Is the Bloom Off the Rose in Lincoln Square? A 2/2 at 2326 W. Giddings
This 2-bedroom at 2326 W. Giddings in Lincoln Square just came on the market.
It is in a prime location in Lincoln Square as it overlooks Giddings Plaza with its water fountain, street performers and social gatherings.
It is surrounded by shops and restaurants and is just a half a block to the Western Avenue brown line stop.
This elevator building was built in 2008 and has 18-units and an attached, heated garage.
This south facing unit has a den and hardwood floors.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
This unit has come on the market for $48,500 under the 2010 purchase price at $449,000.
Yet there is little else on the market in Lincoln Square right now and certainly not in a prime Lincoln Square location right on Giddings Plaza.
Lincoln Square was one of the hottest neighborhoods during the housing boom.
Has the neighborhood lost its luster?
Terry Philips at Coldwell Banker has the listing. See the pictures here.
Unit #305: 2 bedrooms, 2 baths, 1360 square feet
- Sold in April 2010 for $497,500
- Currently listed for $449,000 (parking included)
- Assessments of $213 a month (includes snow removal)
- Taxes of $6248
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 11×18
- Bedroom #2: 10×13
- Den: 11×11
wirh all the airplane noise that area is dead.
This place costs more than my house! It looks nice though the kitchen layout looks surprisingly like the kitchen in my condo, maple cabinets and all.
I suspect anyone with half a million to plop down on a condo isn’t looking here and anyone who is looking for a condo here isn’t in this price bracket.
With Mayfest in June and German-American Fest in October, you can host some kick ass parties.
Great location, place is a little bit blah but not that bad. Current owner just grossly overpaid. In the depth of the Chicago real estate doldrums, paid more or less the developer’s bubble-era asking price for a unit that sat unoccupied for 2 or 3 years.
Sure, if you cherrypick properties to fit your pre-determined narrative, you can confirm whatever story you want to confirm.
“Sure, if you cherrypick properties to fit your pre-determined narrative, you can confirm whatever story you want to confirm.”
that is really what it boils down to. sort of like how zero hedge posts daily a very convincing looking chart that argues the S&P is mirroring 1987. theyve been posting that one for a while. eventually theyll be right…
if i find a property from 2011/2012 that someone got for a steal and sold for 40, 50% higher in 2014, will that change the narrative here? no. those properties, like the one in this post, are in the tails of the bell curve.
Everywhere, blood. This market is a sinking ship.
“Sure, if you cherrypick properties to fit your pre-determined narrative, you can confirm whatever story you want to confirm.”
Indeed. We paid about $40k less than these sellers, just a few months later during the same year. Thoroughly enjoyed our home (a…gasp…2 bedroom with…oh crap…stairs and 2 kids!); financed the purchase with (because we’re financial morons, mind you) a 5/1; made about $12k in improvements and then sold 3 years later for about $50k over our purchase price (those big bad you-had-better-live-in-the-place-long-term-or-you’ll-lose-your-shirt transaction costs were nearly a wash as a result of principal reduction, to say nothing of enjoying hefty tax deductions).
So Sabrina asks a hypothetical question and y’all go after her for a “pre-determined narrative”? The confirmation bias is strong in here.
“So Sabrina asks a hypothetical question and y’all go after her for a “pre-determined narrative”? The confirmation bias is strong in here.”
i think people are just starting to realize that for the past 5-6 years, chicken little has been calling for the sky to fall, and it hasnt happened. fact of the matter is, 95% of people who bought in 2011/2012 bought at the low and have made money. the fact of the matter is, she failed to link the redfin listing bc it tells a more complete story.
this unit was for sale from the developer in early 2008 for $514,900. this was the height, or at least within 6 months, of the bubble. the current owner IN 2010 paid 3% off the high asking price ($497,500) during the bubble. the owner is an idiot and it should come as no surprise that he is losing money. he bought in 2010 at a 2008 price. i think youll find that most people who bought at 2008 prices are still down money.
https://www.redfin.com/IL/Chicago/2326-W-Giddings-St-60625/unit-305/home/21830145
if he had bought in 2010 at 2010 prices like this guy, and sold in 2013 at 2013 prices, he wouldve made money (excl transaction costs):
https://www.redfin.com/IL/Chicago/2326-W-Giddings-St-60625/unit-203/home/39786184
I would think the number of people who want to live *on* the plaza would be limited. I was there a number of times this summer and often wondered who would buy a unit right above the plaza. It’s a nice place to live near, yes. on? maybe not
“So Sabrina asks a hypothetical question and y’all go after her for a “pre-determined narrative”?”
So, if I said “Is Anonemoosity a moron?” would you consider that a hypothetical question?
Real cute, Chuk. Let me turn the tables for a moment.
If I said “Is chuk an asshole?” would you consider that a hypothetical question?
My bias is easily identifiable as since I’ve started reading CC years ago we moved from Wicker Park to Lincoln Square, but I find the title question odd. When viewed through the lens of the amount of new construction, SFH and condo, the area seems quite alive. I’m a booster now with friends, a few of whom have moved this way rather than hit the burbs.
However pricing wise the 3 bedroom condo across the street on Lincoln (likely looks at this unit) @ $505k likely hurts the ability to attract a similar amount for a 2/2.
Welcome up north Sabrina!
“If I said “Is chuk an asshole?” would you consider that a hypothetical question?”
No, I would not. Do you get my point now?
“the 3 bedroom condo across the street on Lincoln (likely looks at this unit) @ $505k”
Listing sez it’s a 2/2:
https://www.redfin.com/IL/Chicago/4736-N-Lincoln-Ave-60625/unit-4S/home/12673095
And its weird inside.
If I were to have asked “is chukdc more of an asshole than Anonemoosity is a moron?”, could someone answer this hypothetical question, hypothetically?
Hypothetically, had anonemoosity said:
“So Sabrina asks a question and y’all go after her for a “pre-determined narrative”,
would anyone have had a snappy (hypothetical) comeback, or is everyone just picking on the questionable use of hypothetical?
“If I were to have asked “is chukdc more of an asshole than Anonemoosity is a moron?”, could someone answer this hypothetical question, hypothetically?”
I’m sensing a strong confirmation bias in this question…
“is everyone just picking on the questionable use of hypothetical?”
I fear that may just be me. As best I can parse, I think cdc and nonnymoose are mostly focused on the pre determined narrative thing, not so much the (you have to agree troubling) use of “hypothetical”, as well as in passing evincing the ahole and moron aspects of teh discussion.
For the record, I had a problem with both the questionable use of “hypothetical” and the “confirmation bias”.
“the “confirmation bias”.”
Yeah, that was kinda off point. But maybe close enough to get the point across in a comment thread on teh’tubez.
“Yeah, that was kinda off point. But maybe close enough to get the point across in a comment thread on teh’tubez.”
Well, let me be very clear then.
Sabrina said “Is the Bloom Off the Rose in Lincoln Square?”
Chuk said “Is Anonemoosity a moron?”
Anonemoosity clearly took offense to my question and assumed there was a “pre-determined narrative”. However, he felt just the opposite about Sabrina’s question.
CDC: Always best to be very clear ’round here–reading comp isn’t always the strong suit.
She, not he.
And there is so much hair splitting going on that I wonder if any of you have hair left.
The use of the word “is” and a question mark in Sabrina’s question is a qualifier that she’s asking for input, not making a statement. But there seems to be this mindset that she’s making g a statement and therefore must be shot down, hard.
Gets old seeing derision about what she said instead conversation.
“But there seems to be this mindset that she’s making g a statement and therefore must be shot down, hard.”
And how does that differ from my question? The answer to “Is Anonemoose a moron?” could easily be “no”. People could have come here and told me all the reasons why you weren’t one. Everyone could have given their input. I never said you were a moron. I merely asked the question. But you seemed to think my question was “making a statement”.
ps, Sabrina is making a statement.
It’s not that “the bloom is off the rose.” It’s that no one can afford these kinds of prices to begin with, and it’s gotten harder in recent years to buy homes that you can’t actually afford.
“the fact of the matter is, she failed to link the redfin listing bc it tells a more complete story.”
Nope. I try and link to the company that has the listing if it is Coldwell Banker which makes it easy for me to do so. I gave up trying to link to some of the others because they made it a pain to do so (like @properties).
No conspiracy! Sorry to disappoint.
“wirh all the airplane noise that area is dead.”
I’ve been wondering about this. The change in the runways certainly has wrecked havoc with several areas and the plane noise is definitely more noticeable.
“Catbus on November 4th, 2014 at 7:07 am
It’s not that “the bloom is off the rose.” It’s that no one can afford these kinds of prices to begin with, and it’s gotten harder in recent years to buy homes that you can’t actually afford.”‘
I’m glad to see someone on this board is in reality. You have welcome company with myself and a few others here who not only believe, but know, that even in 2012, prices were still too high.
“who not only believe, but know, that even in 2012, prices were still too high.”
Nonsense
Funny…people told me the same thing in 2005-2008 which I preached to everyone I know that prices were too high then too….
Anecdotally, I have two friends who bought in 2007. I straight up told them to hold off, prices were too high, things will be better. They laughed at me. Three years later they both called me up to ask me questions about their foreclosure, because their home values had dropped by over 1/3rd….
I still think I paid too much for my house I bought in 2012. yet homes on my block are selling for 20% more today than in 2012, and my rehab increased the value substantially over that. So yeah, I have NO idea what I’m talking about.
“chuk on November 6th, 2014 at 7:57 am
“who not only believe, but know, that even in 2012, prices were still too high.”
Nonsense”
“homes on my block are selling for 20% more today than in 2012, and my rehab increased the value substantially over that. So yeah, I have NO idea what I’m talking about.”
You do realize you just contradicted yourself here, right?
“It’s that no one can afford these kinds of prices to begin with, and it’s gotten harder in recent years to buy homes that you can’t actually afford.”
Just out of curiosity, are there any specific periods of time you can think of when city housing was actually affordable? Have you ever known of anyone who found a house that met all of their wants, was situated in a great neighborhood with decent schools, and was within a reasonable budget? I cant.
In my experience, when a house is affordable it’s only because it’s in an undesirable area that only a *few* people would even consider looking at. Those who do buy these houses take a huge risk that their investment will ever pay off, and that’s a risk that nobody here on CC would ever take.
My “affordable” 2200 sq ft LP house bought in ’88 as an example: in today’s dollars it would cost you $950k and need $200k in renovation to be acceptable, not lavish. Interest rates @ 11.5%. LP neighborhood feel would kinda mirror that of just the okay parts of Logan Square today, minus anything remotely cool or promising; Starbucks didn’t exist so you had no signal that the area was perhaps improving. LP elementary was just passable if that, LPHS was 50%+ Cabrini kids. You’d fix up your house, but worry that you’ve overspent because all of your neighbors haven’t. Yearly property taxes: 1% of the purchase price for houses in dicey areas like LP. The job market? There were a handful of people making tons of money (think Wall Street the movie), but the rest of us were in constant fear of being downsized, consolidated, or moved to the South per the new Reagan area montra, something the previous generation never had to deal with, or so you thought. Point of all this? Ain’t nothing new except that you actually have it better.
“Ain’t nothing new except that you actually have it better.”
Hey old man, get off of my lawn!
jay, you need to chill out an take some xanax for that anxiety you have. You’re still anxious about things that happened 30 years ago as if it were yesterday
“Hey old man, get off of my lawn!”
Lol. Today it’s all like “Now which one of you kids smashed my pumpkins?!”
No anxiety here hd, actually just the opposite; the challenges of city living have never really compelled me, nor countless others here, to ever flee. Anxious people, on the other hand, comment on urban matters from the safety of their suburban ranch house.
“Just out of curiosity, are there any specific periods of time you can think of when city housing was actually affordable? Have you ever known of anyone who found a house that met all of their wants, was situated in a great neighborhood with decent schools, and was within a reasonable budget? I cant.”
Um…the ENTIRE Chicago suburbs were affordable as recently as the early 1990s. You could be single, working a “regular” middle class job and buy a cute starter home for only double your salary.
But then, surprise, surprise, the interest rates (and mortgage rates) because to fall- and would for the next 20 years- and lo and behold housing prices have skyrocketed.
Coincidence?
“I still think I paid too much for my house I bought in 2012. yet homes on my block are selling for 20% more today than in 2012, and my rehab increased the value substantially over that. So yeah, I have NO idea what I’m talking about.”
HD- all I can think about when I see somewhat “average” houses and townhouses selling for $400,000 is- what happens when the mortgage rates rise?
Most homeowners are going to be screwed. No one has dealt with rising mortgage rates in 30+ years.
Jeez- even just a 1% increase last year put the kibosh on the market. I’m scared for people who are buying 2/2 townhouses in the GZ with these really low rates. I hope they plan on staying there for a long time.
“the ENTIRE Chicago suburbs were affordable as recently as the early 1990s”
You seriously answered that way to Jay’s question about “when city housing was actually affordable”??
And, of course, we know that Jay meant “city housing in a neighborhood without a massive crime issue, and *some* neighborhood amenities”–as “city housing” is *completely* affordable right now to buy in large swaths of the city.
“Most homeowners are going to be screwed. No one has dealt with rising mortgage rates in 30+ years.
Jeez- even just a 1% increase last year put the kibosh on the market. I’m scared for people who are buying 2/2 townhouses in the GZ with these really low rates. I hope they plan on staying there for a long time.”
interest rates arent going anywhere for a long time. look at japan. sure, the fed may hike the FF rate 25bps next year but that is merely optics. i dont think the 10yr Treasury will be above 5% in this decade. the QE going on in Japan, and that which will be begin shortly in Europe, will keep rates in the US low for a long long time. and a 1-2% increase in mortgage rates may give prices a pause but, like everything else, people will get used to them and they will be a non-issue.
furthermore, it is a great fallacy that rising rates hurt housing prices. from 1970 to 1980 home prices rose 50% (median price of $65k to $93k) while the 10yr Treasury went from ~5.5-6% in the early 1970s to almost 16% in the early 1980s. When rates fell from the peak of ~16% in the early 80s to 8% in 1990, home prices only rose 8% ($93k to $101k). the fed wont let rates rise until the economy is on solid footing. when they do rise, it will be because the consumer is in better shape, inflation has normalized, and the economy is growing. those are all positives for housing prices. the US has the incredibly unique feature of being the world’s reserve currency which means the Fed can manipulate our currency/interest rates and not experience Zimbabwe-esque inflation.
if we get real wage growth and rising rates over the next decade, is that $400k 2/2 owner still screwed? i highly doubt it.
“from 1970 to 1980 home prices rose 50% (median price of $65k to $93k)”
… while in real dollar terms, median price went down by 1/3.
” 80s to … 1990, home prices only rose 8% ($93k to $101k)”
… while in real dollar terms, falling another 31%.
If the median home price had advanced in lockstep with CPI from 70 to 80 to 90, it would have gone from $65k to $138k to $218k.
“furthermore, it is a great fallacy that rising rates hurt housing prices. from 1970 to 1980 home prices rose 50% (median price of $65k to $93k) while the 10yr Treasury went from ~5.5-6% in the early 1970s to almost 16% in the early 1980s.”
Did you ever try and sell a house in the 1970s? It took my family 3 years to sell a regular single family home in a nice suburb. There just weren’t buyers. But that was the norm. You didn’t get appreciation either. You basically paid down the mortgage and that was your equity. Most people stayed in their homes for 20 or 30 years as result. No one moved around- and certainly not every 7 years which became the norm in the United States in the last decade.
Additionally, however, no one was housing obsessed. There were no tv shows, design blogs or home décor magazines. Outside of mowing the lawn, you didn’t spend money ripping out the kitchen when the cabinets were only 5 years old. No one cared.
But then- no one was spending 50% of their income on housing either. I guess if you’re spending that much money on something, and it’s your largest asset, it DOES become a bit of an obsession.
“… while in real dollar terms, falling another 31%.”
He was not speaking in real terms (and you know all I give a rats ass about is real terms).
The biggest error in economics is that everyone has the sign backwards on interest rates and inflation. As Bugs would say “what a bunch of maroons”.
One day someone will explain it all correctly, one day. Maybe.
NOW WHAT THE HELL IS 8 – = 3
“He was not speaking in real terms ”
That was clear. But if house prices are lagging inflation by 200 bps per year, doesn’t that imply that it is *possible* that the high mortgage rates were creating a drag? Not *prove* it certainly, but just as certainly not make great evidence of “no negative effect”.
“That was clear. But if house prices are lagging inflation by 200 bps per year, doesn’t that imply that it is *possible* that the high mortgage rates were creating a drag? Not *prove* it certainly, but just as certainly not make great evidence of “no negative effect”.”
Need to go spend a fun filled day at the consulate in Miami getting documents authorized, but I am not ignoring the question and will give you *my* opinion on housing prices, i rates, and inflation later…
“Need to go spend a fun filled day at the consulate in Miami getting documents authorized, but I am not ignoring the question and will give you *my* opinion on housing prices, i rates, and inflation later…”
Ze- why are you using a new name? Forget your old one? Lol.
roflmao.. oops copy/paste error.. good thing bob aint here to see that one…