Market Conditions: Chicago Sales Rise 13.8% in March But Distress Sales Explode
We all know the March sales data was good, at least compared to the last few years. But there were some surprises in the data.
From the Illinois Association of Realtors:
The city of Chicago saw a 13.8 percent year-over-year home sales increase in March 2013 with 1,894 sales, up from 1,664 in March 2012.
The median price of a home in the city of Chicago in March 2013 was $187,500 up 9.0 percent compared to March 2012 when it was $172,000. Chicago condo prices also saw strong gains for the month, posting a 9.3 percent jump to $235,000.
Data since 1997 provided by G:
City of Chicago condo/TH/SFH closed totals March
year/closed/median/% REO-Short Sales
Year Closed Median %REO/SS
1997 1,226 $126,875
1998 1,540 $137,003
1999 1,766 $152,125
2000 1,793 $167,500
2001 1,800 $195,000
2002 2,112 $210,000
2003 2,261 $225,000
2004 2,772 $244,950
2005 2,822 $271,125
2006 3,000 $275,862
2007 2,399 $285,000
2008 2,098 $300,000
2009 1,219 $217,000 37%
2010 1,860 $207,750 38%
2011 1,481 $163,763 49%
2012 1,630 $170,500 44%
2013 1,894 $187,500 76%??
As anyone who is looking to buy already knows, the inventory is pathetic. It’s worse than even the winter inventory and that’s saying a lot.
“It is an excellent time for sellers to move their homes quickly, if priced well in what’s fast become a thriving market,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “The city’s housing inventory in March was down 45 percent compared to the same time last year. Data tells us that buyers are taking advantage of this period when homes are still priced attractively and interest rates are low, concerned that it might not last. This creates an urgency among buyers that is promising for sellers ready to act.”
Market times are also falling. We’ve all seen plenty of listings on this site that are selling within days.
From the Chicago Tribune:
Within the city, the market’s pace picked up more so. It took an average of 70 days to sell homes that closed last month, a decline of almost 25 percent from the 93 days in March 2012.The number of homes listed for sale in the city last month totaled 7,813 properties. That compares with 14,358 listings in March 2012.
But what about the number of distressed properties? The last few months, the percent of sales that were distressed was apparently falling.
But according to the Tribune, that wasn’t the case in March. In fact, I’ve never seen the percentage this high before. 76%???
Despite the continued improvement in pricing year-over-year, median prices remain well off their historical highs. Within the city of Chicago last month, 76 percent of the home sales that closed in March distressed sales, either foreclosures or short sales.
“The inventory in both the state and Chicago markets suggest that demand has begun to return to the housing market,” said Geoffrey J.D. Hewings, director of University of Illinois’ regional economics applications laboratory, in a statement. “However, foreclosed properties are accounting for a sizable portion of these sales. The good news is that foreclosed sales are outpacing new additions to the foreclosure inventory but at a cost of dampening median price increases.”
Could that data about the percentage of distress sales be correct?
If it is, how is this housing market “normal”?
Illinois home prices post gains; sales continue double-digit increases in March [Illinois Association of Realtors, Press Release, April 22, 2013]
Chicago housing has busiest March in 5 years [Chicago Tribune, Mary Ellen Podmolik, April 22, 2013]
I think you got the March 2013 median price wrong.
Whoops! You’re right. Posted last year’s.
Very impressive price gain if the 76% distressed number is correct. Also good to see these homes finally making it through the system.
I found it interesting that the Crain’s article only talked about the number of sales and didn’t mention prices at all. Perhaps that was due to the huge amount of distresed sales? If that 76% number is true, I think it will drop rapidly in the upcoming months as I see lots of regular sales being listed and going under contract very quickly. Those will be closing in the upcoming months. I’ll be curious to see what those numbers bring.
I’ve actually seen a couple places I thought were overpriced go under contract fast and sell for over asking price. It seems like one wild market. Some places sit and just keep getting cheaper, some sit at the same price and continue to sit, other places are listed and are under contract in mere days and are selling over asking. How do they get apprasials to come in that high when nothing was selling anywhere near asking until recently?
“How do they get apprasials to come in that high when nothing was selling anywhere near asking until recently?”
I’ve been trying to buy a place this year, and I have put down SIX offers at ask or above. Each time, I was beaten by a cash offer that was at ask or above. I don’t know if these cash offers are from investors, but it makes very hard to compete with limited inventory.
Is anyone else running into this in the green zone?
I thought all this shadow inventory coming online was supposed to drop prices?
LOL
You forget the golden rule… the ones with the gold make the rules! Banks are in win/win mode right now thanks to the government teet feeding them everything they need to remain solvent
“Is anyone else running into this in the green zone?”
Ashok, I’m running into this in the yellow and red zones.
Gary Lucido and his team are my agents.
He knows all about it.
ditto what “Sonies” posted
all those who love that gov “help” but cant figure out why prices dont drop
and then complain to have rent control etc etc
There were only 40% distressed sales in March and the percentage is declining YOY. I have no idea how they came up with 76%.
As for multiple offers…we’ve been running into this for months. It’s a constantly changing dynamic as to just how aggressive you need to be but we’ve seen instances where you have to be extremely aggressive. What kills me is that these dumb listing agents are pricing the properties low, selling them in a week and collecting a big fat commission. Go figure.
“What kills me is that these dumb listing agents are pricing the properties low, selling them in a week and collecting a big fat commission. Go figure.”
That’s because 1) those listing agents have bills to pay because during the bust the blew through their savings from the boom years — Assuming they had the good sense to save during the boom years, and 2) listings agents don’t care* about their clients bottom line – even at 6% that only an extra 600 beans per $10k, not worth taking a chance in this too soon to call turn around market.
* Gary Lucido excluded of course. 😀
Hey, Icarus, you forgot to include me in that footnote. I’ve been charging my sellers less than 1/2 the commission generally paid to listing agents, particularly since it’s so easy to sell in today’s market (when priced correctly).
“Is anyone else running into this in the green zone?”
Yes- but this is actually happening all over the Chicagoland area.
@Chris M, you are correct, sorry for the oversight. I wish CC had the ability to edit your posts. I also wish we could post more than one link without triggering the pending approval purgatory. 😀
Yeah, the market is not normal right now. There are still very few people selling who chose to sell on their own. I have seen all cash offers for places in the $500-600K range, where the sellers dont even accept the higher bid because the cash offer can close in 1-2 weeks and the higher offer that needs a mortgage needs 30-45 days.
I have seen all cash offers for places in the $500-600K range, where the sellers dont even accept the higher bid because the cash offer can close in 1-2 weeks and the higher offer that needs a mortgage needs 30-45 days.
It would be interesting to calculate an actual generalized % premium value for that… If I weren’t busy eating a bluecheese burger, and didn’t have to then go out afterwards and throw a tennis ball to my dog, and had some weed… I’d probably give it more thought.
“It would be interesting to calculate an actual generalized % premium value for that”
I would speculate that most sellers are overvaluing the certainty if they are accepting even 1% less, but they’re only overvaluing it until (if) there is a downward change in the market.
Do we still have a lot of places not appraising out at purchase price, or people (looking in the $500k+ segment) getting denied for mortgages?
“Do we still have a lot of places not appraising out at purchase price, or people (looking in the $500k+ segment) getting denied for mortgages?”
Get me that data and a bag of weed and i’ll do the rest…
I spent all morning (actually 3 days now) fighting with Atlas Schindler over my damn elevator. They kept telling me i need to redo the entire mechanism that opens the door and i kept telling them that even if they do that I can loosen the damn eye bolt (final piece) releasing tension on the cable and thus making the elevator not work, so just increase the tension on the eyebolt. Mechanic kept refusing to do that telling me the piece was worn down. Literally between 1 to 2mm over lord knows how many years, that could be compensated by tightening the damn eye bolt. Had to call in an independent tech who told me Schindler is scum and all that needed to be done was turn the eye bolt.. Feel like i spent the day with a dirty car mechanic…
Appraisals are a big problem lately for the obvious reason that they are based on historical data and prices are sticky on the way up.
“I would speculate that most sellers are overvaluing the certainty if they are accepting even 1% less, but they’re only overvaluing it until (if) there is a downward change in the market.”
I totally agree but I don’t think I’ve ever known for sure what kind of discount sellers are accepting. If someone has a pre-approval and you don’t have an appraisal risk I don’t think cash is worth much of a discount.
I’m shocked much of anything closes these days with the nonsense buyers have to put up with to purchase a foreclosure or short sale. Speaking of foreclosures, where have they all gone in the good neighborhoods? I rarely even see the ‘homepath’ homes that have a new coat of white paint and some industrial carpet anymore.
Lookin to move back to that studio in Uptown already?
“Lookin to move back to that studio in Uptown already?”
I’m returning to uptown as a home-vestor investor entrepreneur. I’m going to be the biggest baddest land baron uptown has scene in years.
HD upgraded his phone to one with autocorrect. Now his spelling/grammar is as bad as mine (not touching groove yet, tho)!
This system is rigged. May as well stay on the sidelines and watch this one pan out and crash and burn again. The government can’t keep the party afloat forever. Sold some investments in the past month at big gains, looking to redeploy after more of a correction in the equity market. Housing doesn’t have the inventory to justify a reasonable recovery at this point. If there truly was a real recovery, more people would be selling and inventory would be much bigger.
Considering that half of all properties sold are distress sales, I don’t blame underwater homeowners for not wanting to sell.
Like I said, this is not a real recovery. Way too many people with their hands in the cookie jar want it to be though, so they will say anything to mislead the public into thinking it is.
Isn’t this “If there truly was a real recovery, more people would be selling and inventory would be much bigger”
explained by this:
“Appraisals are a big problem lately for the obvious reason that they are based on historical data and prices are sticky on the way up”
inventory cannot be bigger because the set of sellers who can afford to sell their homes at current market value is smaller than the number of people who want to sell their place. it’s getting better but we’re not out of the woods yet.
Haven’t sellers’ mortgages been amortizing down? If you bought in 2006 or 2007, the mortgage would have gone down unless they refinanced and took out equity in 2008, which probably happened to many. What a mess. Fake recovery in my opinion.
Exacerbating the problem is all the 22-29 year olds not getting into the market at all with all the student loan debt and the lack of wanting to own anything. Many are living at home. This will be a big problem in the long-term for the for sale market here.
“Appraisals are a big problem lately for the obvious reason that they are based on historical data and prices are sticky on the way up.”
Is that an always has been, always will be, generalization. Or just one for the current market??
“Fake recovery in my opinion”
To Ze, fake recoveries are like fake boobs.. Maybe not as good as the real thing but if you find yourself holding the right position it’s a pretty happy position to be in…
“Haven’t sellers’ mortgages been amortizing down? If you bought in 2006 or 2007, the mortgage would have gone down ”
How much would it really have gone down in that time? Seriiously, I’d look to see some numbers.
Dont’ forget that they bought at inflated prices. That means for many you still haven’t paid down enough to avoid bringing money to the table.
“If you bought in 2006 or 2007, the mortgage would have gone down”
From ’06 to this year, at 5% interest, 30-year am, about 12% paid down (ie, $100k original, $88k now). One less year, about 10% ($100k to $90k).
In other words, after transaction costs, they need to get basically their original mortgage amount as a sale price to not show up with a check, even after 7 years of paying on a 30-year mortgage. So, for the multitude who put 10% or less down, notsomuch.
We’ve been looking for a 2B/2B condo in 60657 and 60614 since late last summer (July/August). This market has been simply awful — there is NO inventory of good properties and we’ve lost another to a bid nearly $15K more than our cash offer (and $10K more than asking) most recently. Have seen the typical new “crap” (split-face block construction) and won’t touch it. Seems there are literally a handful of properties (less than 6) per wk that hit the market and of those, usually most aren’t worth looking at. We’re seeing people think, because of the lack of inventory, that all is well-and-good once again. Seems like we’re heading for another bubble to be burst but in the mean-time, I simply wish the “INVESTORS” would all go and get lost. Fairly certain the places we’ve lost have all been lost to investors looking to rent the unit — while we are looking for own/occupy.
“Exacerbating the problem is all the 22-29 year olds not getting into the market at all with all the student loan debt and the lack of wanting to own anything. Many are living at home. This will be a big problem in the long-term for the for sale market here.”
This will be a problem but not as big as i thought it would be. Student loan debtors will still qualify for loans although their debt to income ratios will only allow them to purchase cheaper units. Which long term is not good for prices, but there will still be volume. There will always be volume, the homes are there for sale, but the prices need to reflect what they can afford.
“We’ve been looking for a 2B/2B condo in 60657 and 60614 since late last summer (July/August). This market has been simply awful — there is NO inventory of good properties and we’ve lost another to a bid nearly $15K more than our cash offer (and $10K more than asking) most recently.”
Thanks for checking in Savvy-one. Your experience mirrors what I’m hearing from everyone right now. It doesn’t matter if you’re looking for a 1-bedroom, a SFH or the 2/2.
And everyone thought the 2/2 would be easier to buy after the bust because no one would want to live there for the long haul. But no one counted on investors buying them up instead. Yeah- I feel your frustration. Inventory is HALF what it was a year ago.
By the way- the lack of inventory makes it nearly impossible for me to run this site. How boring are most of these listings? Ugh.
If it doesn’t improve soon, Crib Chatter is going to go on a multi-week (months?) break.
“If it doesn’t improve soon, Crib Chatter is going to go on a multi-week (months?) break.”
If cribchatter went on hiatus, and off line, I’d might be willing to meet up somewhere for the cribchatter get together, except, I won’t be dropping clio’s name to get in.
You have to admit HD, that it’s a really boring housing market right now. Not much interesting on the market and even so-so properties going under contract within just days. What’s there to chatter about?
The comments on this site tell the story. No one is here even commenting anymore although some of that is because people want to see the train wreck. They don’t care about a “normal” market, so to speak. (Although this market is far from normal given the bidding wars going on.) But people want to talk about deals and steals. They don’t want to talk about how sellers are back to pricing some properties at the 2005 peak price (yes- it’s true.)
By the way- is it just me or does everyone feel the greed in the air? Some pricing I’m seeing is absolutely insane. But if someone is willing to pay an inflated price, who am I to say? I think it’s crazy.
These market conditions will not last. Either the economy will improve enough that the Fed throttles back or it sucks enough that incomes won’t rise and the economy is in trouble again. Neither outcome is good for housing.
The stockmarket is just unreal. One RE stock I follow, just for kicks, is CoStar, the national commercial RE version of the MLS. The stock has no real assets, other than its data, which it collects from the brokers and then resells back to them. Anyway, the stock is at $107 with a P/E that was laughable last year, and this year they’re supposed to earn $2 per share. http://finance.yahoo.com/q?s=CSGP
The REITs are all trading at 3-4% dividend yields, which means their properties are essentially being valued by the market at 4% cap rates! The Fed keeps interest rates low, but I see no exit for them, Sabrina. If rates rise even 200 basis points, the stock values crash, debt service rises (private & Gvt.) and the whole nation will be need to bring cash at refinance time on their ARMs. If we ever get inflation or velocity of money picking up, then how can the Fed pull a Volcker this time and raise rates to squelch it? If they raise rates, the US Gvt. will be using all its tax proceeds just to service the UST debt service!! This can has been kicked down the road for 5 years now. I remember that many economist predicted that ARMs originated in 2006 (for instance) had a major risk of resetting at higher interest rates in 2008, 20011, or 2013. The worry was that they would possibly reset at 7% as many predicted rates to rise, instead rates have fallen and those with ARMs are paying less after the adjustment. So, how long can it continue? As long as the Fed wants? or will rates rise some day, and then all the ARM borrowers will have a nasty reset, the commercial RE borrowers will also, and the US Gvt. will have to spend more of our money on debt service instead of running our Gvt. services?
Rates will stay low for a long time. It’s a fallacy to believe that higher rates will result from the scarcity of money. Higher rates result from risk, not scarcity of money. Money has no cost to print, it’s just a bunch of zeros and ones at the fed, it’s intangible, and virtually limitless in how much they can produce, the only limit on money creation and lending is risk. how risky is a certain loan? That’s the sole factor that determines interest rates.
“By the way- is it just me or does everyone feel the greed in the air? Some pricing I’m seeing is absolutely insane. But if someone is willing to pay an inflated price, who am I to say? I think it’s crazy. ”
Maybe these holdouts from the boom will finally get their price
http://4737nlong.com/
I am noticing that many properties are already contingent when they hit MLS.
What’s up with that?
Did they hit at midnight, and then by 5 AM someone already has it under contract?
Or are they under contract before they even hit MLS?
What’s going on?
For example, check out 2449 N Avers:
http://www.redfin.com/IL/Chicago/2449-N-Avers-Ave-60647/home/13447871
The listing says it has been on the market for 37 days, but today is the first time I’ve seen it pop up in my searches.
It is still at its original list price of 100K so it’s not like it showed up due to a price reduction or anything, and it’s already under contract.
“I am noticing that many properties are already contingent when they hit MLS.”
Those my friend are called Pocket Listings and they’re not just for Rich People any more
http://www.chicagonow.com/adventures-house-hunting/2013/03/real-estate-madness-brings-the-return-of-the-pocket-listing/
Same for 1921 N Richmond.
It says it’s been on the market for 1 day, but was under contract as soon as it hit:
http://www.redfin.com/IL/Chicago/1921-N-Richmond-St-60647/home/13416763
Hi Icaurs –
2 Questions:
– Why would a seller agree to do a pocket listing if they are not going to get maximum exposure?
– How does a buyer even find out about pocket listings? You just have to know the right people?
Hi Milkser, the post i linked to gives the reasons why a seller would agree. As for how the buyer finds out, in Theory the realtors share the info at the water cooler or whatever bar they all drink at after a long day of showing Anonny some almost but not quite unicorn listings.
Rumor has it buyers are actually contacting home owners directly even if their house isn’t on the market to see if they would be interested in selling.
If someone made me an unsolicited offer, or I felt I could get an acceptable offer without having to have strangers in my house for showings, put photos of my privacy on the internet, etc. I would consider a private sale. Why not? Leaving money on the table? maybe, but maybe not…..and maybe it’s worth it to get the sale done quickly and privately.
FWIW we bought a house last fall. I feel we got a good but not great-awesome-fantastic deal that everyone here has brainwashed me into thinkin I’m entitled to (i still cannot believe the seller wouldn’t pay for my central air upgrade). The difference between what we paid and what i wanted to pay amounts to $180 more a month at our interest rate. Was I gonna risk losing out on a house we liked by waiting for it to sit and get stale? I was willing to, wifey wasn’t, guess who won.
Given how quickly two similiar homes within two blocks of our house have gone under contract this spring, I think we made the right choice moving on with our lives instead of trying to make a stand on housing pricing.
“and virtually limitless in how much they can produce, the only limit on money creation and lending is risk.”
Well, the risk exists that we’ve got too much debt in the system, and people will start to question why they are continuing to accept near zero percent interest rates. It’s unbelievable that someone would lend the US Gvt. money at 3% for 30 years. 1) inflation will turn that return negative over that period. 2) what about the credit risk? People have been hanging their hat on this study done my Rogoff and Reinhart that said when a Gvt. debt reaches 90% of GDP, all hell will break loose and the credit risk you are talking about will surface, and drive rates higher. Well, they found out that their work contained an Excel error!!! So, now the Krugmans, liberals, politicians say we can open the spigots more and there will be no consequences, like the market demanding higher interest rates to compensate for the increased risk. Apparently, to Krugman et al, they can increase debt and there’s no increase in risk. yeah right. At some point, people will stop accepting near zero yields for buying debt that is increasing in principal balances. When that day arrives, interest rates will rise, and then the ARM borrowers will get screwed on their resets.
“The difference between what we paid and what i wanted to pay amounts to $180 more a month at our interest rate”
Dude, you wanted to pay ~10% less? And you got it for something below ask? You did get warped by the nattering nabobs.
even units in my (supposedly awful) building are selling quickly… its madness I say
What a provincial buffoon you can be. Apparently you are unfamiliar with the concept of geopolitical instability, something which is the norm in many parts of the world. Having your investment guaranteed by the protection of the US Military is worth quite a bit in the larger international world of finance.
” It’s unbelievable that someone would lend the US Gvt. money at 3% for 30 years.”
What I find interesting is that not only are sellers listing high, there’s been a return of high end listings too. Lots of larger, nicer and higher end properties returning to the market. That’s just my area of course. Long grove.
Milkster – the two listings that you linked to have been on the market before and were delisted at one point. My guess is that buyers are calling brokers of delisted units inquiring about them due to the lack of inventory. There was a story I believe in the tribune a couple weeks ago about this.
Debt to GDP is a useless ratio that means nothing. Its dividing apples by oranges
Where did you buy Icarus?
” how risky is a certain loan? That’s the sole factor that determines interest rates.”
All global interest rates get set based on HD’s credit score????
“having to have strangers in my house for showings, photos of my privacy on the internet, a private sale.”
…. I’ll take “how your sister paid her way through school for $1,000, Alex”
“All global interest rates get set based on HD’s credit score????”
I think my credit score and the most recent Greek interest rate are pretty similar, well into the 800’s. It’s not that difficult to have good credit. Pay your bills on time. Don’t live beyond your means Keep low if not zero balances. Simpletons
“What a provincial buffoon you can be. Apparently you are unfamiliar with the concept of geopolitical instability, something which is the norm in many parts of the world. Having your investment guaranteed by the protection of the US Military is worth quite a bit in the larger international world of finance.”
Wow skeptic, you’re a big dumbshit. You don’t have to buy the 30-year duration to get the “full faith and credit (and military and printing press)” of the United States. Stick to what you know, living in Avondale and shipping your kids to school in the White-American areas of the GZ. Maybe they’ll learn something from their high IQ peers in the GZ.
Vlajos, we bought in Portage Park
“Vlajos, we bought in Portage Park”
so it was YOU that paid $330,000 for the bungalow that Sabrina talks about!
Thanks and Congratulations, Icarus
Thanks Vlajos…I think you were one of the earlier buyers here to take the plung. Where are you? or do you prefer not to say?
LOFL. My kid is in a gifted class and got straight As. If anything she’s raising the bar. What’s your IQ reading these days? Last I tested I came in at 145. I’m no genius, but I’m confident you’re much less so.
I am curious what this “printing press” is you are referring to, I think you might be the person who should consider sticking to what you know, although I understand that wouldn’t leave you much to work with.
“Wow skeptic, you’re a big dumbshit. You don’t have to buy the 30-year duration to get the “full faith and credit (and military and printing press)” of the United States. Stick to what you know, living in Avondale and shipping your kids to school in the White-American areas of the GZ. Maybe they’ll learn something from their high IQ peers in the GZ.”
“I think my credit score and the most recent Greek interest rate are pretty similar, well into the 800?s.”
Ya got me beat… probably by a few hundred…
My kid is in a gifted class and got straight As. If anything she’s raising the bar. What’s your IQ reading these days? Last I tested I came in at 145.
Nobody believes you. You’re a liar, an idiot, and an underachiever……plus you’re a sad liberal hypocrite who proves it because you send your kid to school in Lake View. You’re just like Rahm, no class.
You’re not bright enough.
“I am curious what this “printing press” is you are referring to..”
The printing press is called Quantitative Easing. It’s above your pay grade, obviously.
“The printing press is called Quantitative Easing. It’s above your pay grade, obviously.”
HH… does knowing all this about money, help you make money??
Can I haz inflametion?
Srsly, when does it start? I’m kinda counting on it. Also? Weak dollar.
“Milkster – the two listings that you linked to have been on the market before and were delisted at one point. My guess is that buyers are calling brokers of delisted units inquiring about them due to the lack of inventory. There was a story I believe in the tribune a couple weeks ago about this.”
That’s right. They’re not really “selling” in a day. When you see something go under contract in less than 24 hours after coming on the market- that buyer was already aware of the property before it was listed. Right now, I’ve heard of some people simply asking around in buildings they like and putting the word out that they are looking. When someone goes to sell, they get a call. But this is happening in SFHs too.
“even units in my (supposedly awful) building are selling quickly… its madness I say”
Yep. I’ve seen total dumps of houses listed for much more than they should be go under contract within a week. It’s all madness. I didn’t think we’d see anything like this for at least another 5 years.
“HH… does knowing all this about money, help you make money??”
Of course it does…haven’t you guys figured it out yet? I’m retired living on Mayflower Road in Lake Forest with time on my hands. You don’t actually think I travel in Southbound or skeptic circles, do you?
Icarus, I’d rather not share with the larger group. I guess it was unfair of me to ask where you bought.
shoot me an email at vlajos_2000@yahoo.com
“I didn’t think we’d see anything like this for at least another 5 years.”
Just remember that 90% of the population is stupid, and that people have very short memories!
i suggest Sabrina shuts the site down, removes it from the Internet, and then hosts one final party for everyone to meet. then reopens a cribchatters open topic forum on some random free site.
Ipad won’t let me copy the link, but interesting story in the Trib today. As for helmuthead’s delusions, hey, whatever floats his boat. My people have been several steps ahead of the gentrification game for a long, long time.
“My people have been several steps ahead of the gentrification game for a long, long time.”
Shut up and continue schlepping your kid to Lake View for school, hypocrite.
” but interesting story in the Trib today”
You must be talking about the liberals at Walter Payton HS, showing their typical hypocrisy and cowardice, by refusing to play baseball in Roseland? LOL, that cracked me up!! The school has all these skeptic type hypocrite parents that think they’re so “urban” and cosmopolitan as compared to the ‘burbs, and the first chance they get to deal with blacks, they shun them.
Hahaha this is all over local news. From the Trib today:
Headline: “Baseball forfeiture not race-related, principal says”
““The reasons for the cancellation stem from leadership issues within the baseball program.””
BWHAHAHAHAHAHA!!
Yeah those Payton kids are going to turn out completely well rounded I can tell already. Hell if it was a basketball game I could see the parents point even if still greatly over-reacting. But I guess all they know is the Cosby Show & Fresh Prince and think all sports are equal. People don’t get shot on the south side over baseball games. Heck I was surprised that school had a program.
I feel bad for that Brooks baseball coach who talked to the media today though–his career is now likely in for some trouble for telling the truth about not wanting to play that school again to the media. This is Chicago we have to keep the truth under the carpet at all costs afterall.
“The school has all these skeptic type hypocrite parents that think they’re so “urban” and cosmopolitan as compared to the ‘burbs, and the first chance they get to deal with blacks, they shun them.”
Dan: Whites are in the minority at Walter Payton. Yes, they are the largest group at 36.8% but Hispanics are 24.9% and African Americans aren’t far behind that. The school seems pretty diverse to me.
And 30.6% are considered low income students.
“30.6% are considered low income”
Yeah, ‘considered’–given that (1) the %age is based on participation in/qualification for free/reduced lunch, (2) there is no actual verification of the income qualification for free/reduced lunch, and (3) rapant fraud has been demonstrated (and is actively encouraged at some schools), ‘considered’ is about all the more one can say. If it’s consistent with the modeled estimate for CPS as a whole, it’s probably only about 3/4 of that (ie, about 23%).
LOL. I’ve been a Chicagoan my entire life, and I’m confident that qualifies me as being at least as urban as the next guy.
As for your bizarre rantings about our schooling choice, your overall ignorance of CPS makes a productive discussion impossible, but to clarify for the people here who can read:
We chose Hamilton precisely because it WAS diverse. Approximately 1/3 white, 1/3 black and 1/3 hispanic. It’s on our way to work, and all of 10 minutes away, so I’m not buying your assertion that we’re “running for the hills” to avoid the brown people. You are welcome to continue claiming that one should be chained to the school in closest proximity to ones’ home, but in a city with as many options as Chicago has, that seems pretty stupid.
I am quite happy to discuss why we didn’t choose Avondale Elementary. In a timeline order:
1. Principal never answered emails.
2. School is too large for my taste.
3. Friends who sent their kids there said they weren’t challenged, especially if they were at or above grade level.
Paranoid racist fantasies that didn’t enter our thinking:
1. Gangs control the school.
2. White people are smart/Hispanic people are stupid (see note on Hamilton’s student body)
“You must be talking about the liberals at Walter Payton HS, showing their typical hypocrisy and cowardice, by refusing to play baseball in Roseland? LOL, that cracked me up!! The school has all these skeptic type hypocrite parents that think they’re so “urban” and cosmopolitan as compared to the ‘burbs, and the first chance they get to deal with blacks, they shun them.”
“skeptic,
is your high school schurz? because that’s not diverse at all at 95% hispanic, it’s more homogenous than even the whitest of white schools in the suburbs.
“is your high school schurz? because that’s not diverse at all at 95% hispanic”
No, it’s not:
“As of 2012-2013, the largest demographic at SCHURZ HS was Hispanic. As of that time, this demographic made up 81.5% of the student population. The second greatest demographic was Black at 8.4%. ”
http://www.cps.edu/Schools/Pages/school.aspx?id=609729
Not that (a) I think Schurz is in any fashion ok, nor (b) is/are skeptic’s kid(s) likely to go there.
Also, with as huge as the attendance area is, it’s pretty small– ~600 freshmen.
Heck.. I’ll admit it.. Color doesn’t matter to me at all but no way would I ever allow my kids to go to school with poor kids..
I just looked up the stats on the High School for where my last home was. 40% minority but seems like 80-90% of that was Asian.
Sounds diverse enough for Ze’s non-existent rugrats.
I don’t mind poor people whatsoever, many folks of limited means are good neighbors, and do jobs that need to get done. I do mind poor people who don’t value public education. Unfortunately there really isn’t a way to screen out the latter in the public schools.
I think Schurz is our HS, and it does have an IB program coming, but I tested into LPHS’s IB program and ultimately passed in favor of Ignatius as I didn’t like the “quarantining” of the IB kids.
Our kid will test into the tough schools like Northside Prep, unquestionably. Lane may be worth pursuing, but we do have friends with kids there saying it’s not as challenging as the boosters like to say it is. My alma mater St. Ignatius is certainly an option.
What helmethead doesn’t grasp is that part of being smart is having the confidence not to freak out at the prospect of navigating complex systems.
“friends with kids there saying it’s not as challenging as the boosters like to say it is”
How challenging do the boosters say it is?
Ha – to listen to them, you’d think it was a giant IB program in terms of academic rigor. It goes with the whole rebranding from Lane Technical High School to Lane Tech College Prep.
To be clear, there are very, very good things happening at Lane, and I have lots of friends who went there back in the day who vouch for it. But my suspicion is that the size of the school makes it fairly easy for smart kids to get by just doing the bare minimum.
“How challenging do the boosters say it is?”
Skeptic’s kid goes to school in Lake View in a full-blown yuppie neighborhood, he’s a St. Ignatius grad himself, and let’s face it….his kid will go to an elite HS, either North Side, or Ignatius.
It doesn’t get any more hypocritical than that, because these options are acceptable to skeptic because White people created and run the institutions and maintain the standards!!! Keep on digging yourself in a hole.
Nobody believes this 1/3, 1/3, 1/3 lie you’re pushing. manufactured racism and forced/managed equality is a bizarre concept anyway, it’s completely racist to even notice that kind of stuff, hypocrite. Yet that’s what liberals do. Your diversity requirement is a lie. You won’t take your kid out of Hamilton when it becomes a White-American neighborhood school. What should happen is HONEST people, those folks who pay up to live in Lake View, like to live around people they have cultural commonality with, those not embarrassed to profess they like White-American standards etc. it’s those people’s kids that deserve to go to their own local neighborhood school. It would be great if Skeptic’s kid was bumped out, but skeptic wouldn’t care anyway, he hates white-american schools.
“the size of the school makes it fairly easy for smart kids to get by just doing the bare minimum”
Smart kids can get by doing the bare minimum almost anywhere, depending on what they and their families let be the bare minimum.
Or are there actually schools that will give a really, really smart kid an F bc s/he was only doing 92% work in ‘regular’ classes instead of 100% work in ‘honors’ classes?
“As of that time, this demographic made up 81.5% of the student population.”
That has decreased in the time since I looked it up a few years ago.
Not an F, but in smaller schools or a place like Ignatius teachers will notice a kid who isn’t giving 100% and they will challenge them and find a way to get them to push themselves.
helmetheads’s rant is rather comical, given that there are plenty of people like myself who both grew up in the area and continue to have strong ties. Moving 10 minutes away from where I grew up isn’t exactly like uprooting and going to NYC (not that there is anything wrong with that).
but hey, good luck pushing that “White American” thing!
“Smart kids can get by doing the bare minimum almost anywhere, depending on what they and their families let be the bare minimum.
Or are there actually schools that will give a really, really smart kid an F bc s/he was only doing 92% work in ‘regular’ classes instead of 100% work in ‘honors’ classes?”
“notice a kid who isn’t giving 100% and they will challenge them and find a way to get them to push themselves”
I’m picturing ‘Your mind powers will not work on me’, with the roles reversed.
Push, smush, inspire, perspire; the smart kids who don’t wanna, won’t.
“That has decreased in the time since I looked it up a few years ago.”
And if the trend continues, it’ll be the dispicable evenly split school in another decade.
“..they like White-American standards…” I can’t stand your know it all but never going to do it myself persona. You add negative value to discussions about how other people elect to raise their children you comical baboon. (My sincere apologies to baboons everywhere for having slighted them.)
Anon (tfo) posted “…Push, smush, inspire, perspire; the smart kids who don’t wanna, won’t.”
In my experience the most important motivator of kids who could coast were the values & expectations of their peers.
“And if the trend continues, it’ll be the dispicable evenly split school in another decade.”
It’ll be gang warfare in the halls, in the streets, in Kilbourn Park
pedo bear approves of HH’s pic of young teenage girls….
“We chose Hamilton precisely because it WAS diverse. Approximately 1/3 white, 1/3 black and 1/3 hispanic. ”
You’re either liar or an idiot, or both. That goes for any parent that claims diversity as the objective function for which school their kids attend. But I’m happy for you in a sense: I can’t wait until you see the other 66% basically be offered free college while you have to pay out the wazoo.
“pedo bear approves of HH’s pic of young teenage girls….”
Ze read that and had high expectations.. Ze very dissapointed… The 2nd one from the coach is the only good one, but needs to be taken away and fed nothing but a few slices of pineapple a day for about 2 months…
“In my experience the most important motivator of kids who could coast were the values & expectations of their peers.”
Speaking as one who could coast.. the only motivator I ever had was that i grew up around nice shit, wanted nice shit, and needed nice shit. So eventually I woke myself up just long enough to make certain I got myself the nice shit. … Then back to sleep…….
“Speaking as one who could coast.. the only motivator I ever had was that i grew up around nice shit, wanted nice shit, and needed nice shit. So eventually I woke myself up just long enough to make certain I got myself the nice shit. … Then back to sleep…….”
I gotta hand it to you Ze, you’re one of the most benign heebs around. You stopped at the greed & money and left it there. Usually the other 50% of the equation for you guys is the feverish destroying of american culture, pushing immorality on society, support of dubious “charitable” groups, and otherwise being hostile to us in almost every possible way.
“I can’t wait until you see the other 66% basically be offered free college while you have to pay out the wazoo.”
Who’s offered free college?
President Obama? Oh wait…he had student loans too.
You’re more likely to get a scholarship due to the state/region you’re from than the color of your skin. Like I’ve said many times before, grow up in places like South Dakota, and you’ll get scholarships.
“Who’s offered free college?”
The lmc at HYP.
A note to all the Crib Chatter faithful –
1. You do not stand a chance in this market unless you have an extremely seasoned and knowledgeable realtor. The unrepresented = risks to the listing agent and will not be gambled on with so many offers coming in. Smooth and quick transactions are better than a dual agency situation which rarely ever leads to the listing agent keeping the entire commission. Using a Redfin agent is almost worse than not being represented at all. Redfin agents are put to the bottom of the list unless there is a general lack of interest in the property. Having an offer accepted takes a lot more than the highest price. The listing agent wants a familiar and trained agent on the other side to reduce the risks of the deal not closing. A good agent is essential in this market!
2. Investors are right! The combination of low home prices, low interest rates, and high rents = 7 – 15% leveraged yields for today’s prudent investor. Lock in a 2.75% 15-year interest rate and enjoy the rents as they continue to increase y o y. After 15 years the price paid means absolutely nothing. It is all about cash flows, and cash flows work very well with interest rates at historical lows.
I purchased a 1 bedroom property in east Lincoln park (20 unit building) for $170,000. I financed $140k for 15 years at 3%. The total months expenses are: mortgage $966, assessments $130, taxes $225 (monthly), and insurance $55, for a total monthly cash out flow of $1,381. I rented it the first person who walked in for $1,400; given the location this property should never be vacant. In 15 years the place is paid off and I have a lifelong cash flow stream with no debt. Allocating $30k from my IRA to a long-term revenue stream like this is hard to argue. I have 4 now and I plan to add 2 more; if the market allows.
3. Foreclosures / Short sales – It is a rigged game and you have little chance of receiving an accepted offer; other than if the pros and insiders pass on the property. You don’t really think all those never heard of before listing brokers for REO’s don’t have a network of buyers with kickback coming in on every deal? If you don’t think the system is corrupt, let me know the next time you are in Arizona and I will sell you some really rare desert sand.
High rents and low rates are driving this market. Investors are have the market, and the other half are simple buyers unwilling to pay 30% more in rent expense as it would cost to actually own.
I think some of you will remember what I said about the better areas of Lincoln Park in 2007. Location drives demand, and demand is in full force in the best locations.
“You’re more likely to get a scholarship due to the state/region you’re from than the color of your skin. Like I’ve said many times before, grow up in places like South Dakota, and you’ll get scholarships.”
Using Ivy League as the example, there’s more to it, as Mr. Unz explains with regards to admissions:
http://www.theamericanconservative.com/articles/the-myth-of-american-meritocracy/
Heitman is back and also see this!
http://www.zerohedge.com/news/2013-04-29/presenting-housing-bubble-20
there’s no bubble. it’s not even frothy. i never thought id be saying this. low inventory, high rents, low intersest rates make for a competitive market. start showing me $200k crapshacks in Bellwood or 2/flats for $500k in Rogers park or $500k bungalows in Albany park and ill show you a Bubble. wealthier people overpaying for green zone homes or upper middle class suburban homes is buyers paying too much, hardly a bubble.
“I gotta hand it to you Ze, you’re one of the most benign heebs around. You stopped at the greed & money and left it there. Usually the other 50% of the equation for you guys is the feverish destroying of american culture, pushing immorality on society, support of dubious “charitable” groups, and otherwise being hostile to us in almost every possible way.”
I consider myself relatively young, so there is still plenty of time remaining to engage in those other things… I must admit, I often sit out on my surfboard, waiting for the next wave, consumed by thoughts of destroying “your” culture.
“there’s no bubble. it’s not even frothy. i never thought id be saying this. low inventory, high rents, low intersest rates make for a competitive market. start showing me $200k crapshacks in Bellwood or 2/flats for $500k in Rogers park or $500k bungalows in Albany park and ill show you a Bubble. wealthier people overpaying for green zone homes or upper middle class suburban homes is buyers paying too much, hardly a bubble.”
I agree- it’s not a bubble. But I disagree about it being frothy. The great reflation is happening.
When you have 10 bids on a “estate sale” property in the outer neighborhoods without good schools or transportation- it is frothy indeed.
When you have people buying houses that need to be renovated in suburbs like Park Ridge sight unseen (yes- this is happening- they’re not going inside because they want to get their bids in). When a large percentage of the home purchases are all cash. When you’re getting outbid AFTER you’ve gone into contract (before attorney review) by another buyer who comes in with all cash.
These are all signs that the pressures are building. It may take a year or two for it to get REALLY crazy again. But the froth is there.
$350k crap shacks in Portage Park don’t do it for you HD? What about $400k 1000 square feet 1890s farmhouses with no air conditioning or parking in Evanston? Oh- and those all sold in 3 days with multiple bids.
Yeah- bidding wars in Portage Park. Good times.
A “competitive” market?
No way in hell.
“Using Ivy League as the example, there’s more to it, as Mr. Unz explains with regards to admissions:”
Of COURSE Dan. That is what I’m saying. Race is way down on the list. They look at geography even more. And if your last name is Trump, do you think you’re getting into Penn? Of course you are. All of The Donald’s kids have gone there. Are they all geniuses? I don’t think so.
How do you think John F. Kennedy Jr. got into both Brown and NYU law school? Because he was so smart?
There is preferential treatment of ALL kinds. It’s not just about the color of your skin. Cop a clue everyone.
“Lock in a 2.75% 15-year interest rate and enjoy the rents as they continue to increase y o y.”
They can only go up “year over year” if incomes also rise. Which isn’t happening.
You can’t get blood from a stone.
“Icarus, I’d rather not share with the larger group. I guess it was unfair of me to ask where you bought.
shoot me an email at vlajos_2000@yahoo.com”
sent you an email a few days ago. check that junk folder
Sorry Icarus, send to vlajos72@gmail.com.
I will respond today!
” Race is way down on the list. They look at geography even more.”
You didn’t read the article. You have it all wrong.
“wealthier people overpaying for green zone homes or upper middle class suburban homes is buyers paying too much, hardly a bubble.”
Microbubbles! The Hamptons are insane right now, above pre-crash prices. When the Fed turns on the spigot, follow the money. Who gets to handle the new money first? Wall Street and the US Fed Gvt. and foreigners. 2/3 of US dollars are outside the USA today, thanks to our decades-long trade deficits.
So, all the new dollars, and any foreign dollars repatriated back into the USA are going to end up first in coastal RE markets. The GZ is like a secondary wealthy market, not in the same league as the coasts (NYC, Miami, WashDC, and CA).
The only question about this analysis is why CA is so strong? It has an influx of Asian money, but it’s not connected to the $1 trillion printed to support the WashDC federal deficits, and it’s not plugged into Wall Street getting billions from the Fed window….(unless “Wall Street” really is located everywhere now, and CA really is a banking center.) I’m still amazed by Bay Area prices, as compared to Chicago. yeah they have “silicon valley” excess money, but it’s not that large overall in the Bay Area. So how places like the East Bay, Walnut Ck. Marin County, etc. support these insane prices without a Wall Street money pipeline has always befuddled me.
“$350k crap shacks in Portage Park ”
Cite, please.
wow a steve heitman sighting! Hey bro want to buy my place and rent it out for 15 bucks a month profit? You are totally getting a GREAT deal
Laws
When the gov came in and had to buy votes they attacked and the banks/lenders etc had to stop all forms of forclousers ets
some now have to go through the courts to get homes back
not going to argue politics on this
it is what it is
it distorts the stats
In a free market ups and downs are natural and they cure themselves with TRUE supply and demand / bids /asks
when the gov is involved and even heavier now than ever in our lifetimes
the fall down will be even nastier
Sonies – The $15 a month is not the return on investment my friend. After 15 years I will have 6 times my initial $30k investment (holding prices constant). Are you investment savvy?
CC’s resident raving hater posted “You didn’t read the article. You have it all wrong.” in response to Sabrina’s ”Race is way down on the list. They look at geography even more.”
As usual his narrow minded blind hatred fostered by a lower middle class upbringing/bias/mentality forms his posted thoughts. He pretends to favor meritocracy (no bumps for diversity) but never at the cost of allowing Asians or anyone other group to earn a disproportionate share of premier college admission spots diluting what he believe to be his peoples “% entitlement’ (that’s quotas to the rest of us Dan).
The article points out disparity in admissions to merit admission only @ top 5 CA public universities (40% Asian) vs Ivy League (15% Asian) but excuses it by geography: “…These days in America, most Asians are a heavily urbanized, highly affluent population, overwhelmingly part of the middle- or upper-middle class, and boosting their Harvard numbers from three times their share of the population up to five or six might not be regarded as the best policy when other groups are far needier…”
Yeah, conservative teabaggers can be counted on to cry (and sue) to “level the playing field” except when meritocracy doesn’t help them!
” conservative teabaggers”
I am by no means a “conservative teabagger” but to casually throw that out there might make you feel better, but it’s really, truly, honestly, no better than using the noun “libtard” or “lame stream media”. Im and Im sure many other, disregarded everything you said prior to that as soon as I saw the word “teabagger”.
“I often sit out on my surfboard, waiting for the next wave, consumed by thoughts of destroying “your” culture”
Yup the rich American culture of Spielberg and Kubrick movies ruined by your people Ze. Oh wait they where Jewish. The horror of it all.
HD: thanks for the feedback – it’s a little different than your recent snide comments about my posts but no less ignorable
One other thought HD – I have no concern about offending Dan & BubbaBob, who if it were true UCLA was willing to admit him (given Bob’s repeated posting of lies here that too is highly doubtful) it would demonstrate that schools admit much less qualified but geographically diverse applicants, over other, more qualified applicants, in order to expose other attendees to people from hillbilly backgrounds and the like for the broadening that may accomplish. Not a worthy objective imo.
“Yeah, conservative teabaggers can be counted on to cry (and sue) to “level the playing field” except when meritocracy doesn’t help them!”
You are an crude animal southbound. Like putting words in other people’s mouths? You’re in fantasyland, as usual. I didn’t say anything about that article, other than to read it, it speaks for itself. (It pretty much proves that everything I say is accurate.) I agree with all of it. Sorry to say, but Sabrina’s theory and opinion on colleges isn’t backed up by anything. People should read that article, read it yourself, it takes a long time, but the facts are startling.
“One other thought HD – I have no concern about offending Dan & BubbaBob, who if it were true UCLA was willing to admit him (given Bob’s repeated posting of lies here that too is highly doubtful) it would demonstrate that schools admit much less qualified but geographically diverse applicants, over other, more qualified applicants, in order to expose other attendees to people from hillbilly backgrounds and the like for the broadening that may accomplish. Not a worthy objective imo.”
You’re an idiot southbound. You also obviously didn’t read that article and the facts contained within it.
1) “In the three decades since I graduated Harvard, the presence of white Gentiles has dropped by as much as 70 percent, despite no remotely comparable decline in the relative size or academic performance of that population”
2) When examining statistical evidence, the proper aggregation of data is critical. Consider the ratio of the recent 2007–2011 enrollment of Asian students at Harvard relative to their estimated share of America’s recent NMS semifinalists, a reasonable proxy for the high-ability college-age population, and compare this result to the corresponding figure for whites. The Asian ratio is 63 percent, slightly above the white ratio of 61 percent, with both these figures being considerably below parity due to the substantial presence of under-represented racial minorities such as blacks and Hispanics, foreign students, and students of unreported race. Thus, there appears to be no evidence for racial bias against Asians, even excluding the race-neutral impact of athletic recruitment, legacy admissions, and geographical diversity.
However, if we separate out the Jewish students, their ratio turns out to be 435 percent, while the residual ratio for non-Jewish whites drops to just 28 percent, less than half of even the Asian figure. As a consequence, Asians appear under-represented relative to Jews by a factor of seven, while non-Jewish whites are by far the most under-represented group of all, despite any benefits they might receive from athletic, legacy, or geographical distribution factors. The rest of the Ivy League tends to follow a similar pattern, with the overall Jewish ratio being 381 percent, the Asian figure at 62 percent, and the ratio for non-Jewish whites a low 35 percent, all relative to their number of high-ability college-age students.
lots more in there….just read it
Stop it Dan. Just stop it.
I’m so SICK of you and your “the Christians are doomed at Harvard” rants.
You DO know that the Jews were purposefully excluded from nearly all of the Ivy League for decades, right? So bully for them for making up for lost time. If you can’t compete, then get out of the kitchen.
And no one ever answered my point about John F. Kennedy, the Trumps and numerous other celebrity children who get into these schools. Whose spot did they “take”? What smart kid didn’t get in because JFK Jr. was waved through the door at Brown?
Enough said. I’m SO TIRED of this argument.
If you have the grades, you get in.
Helmet and Bob need Zé to share some of his folha de bananeira.
Steve: The market must be improving for you to show up again and start gloating about how “great” real estate is.
What about special assessments, maintenance when appliances break down, repainting the unit every time someone moves out, replacing the carpet after the all night binger had 5 people throwing up on it, higher property taxes when pensions can’t be paid? Do you allot for those things?
You make it seem so easy when in reality- it’s hard being a landlord. I’m not saying you can’t make money. But you can make money at a lot of things and not get the phone call at 1 am when the toilet is stopped up.
“$350k crap shacks in Portage Park ”
“Cite, please.”
I know people looking in that area. They have been outbid several times. They wanted to pay $260k or $275k. Sellers insisting on around $350k. For your standard non-renovated bungalow. And they’re selling (just not to the people I know- who refused to pay it.) I don’t think most of them have closed yet or I would link to one.
I thought Portage Park was middle class? Since when were houses there supposed to sell in the $300,000s and $400,000s? (except during the bubble?)
“Sabrina (April 30, 2013, 11:35 pm)
“$350k crap shacks in Portage Park ”
“Cite, please.”
I know people looking in that area. They have been outbid several times. They wanted to pay $260k or $275k. Sellers insisting on around $350k. For your standard non-renovated bungalow. And they’re selling (just not to the people I know- who refused to pay it.) I don’t think most of them have closed yet or I would link to one.”
The last time this came up, I *scoured* Redfin, in both listed and under contract, and could not find more than one (maybe–no interior pix) unrenovated bungalow *listed* for over $300k. Maybe it’s a problem of how Portage Park is defined on RF, but I asked that too–if it was a location difference. Your anecdotes are not data–if there are sellers insisting on $350k for crapshacks in PP, there’d have to be listings for them, right? Can you find one, bc I tried and couldn’t.
Now $450k for a reno’d one is just as nuts, but that’s not what I’m interested in–it’s obviously the case that those are selling (for some reason).
Anon(tfo):
http://www.redfin.com/IL/Chicago/5324-W-Warner-Ave-60641/home/13477884
I guess you didn’t “scour” enough.
It’s no longer anon(tfo), it’s anon(troll)!
http://www.redfin.com/IL/Chicago/5324-W-Warner-Ave-60641/home/13477884
Doesn’t look like a crap shack and it sold for $339K.
“Sabrina (May 1, 2013, 8:33 am)
Anon(tfo):
http://www.redfin.com/IL/Chicago/5324-W-Warner-Ave-60641/home/13477884
I guess you didn’t “scour” enough.”
I what way is that unrenovated? Because it doesn’t have granite counters?
“homedelete (May 1, 2013, 8:35 am)”
It’s no longer HD, it’s DH.
I don’t think Sabrina is married…
Basic supply and demand. With rates lower than during the bubble, monthly payments are within reach (assuming all, the other pieces fall into place) of a larger slice of the “middle class”.
More demand > higher prices.
” I thought Portage Park was middle class? Since when were houses there supposed to sell in the $300,000s and $400,000s? (except during the bubble?)”
“I thought Portage Park was middle class? Since when were houses there supposed to sell in the $300,000s and $400,000s? (except during the bubble?)”
Portage Park is a pretty large neighborhood and it has a good mix of incomes. I certainly wouldn’t pay high $300K for a bungalow there (i’d actually never pay that much for a bungalow unless it was kickass awesome). However, the foursquares do fetch in the $400K range assuming they’ve been updated. Some owners, like the house on Long that I often link to, still think they will get half a million for a home with 1 bathroom.
What’s with the negative rating above?
Anon(troll) accused me of being Sabrina’s Dear Husband, and I said I don’t think she’s married, so it’s impossible for me to be her husband. We dont’ have common-law marriages in IL. And I get a -5. what nonsense.
I’m surprised you are still concerned with the thumbs down numbers. I’ve been taught repeatedly there’s often no rhyme or reason. My favorite was mentioning a trip to lakeshore east playground where everyone else there was speaking a foreign language. THUMBS DOWN! said the peanut gallery.
Maybe people think tfo meant designated hitter and you are a jamoke for the mistake.
“Maybe people think tfo meant designated hitter and you are a jamoke for the mistake.”
Either interpretation is acceptable is an acceptable reading, even though anon(troll) may have meant designated hitter, baseball analogies generally suck.
” And I get a -5. what nonsense.”
Couldn’t help myself.. had to make it negative 6….
and how many mommy blogs are you reading that you go with dear husband over designated hitter?
DH is adding the DA routine to his DH routine. Fun!
“and how many mommy blogs are you reading that you go with dear husband over designated hitter?”
LIke I said, I don’t like baseball analogies.
“DH is adding the DA routine to his DH routine. Fun!”
I don’t even know what this is supposed to mean.
“I don’t think Sabrina is married…”
Don’t bring that up, it might bring out Southbound latent hatred of those CC’ers who are unmarried and “losers”.
“Facts are that unqualified Jews get preferential treatment over more qualified Asians by a factor of 7 and over more qualified gentile Whites by a factor of even more.”
Ha!! I just drew a star of David in the top right corner and a Menorah in the bottom right and I got into both that I applied to. Being a Khazar does have its advantages!!
And no way do I share the secret handshake that got me past 19 interviews at Goldman.
I’m still not so sure why anyone’s hung up on Ivys. Aside from those that want to work in government, I can’t recall any interesting research coming out of an Ivy over the past decade or so. And by interesting research I mean scientific research not some sociology study about nineteenth century bushpeople or other such nonsense.
Hold on Bob, you are following research in all fields that come out? That is impressive. How do you do that?
““and how many mommy blogs are you reading that you go with dear husband over designated hitter?”
LIke I said, I don’t like baseball analogies.”
yeah but still, those mommy blogs/forums will whither your gonads. I read some, when I was trying to get my kid to sleep at night, and they were miserable. I’d have to watch old Kimbo Slice videos to feel better.
In response to “I don’t think Sabrina is married…” Helmuthead posted:
“Don’t bring that up, it might bring out Southbound latent hatred of those CC’ers who are unmarried and “losers”.”
I only hate ignorant bigots who repeatedly post lying hateful meaningless crap. And since only losers would bother doing that, it doesn’t surprise me that you and Bob have no significant other in your lives.
April was another blowout month: http://www.chicagonow.com/getting-real/2013/05/chicago-real-estate-market-update-april-home-sales-123/
Sales up 32.5% over last year, but IAR will report more like 27.8%. I point out that sales are really back to what should be considered a “normal” level.
Contract activity still strong. % distressed sales continues to fall as does months supply of inventory.
Gary, thanks for posting. There is now only 4.1 months supply? Wow!
“There is now only 4.1 months supply?”
And if you strip out the severely mispriced and/or crapshacks, it’s probably only 6 weeks.
It really is amazing. Just when you think it can’t go any lower…
Of course at the really high end – above $2 MM – it’s much higher.
What’s the months supply at that end? How does it compare to years past?
Well, like everything else it’s way down from what it was. It’s at 9.9 months vs. as high as 30.9 in Sept 2011.