Loft Like Duplex Up in Lincoln Park: 1866 N. Halsted
This 3-bedroom duplex up penthouse at 1866 N. Halsted in Lincoln Park just came on the market.
It has the feeling of a loft, with the open spaces and bright light, without the exposed pipes and other accruments of a “true” loft.
The unit has enough square footage, at 2712 square feet, to be a sizable single family home.
It appears that the 3-bedrooms are on the second level with the living/dining and kitchen area duplexed up on the top floor. There are roof rights.
It has central air and an in-unit washer/dryer. What it is missing, however, is parking. The listing points out that there is easy rental parking nearby.
Matt Garrison at Coldwell Banker has the listing. See more pictures here.
Unit #PH: 3 bedrooms, 2.5 baths, 2712 square feet
- Sold in February 1994 for $292,500
- Sold in November 2006 for $585,000
- Currently listed for $649,900
- Assessments of $310 a month
- Taxes of $7298
- Central Air
- In-unit Washer/Dryer
- No parking
- Bedroom #1: 20×13
- Bedroom #2: 14×12
- Bedroom #3: 13×10
Floorplan available at http://www.1866halsted.com
MG, can you elaborate on the roughly 11% increase in price over the peak of the market price in 2006?
Floorplan link refers to the “enormous, loft style upper level living space almost 70” in length and 24” wide.
lol
Seems like what’s on the third floor should be on the second floor, no?
“Step upstairs to my kitchen and dining room”.
But you do have to love the space, especially for this area.
70 x 24 inches wide? Sign me up 😉
And uh this is basically two 2/1’s of your average rental building with a staircase thrown in the middle and a lot of white paint.
zzzz….. zzz…
And is everything with high ceilings and wood floors called a loft now? give me a break…
Whats the matter havent you guys seen Spinal Tap? I just had my web developer fix thanks Sonies.
Nice place but no parking…that kills it
I’m sure they put the living spaces upstairs to make use of the skylights and increased light in general.
“Step upstairs to my kitchen and dining room”.
The main entrance is probably on the upper floor.
“The main entrance is probably on the upper floor.”
The floorplan shows doors at the stairs only on the lower floor.
Way better options, even in the immediate hood, for 650k.
Seems like a decent place in a good location and at a price that isn’t insane. I’ll be interested to see how this turns out.
This place took 110 days to go under contract for $585,000 in the summer of 2006. Not exactly indicative of a “deal” back in those bubbly, free money days. A prospective buyer will not be able to obtain the same 90% purchase financing as the seller.
The place is currently underassessed, or maybe not, depending on the final sale price. The 2008 assmt is 47,378. This represents an assessed MV of $296,113 and a “real” MV of $473,780. However, the quoted taxes are from a prior year. The 2008/pay 2009 were $6,796.34.
Oh yeah, that old listing was by the current agent, listed at $739,900 on 7/10/08 and the listing was cancelled 8/11/08.
I am not a fan of the 80’s glassblock or the industrial tube railings on this place. Plus its out of the lincoln school district. bu those are MY quirks.
these should be everyones quirks;
Only one full bath on the sleeping floors, and a full bath off the dining room?
the only way to the library is through the third bedroom, so is it really a bedroom or a foyer?
second bedroom if you need to shower you either go upstairs next to the living room or open the door to the master bedroom?
I do love the size of the place and natural light and dont mind the living space on top if it functional and will provide more natural light. I can almost get behind the price. I like that its the penthouse.
if you want parking and like the 1st floor check mls#07370506
For the size and location, this seems like a fair price. There are some definite knocks on the place and it would be better if the owner had parking, but at 2,700 feet, this is a mammoth and the price per pound isn’t bad at all. The layout’s a bit funky so it’s not for everyone, but that being said, it’s huge and bright and right in the middle of the action. Someone will come along and scoop this up. I am definitely going to go see it — if for nothing else it looks like a sweet place.
My guess is this place trades at or below the last sale price — $580k ish. I always wonder about the tuck pointing issue when you see an older conversion like this. Sometimes the side brick in these units is in really bad shape.
There are three units in the association it appears, but only two duplexes in the main building. I guess the third is something at the back of the lot which explains the lack of parking.
“Also close to man handler saloon if you like anonymous gay sex.”
Interesting point. Proximity to anonymous gay sex applies as a key selling point to the million dollar row on Burling and Orchard too. Not sure if that was also a consideration for buyers of those houses. Might be why the “white house” project at 1920 burling is taking so long to finish? Too many afternoon siestas for the workers?
This one is in the Mayer Elementary district instead of the Lincoln Elementary district.
Knock $150,000 off.
I’m serious guys, what constitues a loft now? High ceilings and wood floors? Brick walls on the exterior? what?
“This one is in the Mayer Elementary district instead of the Lincoln Elementary district.
Knock $150,000 off.”
So every house in the Mayer District would be worth $150,000 more if it moved into the Lincoln District. How many people that live in Lincoln Park actually think about the public school districts when buying a home (5% maybe). I doubt all the single people / young married couples that are buying these homes are really thinking about the the public schools. I bought a house in LP 4 years ago and the school district never even crossed my mind.
Remember guys … all it takes is ONE buyer to love a place and then a sale happens. Gotta love real estate.
Although unique, this place will attract a certain type of buyer (it’s obviously not a couple of you!!) and if not, then it’s the owner’s problem and he/she will have to deal with that.
Everything looks pretty good here except maybe the kitchen is in need of some updating. Doesn’t look like light and air is an issue. Has anyone been through this unit when it was for sale in ’06?
The term “loft” is probably overused. I agree with you that this isn’t a loft in the traditional sense. I used the term loft to describe the wide open living space, which is longer than a bowling alley and wide open with no partition walls.
My client put a lot of money into the space, including renovating all bathrooms and reconfiguring the floor plan.
There is definately interest in this unit with 4 showings scheduled for this weekend. It may not be for everyone, but you dont see this much above grade space under 250sf in this location very often.
Matt,
With all due respect, why not remodel the kitchen? Ran out of money? I’d say that is probably job one in that place. And what does it mean to reconfigure the floor plan? Lastly, why is there a full bath on the top floor? What purpose does that serve?
“you dont see this much above grade space under 250sf in this location ”
Huh?
Think he meant $250 per sq ft.
Matt,
the place is huge and it looks very open! and if your talking per sqft its pretty cheap. i did knock the layout but praised the size. (SEE ABOVE)
I am a person who believes you dont need a car in this area,
but do you get showings where people complain about the lack of parking?
“Think he meant $250 per sq ft.”
That makes sense.
Meant $250/sf… its actually priced at $239/sf which is a great value in this location for space that is not below grade. Given price/sf is not the only data point, but it is a good data point.
My client decided to do the bathrooms first. Kitchen and deck are 2 remaining things to be done.
Its always better to have parking, but you have to see the space. The living space in this place is huge. This is for a buyer that puts a premium on the location and space. There are about 10 options between 600-700 in the immediate area with 3+ bedrooms. Check them out, I think this unit compares favorably.
I think the sf calcs are a little aggressive — 20 wide by 70 deep (almost) means you are going off the exterior walls including stairwells and other non-standard spaces.
Why is client selling if he wants to do the kitchen still?
Parking in the area isn’t as bad as people think and with a resident pass you can park on Burling or Dayton because the millionaires dont need street parking like other common folk do.
Pricing is questionable b/c everyone sees the price increase from the previous purchase that is not justified. Even with improvements, there has been a base depreciation from the 06 price so with upgrades, breaking the ’06 price will be a feat.
Size is great but layout is questionable b/c of living space at the very top floor. Quite unconventional but natural lighting is a plus.
Interesting…
What does it cost a month to heat and cool a place like this in Chicago?
Trystero, please provide options of the “way better options” for 650k in this hood?
LOL @ this listing price.
Why laugh out loud at price? I think this is appropriately, if not adequately, priced. For the amount of space offered, despite the lack of parking, we could see numbers in the 7’s, but instead we’re seeing a middle of the road (and I’d say … realistic) bid.
Why does everyone want EVERY place to be the same — this place seems to have some character despite some challenges and offers maximum square footage in a great location. Sure, there are issues, but seriously, these COULD be overlooked when compared to quality of living and proximity to EVERYTHING.
We can knock every place for something, but hey if you want to live big in lincoln park and not pay a ton of cash, this place looks greast. Unconventional as it may be, it may fit a particular buyer out there.
I’m sure that — for someone — this is going to be a good value. It’s not going to wrench me out of the suburbs — but it’s a great value. My wife would LOVE this as our city place!
“I bought a house in LP 4 years ago and the school district never even crossed my mind.”
Amazing. Any consideration of the risk of buying near a bubble peak?
““I bought a house in LP 4 years ago and the school district never even crossed my mind.””
I bought my house 7 years ago and school district WAS on my mind and at that time i didn’t have any little brats yet and was not planning to for the the next three or five years.
i think your 5% is low, i would agree with G bubble purchasers didnt care about schools, parks, ect. cause the just figured they would move in 2 years with 180% appreciation.
yeah so how did that work out?
FWIW I bought again two years ago and have no kids and don’t think I have to worry about public school even if I were to have kids for what 5 years???
So given if you think about NOT moving in
Sorry bad posting…
FWIW I bought again two years ago and have no kids and don’t think I have to worry about public school even if I were to have kids for what 5 years???
So given if you think about NOT moving in
Apparently the blog does not like the “less than sign”
FWIW I bought again two years ago and have no kids and don’t think I have to worry about public school even if I were to have kids for what 5 years???
So given if you think about NOT moving in less than 5 years and that you can rent it out if you move somewhere else to less the cash flow issue. So at least in my case, for my current property I would have at least 7 years before I face the crib hater (look there is a crib in the condo) dilemma of moving to the suburbs or facing a less than great chicago public school or the $$ for a private school
“FWIW I bought again two years ago and have no kids and don’t think I have to worry about public school even if I were to have kids for what 5 years???”
I am not bashing/Crib hating on everyone who bought in the bubble. I have always said buy a Home not an investment so if you bought in the bubble its ok.
The thing that get my blood boiling is the married couple that plan to have kids but buy a 2/2 condo so they can live the urban life and 2 years later need to sell for when they have a kid they realize they need ……
ahhh i have beat this point to death im done
“Amazing. Any consideration of the risk of buying near a bubble peak?”
I still feel I got a great price on my place, but I’m not here to defend myself.
According to what you implied, everyone that bought a place from 2004 – 2008 is basically an idiot. There are always bubbles, its predicting when the bubble will collapse. If I could have waited 4 more years to buy, then I probably would have waited. If I would have known the stock market would go to 6,000, I would have waited until then to buy stocks. I love my place and plan on staying for many more years. At the end of the day, I’ll still probably make money and considering the tax savings, I’m still better off now financially than I am renting a similar place.
“yeah so how did that work out?”
Great actually, I love Lincoln Park and my place.
When did people become so cynical? Everyone loves bashing someone else’s place. I made a comment about someone saying the price of a condo should be $150,000 less b/c of the school district. Maybe if the person has kids that are school aged, but if a school district was that important they wouldn’t be looking at units not in the desired districts. There is a large set of buyers that look for large, open spaces in LP and don’t ever consider the school district.
Yeah, basically, all idiots. In 2002/2003 I thought prices were bubbly because despite having a decent paying job I was unable to afford a one bedroom condo in the neighborhoods I wanted to live in, and, renting was way cheaper anyways. BY 2005 I was screaming from the top of the mountain tops to whomever would listen that it was all going to end badly. a google search of housing bubble led me to the HBB in 2004/2005. So, basically stupid as F**K.
“According to what you implied, everyone that bought a place from 2004 – 2008 is basically an idiot. “
“Yeah, basically, all idiots. In 2002/2003 I thought prices were bubbly because despite having a decent paying job I was unable to afford a one bedroom condo in the neighborhoods I wanted to live in, and, renting was way cheaper anyways. BY 2005 I was screaming from the top of the mountain tops to whomever would listen that it was all going to end badly. a google search of housing bubble led me to the HBB in 2004/2005. So, basically stupid as F**K.”
I hope you are a millionaire, because obviously you are a genius.
Uh, since when does seeing a housing bubble equal millionaire genius? I’m just happy to not be an underwater home debtor.
“I made a comment about someone saying the price of a condo should be $150,000 less b/c of the school district”
Condo, maybe not (esp. not a 2/2 or smaller). But SFH? You betcha. Probably more, depending on what two attendance areas you’re talking about. Lincoln to Mayer is a pretty steep drop off, still (tho not as bad as it was 10 years ago).
If you buy a 4+ BR place w/o considering the school options that come with the location, you’re leaving out a key piece of information. Would you ever buy a house in the ‘burbs w/o any consideration for the school district?
Uninformed buyers drive up prices in a mania. They didn’t care about school districts all they saw was 10pc appreciation per year.
I am going to go see this place. Maybe then I can comment on some of the criticisms posted here. I “might” even find things I like about it. It seems harsh to just bash away at a place that no one has seen. Related to the recent talk about the bubble, etc., hey listen, people buy homes when they need them and based upon what’s going on in their lives. My parents had a mortgage rate of 12% — were they stupid? No, they bought a house because our family was getting bigger. It’s all situation-based, unless you are treating your home as an investment.
“Uh, since when does seeing a housing bubble equal millionaire genius?”
LPdweller,
It was clear even to simple ol me, when i was looking to move in 2007 i looked at a few houses in portage park area and at that time they were listing at 500k but when i bought in 2002 they were around 230k tops 280k. I ended up not moving cause i couldnt understand the jump in prices.
And these leaps in Prices priced me out of other hoods we liked at the time.
It wasnt the i am a genius millionaire and saw all this coming and acted on it (making me a millionaire)
It was just a common guy seeing something just aint right, not really understanding why at the time, and just stayed away from it.
People don’t ‘need’ to buy homes they only need a place to live especially in a large city where half the population rents.
The ‘need’ to buy is nothing more than a feeble justification to participate in the mania.
The old rules of RE were temporarily changed during this decade. I don’t make the rules, I just adapt to them. Had I been born 10 years earlier I would have bought during the 90’s. However the bubble prevented me from purchasing during the 00’s. I saw it for what it is and adapted.
“the bubble prevented me from purchasing during the 00’s”
So, you don’t believe in free will? You lack agency, HD?
Students exceeding state standards for highest grade enrolled:
Mayer Elementary 9%, Lincoln Elementary 54%
Students meeting or exceeding state standards:
Mayer Elementary 69%, Lincoln Elementary 95%
I was being conservative when saying to knock $150,000 off the price. If it was me, it would be $20,000 * 12 = $240,000 before I’d consider living in that district. But who knows, maybe private school tuition will drop…
Lincoln Elementary is ranked #15 in the state out of 2205 schools. It ranks ahead of all elementary schools in Winnetka, Wilmette and yes, even my beloved Kenilworth Sears School. Wealthy people who can both afford and are connected to the best private schools in the city send their kids to Lincoln because it is that good (and that well-rounded as it does have some low income students.
Mayer ranks 1634 among 2205 elementary schools. The difference is both staggering and statistically significant.
This place has more than ample space to be on the list for a young family, yet it leaves an unattractive public school option (not to mention a Halsted St. address where your child can get run over by a cab driver rushing a trixie to Karyn’s).
Therefore, not being in the Lincoln district is a value detractor. How much is debatable, but there is no question it is greater than zero.
“Therefore, not being in the Lincoln district is a value detractor. How much is debatable, but there is no question it is greater than zero.”
And, unless you’re buying a 1br or a studio, makes it silly to buy a property ignorant of the attendance area lines. Although I know several people who have been mislead by their realtors about school boundaries.
This place will NEVER sell. It totally sucks. You will either get hit by a car or your kids will be driven into a life of gang violence rape, and drugs, if they’re not hit up by a prostitute on a daily basis.
HELLO — PEOPLE!! This is Lincoln Park … one of the nicest areas in the City. You make it sounds like the pits of the world.
why is Mayer so far below lincoln? seems like the student population should be similar. or are the yuppies breeding west of halsted all much dumber?
“HELLO — PEOPLE!! This is Lincoln Park … one of the nicest areas in the City. You make it sounds like the pits of the world.”
yes but if you are paying 700k and above and taxes for a home you would want more than just a “nice area”.
CNW: “It totally sucks. You will either get hit by a car or your kids will be driven into a life of gang violence rape, and drugs, if they’re not hit up by a prostitute on a daily basis. ”
Yeah, because that’s what everyone’s been talking about–Crime. Has anyone beside you mentioned crime in this thread?
If you have kids, it *is* less desireable than being *across the street* b/c of the school boundary.
CH: “seems like the student population should be similar”
It does, but they aren’t. Check the low income stats: Lincoln is about 12% and Mayer is about 60%.
I have always wanted to do this!!!!
“If you have kids, it *is* less desireable than being *across the street* b/c of the school boundary.”
actually Anon south of armitage the west boundary is Orchard.
wow that feels good 🙂
Where are all the poor children coming from at Mayer?
Groove must have gotten a raise now that he is looking at East Lincoln Park.
The boundaries are straight forward except for a sliver above Fullerton and the carve out for the “Manhandler village” portion of millionaire row (as Groove notes).
http://www.lincoln.cps.k12.il.us/about/LS%20page%204%20brochure.pdf
Its common for people to think Halsted divides it all the way between Fullerton and North. And, I have heard of RE agents misleading (or not knowing any better) about the school boundaries. None that post on this blog, of course. Buyer should obviously check that and I have to think no one who is interested in schools is really that careless.
“Where are all the poor children coming from at Mayer?”
West Lincoln Park 😉
“Yeah, because that’s what everyone’s been talking about–Crime. Has anyone beside you mentioned crime in this thread?”
For what it is worth, there was a mugging right in front of this unit not 3 months ago.
http://www.chicagobreakingnews.com/2009/09/woman-robbed-struck-with-bottle-in-lincoln-park.html
“The boundaries are straight forward except for a sliver above Fullerton and the carve out for the “Manhandler village” portion of millionaire row (as Groove notes).”
But if you stick with West Manhandler Village, you’re pretty much in the clear, right?
“West Manhandler Village”
Did they put the “Park in Rear” sign back up? It’s been a while since I’ve driven past, but last time, it wasn’t there. Easily my favorite gay-bar-related thing in Chicago.
“I have heard of RE agents misleading (or not knowing any better) about the school boundaries”
I know someone who was mislead–regarding a house on **Montana**. Uncorrected by “their” “agent”.
“actually Anon south of armitage the west boundary is Orchard.”
That’s what I get for not double-checking.
“Did they put the “Park in Rear” sign back up?”
Sometimes it’s just not turned on.
(But there’s only one entrance.)
Supposedly a friend of our used to park “in rear” because he was too cheap to pay for Tilli’s valet. Given how busy it gets there on a weekend, its not a bad call.
JMM,
“Groove must have gotten a raise now that he is looking at East Lincoln Park.”
LOL 🙂 Not yet my review is in February, shooting for 5%!!!
and yes east LP has always been on my radar, but to do so i would be in a small 2/1 condo, and wife would have to go back to work. plus cut backs on spending would negate the proximity to amenities so it would not be worth the trade offs. But the mega ball is a 140mil. so you never know 🙂
are their really low inc hoods in w lp?
my post about proximity to manhandler has been stricken from the record. but from it a new neighborhood designation has been born.
“But the mega ball is a 140mil. so you never know ”
Lincoln School also has non-attendance programs. Easier way to hit the lottery.
“are their really low inc hoods in w lp?”
There’s a fair amount of scattered site housing w/in Mayer. Plus, it’s a magnet school, so you’ll get some Cabrini kids who get in via the lottery (w/in the 1.5 miles radius, so they have a +).
interesting, thanks.
Well there … I see that my place has sparked plenty of debates and conversation. Glad I could help. My reason for selling is that my wife and I would like to purchase a single family home in Lincoln Park. We love this place and revovated with the intent of staying for many years to come, but have decided that the market is good enough that we should explore buying a house for the next 15-20 years of our lives. As we all know, there are some great deals out there — perhaps my place could be one of those great deals, too, for someone who comes along and loves it. Yes I have my challenges in selling the place, and many of you have been quick to point them out. I knew about these when I purchased the property, and I am aware of them today. Obviously I’m counting on getting a phenomenal deal on my purchase and someone can expect the same if they’d like to buy mine. So, please have a look if you’d like and Garrison and I will entertain serious buyers. I’m a big boy, so if it sells … great. If it doesn’t, I’m in a place we can live for years. I wish you all the happiest of holidays, and invite you to have walk through. Sincerely, Ari Klein
4 showings in one weekend? I had 86 showings on my condo before it sold, so that means diddly.
looks like the Turtle has a case of “negativity.” He’ll say he’s being a realist but we all know that comment comes from an ugly place. Too bad.
There are no phenomenal deals unless you consider 20 pc off the inflated 2006 price to be phenomenal. A phenomenal deal is a few grand above the 1994 price. Its been a lost decade and there ain’t nothing we can do about this. You have a nice home in what some consider to be the midwest’s most perfect location; its just that its very expensive because you bought at the top of the real estate bubble. If you have enough job security or family money to afford your lifestyle you should consider yourself very lucky in life and thank your lucky stars bc your lot in life could be much worse.
I can only guess who “cubsneverwin” is 🙂 I am real estate free, which is a great place to be in this day and age.
“My reason for selling is that my wife and I would like to purchase a single family home in Lincoln Park.”
Thanks for the marketing pitch. But if you really need to sell your 90% LTV financed condo to buy a proper SFH in Lincoln Park, you are going to really need a phenomonal deal (as HD defines it).
Conversely, this place would rock as a rental for 4-5 2010 U of I grads with their newly minted 40k a year jobs in hand.
JMM, that was the financing at the time of purchase. The $109,450 2nd mortgage appears to have been paid off last month. The first was released and a new mortgage recorded; only a release for the second. Now, maybe they are just late in filing the new 2nd mortgage, but I don’t see a new 2nd as likely in today’s lending environment.
The owner appears to be a comm’l office broker, so your instincts are still keen to expect salesman BS.
“The owner appears to be a comm’l office broker, so your instincts are still keen to expect salesman BS.”
LOL. Ok, fair enough.
I wonder why the greater fool strategy is so prevalent in RE but not other markets. I want to sell my 07 civic for 35k and upgrade to a 3 series but I am adverse to wasting everyones time.
Didn’t they say that this unit had been upgraded since it was purchased? If there was a lot of money put into it, the increase over 2006 pricing may be more justified. The 2006 price doesn’t seem as inflated as most stuff sold then, does it?
As I put it the other day:
This place took 110 days to go under contract for $585,000 in the summer of 2006. Not exactly indicative of a “deal” back in those bubbly, free money days.
Somebody should have told this RE guru that you make money on the buy, not on the sell! You’re doing it all backwards!
If anyone would like to discuss their hatred of my place they should call my office. I am actually happy to discuss it. My name is Ari Klein, I am a commercial office broker, and I am a Senior Vice President at Grubb & Ellis in Chicago. I represent clients on lease transactions — namely law firms, hedge funds, private equity funds, and trading companies. That’s who I am. Married in August (long after I bought what I thought was a great bachelor pad at a time when I didn’t have the funds I have now). Now we’d like to have a home and I’d like to buy one. To do so, it’d be wise to sell this place although it’s not necessary. “G” as he calls himself, is correct by the way, I wrote a check for the $109,450 when I refinanced the house and only hold one mortgage now for $417,000. That’s who I am. I live a good, honest life and don’t feel the need to knock those I don’t know.
Like I said, if you want to come on through, I’d love it. If you’re not interested, my best to you. No need for insults or one-upping anyone here with comments that will only serve to anger someone else. That’s my story and have a good day.
My honda civic has been upgraded as well. All season floor matts, trunk tray. Still purrs like a kitten too. All yours for the special price of 35k.
@TheOwner,
Snaps to you!!! I love when owners jump in a set things straight. great to see the other side of view.
Seeing you bought when you were a bachelor, did you take into account the bathroom situation? or did you remodel it to the way it is and why?
see my coments on it here; http://cribchatter.com/?p=7945#comment-58481
“….Only one full bath on the sleeping floors, and a full bath off the dining room?
the only way to the library is through the third bedroom, so is it really a bedroom or a foyer?….”
“TheOwner on December 21st, 2009 at 1:12 pm….Like I said, if you want to come on through, I’d love it.”
I am free for lunch (your buying right?) 🙂
I love when people who drive Honda Civics anonymously criticize people on the internet who obviously make 10 times more than them. It’s probably hard for people like that to understand that the potential of losing $50k on a condo isn’t that big a deal to some people. Oh well, I guess that’s about the only think keeping this website going.
“My honda civic has been upgraded as well. All season floor matts, trunk tray. Still purrs like a kitten too. All yours for the special price of 35k.”
HOWMUCHAMONTH?
how much does one make before a 50k loss isnt a big deal, oh wise streetervillian?
It’s not about how much you make, but how much wealth you have. Anyways, notice I said the POTENTIAL of a $50k loss. No one wants to lose $50k, but many people are in a position that they could absorb that loss in a worst-case scenario and it wouldn’t hurt them that much, especially if it’s only on paper. I get the impression that Bob and Homedelete are not the kind of people who can afford losses like that, so they don’t understand why so many people are less worried about their current condo price than they are.
Always happy to buy lunch!!
I did take into account the bathroom situation — although truthfully I was enamored, as I hope someone else becomes, with the amount of space in this location. For a single guy at 30 years old, this place was a palace. So, for me, this was a great buy. Regarding the bathrooms, like the unconventional layout, I knew that it worked for me and perhaps wouldn’t for someone else. When I remodeled the bathrooms, I changed the layout of the bottom floor so that I created a master suite (instead of a big bedroom, door, and then two common bathrooms downstairs). I put in a walk in closet, too. So … I wanted to have a completely private master bath — and we used honey onyx for the floors and shower, and then granite for the ocuntertops around the double sink. And, although the bathroom with a tub upstairs is kind of in no-man’s land, it’s a beautiful bathroom and we do use it when we want to take a bath. As you can also see from the photos, we made that a spa-like bathroom. So — the real answer to your question is “what I bought was a tremendous amount of unique space in a great location with some quirks for sure. I tried to do the best with those quirks what I could, and have enjoyed living there. The bones are good, but they’re not for everyone, that’s for sure.”
Oh yeah, regarding the foyer/bedroom question: it could technically be a bedroom but that’s not its best use. You wouldn’t want to walk through one bedroom to access another, so what we’ve done there is use it as a theater. If we intended to be here for the long haul, we’d most likely convert that to a foyer. We use the third bedroom as an office, as you can see from the photos. One of our favorites rooms in the place. I could put another full bath on the bottom floor where there is a bar in the theater since the plumbing already exists but we didn’t do it. Wouldn’t cost a ton though.
Hope I answered your questions and thanks for the respect you had when asking. Have a good one. Ari
Hey “TheOwner” — now that we know your life story, why is there no parking? Unusual for the neighborhood, no?
“I love when people who drive Honda Civics anonymously criticize people on the internet who obviously make 10 times more than them.”
I love when people have to resort to fabrications in order to anonymously criticize people on the internet. Obviously 10x?
“notice I said the POTENTIAL of a $50k loss.”
Try again. IF this sells, it will likely be much more than a $50,000 loss. A $625,000 sale price would be about break even on the purchase after transaction fees. Then there is the cost of the renovation/reconfiguration. How much was the renovation, Mr. Klein? My guess is much more than $50,000.
Mr. Klein doesn’t seem too upset with that prospect. Good for him.
G, I wasn’t referring specifically to this unit, I was making a general observation. I take it from the fact that you are arguing semantics that you have no rebuttal to my assertion? Maybe I should add you to my list of people who think $50k is a ton of money.
“I could put another full bath on the bottom floor where there is a bar in the theater since the plumbing already exists but we didn’t do it”
That would be a good selling point! hope your agent uses that. (i put a extra bathroom in my basement cause pipe were already there and didnt want the hassle to plumb into the attic) That was my first gripe, the layout, and assume most prospective buyers will have that too. I think a person looking to do his own remodel will appreciate the Huge Space.
My own personal rule is there shall be no glass blocks used for interior spacial effects until the 80’s become vintage (or just past retro).
So i shall not fault you on that as you have not renovated the kitchen 🙂
“Maybe I should add you to my list of people who think $50k is a ton of money”
please add me to that list too.
Oh no, Streetervillian has put me on its list!
I was very clear that your assertions were nonsense. They require no further rebuttal.
I stand by my assertion that “It’s probably hard for people like that to understand that the potential of losing $50k on a condo isn’t that big a deal to some people.” No one asked your opinion G, but I’ll be sure to give it the respect that it deserves.
civic drivers shouldn’t criticize those who make 10x more than them. but it’s not about how much you make its how much wealth you have.
this is kind of mushy..wouldnt you say streetervillian?
Great, Streetervillian, standing by one of your assertions is a start and should be admired. It must have been difficult to suppress your penchant for resorting to fabrications.
I wouldn’t stand too close to the assertion that you can judge one’s opinions and wealth by the car one drives… Or that the less wealthy are incapable of valid criticism of the wealthy… because it might be hard to get the bullshit smell off your skin.
Ummmmm….i am confused here (short bus rider here), at what point did a 50k hit to personal finances become a “whatever” shoulder brush?
ANYONE no matter your net worth should be concerned with a 50k hit, if not you will not have money for long and should be kicked in your kidney for thinking other wise.
When the “less wealthy” are “resentful losers who spend all day on the internet deriding the decisions of those who are wealthier” then I will respectfully disregard their opinions.
P.S. I didn’t make an assumption of Bob’s wealth based on his car, but rather on the many comments he’s made on this website alluding to an income far less than those that can afford most of the homes discussed here. Merry Christmas!
Groove, please re-read my posting. In short, no one wants to lose $50k, but the loss of $50k is much less significant to many people than it would be to the average poster on this board.
Nonsense, 50k is much more significant to many more people than it would be to the average poster on this board.
now we on the same page
CH, good example, except you didn’t fabricate something along the lines of the “who obviously make 10 times more than them” part.
The only loser I see is the guy who is defending the other guy who’s about to lose more than $50k on his ill-timed purchase of a bubble bachelor pad.
it’s too bad, really, to have watched so many real estate professional drink the kool-aid and lose good money. i’m sure theowner is an extremely start guy and probably extremely hard working because he’s a sr VP at 32; but when you’re in the middle of it all, the kool-aid tastes so good, and one can’t resist buying at the top of the bubble.
I and many others, however, by 2006 were well aware of these things called Option ARMS and Alt-A lending, and being in the business of foreclosures, I could see the pipeline ramping up and I discouraged many people from buying because I was well aware of what the future held. obviously not everybody saw it the way I did (because 06 and 07 vintage mortgages are the worst!) but like I said, when you’re in the middle of the mania, its too hard to not drink the kool-aid.
But hey, $50k is a piece of cake, it’s nothing, no biggie.
@Streetervillian
Re-read your post oops, see your point. and its good to call out Bob for i think all of us have been on the bad side of a detox day rant of Bob’s.
I will disagree with your “average poster here” assumption. I think most here are upper middle class professional types who are bored at work killing time, retired, laid-off 🙁 , and came here at one point doing research for selling or buying.
With the exception of a few in the lower net worth bracket; Bob (young just starting out in life and carrer), Groove77 (from a lower income family but the spending habits of a trust fund baby and the stupid belief that owning a house makes him grown up aka A MAN), and crap a brain fart there is another person i think is low on the $$$ scale.
but most on here may get the CribChatter everything is over priced and sucks bug, that doesnt mean they are yokels that are poor and dont know any better cause they can drop 2.1mil on a one bedroom condo.
“cause they can drop 2.1mil on a one bedroom condo”
sorry it should be “CAN’T” drop 2.1 on a 1 bedroom half bath condo walk up to 6th floor west facing w/ 750 sq ft terrace turned into a glow in the dark 4 hole put-put course surrounded by a zen garden.
It’s hard to take the opinion seriously of people who spend all day, every day, on a website. There is no way you can be making a lot of money but also spending all your time on the internet. Most of these folks are broke haters. Have fun in you Humbolt Park rentals guys.
“There is no way you can be making a lot of money but also spending all your time on the internet.”
Yet you are posting here.
I was waiting for someone to say that! I’ve got the week off, thanks for asking. Regardless, I don’t spend EVERY DAY posting ALL DAY on here like several of our friends here do.
Who ever said I was going to lose ANY money on this — let alone $50,000? If I sell it then great … if I don’t, then no worries. If I don’t get a price that I want then I won’t sell it. While I do feel terrible for those in a position where they MUST sell out at a steep discount, I do not need to do so. If the market does not meet me where I’d like, then it’s okay. Happy to live here for many more years. As always, I wish you all a good evening and I’m off to dinner. And let’s not forget that it’s the Holiday Season, huh? And if anyone here thinks that I made a poor decision on my timing of buying and/or selling this place, then take comfort that these were my decisions, and not yours. Have a good evening. Ari Klein
“Who ever said I was going to lose ANY money on this — let alone $50,000? ”
I did, for one. I laid out my reasoning, too. It’s all upthread.
Sorry, I must have way overestimated both the work you did and your price flexibility. That’s the only way I figure that you don’t lose “ANY” money on a sale.
Well, I’ve got dinner waiting. Merry Christmas to you, too.
“If I sell it then great … if I don’t, then no worries. If I don’t get a price that I want then I won’t sell it.”
I believe it. Reason: this unit was listed in the summer of 2008 for $750k. Maybe another year, another 100k.
OK — thanks for the fun, and those thoughts from any people who cared to post with class as I believe I have. This will be my last post. I am going to concentrate on all the positive things in life. I urge you guys to do so as well, especially if you’re enjoying fortunate times while many people out there have had a difficult year. I hope that all of your endeavors, real estate or otherwise, work out for you. Happy Holidays. Sincerely, Ari Klein
“I love when people who drive Honda Civics anonymously criticize people on the internet who obviously make 10 times more than them.”
Where was a criticism? If you’d work on your reading comprehension skills you might realize there was none. More of a question about the differences in markets. Also quite the assumption on income–I can guarantee you if your wild out of the air assumption on income is true this owner doesn’t need to sell anything to purchase that SFH in LP, or even a few.
“It’s probably hard for people like that to understand that the potential of losing $50k on a condo isn’t that big a deal to some people.”
Not to some people but the vast majority. Including you.
“When the “less wealthy” are “resentful losers who spend all day on the internet deriding the decisions of those who are wealthier” then I will respectfully disregard their opinions.
P.S. I didn’t make an assumption of Bob’s wealth based on his car, but rather on the many comments he’s made on this website alluding to an income far less than those that can afford most of the homes discussed here. Merry Christmas!”
You make a lot of assumptions. That I am resentful (jealous of the owner perhaps, resentful not a hair), that he earns 10x more than me, possible but unlikely. Then you switch the reasoning from income to wealth.
“alluding to an income far less than those that can afford most of the homes discussed here.”
You likely aren’t among those that can reasonably afford most of the homes discussed here. Maybe the sub 300k segment is my guess, but not this home by any stretch.
“I was waiting for someone to say that! I’ve got the week off, thanks for asking. Regardless, I don’t spend EVERY DAY posting ALL DAY on here like several of our friends here do.”
You do because your school is on break, more than likely. Given your assumptions about capacity utilization in corporate America and people’s inablity to multitask on a simple blog and myriad other assumptions it shows you know as much about corporate America as you do about RE and about as much as a college kid. Either that or your boss must breathe down your neck quite a bit. In either case it sucks to be you.
Merry Christmas! 😀
We’re going to have some fun Streetervilian. Because although Bob’s NW might not be too high, admittedly, I include debt in my NW figure. If you truly own a piece of RE with a mortgage I can guarantee you my NW is higher, likely significantly so. You better get back to work and stay off of here if you do own though because your expense lines are likely much higher than mine as well so you’ll need to outearn me over the long-run to bridge that gap.
😀
StreeterVillian:
http://www.loanperformance.com/email/hpi/newsletter_hpi_1209.html
What impact would this have on your net wealth?
I guess if 50k is peanuts you would need a $7MM+ residence for this to have any noticeable impact indeed. I give loop hobos $50,000 in pocket change every so often myself.
Mortgage Market Continued to Falter in 3rd Quarter
http://online.wsj.com/article/SB126140829771600239.html
StreeterVillian I wonder what impact this will have on future home prices. It can only be positive for home prices right? Massive green shoots indeed?
“A new report from the Office of Thrift Supervision and Office of the Comptroller of the Currency found that the percentage of current and performing mortgages dropped for the sixth consecutive quarter, as foreclosures in process topped 1 million mortgages at the end of September. The report covers roughly 34 million loans totaling $6 trillion in principal balances, or approximately 65% of the U.S. mortgage market…
The most troubling finding was that even borrowers considered “prime,” or the least risky, increasingly can’t pay their loans. The report said that 3.6% of prime mortgages were more than two months behind on payments, more than double from a year ago.”
Defensive much Bob? FYI real estate is only about 15% of my net worth. Merry Christmas!
His name should be Streeter-villein because he’s a serf to his lord Real Estate.
Yes, the 15% of my net worth in real estate is crushing me. I actually not only drive a Honda Civic, but soon I’ll be living in it too!
Ari,
“This will be my last post. I am going to concentrate on all the positive things in life”
Sucks to see ya go, i like new faces here it brings in a fresh point of view from which we can all learn from. (even if its Streetervillian). Try sticking around for a while??? if not i understand, the negativity and odd personal attacks do get a bit uuuuugggggggg. (i find them entertaining).
Good luck and have fun getting that new place, there are some really nice SFH in LP up for sale. If i was higher up the payscale i would be looking there right now 🙂
@Streetervillian,
Dooode and you expect me to take you seriously, when for one your comments about the general aspects of people here? I dont make a lot of money, (but more than you broke azz) its not cause i waste about 30-45 minutes total a day typing here its cause i chose family and friends over career and big $$$. Come by a groove party or cheesey game night one day and you’ll understand 🙂
The fact that you are quick to point out peoples worth by monetary value shows that you yourself are pretty low on that $$$ scale.
Its funny how RE is only 15% of your net worth (brag much?) and yet you only have this week to post cause your OFF work. you see something odd about that? i know i do my friend.
“It’s hard to take the opinion seriously of people who spend all day, every day, on a website. There is no way you can be making a lot of money but also spending all your time on the internet. Most of these folks are broke haters. Have fun in you Humbolt Park rentals guys.”
Huh? It’s hard to understand your grammar. I took two weeks off because I can, why is that so confusing? I also reject the idea that you can’t be successful and also have a good personal life, that is a false choice that unsuccessful people use to justify their lot in life.
“Huh? It’s hard to understand your grammar.”
you will learn i dont spell check or proof read.
“that is a false choice that unsuccessful people use to justify their lot in life”
at what point did i ever say i am unsuccessful? Yeah i can play the office desk jockey game at bigger a better company. But i am home everyday at 5:15pm work two Saturdays a year (audit season), really like what i do and people i work for and with. i am paid enough so my wife doesnt have to work, have over 50% equity in my home (had more rounded down for bad RE market), i am in good financial shape, will beetch about paying too much for something but it wont dent our lifestyle (seriously it should cost that much for tickets to the nutcracker).
call me poor, stupid or “simple” just dont ever call me unsuccessful!!!
“This will be my last post. I am going to concentrate on all the positive things in life.”
See you next year with a listing 100k less.
“I am going to concentrate on all the positive things in life.”
That is exactly why I post here. One of the most positive things that is happening is the return of housing affordability.
The sooner the correction occurs, the better off we will be to get the economy going on a strong foundation. The less people spend on housing, the more that is available for other spending. This will lead to more productive investment that can create sustainable jobs. It will move us away from the death spiral of reliance on overconstruction and the cannibalistic selling of RE back and forth with ever-mounting piles of debt.
The same goes for commercial real estate. The correction in office, industrial and retail rents is reason for celebration. Moving profits away from RE players by lessening costs for sustainable job producers is further reason to celebrate this holiday season. That will be a very big positive in the long run.
Merry Christmas!
also Mr Streetervillian i have a question, When you get home from work on a cold snowy day what are you greeted to?
I know when i get home at 5:15 pm today, i will walk in my door to the wonderful smells of a home cooked meal, a happy wife and my smiling son. and since its snowing, guess what?….I will have hot coco ready for me when i cross the doorway. Yes its 50’s-esque but i love it 🙂
the only downside is after dinner i will be handed a shovel and will spend an hour just on the driveway. (did the walkways this morning)
So is monetary wealth the thing that makes a man successful?
“So is monetary wealth the thing that makes a man successful?”
Duh. And if you aren’t “successful” enough, you aren’t allowed to comment on those who are more “successful”. Because you aren’t worth listening to–only those with *enough* money.
There is some tortured logic going on here! All I said was that it is a false choice between money and happiness. The idea that you can’t make a lot of money but still have a happy life is simply wrong. Myself, and many I know, don’t work crazy hours, make lots of money and have wonderful personal lives. I also know people who aren’t very successful and have convinced themselves that it’s because they want to be “happy” rather than “successful”, when in reality they just aren’t successful people. I’m not accusing you of this Groove, because I don’t know you, but there are lots of losers who simply use this false choice as an excuse.
hahahha! You suck and you’re a terrible liar!
“Myself, and many I know, don’t work crazy hours, make lots of money and have wonderful personal lives.”
Oh anon, u are correct i am not a 250k + power couple so i dont know why sabrina lets me post here? What was i thinking
“Because you aren’t worth listening to– only those with *enough* money”
Wow, that response pretty much sums up your intellectual depth.
I find it funny how defensive you all are! You feel it’s OK to criticize people you don’t know in financial situations you have no information on, yet you get all bent out of shape when someone suggests that your opinions aren’t particularly meaningful. Lighten up folks, stop taking yourselves so seriously!
There would be no amount of money in the world that could make me happy living in streeterville, that’s for sure.
“There is some tortured logic going on here!”
that describes everything you posted yesterday.
I agree somewhat with that statement, just remember everyone situation is different. Some may have work harder and longer just to get to the same point where another just stumbled into. People have different starting points in the race, some slip back during the race, there are some that need a lot of ground to make up in the race.
As for me i went through the CPS system, through the city college system just to get to a state college. All while working crappy construction labor jobs. So for me it was a fight and used a lot of time just to get out of school whereas some others didn’t even put effort or their own cash(not parents) to do it.
I never used it as an excuse to quit or settle, but to ignore the difference in work effort for each INDIVIDUAL i just wrong.
I make a good living in accounting but can make double in the public sector with three times the hours. Sorry but i am happy with my simple life as it is.
“The idea that you can’t make a lot of money bu still have a happy life is simply wrong. Myself, and many I know, don’t work crazy hours, make lots of money and have”
Let’s get back to the point here people, we are looking at a 2,700 square foot apartment in one of the best areas in Lincoln Park. I just looked at some of the new construction condos going up in the area that are in the $1-1.2 million range. If you really want to discuss an out-of-date kitchen, do you think it is going to cost $400k to remodel it?
Some people, it seems, only have negative things to say about others situations. This guy could be picking up a lot more on the other side if he can afford a SF home today!
Be positive y’all – its the holidays!
“You feel it’s OK to criticize people you don’t know in financial situations you have no information on, yet you get all bent out of shape when someone suggests that your opinions aren’t particularly meaningful. Lighten up folks, stop taking yourselves so seriously!”
1. You’re criticizing people based on their financial situations, which you have no information on.
2. Yet, you get all bent out of shape when these people you are criticizing suggest *you* don’t know what you’re talking about.
3. Who’s taking this all so seriously? (Except Groove, but that’s just b/c he’s been a little off (iykwim) since the throwdown outside BK. And b/c he has short legs.) Seems you’re taking it at least as seriously as anyone else. Physician, heal thyself.
Sonies: “There would be no amount of money in the world that could make me happy living in streeterville, that’s for sure.”
Sure there is; but that amount of money would mean that you have a full floor PH in S’ville and spend most of your time somewhere else. Like if Oprah offered you every last dime if you’d only make an S’ville address your “principal” residence, you wouldn’t take that (and not just b/c then Oprah would be penniless)?
“You’re criticizing people based on their financial situations, which you have no information on.”
1) I didn’t criticize anyone based on their financial situation
2) We have plenty of information on the financial situations of Bob and Groove, the people I’ve been talking to, since they have provided it.
Nice try
it never ends, nobody has posted more nonsense more often than you on this thread.
“I get the impression that Bob and Homedelete are not the kind of people who can afford losses like that, so they don’t understand why so many people are less worried about their current condo price than they are.”
“So is monetary wealth the thing that makes a man successful?”
No its not just possessing that you have monetary wealth, but rather bragging about it on internet message boards and showing it via purchasing things that obviously differentiate yourself from those who purchase things with a lower price.
The great thing about the credit bubble is people who think like SV went out and were able to buy things in far excess of their ability to repay in order to put on an affront of monetary wealth. Behind the scenes countless of these people were simply struggling to keep up appearances.
I don’t believe a thing SV says with regard to his claims of his net worth*. I know a few wealthy people and they would never display his attitude with regard to wealth for a number of reasons.
*He could be telling the truth with regard to his housing as a percentage of NW ratio it all depends how you define both variables. 285k mortgage leveraged with 96.5% down FHA loan = 10k home equity and 56k combined retirement and other NW gets you to his claim (if he excluded mortgage). I call those people the walking poor.
“I get the impression that Bob and Homedelete are not the kind of people who can afford losses like that”
You are right about this impression of me. Given my life situation 50k would have an appreciable impact on my timeline for upgrading my lifestyle.
“So they don’t understand why so many people are less worried about their current condo price than they are”
I think you’re impression is way wrong here. It must be a fun imaginary Gatsbyland you live in in your head.
Three things i need to say before i am done with this thread.
1. Streeterviilian, Merry Christmas to you and your family.
2. Anon, My hobbit legs and I will be taking my ball and going home 🙂 Merry Christmas to you and your family too.
3. Bob, it will be a scary world when our incomes are considered “below average”, Some thing to be thankful for around the holiday dinner table. Merry Christmas to you and your Family too Bob.
“I didn’t criticize anyone based on their financial situation”
+
“It’s hard to take the opinion seriously of people who spend all day, every day, on a website. There is no way you can be making a lot of money but also spending all your time on the internet. Most of these folks are broke haters.”
=
Not understanding what “criticize” means in English.
Well, I guess perhaps I should have written “attacking” rather than “criticizing”.
one explanation could be sv’s native tongue is something other than english. otherwise it’s harder to believe such jibber jabber comes from somebody who “makes a lot of money” without working too hard.
or mabye she’s a coked out escort.
c’mon. what’s with all the vitriol? lol…..nothing like the anonymity of the internet to bring out the bitter inner-child in some people. hugs to all you haters out there. 🙂
Wow, this place just sold … and for a good price. Looks like the seller found a willing buyer and the lack of parking didn’t make that much of a difference. My friend looked at it and said it is gorgeous, albeit on Halsted and without parking. Looks like the unit below it is now for sale, too.