If They Build It, You Will Buy It: 1215-1217 W. School In Lakeview
Two units in this six unit new construction building at 1215-1217 W. School in the Southport neighborhood of Lakeview just came on the market (although the listing says it’s in East Lakeview).
They have only put the two middle units on the market so far.
They are:
- 1215 W. School Unit #2: $489,900
- 1217 W. School Unit #2: $499,900
They have the finishes that are normally found in this kind of north side new construction including extensive millwork and wainscoting.
The listing describes the kitchen as “gourmet” and it has Wolf and Subzero appliances.
The baths are marble and there are heated floors.
Has the $500,000 new 2/2 replaced a townhouse in this neighborhood?
Anna Coakley at Koenig & Strey Real Living is handling the sales. See more pictures here (although the interiors are of another project by the same developer.)
1217 W. School: 2 bedrooms, 2 baths, no square footage listed
- Currently listed at $499,900 (parking included)
- Assessments are $110 a month
- Taxes are “new”
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×13
- Bedroom #2: 11×10
Why is there a Star of David on the trash can? Is there a Jewish gang?
Sabrina, I’m not sure when you took your picture exactly, but people, for the love of God, it’s time to take down your Christmas decorations.
Jenny, five pointed stars are a popular black and hispanic gang symbols. Each point can represent the “values” of the gang. Most often used by Bloods though. The pitchfork is Gangster Disciples which also uses a six pointed star though. Not sure if the right side of the trashcan is a response to the left side of trashcan as I believe generally GDs don’t run with Bloods and the star appears to be five pointed, not six. But who the hell knows these days.
Sorry I just don’t know who the hell is going to buy this… the lack of comments here is pretty telling about how exciting this property is
I mean 500k for a middle 2/2 in SoPoo?
Ugh
I mean 500k for a middle 2/2 in SoPoo?
I think the hope is that prospective buyers will be so overwhelmed by the OTT millwork they’ll sign anything. This type of millwork is starting to look really dated to me – it’s too much for the space.
Price is too high for what you get. These are a dime a dozen.
“Not sure if the right side of the trashcan is a response to the left side of trashcan”
same spray can top, so its all one. and the style looks like he handed it to his mate for the second side.
the pitch fork up is for Folks and the pitch fork down is for People. many gangs fall under the Folk and many fall under the People (diciples, insane gansters, 4 corner huslters, royals, ect are under folks). Yet within that grouping there is waring with in it.
stars are the same two five point for People six point for Folks, look at the rims on bangers cars to tell what they are, look for six point or five point.
i also may have some backwards and some may have jumped to the People side and some my be bloods some maybe some random gang from LA or mexico that set up shop and is waring everyone.
who knows its just a bunch of retard bangers screwing up their neighborhood for maybe two years worth of *fame and cash for 10 stint in jail only to wash rinse repeat then jump on the ceasefire payroll with nothing to show but a crappy neighborhood and the same pattern generation over generation.
and yuppies dont be fooled thinking that your SEES acceptance letter keeps you from all of this. there are many just smart enough gangbangers who ironically live in tier 1 so they got a spot in your school too.
People would pay 500, 000 to live in a middle floor, 2 bedroom with gangs painting crap up. This city IS a shit hole!!!
Relax people. This garbage can has probably been on numerous job sites and is rented. The paint job could have been done in Hermosa for all we know and the garbage bin was brought to this location since it was the next job.
With these finishes a low rate and a monthly nut that works, this is prime for a mid-late 20’s who just wants to buy a place where they don’t have to do anything. There’s no time for a reno or hassles of fixing anything when youre trying to win the rat race and going out every night.
graffiti in Chicago today is the worst it’s been in 10 years.
” Pictures from a previous project.” Yeah, a simplex usually doesn’t have a staircase!
PS I am now on the SoPo-is-overrated bandwagon. I was up in LIncoln Sq. recently and couldn’t believe the activity relative to SoPo. I think Lincoln Sq. is probably competing with Diversey and Broadway as the area with the most action and general activity outside of DT/RN. I think with the Old Town music school, Sulzer, a major park with ball games, a big parish, the Lincoln Ave retail, the restaurants & bars, the Western brown line stop, there’s just far more activity going on than on that wimpy stretch of SoPo which is a few boutique and upscale pet and kids’ stores. SoPo is fake, like a “realtor” created environment, as opposed to Lincoln Sq, which is real and bustling with real businesses and orgs.
Lincoln Square is great, but I think Andersonville on Clark is more active and busy.
Agree with HH, LS seems more like a real neighborhood then this area.
“With these finishes a low rate and a monthly nut that works, this is prime for a mid-late 20?s who just wants to buy a place where they don’t have to do anything. ”
Wow… people in their 20’s must make a lot more then I did back then!
There is so much graffiti in my neighborhood lately, that I am starting to worry and am considering moving.
You are right though, it was probably moved from a different work site to here.
In response to “looking to buy”, if you’re in your middle to late twenties and single, I don’t think southport is exactly the neighborhood where your going to be going out to find hotties. I fit this description perfectly and I can’t remember the last time I went out in that hood. The place to find your trophy would be in River North or Old Town, and that’s why I just bought my 2/2 in Fulton River District. You can walk to work, be across the river from nightlife, and you don’t have to worry about the wildings that happen near the red line stops.
Yeah, but Andersonville is really still just a commercial strip on a few blocks of Clark. Lincoln Square has a hell of a lot more action, plus Welles Park and now the Half Acre tap room to complement the existing old-school German bar stock.
“Lincoln Square is great, but I think Andersonville on Clark is more active and busy.”
“Wow… people in their 20?s must make a lot more then I did back then!”
I’m not sure what you made/make but yes there are enough people in their 20’s that make enough to afford the nut on this place in Chicago.
“In response to “looking to buy”, if you’re in your middle to late twenties and single, I don’t think southport is exactly the neighborhood where your going to be going out to find hotties.”
Fair enough, Sopo does have a draw for the wrigley loving sports addicted frat party older 20’s early 30’s that this place would cater to. There are plenty of guys that are into chicks that don’t glam it up every weekend who would rather throw on a pair of jeans, flip flops and hang out in a beer garden.
Can we maybe stop calling it SoPo?
And also, this could be a new married couple or relationship cohabitating.
“but yes there are enough people in their 20?s that make enough to afford the nut on this place in Chicago.”
What do you guess would be “the [monthly] nut on this place” at today’s borrowing rates ?
Monthly? Maybe $2600
“What do you guess would be “the [monthly] nut on this place” at today’s borrowing rates ?”
~$2600 (assuming ~2x of ass after sale; $650/mo in tax), with a 20% dp to get conforming loan and no pmi.
That’s a pretty big “nut,” for someone in the 20s who is presumably still paying off school loans, starting to establish credit, going out all the time and hopefully starting to save for the future and retirement.
“That’s a pretty big “nut,” for someone in the 20s”
Includes ~$1700/month of deductibles. Standard deduction is $6100, but that’s mostly washed by the SIT on $100k+. So, that’s likely at least $18k in deduction, for a FIT reduction of $5k, making the net nut about $2200–about what the hypothetical $100k+ 28-yo would likely pay for a fancy 1br (albeit in a generally more expensive location). (YES, I’m ignoring AMT; someone with an acc’t’g degree figure that out).
If one would consider a roommate (don’t laugh–people do it), could easily see net cost under $1500/mo. Which is suddenly under 18% of gross income, and totally ‘affordable’, even with student loans.
Just need that $100k DP.
“$2600”, “That’s a pretty big “nut,””
Or the cost of a luxury 1 bed rental in River North…
A dual income 20 something couple making about $125K can do this.
That’s some great staging – a dumpster with gang graffiti.
Thanks gents. $2600 seems like a lot, even if the tax code and a potential sublet could reduce that number. The 28-year-old who buys this needs to be bullish about his career, his tenant’s career, and asset values in general. Or at least his lender needs to be bullish about those things.
Sabrina, when possible could you supply the construction lender’s name for posts like this? I’m curious to know if residential construction lending is concentrated among a few banks. I recently saw a sign outside this $2mm house that says construction funds came from Lakeside Bank:
http://www.redfin.com/IL/Chicago/2728-N-Lakewood-Ave-60614/home/40150684
Such spec financing strikes me as very risky, but in a zirp world maybe it makes sense — for me to poop on.
The only two characters I’m interesting in meeting at the cc Xmas party are anon(tfo) and Jenny.
Sabrina, when possible could you supply the construction lender’s name for posts like this? I’m curious to know if residential construction lending is concentrated among a few banks. I recently saw a sign outside this $2mm house that says construction funds came from Lakeside Bank:
http://www.redfin.com/IL/Chicago/2728-N-Lakewood-Ave-60614/home/40150684
Such spec financing strikes me as very risky, but in a zirp world maybe it makes sense — for me to poop on.
How is she supposed to know that??
Go to the cook county recorder of deeds and see who hold the mortgage.
“SoPo” is turing into Schaumburg with all of the soulless franchises opening up around there.
You can look it up yourself on the ccrd. All you need is the pin number.
dahliachi (April 6, 2013, 4:14 pm)
You can look it up yourself on the ccrd. All you need is the pin number.
Vote Saved. New Rating: -1
Not for the construction loan that has nothing to do with the deed
Umm-
State Bank of Countryside issued a construction mortgage 12/27/2012 for 2 something million. It’s right there on the CCRD. Apparently this bank also issued a mortgage for 1.6 million to the LLC doing this project at around the same time.
I can’t believe I bothered to look it up for you.
“That’s some great staging – a dumpster with gang graffiti.”
I took the picture in January while the building was still under construction.
“Just need that $100k DP.”
This is really the issue, right?
How many 30-somethings even have that much cash sitting around?
Not many. Hence the popularity of the FHA 3.5% down loan right now.
Yeah FU you too buddy!
” homedelete (April 6, 2013, 12:02 am)
The only two characters I’m interesting in meeting at the cc Xmas party are anon(tfo) and Jenny.”
“Yeah FU you too buddy!”
No offense to @fo, but you know he was only included to give HD cover w the missus.