16th is a bit of a trek to the loop but if you walk Indiana ave and through the park its just as beautiful as LP.
Dan: I’d say the area running right up along Ashland would be the ‘bad parts’ of LP, though mainly from a walkability & el proximity point of view. Also depends on how generous you are with the LP label along North Ave & Clybourn.
I’d personally rather live here, in a newer box condo with light than a similarly priced vintage place in Uptown/Edgewater but then again I’m as near to opposite of Laura’s tastes as can be possible.
“I can walk to work in the loop and I don’t think that is possible from LP I would say that walkability is actually a plus for the neighborhood. Stop the snobbery and comment on the building.”
LMAO!
It would take almost an hour to walk to my job in the loop from here what crack pipe are you smokin
“It would take almost an hour to walk to my job in the loop from here what crack pipe are you smokin”
Depends where and how fast you walk. It takes me 20 minutes to walk from Michigan and Roosevelt to Water tower.
Price’s wont go much lower than this; maybe parking will get thrown in. Not a bad deal by any means
BTW, I have walked to the loop from LP and SL. Depends where you are in both neighborhoods. I’d estimate 30-35 min either way though.
To the Sloop haters, until you actually live in this neighborhood, you really shouldn’t be so down on it. I work downtown near the Willis tower and there have been days when I walked from the Sloop home and back. So yes, it is walkable, because I’ve done it on many occasions. Would I do it every day or in the winter? No, but then again most people wouldn’t. The bus routes in the area are excellent and give you straight shots into the loop or straight up Michigan ave (1,3,4,12,29,129 etc). While there are not a lot of restaurants and neighborhood shops, there are a few decent ones (So. Coast, Triad, Opart Thai, Firehouse, 11, Opera, Zapatista, La Cantina, Gioco, and Krolls to name a few). There also the proximity to Chinatown for all your dining pleasures.
You are close to the lake front and can easily walk to Millennium park as well as the Shed, Soldier field, and other sites. There’s the Whole Foods on Roosevelt and there’s a Trader Joes coming to the area too. Theres a Jewel, Dominick, Home Depot and Best Buy in close proximity too. So stop hating on the Sloop.
Now… for 1620 S Michigan. I hate this building and it’s sister at 1720. CMK did an awful job of designing these things. The layouts are horrible and generally just seem very unfriendly. These building have their problems with foreclosures, but the construction on the buildings are sound and for that price, it should be easy to finance and rent out for positive income. I would seriously doubt this price will go lower.
“It would take almost an hour to walk to my job in the loop from here what crack pipe are you smokin”
It takes half an hour to Monroe from here even if you’re not that fast of a walker.
“Depends where and how fast you walk. It takes me 20 minutes to walk from Michigan and Roosevelt to Water tower.”
no it doesn’t, thats impossible unless you’re walking 10 miles per hour
its 2 miles from michigan & roosevelt to water tower place
which with traffic lights, and getting around fat tourists would take you 40 minutes MINIMUM
Same with from this place to my workplace, its over 2 miles and would take at least 40 minutes probably closer to an hour with all the waiting at intersections that is required when you walk 2 miles in the city
I have water tower as an example, I bet you are right on that as it is pretty north and it gets crowded with tourists after a while. I will measure next time I am walking. But in 20 minutes I am for sure at the shopping district at Michigan Ave. I have had appointments with friends and have made it. There is no way it is an hour walk.
Obviously it depends on where exactly you work in the Loop. 1620 is a fine location, but if walking to the Loop is a big deal go live north of Roosevelt.
“no it doesn’t, thats impossible unless you’re walking 10 miles per hour its 2 miles from michigan & roosevelt to water tower place”
Actually, Sonies that would be a 6 mile/hr pace. See if you can do 2 miles in 20 minutes and 20 minutes goes into an hour 3 times, that would be 3X2 = 6.
I agree with you that the traffic lights and other pedestrians will slow you down but at a brisk pace, it is possible for some to manage a mile in 10 minutes walking.
My biggest concern, if I were interested would be resale. Without a bubble, there will be a much smaller market for 1 and 2 bedroom condos, in all areas of the city. Even if this is the bottom, how long would you have to hold it to justify the transaction costs?
Arguing how fast someone walks or how long it takes to walk from x to y is like dating a transgender person.
you can keep trying for a home run but there is always a man on third.
“but at a brisk pace, it is possible for some to manage a mile in 10 minutes walking.”
no,sorry but dork/POWERwalking do not count
walking at a fairly brisk pace = 4mph I would laugh if I saw someone doing a 10 minute walk in the city as he would be FLYING with hips a flailing
trust me, I walk exactly one mile to work almost every day and I am very tall and walk pretty fast and with minimal traffic light interference it takes 20 minutes, with “normal” lights it takes closer to 25 and with
but who knows, perhaps I should watch this video more http://www.youtube.com/watch?v=efIy19eCAiM&feature=related
Groove, at some point in my life I’m going to attempt to use your analogy in conversation.
“Even if this is the bottom, how long would you have to hold it to justify the transaction costs?”
Longer than either you or I can fathom. Owning doesn’t need to be just about rental parity – owning needs to provide a return better than rental parity. Why else would I put a down payment of $20,000 on a $100,000 unit if I could just rent it for the same monthly payment, and 1) retain the ability to move after the expiration of the lease; 2) have no legal obligation for assessments or special assessments? Give me a PITI+HOA of $800 a month and a down payment of $10,000 and MAYBE I’d consider buying a 1 bedroom in a distressed (or soon to be distressed) building in a non-descript overbuilt neighborhood (if you can call it that) in the city. The closet comparison we have for the SLOOP is Sandburg Village – lots of condo towers, relatively frequent turnover of the units and along with that went low low prices. The SLOOP is an entire neighborhood of Sandburg Village like towers, except that prices are still too high and if you buy, you are stuck for a long long time.
“Without a bubble, there will be a much smaller market for 1 and 2 bedroom condos, in all areas of the city.”
False…where’s G with some data….how many 1 & 2 bdroom condos sell opposed to 3+, TH, and SFH?
“Groove, at some point in my life I’m going to attempt to use your analogy in conversation.”
go ahead try it today! it kind of a one size fits all type of thing.
Of course, the building on Clark has WINDOWS in the bedroom while this is a glorified studio…
If you Sloopers are so proud of your Home Depot and Best Buy with thier parking lots maybe you should move to Naperville since that seems to be more in line with the amenities you seek in a “neighborhood.”
BTW, how is it walking a couple of blocks East….oh, you’re cut off by LSD. How is it walking West, oh you’re cut off by the rail yard. How about South, oops the hood. Nice place to live though….
So you declare someone’s argument to be false and then ask someone else to provide the data?
“#A-Fed on January 31st, 2011 at 9:44 am
“Without a bubble, there will be a much smaller market for 1 and 2 bedroom condos, in all areas of the city.”
False…where’s G with some data….how many 1 & 2 bdroom condos sell opposed to 3+, TH, and SFH?”
“False…where’s G with some data….how many 1 & 2 bdroom condos sell opposed to 3+, TH, and SFH?”
Oh, There will be a smaller market for larger units as well.
I think there are only so many people who want to live in a 1 and 2 brs long term. Once they realize that they have to stay there 7-10 years to justify the transaction cost, buyers planning to start a family won’t buy the 1 and 2 brs anymore. This is still dawning on most buyers, but the change in atttude will happen.
“So you declare someone’s argument to be false and then ask someone else to provide the data?”
Yes. I’m making a prediction statement based on the knowledge I currently have and asking support for accuracy…
The market between 2000-2010 relied significantly upon price appreciation. Buy now, make some money, use the money as a downpayment on your dream condo/townhouse/home in LP or whatever suburb you wanted to move to. Now that price appreciation is no longer a factor (except for a handful of investors on this site), the average buyer is recognizing long term potential. The 7-10 year formula is not even relevant anymore. Cribchatter has had PLENTY of homes purchased 7/8/9/10 years ago with no price appreciation and some REO’s with depreciation. Of course there is the token lucky SFH seller in Lakeview that walks away unscathed but I know that in many nicer suburbs and many areas of the city, homes are seller for less than the 2002 or 2001 prices. That’s 9/10 years of ‘hold and you’ll be OK’ but guess what, that doesn’t work. Maybe if you hold 10 years from TODAY but in retrospect that was terrible terrible advice.
So now it’s a prediction?
“#A-Fed on January 31st, 2011 at 10:15 am
“So you declare someone’s argument to be false and then ask someone else to provide the data?”
Yes. I’m making a prediction statement based on the knowledge I currently have and asking support for accuracy…”
“But in 20 minutes I am for sure at the shopping district at Michigan Ave.”
That’s 1.5 miles (assuming you mean north side of the River). I’m the first one to dog on the “it would take me 45 minutes to walk .83 miles from the el to this place” nonsense (hi, groove!), but you ain’t walking *that* 1.5 miles in 20 minutes unless you time the lights perfectly, which I don’t think is possible–and yes, I’m assuming east side of Michigan to minimize the lights. Under 30, yes; 20, no. And Water Tower is almost 10 more–35 minutes from Roosevelt to Chicago on Michigan is plausible, at a reasonable, brisk walking pace, and dealing with the lights and people in your way.
This walk time debate reminds me of conversations I have had with some suburban coworkers………. They tell me their commute time is like 15 minutes … but they fail to include the time it takes to get to their home to train station as well as the time it takes to get from the train station to their office………
valasko – yeah, that’s funny when they do that, then when I ask them “so what’s your door to door time?” then they realize how much time they waste every day, they start to cry, and all is well in the world.
“So now it’s a prediction?”
Yes, wtf are you, congress, am I on trial?
No one can say – with fact – what is going to happen in the future. Comments about what is going to happen are predictions…
“It takes me 20 minutes to walk from Michigan and Roosevelt to Water tower.”
That is sooo hard to believe. I walk everyday from work from Munroe and Madison in the loop to Water Tower Place. Walking at a very brisk pace, it takes me 30-35 minutes. Unless you are running, 20 min is not possible. Even if you try jogging it, you still have lots of pedestrian cross walks, narrow sidewalks and construction and tourists slowing you down. From this location in south loop you’re talking 40 minutes. Even longer with snow on the ground.
Sure s-loop is a safe enough area near the museums, but people are going to pay more for location. The price of this place reflects that sentiment.
“BTW, how is it walking a couple of blocks East….oh, you’re cut off by LSD.”
Yea, living right by the lake is such a tragedy. People would surely never value that and instead prefer to have another couple blocks of shit in the way.
Good one, Chris – beacuse theres no way to get to the lake or museums past lake shore. Maybe you should tell all the Bears fans that tailgate from 14th to 21st that the 16th street bridge to the lake doesn’t work or that the crosswalk across Roosevelt to Grant Park & Museum Campus is broken too.
Oh and can you also call up the ICON theatre, Core Power Yoga, Whole Foods, Marshalls, DSW, World Market & soon to be Trader Joes on Roosevelt and tell them that only Best Buy & Home Depot are open on Roosevelt, per Chris on Crib Chatter?
I await your expertise on other neighborhoods as well!
“Without a bubble, there will be a much smaller market for 1 and 2 bedroom condos, in all areas of the city.”
The data shows this without question. That is why sales volume is way down from the peak bubble years.
Anyone that thinks the lakeshore is easy to get to from the sloop is either a realtard or walks 10mph with hips a flailing.
Great stuff in this thread.
Oh, did you foks know that you can buy condos similar to this in Miami for 30k now? Good luck to the sellers of this place.
Lol!
Whitecity,
Sorry I forgot about DSW, Marshalls, World Market, Trader Joes, ICON theather, WF, etc….wait, are we talking about Schaumburg or a neighborhood in Chicago? I lost track for a minute there discussing all those sweet big box chain retailers. If I bought you lunch at Panera Bread would that make you feel better?
At $100,000 with 20% down and a 30 yr fixed at 5.25% with taxes and assessments you’re paying less then $825 per month. You can easily rent this place for a minimum of $1000 a month.
Sabrina,
Quick…can you please get the next property posted so we can ‘discuss’ it instead of reading all of this nonsensical, mindless chatter about how long it takes for every CC’er to walk from point A to point B. I mean, I like off topic banter, but this is getting ridiculous!
That said, I wonder how long it would take Clio to walk from there to there? I guess we’d never really know for sure as he’s much too ‘terrified’ to actually walk in that area… like a mere mortal.
LOL…all said with love clio.
“At $100,000 with 20% down and a 30 yr fixed at 5.25% with taxes and assessments you’re paying less then $825 per month. You can easily rent this place for a minimum of $1000 a month.”
So best case you get what $175 a month minus any special assesments, losses due to deadbeats and vacancies. And hope the association never restricts rentals, or increases assesments, and that taxes don’t increase. Plus hope the market does not go lower for these condos. Does not seem worth the hassle to me. Don’t get me wrong I would love to invest in real estate, but not under these conditions.
Swill, that would be worst case… not best case.
“Anyone that thinks the lakeshore is easy to get to from the sloop is either a realtard or walks 10mph with hips a flailing.”
From this building, sure, but from Roosevelt & Michigan, as much of the convo has focused on? Really?
It is a good ‘hood in which to reside. No traffic jams, bikers taking up road space, impossible parking with pricey tickets if you do find one and overstay your time, strollers, etc. Reminds me of chosing to live in the W Loop over LP…sure not as ‘urban’ a feel, but enjoybable none the less.
All hoods in Chicago have pros and cons, it is just up to the indivdual to decide what is more important to them personally. You do have to admit though, for these price tags, there are definately some great deals in the SLoop. Even my fav building, One Museum Park has so many deals now. SO glad I didn’t splurge and purchase that PH level unit. As beautiful as it was, owning in that building at this point must be scary now.
““Without a bubble, there will be a much smaller market for 1 and 2 bedroom condos, in all areas of the city.”
The data shows this without question. That is why sales volume is way down from the peak bubble years.”
G – thnx. Regarding volume though, are you comparing 1/2 bdrm volumes against 3+/sfh/th using %’s of avg peak to now?
Just referring to those who I know, more are looking towards 1/2 than 3+/SFH because of price vs. value. Some are trying to get into a TH though.
@WL, I’m going to thread jack again.
Can I expect the trains to be running sort of on time during our 1-2 feet of snow that’s expected?
Has anyone ever been in a South Loop softball league and used the diamonds at the south end of Grant Park? What teams play on those diamonds? Plus, did the Rob Lowe/Demi Moore couple in About Last Night get back together at the end of that movie or did they stay split up?
“Can I expect the trains to be running sort of on time during our 1-2 feet of snow that’s expected?”
I wouldn’t count on it. Especially with the predicted wind.
“At $100,000 with 20% down and a 30 yr fixed at 5.25% with taxes and assessments you’re paying less then $825 per month. You can easily rent this place for a minimum of $1000 a month.”
Unless there is special financing offered on site, I don’t think it’s going to be that easy to find a bank who wants to do 30yrs at this loan amount. Not saying that you can’t find one, but usually banks don’t like these type of low loan amounts.
“G – thnx. Regarding volume though, are you comparing 1/2 bdrm volumes against 3+/sfh/th using %’s of avg peak to now?”
That would be a comparison of market share. It was market size that was swill’s point that you responded to. No doubt market size is much smaller for 1 & 2 BRs.
FYI, here’s the condo/TH/SFH market share for 2BR & and under for the Near South Side:
2010 83.8%
2009 82.3%
2008 82.9%
2007 90.3%
“Has anyone ever been in a South Loop softball league and used the diamonds at the south end of Grant Park?”
I played in a CFD league a long time ago on those fields.
2010 83.8%
2009 82.3%
2008 82.9%
2007 90.3%
Thanks G as always for the data and clarificaion…this does show an uptick from 09-to-10 though which means..? (~83.8% of listings are 2bd and under compared to 3+condo/sfh/th?)
This condo looks like it would fit the bill for me. I had made a cash offer on 630 N Franklin that was posted here a couple of weeks ago, but I did not get it. I am looking for an in-town unit with low assessments and taxes. I will rarely be there. When I am there, I will be working near Willis Tower. Any thoughts on what this will actually sell for? Above or below 100k?
Before anyone asks, for various reasons, renting is out of the question for me. I will be buying with cash.
Yes, that is correct. Here are the closing numbers:
Year 2BR & under 3BR & over
2010 481 93
2009 527 113
2008 951 196
2007 917 99
Interesting…you can see that the number of 3 decreased ~17.7% (2010 vs 2009).
whoa that posted wierd…
I’ve walked to Soldier Field from 17th/State on a number of occasions. It’s not that close, but it’s not a huge ordeal either.
http://www.investopedia.com/terms/a/armslength.asp
What Does Arm’s Length Transaction Mean?
A transaction in which the buyers and sellers of a product act independently and have no relationship to each other. The concept of an arm’s length transaction is to ensure that both parties in the deal are acting in their own self interest and are not subject to any pressure or duress from the other party.
@chris –
so lincoln park north avenue has a very similar set of shops, is that schaumburg too?
i dont get the point you are trying to make about SL. Is it that you think SL is similar to the burbs? Do you really think people will agree w you on that?
Regardless, no need to beat a dead horse on these SL debates, next! And for the record, I do not like this unit and the building is as cheap as they come from a quality perspective.
“Can I expect the trains to be running sort of on time during our 1-2 feet of snow that’s expected?”
You can expect the trains to be running on time for up to eighteen feet that’s expected. The five inches that actually arrives might cause you hiccups with your commute, however.
“I walk everyday from work from Munroe and Madison in the loop to Water Tower Place”
You walk this route everyday, but never noticed that the street is spelled Monroe? lol.
“You can expect the trains to be running on time for up to eighteen feet that’s expected. The five inches that actually arrives might cause you hiccups with your commute, however.”
Ha ha. We say that forecasters who go nuts over every little thing have a weather woody.
These floorplans with their partial height walls are atrocious. This place is really a studio or “junior one bedroom” not a true one bedroom. If you have people in the kitchen talking or the TV on and you can hear loud and clear because the wall isn’t full height, or similarly if they are cooking and you can smell the bacon grease, its at best a junior one bedroom.
CMK is a classic case of a developer jamming as many units as possible into as small a footprint as possible to maximize sales to the detriment of a livable floorplan to those who actually have to live in them. Also lets not forget they are apt to save a bit of money on drywall because the capitalized on the stupid fad of bare concrete walls & ceilings.
Westloopo said it…there are far fewer grown men riding around on silly bicycles in the South Loop. That alone is enough for me to want to live in the area. I live in University Village now and like it a lot despite the “sameness” of all the units.
There are people who prefer the South Loop to Lincoln Park. I am one of them. My boyfriend just bought a place in the South Loop even though he could have easily afforded one of the same size in Lincoln Park. There are just too many people everywhere in Lincoln Park. I like to drive everywhere, while still being close to downtown. I drive to work. I drive to the grocery store. I would rather have a less walkable neighborhood than a neighborhood filled with babies and bikes and annoying drunken guys dragging around screaming women in short dresses.
Jenny – you have just insulted so many people by blaspheming the best neighborhood within 1000 miles in any direction aka Lincoln Park. You will be branded a *heretic* be careful.
” I drive to work. I drive to the grocery store. I would rather have a less walkable neighborhood than a neighborhood filled with babies and bikes and annoying drunken guys dragging around screaming women in short dresses”.
Jenny based on above, sounds like you have found the perfect neighborhood for you……… congrats. But for the person who like the feel of an established walkable community the city has far better choices than SL.
“Jenny – you have just insulted so many people by blaspheming the best neighborhood within 1000 miles in any direction aka Lincoln Park. You will be branded a *heretic* be careful.”
Dont be so dramatic though the comment was quite amusing. You opinion is of value – just like anyone’s around here. Yay first amendment!
One quibble with Homedelete’s remark about the lack of green space in the SL (a small quibble, ’cause I agree with so much of what s/he says):
Parts of the SL are as “green” and “leafy” as Lincoln Park. For example: Dearborn Park I and Dearborn Park II. These are enclosed enclaves, accessible only by one street and so may not be to everyone’s taste. But if one so desires, one can walk from 16th to Balbo surrounded by trees, flowers, and sidewalks. But with one important difference: it is far less crowded than LP.
That said, CMK stinks and this building stinks.
Also, to agree with Stuart: Laura L appears to have very different taste from many CC’ers. Personally, you couldn’t pay me enough money to live in Edgewater, but to each his own.
A thought: does anyone think that maybe Edgewater and the SL are exactly opposite neighborhoods? I haven’t worked it out yet, but I notice that nearly everyone who loves Edgewater hates the SL and people who love the SL hate Edgewater.
quit raggin on CMK, we all know the quality isn’t top notch… I just don’t want Joey the Z here trolling and “mythbusting”
Hah! Too bad the lptrixie site stopped updating. I had a friend sell his Jetta after I stuck one of those bumper stickers on his car.
SL is clearly far behind LP as far as services go. But let’s face it, LP is not all that impressive either. Even if it is the best neib for 1000 miles around it is hard to see how 2-5x pricing multiples make sense relative to the south.
Simple calculation – if you buy something south of Roosevelt for, say, $200k less than a northern comparable, you can take a cab round trip between the two, 5 times a week, every week, for 15 years straight before the savings are spent. And if at any point during those years you happen to get enough of LP (I kinda did), there is also the option of directing the driver to Bucktown, Ukranian Village, or some other cool area. Or perhaps even leave town for a couple of days.
So the south side just seems like better value, IF one doesn’t need to worry about schools. And if schools are an issue, then doesn’t the restaurant/bar/starbucks scene take second stage anyway?
As for walkability, I trek from RN to SL nearly every day (in fact a little longer than that – walking is my thing). Takes me 80-90 minutes at a moderate-to-fast pace. Plus the lake front south of Roosevelt is more pleasant, imho. It feels more spacious without all those harbors cutting into the park, narrowing it down to a bike lane in some stretches. And the crowds thin out rapidly once you get 100 yards from the parking lots and BBQ grills.
As for this particular unit, the layout is quite poor. I would not pay the offer. There are far better deals not too far from there, and more are probably coming down the pipeline.
Endora hit it. I love the SLoop, well at least being in the Vetro location, but would hate to live in Edgewater. I walked to/from work everyday in about 15 minutes. Sometimes, I’d even walk home at lunch to get something. (Until the job relocation, now my studio is for sale by owner).
as a rental property, it is definitely something to think about(that is if you have money). i live in this building(owner) and there has not been an increase in our assessments since it has been built and will not because the reserves for this building is close to a million. that is more than i can say about some of the buildings in our area. 66% are owners and a big majority want an increase in our assessments for a door man! as cookie-cutter it maybe the general area will improve by 100% once the park gets built on wabash and the high-end restaurant taking advantage of the new development. as much as people will bash this building, it is doing much better than some others buildings in the area.
“Hah! Too bad the lptrixie site stopped updating.”
She’s probably preggoz and barefoot in some burb. The trixie set isn’t nearly as sophisticated as they seem. Once a corn fed midwest kid always a cornfed midwest kid. Being able to walk to the Store bar to get sloshed doesn’t really change that.
“If I bought you lunch at Panera Bread would that make you feel better?”
Chris, you can buy me lunch at Panera Bread anytime! 🙂 We seek it out wherever we are in the Midwest. Chicago. Minneapolis. Indianapolis. Same as PF Chang’s. We don’t have these chains in NYC and to us, it’s a novelty to eat somewhere that’s consistent and tasty. You can only eat at the little ethnic restaurants in Queens so often. Most of them get hyped up by hipsters on Yelp when they really suck.
You guys really don’t know anything on this board. How many of you really know the situation at 1620. Do you know what is in there reserves? Can this buildings reserves, which may or may not be built up, handle the foreclosure/short sales. All buildings regardless of location will have their share of foreclosures and short sales. The South Loop is a favorable area to live in, better than West town, River West, parts of River North(old Cabrini), and Logan square. We are next to the lake, Millenium Park, Great stores on Roosevelt, and museums. To anyone looking to buy in the south loop, do it now and don’t let these naysayers deter you. If you look these website is only the opinion of ten people. Really these ten people represent the real estate market in chicago. I have yet to see some of them post positive comments. If you are looking for advice don’t come here. Make your own conclusions. If you listen to these people, you will either forgo the great bargains or over pay for some neighborhood. It will never be cheaper to buy than rent….you would be foolish to think that will happen. If you want cheaper, rent. But you will get zero tax benefits for renting.
Yes there are some layouts in 1620 and 1720 that are not great, but there are other layouts on the two buildings that give you great views and space. The 1 bedrooms aren’t the best, but the larger 2 bedrooms have a nice layout as well as views. Do you due diligence and go look at places for yourself, don’t just listen to these people sitting on a board shooting down every post. Construction has been down, especially in the over built SLOOP. Eventually these places will be bought up. It may take two to three more years, you have to be willing to wait. With construction down, supply and demand. This particular 1 bedroom is a great investment. If you are single, you live there for a a few years(until you get married,etc) and then you rent it out. Assuming there is parking, you can easily get 1300 – 1500 for this place.