Looking for a Gold Coast 3-Bedroom With a Large Terrace? 849 N. Franklin
This 3-bedroom in the Parc Chestnut at 849 N. Franklin in the Gold Coast just came on the market although it has been on and off the market since 2008.
3-bedroom units have surged in popularity because you have space for a family.
At 2500 square feet, this northeast facing corner unit has 2 master suites and a separate dining room.
The kitchen has stainless steel appliances.
The large, covered terrace has views of the John Hancock and downtown skyline.
It has central air, washer/dryer in the unit and 2-car tandem parking included.
In April 2012, this unit was listed as low as $800,000.
It has come back on the market at $875,000.
Will this unit finally sell in this hot market?
Barbara Griffin-Silz at Prudential Rubloff has the listing. See the pictures here.
Unit #1504: 3 bedrooms, 3 baths, 2500 square feet, 2 car tandem parking included
- Sold in March 2007 for $834,500 (it doesn’t list the parking in the original sale so I’m not sure if this included it or not.)
- Has been on and off the market since 2008
- Was listed in April 2012 for $800,000
- Currently listed for $875,000
- Assessments of $1079 a month (includes heat, a/c, doorman, cable)
- Taxes of $8297
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 18×13
- Bedroom #2: 17×12
- Bedroom #3: 13×12
- Den: 12×10
seems a bit steep for the location and finishes, and the assessments won’t help matters
I don’t consider 849 N. Franklin to be the “Gold Coast.” It’s a good 4 blocks away from the Gold Coast, and that’s being generous.
Have they caught that Gold Coast rapist yet? I know he wasn’t successful in his latest attempt, not sure about his first attempt a week ago.
Everyone (except the owner/agent) was wrong on the last one in this building:
http://cribchatter.com/?p=13833#comment-272815
I guess they haven’t caught him yet.
http://www.myfoxchicago.com/story/22666160/two-women-sexually-assaulted-in-the-gold-coast-neighborhood
Hey Bob and Arianna Hoffington: did you see the Supreme Court hates white people? I thought you’d be all over that shit!
If this unit really is 2500 square feet, the price seems fair. That’s a lot of space for the price. The assessments seem fair given the square footage. There’s nothing all that special about this unit, but you’re paying for location (not the Gold Coast, but close) and the view (rather nice).
yes bob, lots of crime happens in a city of 3 million people. thanks for the update
Gold Coast – LOL
Nice terrace, good space. More Old Town than Gold Coast, but it’s still a good location. Taxes and assessments seem right in line for space and cost.
” More Old Town than Gold Coast”
And not a helluva lot of either.
Does anyone really consider anything south of Division to be “Old Town”?
“Hey Bob and Arianna Hoffington: did you see the Supreme Court hates white people? ”
No this one was a draw.
“ruling that schools must prove “no workable race-neutral alternatives would produce the educational benefits of diversity,”
What exactly are the “educational benefits of diversity”? Easier to get a higher GPA with them lowering the curve??
“Looking for a Gold Coast 3-Bedroom with a Large Terrace?”
Why yes, I am! Can you do a thread on one someday?
“Does anyone really consider anything south of Division to be “Old Town”?”
I would consider Atrium Village on the SW corner of Division and Wells to be Old Town. This will be even more true after the full rebuild.
” anon (tfo) (June 24, 2013, 1:47 pm)
Does anyone really consider anything south of Division to be “Old Town”?”
Definitely not. And not really west of the El either. Builders tried to build some very nice SFHs west of the El and south of North Ave during the boom years (I think a couple were featured here at some point) – that area never took off because its surrounded by mixed / low income housing.
“Fred (June 24, 2013, 2:10 pm)
I would consider Atrium Village on the SW corner of Division and Wells to be Old Town. This will be even more true after the full rebuild.”
What is going on there? Drive by it every day and didn’t know there was something up.
yoss – http://www.suntimes.com/business/13879440-420/atrium-village-housing-complex-wins-approval-for-overhaul.html
Interest rates are up again today and I don’t think a lot of you are very good at math. I’m going to offer a math lesson on affordability comparing rates today with those at the bottom, per aimloan.com’s quotes. Even assuming 20% down (hah!) at ask with the balance financed (that’s 175k down, 700k financed):
The mortgage payment two months ago when rate’s were at 2.75% would be: $2,857/month. Add in taxes and assessments for a total monthly housing cost of $4,627/month.
Today’s mortgage payment with rates at 4.125% would be: 3,393/month. Add in taxes and assessments for a total monthly housing cost of $5,163/month.
That’s a 11.5% increase. Now consider that with properties where the taxes & assessments don’t represent at least 38% of the amount financed with the mortgage, or if less than 20% is put down and the increase is even more.
(also the above assumed conforming rates, this would have to be jumbo which would be half a point higher, but for analyzing the interest rate sensitivity that is irrelevant)
“….I don’t think a lot of you are very good at math. I’m going to offer a math lesson on affordability comparing rates today with those at the bottom”
You lost me pretty quickly, in just the next paragraph… Do you think there is any way that you can explain it using cartoons…???
” Bob (June 24, 2013, 3:16 pm)
Interest rates are up again today and I don’t think a lot of you are very good at math. I’m going to offer a math lesson on affordability comparing rates today with those at the bottom”
And what point are you trying to make? Because I thought we all agreed that rates aren’t the sole determinant of housing prices. Maybe you are arguing one should have bought 2 months ago?
“And what point are you trying to make?”
“$4,627/month … $5,163/month”
I think the point is that the person buying this will need to step down from a Rover and a Merc to a Grand Cherokee and a Caddy because of the increased interest cost. I doubt that this was going to be a stretch purchase for a ~$150k HHI person (4600/month is 28%) rather than a ‘reasonable’ purchase for a $250k+ HHI even at the minimun rates.
“Because I thought we all agreed that rates aren’t the sole determinant of housing prices. ”
Of course they aren’t. But in a vacuum, absent of any other major changes, the demand curve just dropped by 11.5% in affordability on this place vs. two months ago. And I don’t see any other major changes.
” I doubt that this was going to be a stretch purchase for a ~$150k HHI person (4600/month is 28%) rather than a ‘reasonable’ purchase for a $250k+ HHI even at the minimun rates.”
Except, markets aren’t discrete segments and are instead an affordability continuum (something people on this site also have problems with), and extrapolate this decline in affordability on down the ladder.
It’s as if, for financed purchases, Case Shiller just jumped 11.5% on this one. Except it didn’t–that’s 11.5% that’s going to have to come from somewhere else–and these days it ain’t income.
Also, there’s been speculation and buzz that this sudden rise in rates might not be such a bad thing as it will induce “fence sitters” to jump off the fence and purchase. I expect this effect to be quite muted for the following reasons:
1) Current homeowners need to sell their current residence to buy another, which will be at today’s higher rates, impacting affordability.
2) Rates have spiked so quickly that unless the few first-time buyers locked within the past 30 days, the horse has left the barn.
3) It is unlikely that first time homeowners have been casually window shopping properties and this sudden rise in rates will induce them to commit to buy. The only ones that will be induced are those that were already well along in the process to purchase and had picked out a property and this sudden surge will merely add to this small segment’s urgency to close.
“Of course they aren’t. But in a vacuum, absent of any other major changes, the demand curve just dropped by 11.5% in affordability on this place vs. two months ago. And I don’t see any other major changes.”
what about the supply curve?
Bob, I’d take your advice on what size of Murphy’s Oil soap you’d like me to buy for you to wash my floors every week but that’s about it. Otherwise your banter is useless because you’re just copying and pasting what you read on yahoo.com/finance. Back to your computer screen, Milton.
I’m not sure why my last post was deleted but when I read GS’s Credit Line today I note it takes a different view of rates than the views of cc’s Chicken Little. GS posits that fears of premature Fed tightening are overdone. All indicators other than the recent Fed saber rattling point toward relatively low eventually somewhat stable interest rates – domestic inflation indicators are heading lower not higher, labor demand supports likelihood of continued falling inflation & international growth is hampered by recent developments in Asia and Europe. Where is loan demand to sustain higher rates coming from? But Chicken Little attended a top business school (one that supplies GS a lot of its talent right?) so maybe he’s called interest rates right. I’m comfortable shorting whatever he believes.
Southbound: This has been a very violent treasury sell off. People who are invested in bonds are in for a rude awakening when they check their statements. Will this hold or will there be some relief? We don’t know yet. But it’s one of the quickest sell offs in the last few decades. So you can’t just dismiss what impact it may have on various markets, including the mortgage market.
This is a monthly payment nation. If the payment suddenly spikes 10% or more in the matter of weeks, of course some people are going to be impacted.
This is the first time in a long time we’re seeing rates actually rise- and off of historic lows. No one knows how it will all shake out. But we DO know that this market is being driven by investors- many who are paying all cash- so they don’t care what happens with interest rates anyway.
Bob/HH,
Educational diversity is a proven ‘educational belief system’ that is widely accepted in most NYC schools in order to assist all who participate with learning more about different cultures and belief system. This valuable and proven program exposes school age children to the fact that America is built on the backs of people of all racial, ethnic and religious roots. Once they are exposed to, and fully understand the importance of these cultural differences, their learning capability increases greatly. They are made aware of the importance of understanding the belief system and values ethnic groups possess and how these values add greatly to the success of their lives after schooling is complete.
It also serves to eliminate the ignorance and insensitivity of cultural diversity of people like yourself and HH. It has been proven that school systems who incorporate this in their curriculum have kids who are able to learn at a higher rate and aids them to learn and respect those who have a different belief system than themselves.
Regardless of what people like you think, America is slowly moving towards a being a country that is no longer is a hot bed of racism and ignorance as it was in the racially divided 50’s/60’s. Slowly people of all persuasions are being accepted for who they are and what valuable things they bring to the table instead of writing them off as useless and a drain on our society. The full value of this belief and teaching system will be fully realized in about 7 – 10 years if not sooner.
And something else I wanted to clarify for you. You inquired, again with no knowledge about the subject at hand, on another thread why I was still writing on this forum as I was not a resident of Chicago, but rather I was nothing more than an overly privileged NYer and that I had no business posting on a Chicago forum.
Just FYI, I still retain well over a dozen, beautifully renovated homes throughout the GZ and in the West Loop. All but three are being used as rental properties. The three not used as rental investments are currently on the market receiving offers weekly. Since they are 3 and 4 bdrm units, their sales are a bit more difficult as buyers are seeking two bdrm started homes that they can afford. Seeing that interest rates seem to be climbing, I will have to decide within the month to accept the lower than expected offers or retain them and turn them into rentals as well.
To further show my value to the Chicago rental market, my rental units (which have all been gut remodeled to the highest specifications using only top level appliances and high end finishes my company is known for) are all immaculate and sought out. Each of these properties rented within a week of their listing. When the market was in the sewer here in Chicago, rental owners had to list their less than stellar units at lower rents to ensure attracting the upper income, professional couples who would take excellent care of their rented homes.
I maintain my properties to keep my valuable tenants happy. I personally paint each rented unit in it’s entirety upon completion of their two year lease and the renewal of another two year contract. They are invited to chose their own color schemes as an added bonus and to help keep them in my places for years to come. I also perform hardwood floor maintenance with a deep cleaning and application of a protective finish, in addition to professional carpet shampooing in the bedrooms and hallways. All windows are washed inside and out and if the unit has landscaping, this too is updated replacing plants and trees as needed. All of this of course is done at my own expense and will usually cost between one to one and a half months rental amount.
By doing this after the completion of the first two year contract, I demonstrate to my renters that they are of great importance to me and I want to do everything to ensure they are happy with their residence.This is my standard operating practice and have done it for decades thereby keeping tenants for years and years and with virtually no problems. Most of my tenants also have the authority to call repair personnel for anything that might malfunction during their stay. I provide each tenant with my Angies List account information and instruct them to chose who they wish to provide the repairs after I approve their choice.
So yeah Bob, I have every right to remain a regular poster on CC and now that you feel this way I will make it a practice of visiting on a daily basis just as I did when I was a Chicago resident….so Thanks for the welcome back!!!!
So, since I am still actively participating in the Chicago Real Estate Industry and providing exceptional rental properties for executive level tenants, I have every right to be here….especially compared to the likes of you who is still renting a rundown, tiny studio or one bedroom that backs up to the El to save money.
*Not that I felt compelled to defend my presence here, I just wanted to let you know I have more of a stake in this market than you ever will. I would therefore appreciate it if you would keep your ill informed and tacky comments about my presence here to yourself….or make it a topic of conversation when you and HH meet for your $1 PBRs in the dives you hang out in.
LEARN TO EDIT WESTLOOP…..LEARN TO EDIT!!!
YES, I REALIZE MY POSTS CAN GO ON AND ON BUT THIS HOW I THINK AND THIS IS HOW I WRITE.
IF IT BOTHERS YOU, FEEL FREE TO PASS BY AND NOT READ….THE CHOICE IS YOURS. JUST KNOW WHEN YOU DO THAT YOU MISS ON SOME IMPORTANT INFO…WELL, SOMETIMES!! MOST OF MY RAMBLINGS ARE JUST MY PERSONAL THOUGHTS……
With proper staging that highlights the apartments better features along with some color and texture, this place could very well realize it’s inflated asking price. I don’t understand why a seller would chose to present a unit at this price point being shown is such a bland and blah condition.
Sellers need to wake up and realize the importance of making your product appealing to a wide variety of people. By not doing so people walk in turn around and walk right back out as most do not possess the intelligence to see the layout, characteristics and features of a property. They don’t see that and they only see and remember the negatives of the appearance…and that causes price drops and properties languishing on the market for months,
When I price my units correctly AND stage accordingly, the place is usually either purchased or rented almost immediately with virtually no negotiations on pricing issues. Many inquire if the furnishings can be included in the sale price, which of course does not happen….now offering what I paid for the furniture and accessories just might persuade me to part with them, My markups of staging materials usually covers a lot of the expense of selling a unit!
Gotta use every trick in the book to remain at the top of the food chain in RE!!!
I second the suggestion (mentioned in another thread) to have a westloopelo subforum on the new site, to discuss matters of rehab and renovation.
“Of course they aren’t. But in a vacuum, absent of any other major changes, the demand curve just dropped by 11.5% in affordability on this place vs. two months ago. And I don’t see any other major changes.”
” the demand curve just dropped by 11.5% in affordability”
You wrote sentences like that in BSchool and made it through?
CS is out and Bobbo will not be pleased.
westloopelo, why aren’t you a realtor here, you’d kill it!
@westloopelo,
serious question: all that stuff you mentioned — repainting, deep cleaning, floor maintenance — does that come out of your profit margin, or is it factored into the rent? Can you deduct any of it from your taxes? If not, why do it so often as I’m sure 90+% of other landlords don’t do this at all or unless they absolutely have to.
God helmet, give it up. You sound like a broken record. Please go to some other forum with your nonsense. it’s not even housing related.
“it’s not even housing related.”
Bullcrap. First of all, westlooplo makes ignorant statements that aren’t housing related, and he’s wrong about all of it. He’s the broken record. Second, demographics and school districts are ALWAYS going to be housing related. You are the poster-boy for everything I say, you just proved it all with your move to the suburbs with a white school district with decent test scores, etc. Be a man, stand up for your choices.
It’s SO boring. The content is so predictable. It’s the same thing, over and over again. You’re like the boring guy at the party that everyone wants to ignore. I can even take your opinions about modern architecture or design, even food. But the constant, unrelenting drivel about minorities and jews and self-segratgation,
come on man, can’t you give it a break in the presence of company? Nobody else wants to talk about it, it’s rude, you’re being rude. You’re breaking half a dozen social mores and you’re not taking any social cues. We know what you believe, you don’t need to ram it down our throats every freaking day, just stop, for the love of god, just stop.
You’re like an autistic child who can’t stop talking about Star Wars. That’s all the can focus on all the time. They need to take kiddie xanax to stop the ruminations and repetitive thoughts. You’ve become a burden.
“CS is out and Bobbo will not be pleased.”
That’s old data, and it’s the future trend we’re analyzing. Basically, at this point, we need to hear from Russ. He’s on the front lines with the new mortgage rate spike and could tell us….in probably a month or so, what the real ramifications are or not.
” Be a man, stand up for your choices.”
Helmet, I’m not ramming my choices down everyone’s throat 20x a day, in every conversation, with every poster. You need to be a man, and stop being an autistic child who ruminations about Star Wars or baseball cards or whatever else kids are into these days. Just stop it, seriously, can you go for one week, five business days, without talking about jews or self-segretaion or how much you don’t want to live among black people.
WE GET IT. WE GET IT. OK?
You know what hd: shut up already, don’t post again on this thread so I don’t have to respond to your BS.
See my post at: helmethofer (June 24, 2013, 11:13 pm)
read it.
Then see what the next post is, what it’s about, and who made it. Now kindly point your finger there, OK???
Helmet, why even bother wasting the electrons or energy typing if everyone just skips over them.
It’s rude, you know. I’m not trying to be an asshole or censor you or limit your free speech. I’m just asking that you stop being so rude and shoving your opinion down our throats every day, on every post. It’s rude, my friend, it’s rude. You need to honor the social contract here and stop being so rude. OK? Thanks
Helmethofer – I don’t always agree with everything you say but sometimes I certainly catch myself nodding my head. But after this recent explosion I must ask: have you nobody else in your life who you can share your views with? Or just those who can’t avoid your diatribes, short of no longer coming to this site? Those who only take to message boards to spray negativity are truly pathetic. “Be a man” and engage someone in face-to-face discussions. Or just continue telling the internet world that you have lots of money and education – certainly a sign of hot air or new money trash. Have the day of your choice, pal.
Dammit, HD.
[two minutes for meta-responding]
“You need to be a man, and stop being an autistic child who ruminations about Star Wars or baseball cards or whatever else kids are into these days.”
So the fact that 2 days ago, I downloaded the first season of Gilligans Island???
” I’m not going to let westlooplo accuse me of drinking “PBR” and insinuating that he (LOL!!!!!) knows more about culture or money than I do, when that’s not true.”
Are there topics that people are allowed to know more about than you if their non- Jew/Gay/Arab/Female/Handicapped/Comanche/Asian/Black??
Sabrina said “…This has been a very violent treasury sell off. People who are invested in bonds are in for a rude awakening … Will this hold or will there be some relief? We don’t know yet. But it’s one of the quickest sell offs in the last few decades. So you can’t just dismiss what impact it may have on various markets, including the mortgage market. This is a monthly payment nation. If the payment suddenly spikes 10% or more in the matter of weeks, of course some people are going to be impacted.
This is the first time in a long time we’re seeing rates actually rise- and off of historic lows. No one knows how it will all shake out. But we DO know that this market is being driven by investors- many who are paying all cash- so they don’t care what happens with interest rates anyway.So you can’t just dismiss what impact it may have on various markets, including the mortgage market.”
Where are rudely awakened bondholders going? Nowhere – there’s a reason they own and haven’t already liquidated their positions. They aren’t willing take losses and jump on an equity roller-coaster ride. Any bit of income beats loss of principal so they’ll ride their portfolio’s maturities out imo. The bigger question is where will the demand come from to sustain loan higher rates? And despite what Fed announced, who believes the Fed plans to ease off their accelerator in the short term?
@ Icarus, yes a portion of the $$ used in maintenance of rentals does indeed get deducted from taxes and I do lose some of my profit from doing the things I do to retain my tenants. In the long run though I would rather spend money in that fashion than to have properties sit empty and get vandalized.
I had two units we renovated there in Chicago that were left unattended while I returned to NYC, then set up shop in Denver to reno the bungalow there. When I returned to Chicago, the units had been lived in and totally trashed. Anything and everything .that could be taken was taken and the place was full of dog feces and garbage. From what I gathered, they had parties every night and the police were called several times.
This has happened a few times to me over the years and it is a devastating thing to find. I had one place in Florida that was left for two weeks while I returned home to NYC due to a death of a close friend. When I returned home to Miami, a family of 10 moved in and declared it was their home. It took me about 3 months to get them out of the place as they did everything in their power to stay, saying they had a legal agreement with me.
On the night before they were ordered to leave, I hired a security company to guard the house. Sure enough, at 3 AM they tried to leave the residence with the refrigerator, stove, washer and dryer! The security company called me and I met the police there and luckily we were able to retrieve the appliances and the parents of the family were arrested for grand theft.
For me to do what I do every two years to my rentals is something I learned years ago when I first started doing rental properties. I was flipping units so fast that those which did not sell would sit and languish on the market. A unit that is not occupied will deteriorate faster than one that does have an occupant, so I do the little extras to ensure my tenants that they will have as nice a unit for the next two years as they did when they moved in. It is in every lease agreement that they will have their units repainted, floors & carpets cleaned and any / all maintenance issues resolved immediately. I have had the same tenants in place here in my NY resident (I live in a 4 unit warehouse loft building) for nearly 20 years now. 90% of my rentals retain the tenants past the initial 2 yr lease agreement.
While it might cost me money to offer the painting and carpet cleaning if they sign on for another 2 years, it saves me $ and time/energy to find new tenants. Do you know what costs are involved in getting new tenants into rentals? I do thorough background checks and reference checks…that costs $$. I figure if I offer the repainting ‘bonus’, it shows the tenants that their landowner does care about their living conditions…in todays market, that is a VERY valuable tool to use.
Re: the timing of my posts, I do not drink or do drugs but am an admitted night owl. I usually go to bed around 3 am and wake around 7-8. I have always had that schedule and living in NYC to me anyway, it doesn’t matter what time you retire the world still goes on…
Re: the financial situation. Well, HH suffice it to say I could stop doing everything now and still have enough money to buy a new townhouse here in the city every year for the rest of my life and still have the same amount of money in trust for the charities I have supported for years.
I have no shortage of funds and live quite well. I am not going to advertise how much $$ I have exactly, but know I have owned my own renovation/rental business for over 30 years and it has been an extremely profitable one for me. I semi retired when the housing mess started and only over the past year have returned to doing reno projects for friends and acquiantances. Now I look at it as a hobby as it is something that I truly enjoy doing and not something I NEED to do to survive.
So I am not going to play the “I am richer than you are” game, but just know I AM more financially stable and secure than you are…or ever will be. The hatred and animosity in your posts indicate that you are a very bitter man and I assume that bitterness comes from a life not lived to it’s fullest and your dreams of living well never really materialized. I don’t dislike you…I feel sorry for you.
Sabrina honey you keep deleting posts and leave my comment dangling 🙂 Although one can think that there is some secret message being communicated here.
“Sabrina honey you keep deleting posts and leave my comment dangling.”
Sorry miumiu. I just deleted your dangling comment. Hopefully I won’t have to do any more deleting for awhile.