Market Conditions: Should the Epsteins Have Rented a House Instead of Buying?
Crain’s is reporting that new Cubs GM Theo Epstein and his wife purchased a new construction home at 3618 N. Greenview in the Southport neighborhood of Lakeview for $3.25 million in November.
The house had been on the market a year and was listed at $2.999 million. Crain’s is reporting that the Epsteins paid 8.3% over list.
The 5-bedroom house was built on an extra wide Chicago lot measuring 37.5×123.7 and had a rare 4-car garage.
The Lakeview home has four fireplaces, a master bedroom with two large dressing rooms, a four-car attached garage, a deck and a patio, according to a listing. The first floor features 12-foot ceilings, and finishes include herringbone-design wood floors, eight-foot doors and custom paneling and millwork, said Sabina Kontos, the listing agent and owner of PLD Homes.
Ms. Kontos, a broker with Jameson Sotheby’s International Realty, declined to comment on the transaction or the buyer.
The home almost went to another big name in Chicago sports: Chicago Blackhawk Patrick Sharp, who had a signed contract to pay $2.9 million for the property in October, according to county records. But that deal fell through and Mr. Sharp gave up any claim in early November.
This purchase brings up several questions:
1. Should the Epsteins, being new to a city, have rented first?
We have chattered about how if you have a long term time horizon then buying could be a good option right now. Mr. Epstein worked in his last job in Boston for 9 years.
There are several nearby new construction luxury homes for rent anywhere from $7500 to $10,000 a month if they wanted to get a feel for the neighborhood before putting down roots.
2. Is this the most expensive home sale EVER in Southport?
Remember from G’s data- through November of this year, only 78 properties in the entire Chicago metro area have sold for over $3 million. That data includes the most exclusive addresses in Lake Forest, Hinsdale, Lincoln Park etc. Only 7 sold in the month of November, including this house.
From researching the public records, I could only find 2 homes in the Southport neighborhood in the last 3 years that even came close to this price.
- 3537 N. Greenview: Sold in December 2008 for $2.69 million (also new construction)
- 3743 N. Greenview: Sold in December 2010 for $2.7 million (also new construction)
3. First Rosie O’Donnell buys in this neighborhood (for $2.25 million) and now Mr. Epstein.
New construction appeals to upper-bracket buyers because they can choose finishes and decor from the start.
“If they’re going to pay top dollar, sometimes people prefer to buy brand-new,” Ms. Ballis said.
She attributes the Southport Corridor’s popularity to nearby restaurants and entertainment and the highly ranked public James G. Blaine Elementary School.
“It gives families options,” she said. “Some would rather have a public-school education and like having the option of going public or private.”
Has Southport surpassed Lincoln Park as the most popular neighborhood for the wealthy in the city?
How high will single family home prices in this neighborhood go?
You can see 3618 N. Greenview here.
New Cubs Pres Theo Epstein pays $3.25 milion for home near Wrigley [Crain’s Chicago Business, Mary E. Morrison, December 6, 2011]
The house is a few blocks from the stadium, it’s incredible nice if it’s worth 3+million, its in Blaine school district, and he makes plenty of money. I don’t think he cares whether or not he sells for a profit 5-10.
If he manages the Cubs the way he manages his real estate decisions, we are in trouble……..
“The house is a few blocks from the stadium, it’s incredible nice if it’s worth 3+million, its in Blaine school district, and he makes plenty of money. I don’t think he cares whether or not he sells for a profit 5-10.”
So rich people suddenly don’t care if they lose money?
Since when?
Always thought it was prudent when in a job-related relocation situation to rent for several months, perhaps in a furnished unit, while checking out a new city and its environs. This way the newly relocated family can get its bearings, evaluate several neighborhoods which seem to meet their requirements, confirm school choices, and have opportunity to consider several houses without feeling unduly rushed/pressured into overbuying or imprudent choice.
Perhaps Epstein has several kids plus a wife unhappy with the relocation, and they reacted to a perceived need to get “settled” ASAP, housewise, schoolwise, and family issues-wise. Quick decisions regarding real estate purchases are a big gamble on several fronts: overspending, overvaluation in offer price, wrong house, wrong block, wrong neighborhood, wrong neighbors, etc. Sounds like a “gut decision” occurred, and the selected house was deemed “the one”. Hope it turns out that way for this family.
The more interesting question to me is simply that this house is probably the most expensive to ever sell in this neighborhood.
Over $3 million! Without a double lot. In Southport. (formerly a working class neighborhood)
Wow.
It is rare for a $3 million SFH to sell in Lincoln Park- let alone this neighborhood.
By the way, this house photographs beautifully, though a professional photographer can easily mask shortcomings and create an ambience unmatched in real life. House seems very formal for a family with young children. Anyone calculate the anticipated RE taxes based on purchase price? I expect they’ll be nosebleed high. Hope he has a strong first season, and is able to stay in Chicago for several years to amortize this gut decision purchase.
Because most of the CC peanut gallery consists of proles who know nothing of how the labor market works, let me impart some wisdom. Folks with a rare skillset, like Mr. Epstein, often get a negotiated housing allowance for a move like this, and assuming Mr. Epstein doesn’t completely tarnish his reputation in Chicago, he’ll likely be able to negotiate a house buy in connection with his next job. Hence, he can easily make decisions as if he is spending someone else’s money (see, e.g. Chicago, Crook County and Illinois State governments) because he probably is.
“So rich people suddenly don’t care if they lose money?
Since when?”
What PermaBear said.. plus.. Mr. Epstein, professionally speaking, deals in a daily series of wins and losses. If he were not capable of handling losses, he would not be where he is right now. Someone of this profile won’t like his loss, but is more likely to see it as part of any endeavor which might possibly result in winning, as well.
This is what happens when the 1% has too much money to spend.
“This is what happens when the 1% has too much money to spend”
is it scary that i was going to type the same thing and then scrolled down and saw HD posted it first?
What am I missing? Why did they pay above asking price?
“Has Southport surpassed Lincoln Park as the most popular neighborhood for the wealthy in the city?”
I don’t think so. I just think Theo wants to live by Wrigley, simple as that.
And wow that is a lot of white for someone with young kids!
“Mr. Epstein, professionally speaking, deals in a daily series of wins and losses. If he were not capable of handling losses, he would not be where he is right now. Someone of this profile won’t like his loss, but is more likely to see it as part of any endeavor which might possibly result in winning, as well.”
WAIT WAIT WAIT – How is it that when someone else makes a purchase now, he/she is a “knife-catcher” but when Epstein does it, he is a “player”. ARE YOU KIDDING ME?
“What am I missing? Why did they pay above asking price?”
They wanted (quite a bit of) extra stuff done?
Beautiful crib in a great hood. Overpriced perhaps, but wow!
Can we back up a second?
Southport is a street, not a neighborhood. This will just get obnoxious if we allow this to continue—like when people refer to Humboldt Park as Wicker Park West.
So the question should read.
“Has Lakeview (Wrigleyville) surpassed Lincoln Park as the most popular neighborhood for the wealthy in the city?”
😉
Clio,
I was not suggesting either of knife-catcher or player. I was merely commenting on someones probable ability to dissasociate themself from losses. More acurately, to see losing and winning, both, as possibilities, and thus accept the shitty losses better than most can.
“Has Southport surpassed Lincoln Park as the most popular neighborhood for the wealthy in the city?”
I’m a big fan of my hood but even I would say the neighborhood is getting a little bubbly. An empty standard lot here sold for $575k this summer. Lululemon is even moving in – does that mark the top?
What, no mocking of the realtor for “MATICULUSLY” in the listing description?
Wow, so I hope enjoys drunk Cubs fans pissing and puking in front of his house on purpose, when they suck again.
“What am I missing? Why did they pay above asking price?”
Why did anyone ever pay above asking price in the past? To ensure that they get the house quickly and outbid other buyers. Or to have leverage as DZ suggested. After all, if I give you an extra 8% for your house, especially in this market, are you gonna argue about letting me keep the drapes. 🙂
At some net worth figure the dollars just become numbers so they don’t care as much and can focus exclusively on quality of life.
In other words losing 100k is probably a big deal to most who post here. But I don’t think epstein would lose an eye of sleep over a half mill.
And do you really think Rex Grossman loses sleep over his Trump tower loss? I bet he gives two sh1ts.
To be fair, is there anyone who would disagree that trying to make our lovable losers into a franchise with a winning culture isn’t some serious work?
And I still don’t grasp what everyone thinks this “Southport” neighborhood is – this guy’s purchase is proof positive IMO that the area is interchangeable with Wrigleyville, or perhaps calling it a subset of Wrigleyville would be accurate – LV2 zoning for night games that seems like a pretty good marker in the Wrigleyville column. How are people in the trade defining these two areas? Is there really a noticeable difference for those living on say 3400 N. Lakewood as opposed to 3400 N. Jannsen?
“Over $3 million! Without a double lot. In Southport. (formerly a working class neighborhood)”
nice house. very white inside. J Lo would like this place.
“Why did anyone ever pay above asking price in the past? To ensure that they get the house quickly and outbid other buyers.”
The house had been at this price for over a year. It’s not likely it was going to get taken away. And I doubt a seller would be willing to do a lot of extra work for a buyer – way too risky. I just don’t get it – unless the listing agent told the buyer that someone else was interested and the buyers got nervous and really wanted this particular house. On the surface it would appear that the buyers put themselves in a weak position.
seller/agent probably realized it was cubs looking at place, saw what they spent on last years team and asked for more. personally, I think they should have aimed higher, extra half mil minimum.
“So rich people suddenly don’t care if they lose money? ”
Not giving a fuck isn’t limited to rich people, it’s just a lot easier to pull off when you’re rich. And as already pointed out Epstein is in a very fortunate position where he truly doesn’t need to care even if he wanted to.
“I was not suggesting either of knife-catcher or player. I was merely commenting on someones probable ability to dissasociate themself from losses. More acurately, to see losing and winning, both, as possibilities, and thus accept the shitty losses better than most can.”
Uhhhh – not true. There are actually MANY people out there (me included) that do the same thing.
“And I doubt a seller would be willing to do a lot of extra work for a buyer – way too risky.”
Even when the seller is the developer of the new construction home that’s being sold and even when the buyer is someone with obvious financial means? It still seems like a lot of extra work, if that’s what it was, but then again I’m not looking to buy a $3MM house.
Does it even matter what the 1% are doing? its not like the trickle down “joke” is working.
8% over list on a 3mil house isnt a market thermometer and has nothing to do with the the real works of things.
its just a new story to keep the peasants minds of the their starvation
You really think Epstein is going to care 5 years from now if he loses 3-500K? On this thing?
“And do you really think Rex Grossman loses sleep over his Trump tower loss? I bet he gives two sh1ts.”
He probably doesn’t even know.
hahahahaha yeah this multimillionaire should totally be renting
are you kidding me?
Believe it or not, there IS a stigma with renting a place and when you have made well over 25 million dollars in your lifetime, 3 mil on a house is “who cares” money
I wonder how much his house in Boston is worth?
“The home almost went to another big name in Chicago sports: Chicago Blackhawk Patrick Sharp, who had a signed contract to pay $2.9 million for the property in October, according to county records. But that deal fell through and Mr. Sharp gave up any claim in early November.”
Nobody sees this as related to the overbid? “Gave up any claim” seems unnecessary if just a deal that fell through.
“Perhaps Epstein has several kids plus a wife unhappy with the relocation, and they reacted to a perceived need to get “settled” ASAP, housewise, schoolwise, and family issues-wise. Quick decisions regarding real estate purchases are a big gamble on several fronts: overspending, overvaluation in offer price, wrong house, wrong block, wrong neighborhood, wrong neighbors, etc. Sounds like a “gut decision” occurred, and the selected house was deemed “the one”. Hope it turns out that way for this family.”
are you f-ing kidding me? You think the Cubs (who every year bring in multi-millionaires to relocate) don’t have a relocation consulting/expert team that would guide them to what exactly they are looking for?
Good grief people, you guys have no clue of how rich people work!
/end clio
Know how it went over ask?
Patrick Sharp had a contract on it for 2.999 and then Epstein swooped in and paid above ask.
Know how it went over ask?
Patrick Sharp had a contract on it for 2.999 and then Epstein swooped in and paid above ask.
FWIW, he only has one child who is 4.
Maybe he wanted some more custom work done, thats why he paid an extra 8% over list? Ever think of that?
I agree with sonies, this is a terrible data point to try to use as a signpost, and second-guessing someone in this situation as someone who should have rented because he might lose money is absurd.
can we at least agree that MC Hammer should have rented?
“can we at least agree that MC Hammer should have rented?”
depends how you want to look at it, in essence he did rent
you are assuming he didnt pay cash. if you recall, he was too legit to quit
“you are assuming he didnt pay cash. if you recall, he was too legit to quit”
that why we pray just to make it today. MC hammer was in a whole different league of 1%
“Patrick Sharp had a contract on it for 2.999 and then Epstein swooped in and paid above ask. ”
Patrick Sharp appears to be much smarter than that. His contract was actually recorded 10/14/11 and indicates it was executed 9/15/11. There is also a quit claim deed recorded from him that was executed just prior to closing. This doesn’t appear to be a simple contract “fell through” situation. As a Hawks & Sox fan, I can only smile at the possibilities.
Indeed – even his pants glittered like gold.
“MC hammer was in a whole different league of 1%”
very true groove, They do what they wanna do, say what they wanna say….
Dance how they wanna dance, kick and they slap a friend
“very true groove, They do what they wanna do, say what they wanna say….
Dance how they wanna dance, kick and they slap a friend”
LOL!!!!!!!! if i wanst so tired my brain could quote from his “hardcore” rap album. so i shall bow gracefully to your greatness and slowly walk away.
How things change. I used to babysit a kid who lived on Greenview one block south of Addison. This was in 1987. It was absolutely a working class neighborhood at the time, and any of the frame houses that dominated the area would have gone for around $150,000. Nothing new had been built in the immediate vicinity in 50 years.
Theo picked a great location. I love this area. He probably paid too much, but he doesn’t have to worry about money, so he probably figured so what.
O/T but did any watch House Hunters last night on HGTV. They featured a young couple looking to buy a place for under $400k in Chicago. They wound up buying a modern new construction house in Humbolt Park that was listed at $379k. I think the house was featured on cribchatter or was discussed. Tried looking for the story but couldn’t find it. Their other two options were duplex downs in Wicker Park and Lakeview.
“They wound up buying a modern new construction house in Humbolt Park that was listed at $379k.”
can’t wait to see them on the next episode of COPS
So after reading all the comments above I’m probably reading too much into the statement that Patrick Sharp’s contract “fell through”. Maybe what really happened is the seller reneged on the deal after getting a better offer or maybe some money was given to Sharp to go away.
As for doing more custom work…not outside the realm of possibility if the seller gets proper protection from the buyer not closing after the custom work is completed.
For 3M I would have gone up to Kenilworth or Wilmette.
I don’t think that area is a good move for him to live at as well as raise his kids. Too much exposure.
Best of luck to him.
On another note he’s gonna need a full time employee just to wipe down all the white cabinets constantly.
“Maybe what really happened is the seller reneged on the deal after getting a better offer or maybe some money was given to Sharp to go away.”
I would guess the latter. Something made Sharp record that contract a month after signing it.
9/14/11 House relisted in MLS
9/15/11 Patrick Sharp purchase contract executed per ccrd
10/12/11 First reports that the Cubs and Theo Epstein agreed to a deal
10/14/11 Patrick Sharp contract recorded
10/21/11 Patrick Sharp quit claim executed per ccrd
10/22/11 Theo Epstein announces resignation from BoSox
10/25/11 New contract indicated in MLS
I understand his desire to live close to work, and Southport is a great city neighborhood.
However, he could have gotten a lot more for his $ on the North Shore. There’s a lakefront home not far from me in HP, an absolutely beautiful property and residence, that’s listed at $4 mln. But it’s been on the market for a long time, and he may have been able to get it for not much more than what he paid for his single-lot home in the city. See below:
http://www.realtor.com/realestateandhomes-detail/307-N-Deere-Park-Dr-E_Highland-Park_IL_60035_M76353-92274
Or maybe he wanted to live in the City.
“However, he could have gotten a lot more for his $ on the North Shore.”
yeah because that extra 2 hours commute each day is worth it to him in $$$ right? Maybe he didn’t want such a massive house and 7800 sqft is enough for him and his family…
Maybe the guy wants to spend as much time as possible with his kid during his few non-working hours, so he wanted to live close to work. last I checked, you can’t move the north shore any closer to wrigley field than it is, so this argument that you can “get so much more house in the burbs” is totally stupid and I for one am sick of it.
“Perhaps Epstein has several kids plus a wife unhappy with the relocation, and they reacted to a perceived need to get “settled” ASAP”
Yes, it is *excuciatingly* difficult to find any information about Theo Epstein’s personal life.
Perhaps he’s a member of a splinter Mormon-Jewish sect and actually has 3 wives.
I wasn’t saying he did the wrong thing living in the city. I might have made the same choice, because I value living close to work, as well. In that sense, you do get more for your money by choosing the house in Southport. Nothing wrong with that at all.
On the other hand, you do get a lot more land and a private lakefront with the listing I posted. That’s probably not important to him, and of course there’s a certain snobbiness inherent in owning such a place which may not appeal to him. I just put it out there as a point of comparison on what you can buy if you have oodles of money, which I assume he does. I salute his choice.
And Sonies, do your research before posting. The place in HP is only 6,500 feet – actually smaller than the house on Greenview that he purchased.
yeah because i’m sure the HP house doesn’t have a finished basement that they aren’t counting in sqfootage (not going to bother to even look)
“And Sonies, do your research before posting. The place in HP is only 6,500 feet – actually smaller than the house on Greenview that he purchased.”
“yeah because i’m sure the HP house doesn’t have a finished basement that they aren’t counting in sqfootage (not going to bother to even look)”
C’mon guys: (1) It’s jsut a number and (2) you can always rent some storage space and add that to the sqftage if you want more.
“C’mon guys: (1) It’s jsut a number and (2) you can always rent some storage space and add that to the sqftage if you want more.”
Or just count the “outdoor space” as square footage.
Do you have *any* idea on how many different ways there are to calculate area? Especially the area of (basically) rectilinear, planar spaces. You need to be a frickin astrophysicist to handle those calculations.
I only brought up the North Shore place because someone else on this thread said they were surprised he didn’t choose something on the North Shore. My aim in posting was to show what was available in his price range on the North Shore, not to criticize his choice to live in the city.
And if I had his money, I’d also be living in Lakeview and sending my kids to private school, just for the record. I’m not anti-city.
“Do you have *any* idea on how many different ways there are to calculate area?”
Infinite (uncountable, I think).
“You need to be a frickin astrophysicist to handle those calculations.”
Or a realtor. Or maybe not, I’m not quite sure.
“And if I had his money, I’d also be living in Lakeview and sending my kids to private school, just for the record. I’m not anti-city.”
But you can get so much more for your money on northshore.
“yeah because i’m sure the HP house doesn’t have a finished basement that they aren’t counting in sqfootage (not going to bother to even look)”
OK, Sonies. I can see you aren’t capable of admitting when you’re wrong.
“You think the Cubs (who every year bring in multi-millionaires to relocate) don’t have a relocation consulting/expert team that would guide them to what exactly they are looking for?”
You would think that if they had an expert team they would know how to buy a place without it getting plastered all over the news.
“But you can get so much more for your money on northshore”
You said it, DZ, not me. There are different ways of calculating value besides property size and location. Living on a small lot in a great home in a great city neighborhood can trump living on a large property in the suburbs for a number of reasons. If you have $3 million to spend, it’s a nice choice to have to make.
VA:F [1.9.11_1134]
This house costs less than his annual salary. If he had stretched himself financially then I’d say he’s open to criticism but, for such a small amount of his net worth, his quality of life is the most important factor. You rent and you might have to move out when your lease is up. Why not buy and provide continuity to your family.
“You would think that if they had an expert team they would know how to buy a place without it getting plastered all over the news.”
Hell, if they’d just called JMM. No need for so-called “experts”.
” You rent and you might have to move out when your lease is up.”
When you see what’s renting for $7200-7500/mo in a less convenient location, you decide to buy something affordable (for your situation).
does it even matter that a over paid guy, over paid for a over priced house?
Who are you assholes to judge the 1%? Go back to work, plebs.
Strange. I would have thought the rich actually can afford to buy old with character and then remodel to their taste as opposed to middle class who don’t have the cash to renovate.
“New construction appeals to upper-bracket buyers because they can choose finishes and decor from the start.
“If they’re going to pay top dollar, sometimes people prefer to buy brand-new,” Ms. Ballis said.
“
“Strange. I would have thought the rich actually can afford to buy old with character and then remodel to their taste as opposed to middle class who don’t have the cash to renovate.”
That because you are forgetting that many “rich” people are rich because they are smart and work hard and work a lot, not because they are the idle misfit descendents of generations of wealth. If you have a job and a busy life, you might value your time and energy too much to spend a lot of time dealing with a big renovation and the hassles associated with it.
“That because you are forgetting that many “rich” people are rich because they are smart and work hard and work a lot…. If you have a job and a busy life, you might value your time and energy too much to spend a lot of time dealing with a big renovation and the hassles associated with it.”
Or… you might value your time, occupy your time on a big renovation, and avoid the hassles of work.
Ticket prices subsidize this, so when booing an obscenely overpaid player, consider this Epstein guy fair game now too…..
“…consider this Epstein guy fair game now too…..”
He’s come from an environment with the most caustic sports fans this side of River Mersey, where he actually got them two World Series rings in less than ten years and the fans still hated him in the end, so I think that he can probably put up with whatever mindless vitriol a bunch of unfocused baseball dunce Cub fans can throw at him. If he fails, it’s still going to be on the Ricketts, just like the last two worthless years have been.
I’m still betting that Theo and or his wife added in many extra options into the home. Can you say ELABORATE home security and electronic brain aka Crestron system. That would push the price up be $100K easily. Then the wife did not like the finishes in the master bathroom so that is being torn up and redone to her tastes. I’m quite sure that Mrs. Epstein gets whatever she wants.
Theo wanted to make the move and take on the challenge of turning around the most broken down of all baseball organizations. I’d bet money that she was happy staying wherever they were living. As a result she got to spend the money and get what she wanted. My money says that he barely even saw the place before putting in the contract to the purchase the home.
Hopefully they will get the Cubs to win a World Series. When that happens hopefully they will be just far enough west to miss the looting and wilding in the streets.
Good luck Mr. Epstein. Hope that you can get done what so many others before you could not!
HOw many times did I say “hope” in that last comment.
Can you tell I am a cubs fan?
“That because you are forgetting that many “rich” people are rich because they are smart and work hard and work a lot, not because they are the idle misfit descendents of generations of wealth. If you have a job and a busy life, you might value your time and energy too much to spend a lot of time dealing with a big renovation and the hassles associated with it.
”
I beg to differ. The rich can hire decorators and with minimal wasting of time get the place renovated to their taste. Also I would love to know what is the occupation of the lady of the house. It is more likely that most of these guys are not old money but people who have next to no taste and buy a generic new construction with no hesitation.
From Wiki: “Epstein married Marie Whitney, a volunteer at Horizons for Homeless Children. ”
I am sure she is too busy to decorate or renovate her house taking care of all those kids all the time…lol
“Can you tell I am a cubs fan?”
keep drinkin that hoperade, maybe you guys will make it to the series before wrigley crumbles to the ground but i wouldn’t count on it
“It is more likely that most of these guys are not old money but people who have next to no taste and buy a generic new construction with no hesitation.”
You’re really saying that about Theo? Or people, in general, who chose to buy newcon homes in Chicago, rather than renovating?
If re Theo, he certainly seems cut from the typical “established” New England family cloth, which isn’t necessarily moneyed, but affects similar attitudes either way.
It seems clear from what G posted about the history of this property that Theo actually bought it from Patrick Sharp (who owned it for all of a few days)- and NOT the developer. Shouldn’t there be a premium to him of suddenly selling it to Theo? There is the transfer tax that has to be paid, lawyers fees etc. etc. And he needs some compensation for his troubles.
Sounds like the developer actually sold it for $2.9 million.
“O/T but did any watch House Hunters last night on HGTV. They featured a young couple looking to buy a place for under $400k in Chicago. They wound up buying a modern new construction house in Humbolt Park that was listed at $379k. I think the house was featured on cribchatter or was discussed. Tried looking for the story but couldn’t find it. Their other two options were duplex downs in Wicker Park and Lakeview.”
Marco- thanks for the heads up. I just watched it to see what it was you were mentioning.
We DID chatter about the house that they bought in Humboldt Park- only it was the same house in another location. Most of you would remember it as that “modern” box house that the Clybourn Group is handling that has sprung up all over the west side priced anywhere from $350k to $500k depending on location.
Here’s the link from last November:
http://cribchatter.com/?p=9610
This is NOT the house they bought (but looks the same.) They bought theirs even further west- in actual Humboldt Park.
Several things struck me about this episode though.
1. The wife wanted vintage with character and the husband wanted modern with a big kitchen. So they end up buying the brand new square box with absolutely NO character whatsoever. But, as we know, most buyers want “new”. It seems to trump everything.
2. The husband called it a “good investment” because it was a SFH.
3. The wife wanted a property in a location where she could “walk to restaurants and had good public transportation”- neither of which is really true for Humboldt Park. They’re likely getting in their car and driving to the Division street restaurants etc.
4. The wife went on and on about how surprised she was that they could buy a house for $379k in the city of Chicago (clearly- she doesn’t read this blog and doesn’t get it that you can buy for much, much cheaper than $379k in about 70% of the rest of the city.) I was kind of offended by this statement. What she really meant to say was that she was surprised you could buy a SFH in the GREENZONE part of Chicago for $379k. (although the location they bought in, Humboldt Park, isn’t the GZ either.)
I like the Humboldt Park neighborhood and think that East Humboldt Park has a lot of potential. It made great strides during the housing boom but is losing some of that now. There are STILL blue lights on many corners. Would I buy in Humboldt Park over, say, Old Irving Park for the same price? Or Portage Park? Or Albany Park? Or parts of Ravenswood or Bowmanville?
“put up with whatever mindless vitriol a bunch of unfocused baseball dunce Cub fans can throw at him.”
Huh? Ticket prices go directly to support the payroll. Yankees have highest payroll and also the highest ticket prices, etc. Moneyball movie about salary issue in MLB. Fans have to foot the bill for all of this, via ticket prices and concessions, now we have to pay for an “executive”? It’s enough to make one become a Cardinals fan, who win more World Series than do the Red Sox and the Cubs, and who aren’t SUCKERED by the media into paying obscene amounts for an “executive” who probably is an uncoordinated dweeb.
I liked watching that House Hunters episode but the other options were not very good. I can’t believe the Wrigleyville unit was listed that high. I’m also surprised they took a place with such an annoying commute. I would be grumpy doing that commute every day.
Bowmanville’s got a gang problem of late. Had to scrape black spraypaint off my driver’s side window one fine day in October.
But that was nowhere near as bad as the buildings that got tagged or the car that got Gaylords and something else painted on it.
EB: I agree with you about the other options. But you do know that the people have already purchased their property BEFORE going on the show right? Sorry to ruin it for people who didn’t know. But they have already bought. So the producers simply find two other properties that they can say they “like” to put on the episode. It could be that they couldn’t find any others at the time that fit the “criteria” the wife was looking for (i.e. Lakeview/Wicker Park with vintage character) that were also of similar square footage.
I cant fault the HGTV couple (didnt watch) they just were working off of minimal knowledge it seems, 375k can get a vintage house with a modern kitchen easily.
Could they have gotten all the criteria? no. but from the choice they made it seems like they picked a house that only had one of thier criteria anyway
Sabrina, Sharp never closed. I would guess from what I posted that he had an executed contract when Epstein’s higher offer came in. He then let them know what he thought of another offer by recording his contract. Negotiations apparently quickened, since a week later he agreed to relinquish his contract and any claim on the house by filing a quit claim deed. Epstein closed days later. The voice in my head sounds like Pat Foley shouting “Hawks win, Hawks win.”
Note: I’m a Hawks & Sox fan, so I want to believe that Sharp got some of that easy Cubs money. Then again, I’m not sure I’d want to know if he settled for something else, like Cubs tix. If that’s the case, he’d better score 40 this year to make up for it. Yech, make it 50.
“But you do know that the people have already purchased their property BEFORE going on the show right?”
I’m curious what the incentive is for people to go on this show. Is HGTV paying them? I know on some other shows they get free renovations, etc.
The Epstein sale reflects a cash purchase by a non-member Realtor. I would guess it was paid for by the Cubs, and he negotiated extras from the developer (hopefully including paint) which inflated the sales price.
Surprised noone has posted this yet:
Realtors to Revise 2007-2011 Sales Data Lower
http://blogs.wsj.com/economics/2011/12/12/realtors-to-revise-2007-2011sales-data-down/
Looks like the NAR has been overstating sales by 10-15% over the past few years. Revision to come 12/21. But it will be Christmastime then so pay no heed. 😀
On several of the national housing blogs, Bob, they’ve been talking about this for the last year or so (ever since NAR announced that they were going to revise the numbers lower.) So the housing bust has been even WORSE than the data has shown.
But you’re right- it IS amusing that they’re releasing it right before Christmas when absolutely no one will be paying attention or care.
Nothing to look at here folks! Just move along.
speaking of celebrities….how is it acceptable that Rihanna be allowed to sell her house as a short sale? That is ridiculous!!
http://gossipcenter.com/rihanna/rihanna-lists-beverly-hills-mansion-big-loss-569898
I wonder if it’s a true “short sale” or if the gossipers are just calling it that.
But nothing would surprise me. There have been NBA players who have done short sales up in Sacramento in recent years as well. How do you figure?
This also begs the question- if she’s rich, why does she have a mortgage at all? Shouldn’t she own a $7 million house outright- in cash? Wasn’t that the argument on here a few months back? That most of the rich buy with all cash?
I guess not rich singers.
Yeah, I’ve heard the same thing about house hunters. The buyers always have an accepted contract before the show is taped. It hasn’t closed yet, however.
The Rihanna story is awesome. Nice to see that she has good advisors, and isn’t half as dumb as HD.
Gringo: if you got money the short sale approval most definitely says “balance owed to bank” and they will come knocking on your door for the money. Foreclosure is the better process, especially for pmsi 1st mortgages in CA which are non-recourse. Maybe her advisors are dumb, its been known to happen, right?
“This also begs the question- if she’s rich, why does she have a mortgage at all? Shouldn’t she own a $7 million house outright- in cash? Wasn’t that the argument on here a few months back? That most of the rich buy with all cash?”
If you look at closed sales of properties over 3 million dollars (even in the past 6 months) on Redfin, you will see that the vast majority were cash purchases. I don’t know where these people get that kind of cash, but it is important to recognize for future opinion-making, etc.