Market Conditions: Sales Up 9.3% YOY in the Hottest June Since 2007
The Illinois Association of Realtors is out with June sales. As expected, sales are strong as the Chicago housing market continues with its hottest year since the housing boom.
From the Illinois Association of Realtors:
“The city of Chicago saw sales of 3,110 homes in June 2015, up 9.3 percent from last year when 2,846 homes were sold. The median price of a home in Chicago was $290,000, up 5.5 percent over June 2014 when the median price was $275,000.”
Thanks to G for the historical sales data:
- June 1997: 1,817
- June 1998: 2,214
- June 1999: 2,435
- June 2000: 2,513
- June 2001: 2,451
- June 2002: 2,590
- June 2003: 2,891
- June 2004: 3,752
- June 2005: 3,850
- June 2006: 3,557
- June 2007: 3,127
- June 2008: 2282
- June 2009: 1981
- June 2010: 2526 (tax credit sales)
- June 2011: 1841
- June 2012: 2246
- June 2013: 2729
- June 2014: 2846
- June 2015: 3110 sales
Here is the monthly median price data:
- June 2008: $309,945
- June 2009: $242,050
- June 2010: $234,250
- June 2011: $207,000
- June 2012: $216,700
- June 2013: $254,900
- June 2014: $275,000
- June 2015: $290,000
“Median prices in Chicago have increased steadily since October 2012, providing a remarkable comeback story for the city’s real estate market,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. in Chicago. “Consumer interest remains keen, as shown by the month-over-month increases in sales recorded since February and the relatively short time it is taking to sell a home.”
“Sellers keep reaping the rewards of a market that has continued to see median prices edge higher every month this year,” said Jim Kinney, ABR, CRB, CRS, GRI, president of the Illinois Association of REALTORS® and vice president for luxury sales at Baird & Warner in Chicago. “A decrease in the number of days it takes on average to sell a home in Illinois shows that buyers are undeterred by the steady upward tick in prices.”
The time it took to sell a home in June averaged 63 days statewide, down from 68 days a year ago and faster than 72 days last month. Available housing inventory remained tight with 70,999 homes for sale, a 6.9 percent decline from June 2014 when there were 76,287 homes.
With the housing market red hot, is it possible we will see the monthly sales surpass even the bubble years shortly?
Strong housing momentum continues in June with double-digit gains in Illinois home sales [Illinois Association of Realtors, Press Release, July 22, 2015]
“Median prices in Chicago have increased steadily since October 2012, providing a remarkable comeback story for the city’s real estate market,”
Sure they have increased, but is it a “remarkable comeback’? The median is still 20K below 2008 (which I don’t think was the peak) and we have to factor in the inflation.
With a continued booming of the downtown tech scene (i.e. Salesforce hiring 1,000 people in the city), and corporate headquarters moving from the suburbs back to downtown (Kraft, ConAgra), prices in the city and along good Metra line suburbs are going to continue to increase at a solid pace.
Looks like a good time to be a realtor! Several friends in both commercial and residential tell me that they are having their best years. One who works primarily in the NW and PArk Ridge area had already beat all of last years earnings (a decent year for him) by July 1st.
“corporate headquarters moving from the suburbs back to downtown (Kraft, ConAgra)”
Kraft is laying of a bunch of people during this move.
Also- how many people do you think who have lived in the suburbs for 20+ years and have their children out there are suddenly going to up and move to the city? I just don’t see it.
Sure- any new hires will likely be living in the city. But they’re already going to be living here.
There’s no indication that swarms of United employees suddenly moved into the city limits after they moved to the Willis Tower a few years ago. We have a good commuting system. I knew people who took the train out to Kraft. Why won’t the current Kraft employees who keep their jobs just do the reverse commute?
Realtors are saying they haven’t seen it this crazy in 30 years. And that includes the boom years.
Wow- the weekly jobless claims fell to the lowest since Nov 1973.
This housing market is only going to go higher. We basically have full employment.
Things are much better. Many people that I know who struggled in the recession are indeed back to work. I’d say that the full employment comment is a stretch. Some still in their working years seemed to have just gave up and are not really working. And some of those now counted as “employed” are working shift work or sub 30 hour roles in order to avoid paying benefits etc. Two friends come to mind. They are in less than ideal situations.
“clio on February 9th, 2012 at 9:27 am
you guys are very funny – the time to buy was 2011 – prices were at their lowest. Right now, anything that is a deal in a good area is selling VERY fast. Properties that are OK (price wise) are going under contract within weeks. Any chance of getting a steal is over (too many people ready to pounce) – don’t take my word for it – look at what has gone under contract in the past few weeks – and the spring market isn’t even here yet. Tick tock…..”
-8 votes for that post. Seems like the majority here missed the boat.
-8 because the bottom in most Chicagoland areas was throughout 2012. However, inventory was awful during that time period which partially explains the deals. Everything was either overpriced by $$$$ or needed $$$$ to repair. Many rehabbers were still wiped out from the recession and there weren’t many decent properties for sale. Last year and this year there seemed to be more ‘deals’ in the sense of move in ready homes either by rehabbers or just homeowners who renovated in the last decade.
“Also- how many people do you think who have lived in the suburbs for 20+ years and have their children out there are suddenly going to up and move to the city? I just don’t see it.”
If they have lived in the burbs for 20+ years, chances are that their kids are not there with them, but are rather at school or working. Many empty nesters like living in the city.
Kraft was acquired by Heinz. Most of the Kraft senior mgt. was let go, Heinz execs are taking over, they want a fresh start, so they are abandoning the Kraft HQ campus completely. The Kraft HQ was 800,000 sf and the new Kraft lease at the Aon Center is less than 1/2 of that. Using standard square-foot-per-employee calcs, it appears that the new Kraft will have less than one-half of the headcount they had in Northfield.
“Using standard square-foot-per-employee calcs, it appears that the new Kraft will have less than one-half of the headcount they had in Northfield.”
You’re showing your age HH:
“Mullen said the company does not know how many of the 2,000 employees in Northfield will make the move to downtown Chicago. The company has not begun the design process for the five-floor space, which will have an open office plan, Mullen said.”
They’re going to give all employees a thinkpad and sit as many of them as they can at long & cheap drafting tables and call it an ‘open office plan’.
I’ve yet to hear any employee ever think that’s a good idea; Management loves it though. I’ve actually read that many employees yearn for cubicles again.
http://www.chicagotribune.com/business/breaking/ct-kraft-heinz-chicago-headquarters-0717-biz-20150716-story.html#page=1
You are showing yours and your suburban behind-the-trends outlook.
http://tullman.blogspot.com/2015/03/the-victims-of-open-offices-are-pushing.html
http://www.rejournals.com/2015/03/02/its-back-the-cubicle-is-making-a-big-comeback/
“This housing market is only going to go higher. We basically have full employment.”
The bears have capitulated. Time to go short…
“the new Kraft lease at the Aon Center is less than 1/2 of that”
It’s for less than 1/4 of that.
BUT their current HQ has a gym, an auditorium, a cafeteria, computer room, conference centers, etc, etc, etc, as well as a huge percentage of private offices which are also going away. They’re taking 170,000 sqft–that implies about 1500 employees, to me, at typical current sf/person for fully open concept office space.
But Kraft Heinz’s move also lays bare its plans to dramatically reduce its workforce to help it slash spending by $1.5 billion by the end of 2017. Its new office space is less than a third of its 700,000-square-foot corporate campus in Northfield, where the company employs about 2,000 workers.
“I don’t know if you could even build out a space to (building code) on that,” says Kevin McLennan, a senior vice president of CBRE’s office brokerage business in Chicago. “When I saw the size of the space, I was immediately curious about how many people they are moving into this downtown office. It’s clearly not all 2,000 of them.”
McLennan, who was not involved with the deal and has no inside information on Kraft Heinz’s employment plans, says the company is following a trend of large corporations seeking more efficiency in their workplaces, often by creating more open workspaces. Most major buildouts involve scaling back the size of individual offices or eliminating them altogether.
GETTING MIGHTY CROWDED
But even the most efficient companies, like management consulting and accounting firms, still require 100 to 150 square feet per person, McLennan says. With its planned square footage in the Aon Center, Kraft would have only 85 square feet per person if it transferred its entire workforce, a near impossibility.
A company like Kraft would likely need 175 square feet or more, real estate experts say. If that math holds up, the new offices would support just short of 1,000 people, half the current number.
“-8 votes for that post. Seems like the majority here missed the boat.”
Yup. But that in itself shows what this blogs true value is. It is very hard to find people that know what the right thing to do is. But it is very easy to find people that will tell you the wrong thing. It’s much easier to find morons than it is to find a genius.
Sabrina likes to toot her own horn about how she “saved” people from the crash, but by her own admission, we are above those prices so every single person she “saved” is worse off by listening to her. Sabrina’s true contribution is that she is a contrary indicator and you can do well to do the opposite of what she says.
Which person is “better off”?
a) bought XYZ stock at $300. Held it down to $200. Now trading at $325
b) never bought XYZ at all
“Which person is “better off”?
a) bought XYZ stock at $300. Held it down to $200. Now trading at $325
b) never bought XYZ at all”
But that’s not the true dichotomy; you’re (surprisingly) softening it.
b) should be: “the person looking to buy XYZ now, having held the $300 in a savings account for 5 years”
“Which person is “better off”?
a) bought XYZ stock at $300. Held it down to $200. Now trading at $325
b) never bought XYZ at all
Come on chuk, you can do better than setting up a straw man argument to attack Sabrina.
There’s still plenty of people underwater all over the nice burbs. I was at the park with my kid just the other dau talking to parents who lamented their 2005-2009 purchases. I was afraid to tell them what I paid lest I endure their secret loathing…
“having held the $300 in a savings account for 5 years”
I though aapl options were the default outside option? Isn’t that what sonies has been telling us? No, maybe that’s wrong.
When you look at the 9 county area sales came pretty damn close to the bubble peak of June 2006. Check out the second graph here: http://www.ChicagoHousingStats.com
I said AAPL stock as opposed to 10 year treasuries because at that time I believe aapl was yielding more on their dividends (3% i believe) than 10 year Treasuries were and who you were more likely to get your money back from… so if that was the case you probably did quite well since that was around april 2013 when on a split adjusted basis AAPL was trading between 55-63 bucks a share.
But yeah don’t listen to me I have no clue what I’m talking about 8)
“I was at the park with my kid just the other dau talking to parents who lamented their 2005-2009 purchases.”
Long Grove will kick your ass.
“But yeah don’t listen to me I have no clue what I’m talking about”
No, no, you def know what you are talking about. I talked to another fin adv and first words out of his mouth were to sell covered calls. Free money. Seems like it’s a consensus.
ChuckDC?
haha free money only if you’re timely
“ChuckDC?”
Depends on what your definition of “free money” is.
You are selling a portion of your upside in exchange for “free money”. The underlying could still tank 100pts, but if you got $2 for your calls, you had $2 in “free money” to offset the loss and only lost $98.
So, if you are content to hold the underlying regardless, and are OK with selling above XX price, then you are free to call it whatever you like.
Mostly, it is a way to reduce risk. It can also be a way to produce income in a flat market.
OT: Did anyone else see the House Hunters from a few nights ago where the guy complained about the fact the apartment had only one toilet because the family would be in trouble if it ended up breaking? Apparently, I’m not alone in my toilet ratio needs.
Leapfrog stock is at $1.21
Impressive to be trading below where it was in march 2009 thats for sure
sonies on January 25th, 2013 at 3:55 pm
Based upon fundimentals it would be a good time to buy AAPL at the current price levels, I’ve been buying small pieces in the low 500-515 range so 439 is a heck of a deal and I will probably be buying more as it approaches the magical 425 level
http://cribchatter.com/?p=16441#comment-258260
When Sonies riffed on AAPL it was trading at its pre-7-for-1 stock-split price of $62.70/share. It traded thru his “magical” (adjusted stock-split) price of $60.7 twice, touching $55.7, before Carl Icahn bought a lot of it and then persuaded Cook to lever-up the balance sheet, producing a happy outcome for all.
“They’re taking 170,000 sqft–that implies about 1500 employees, to me, at typical current sf/person for fully open concept office space.”
Kraft is already laying people off. A couple dozen of the high up managers have already been let go according to Crain’s.
“The bears have capitulated. Time to go short…”
I already said- I’m excited because last time I only got to chronicle the bust after it already started. This time we get to see the bubble inflate and then bust in real time.
“If they have lived in the burbs for 20+ years, chances are that their kids are not there with them, but are rather at school or working. Many empty nesters like living in the city.”
Really? They move out there when they’re 28. They have a kid 2 years later. They have another kid three years after that. And their third two years after that. By my calculations, that youngest child is now 11. Are they moving to the city? I don’t think so.
“I’d say that the full employment comment is a stretch.”
According to the Department of Labor, the unemployment rate for those age 25 years and older with a college degree in June was 2.5%.
THAT is full employment. Many major cities, where these people would be employed, have unemployment rates under 5%. Austin Texas is at like 3.3% right now. San Francisco is under 4%.
Even if you look at people with some college or only an associate degree- it is 4.2%.
Wow. The economy is humming.
Congrats Sonies. Good call.
Full employment…not quite: http://www.macrotrends.net/1377/u6-unemployment-rate
“Full employment…not quite:”
Yes it is. Unemployment under 5.5% is full employment. It will drop further, if this week’s jobless claims are any indication. We’ll be down to 5%, maybe lower, as the Fed low interest rate policy really heats up the economy.
It’s the best jobs market in 15 years. In May, there were the highest rate of unfilled jobs on record. Over 5 million jobs are open.
And you can’t argue “the U-6” because the U-6 is going to be historically high for the next 20 years as the Baby Boomers retire. If you take out anyone over 54, the U-6 is low.
Well, in 2007 the rate was 4.4 so that would have been a better job market. Retirees should not be in U6. My fear is that we have a growing group of unemployables – for whatever reason.
It only makes sense for companies to locate downtown as it greatly increases their talent pool. Not only are young people not willing to commute to the burbs from the city, but people in far out burbs are not commuting to other far out burbs. For example, few people living in Naperville are commuting to Libertyville every day, but with Chicago’s hub-and-spoke transportation system, people from both Libertyville and Naperville are generally willing to work downtown. In Libertyville your talent pool is basically Lake County; downtown your talent pool is most of the metro area.
This would change a lot if the STAR line is ever built.
Also, Sabrina is right; no one is pulling their kid out of New Trier to go to HS downtown. Those long time employees will either drive downtown or become MD-N/UP-N Metra commuters.
“Really? They move out there when they’re 28. They have a kid 2 years later. They have another kid three years after that. And their third two years after that. By my calculations, that youngest child is now 11. Are they moving to the city? I don’t think so.”
So they moved to suburbs preemptively? I thought most people have a kid (or two) in the city and when it is the time for school they move to the burbs in which case after 20+ years their kids should be in college at least unless of course they are Duggars.
miumiu- 20 years ago? In the 1990s?
The city was crap in the 1990s. There weren’t many condos. If you were going to buy something, which you likely were by age 28 since the marrying age was much lower back then, then you moved to the suburbs and bought and then had a kid.
It was completely different than today. There were no Big Ten bars. Lol.
In fact, many of those who graduated from college in the early to mid-1990s probably lived at home with their parents in the suburbs after graduation and bypassed living in the city altogether.
It’s likely that a lot of people who are 20 year veterans of Kraft have NEVER lived in Chicago.
“Retirees should not be in U6. My fear is that we have a growing group of unemployables – for whatever reason.”
They’re not “retirees”. They lose their job at age 55 and because of a lack of proper skills, end up never working again. So they are effectively retired.
“no one is pulling their kid out of New Trier to go to HS downtown”
Except our Governor…
“So they moved to suburbs preemptively? ”
Miu–it only fits the narrative if it goes like that!
That said, the folks being discussed hypothetically moved to the burbs in the early 90s–when it *certainly* was less common to stay in the city with even an infant. Much much more likely then to get into the ‘burban house before baby 1 was born.
“There were no Big Ten bars.”
WTF?? I seriously question whether you were in the city in the early 90s if you actually think that is true.
heh good find wojo!
““There were no Big Ten bars.”
WTF?? I seriously question whether you were in the city in the early 90s if you actually think that is true.”
From my recollection, and I visited quite a few LP bars in the early to mid 90’s with fake ID’s, was that there weren’t really “Big 10” bars per se, but rather, more frat type bars in LP around depaul.
Basically the frat/sorority crowd that frequented Hamilton at Loyola went south to LP for a few years after graduation type of thing. Hamiltons for those of you out of the loop is just like any under age fratty drinkin’ college bar at any Big 10 school but slightly smaller with a irish pub theme.
I’ve had the unfortunate experience to go to a few of those Big 10 themed bars in recent memory and all it does is remind me why I didn’t go to a rapey big 10 school in the middle of some cornfield.
If the company I work for moved to the suburbs, I would not stay. Suburbs don’t get much worse than Libertyville or Buffalo Grove.
I also lived in Chicago in the early 90s My mom refused to move to the suburbs because she didn’t like the idea of living somewhere without diversity of opinions/lifestyle. I was too young for bars, but I loved going to Bloomingdale’s or Marshall Fields.
“a few of those Big 10 themed bars”
Such as…?
If you mean places like Big City that have some of the craptastic vibe of a Madison/ChampBana/Iowa City student dive with sticky floors and puke stained bathrooms, then sure, not so much of that 20+ years ago.
If you’re talking places that fly the flag on fall saturdays and during basketball season (and this is *definitely* what I think of), they certainly weren’t as common as now, but there were still plenty–especially as back then it was much much (much!!) harder to get an out of market game on your home tv. If you wanted to watch Sparty win the Old Brass Spittoon, you basically needed to go to a bar.
Kirkwoods was some crappy IU bar I was at in recent memory. They had a nice outdoor patio but seemed very bud light friendly.
“Kirkwood”
Real comedown from when it was Pops. Of course, there are 3 other Four Corners taverns closer to me, so I’ve never actually been.
What was the bbq dump that was where Mad River is now? Or was it next door in what was Sopranos? Hated that place!
“What was the bbq dump that was where Mad River is now? Or was it next door in what was Sopranos? Hated that place!”
It’s been so long I couldn’t even tell you. My LP days were just spent visiting and that was over a decade and a half ago. The trendier up and coming places were Wicker/Bucktown and WT was starting to change too; After turning 21 I spent a lot more time in over there as I realized that Frat Bars (now called Big Ten bars) weren’t my thing.
http://www.chibarproject.com/Memoriam/Ten56/Ten56.htm
Who could forget North Pier? Laser tag anyone?
Who could forget North Pier? Laser tag anyone?
Yes, I remember that too. North Pier was never very popular. I’m feeling so old and I’m not even 40. I’ll be 80 talking about Red Dog like my great grandparents spoke of the speakeasies during the prohibition.
Lincoln Park is off the charts. New construction topping out near $700 per sq ft and lots selling for $1.3 million. Regardless where the market goes in the next 5 years, anyone who followed the “you should rent” advice back in 2008 – 2012 is pure out of luck. Anyone who bought has a locked in payment and most likely a good amount of equity to go with it. Rents are up 25% in the past 5 years are look to continue to move higher.
The demand for urban living is driving the increases in both rents and real estate prices. This trend is not going to change anytime soon. Suburbs are dead…
student debt
teachers union
chicago pensions
http://www.nytimes.com/2015/07/25/business/dealbook/chicagos-plan-to-change-pension-benefits-ruled-unconstitutional.html?_r=0
doom doom i say
“Rents are up 25% in the past 5 years are look to continue to move higher.”
We had a bidding war over our rental. We got 10% more than ask.
Jenny: “Suburbs don’t get much worse than Libertyville or Buffalo Grove.”
Work or don’t wherever you want but IMO your statement’s totally wrong. IMO Libertyville’s phenomenal in every respect except proximity to city & I like BG a lot. How about their neghbors Wheeling, Hainesville, Mundelein, Wildwood, Round Lake – all decidedly worse not to mention suburbs like Burbank, Chicago Heights, Cicero, Des Plaines, Justice, N. Chicago, Waukegan….
” their neghbors Wheeling, Hainesville, Mundelein, Wildwood, Round Lake ”
Quit making shit up southbound. Those aren’t real places.
“Who could forget North Pier? Laser tag anyone?”
Battletech!
“Lincoln Park is off the charts. New construction topping out near $700 per sq ft and lots selling for $1.3 million. Regardless where the market goes in the next 5 years, anyone who followed the “you should rent” advice back in 2008 – 2012 is pure out of luck. Anyone who bought has a locked in payment and most likely a good amount of equity to go with it. Rents are up 25% in the past 5 years are look to continue to move higher.”
See what I mean? Bubble 2.0. It’s here and it’s so obvious. It is staring us all in the face.
Heitman is basically saying, “if you didn’t buy, you are priced out forever.”
Where have we heard that before?
This ride is going to be fun!
How is it all going to end? Hm…I wonder…
“Or was it next door in what was Sopranos?”
Sopranos shut down quite some time ago. It was finally replaced by a Mexican restaurant.
http://www.barcocinachicago.com/
“From my recollection, and I visited quite a few LP bars in the early to mid 90’s with fake ID’s, was that there weren’t really “Big 10? bars per se, but rather, more frat type bars in LP around depaul.”
Yes- HD. You went to bars where Big Ten alums congregated. There would be Wisconsin fans there trying to watch their football game with the MSU fans coming in for the afternoon game that was on later in the day.
There was no such thing as the “big ten bar” as we know it today. There wasn’t the Ohio State Bar or the ND bar or the UCLA bar where ONLY people who went to that school congregated and watched their own game.
Everyone knows in the early 1990s you literally had to fight with the bartenders to turn on YOUR game versus THEIR game or sometimes half the bar showed one big ten game and half showed the other.
“Everyone knows in the early 1990s you literally had to fight with the bartenders to turn on YOUR game versus THEIR game or sometimes half the bar showed one big ten game and half showed the other.”
Big Ten to Me meant NW and nobody gave two $htis hahaha
“WTF?? I seriously question whether you were in the city in the early 90s if you actually think that is true.”
There were no bars in Chicago hanging the Illinois flag out front where only people who went to Illinois went to watch sporting events. This didn’t happen until relatively recently.
The city was not a great place in the 1990s. The original “condo” boom didn’t even begin happening until the late 1990s. Young people didn’t move downtown and live in Lakeview. It just didn’t really happen. People look around the GZ and think it was always like this. It couldn’t be further from the truth. Go rent some older movies shot in Chicago like My Bodyguard. Or even About Last Night. And you’ll see (although that was a 1980s movie.)
“There were no bars in Chicago hanging the Illinois flag out front where only people who went to Illinois went to watch sporting events.”
Oh, so the MSU flag on the Gin Mill was just a prank?
You seriously don’t know what you’re talking about on this one. Just because you didn’t notice doesn’t mean that it didn’t happen. I had zero interest, but I could see the school flags–thats said, it was not nearly in the numbers there are now.
“The original “condo” boom didn’t even begin happening until the late 1990s”
Bahahahahahahahahaha. The “original” condo boom in Chicago was in the late 70s. For example:
http://archives.chicagotribune.com/1982/12/05/page/441/article/bloom-off-condos-but-theyll-survive-observers-say
But, yes, the city was a very different place even 20 years ago, never mind 40 years ago during the original condo boom.
“People look around the GZ and think it was always like this.”
“People” are quite obviously morons.
“Bahahahahahahahahaha. The “original” condo boom in Chicago was in the late 70s. For example:”
4+1s!!!
“Young people didn’t move downtown and live in Lakeview. It just didn’t really happen.”
Leaving aside for the moment that it would be impossible to “move downtown and live in Lakeview”…
I graduated in 1988 and moved to Lakeview. The vast majority of my college friends and acquaintances moved to the city (the ones with rich parents moved to Old Town/Lincoln Park/Gold Coast; the super artsy ones moved to Bucktown/WP; most of us moved to LV or Rogers Park) I was not some cutting-edge iconoclast, but was, in fact, the very definition of basic.
The first couple of apartment buildings I lived in didn’t seem to have any residents over the age of 30. Most of the bars/restaurants/clubs I frequented had a very young clientele. I doubt ALL the patrons were driving in from the suburbs.
WRT the “Big 10 bar” phenomenon – I think that has more to do with supply than demand. It really wasn’t possible to market yourself as a bar that showed all Michigan State teams’ games, back when maybe 3 MSU football games and 10 MSU basketball games per season were broadcast in Chicago. Now there are cable channels that show MSU water polo and women’s field hockey games. It’s easier to specialize.
“I graduated in 1988 and moved to Lakeview.”
I can’t believe your father allowed that.
All of my friends lived in Chicago during the time period in question. The city was a great place to live back then. I admit there were fewer trendy neighborhoods, but Chicago was still a great place to raise a family back then.
“My mom refused to move to the suburbs because she didn’t like the idea of living somewhere without diversity of opinions/lifestyle.”
“the craptastic vibe of a Madison/ChampBana/Iowa City student dive with sticky floors and puke stained bathrooms”
The gentrification of the GZ started with the success of the 1984 Cubs I heard. About Last Night identified this trend. While NYC and Manhattan were gentrifying in the Seventies and Saturday Night Fever era, Chicago didn’t have much of a scene except Old Town, Geja’s and John Barleycorn on Lincoln.
I love how everyone rips on Big 10 bars and people. But that’s the only place one can go and see good looking young women. Places like the Wicker Park bars and street fests are filled with low-sexual-market value skanks, tattoo’ed up slobs. In the old days women left out of the sexual market accepted their fate and became librarians, teachers, nuns, etc. and at least contributed to society. Today, they fall for Feminism, anger, Lesbianism, far left ideology and hoist that flag instead thinking it gives them an identity, voice, or an EXCUSE to justify why they weren’t picked by good men as mates.
It’s amazing also to see the tourists in downtown, many times they are lampooned unfairly as cornfield idiots, but I see it differently. Many of them are upper-class or upper-middle class alpha people who can afford the expensive weekends, hotels, Cubs tix, restaurants, etc. You can easily spot these types, they are 4 inches taller than their Chicago-based proles and have better stature, posture, clothes and health. You see this same phenomenon in San Francisco where the people who actually live there in the fog and crappy leftist ideology look like crap compared to the healthy tourists. Quartino last Friday night was filled with TABLES good looking women who obviously didn’t live here.
Farmers are fuckin rich these days, most of those poorly dressed ‘corn field’ folks are actually loaded, there’s a reason they’re staying at the 4 seasons when the farmer’s convention is in town!
HH: you’re taken trolling to an entirely new level. You can’t truly believe what you wrote – it’s that ridiculous!
absolutely not trolling
In 2015, which college has better looking chicks? Univ. of Iowa or UCLA? Do you have any idea what the student politics are like at UCLA today?
Who cares about the University of China and Lower Asia
No I stayed away from that crap fest… lol I understand where you are going but thats like comparing apples and oranges…
Compare the Clayton county fair to wicker park fest or something!
But either way you must be seeing different tourists than I because of the you know, west of Lasalle St. north of the river and such area that I frequent
“There were no bars in Chicago hanging the Illinois flag out front…. This didn’t happen until relatively recently.”
I disagree. Although I can’t distinctly recall seeing Big 10 school flags outside Lincoln Park bars until the the mid-90s, there were lots of frat-type bars in LP with sport themes in the early 80s, like The Ultimate Sports Bar & Grill (which opened & closed in the 80s), Gamekeepers (which opened in 1984 and is still going strong) and Beaumont’s, which opened in 1980. Kincaid’s (Sheffield & Armitage) opened I think in the late 80s, and they’ve have team flags waving outside their establishment from day one.
“Established in 1980 Beaumont Bar and Grill has been serving Lincoln Park as well as the entire Chicago land area for over thirty years.”
http://beaumontchicago.com/about_us
“definitely wicker park skank… have you ever been to the St. Louis Suburbs?”
So, your HS wasn’t good enough to rate among the STL folks?
apparently my HS wasn’t good enough to understand the above comment either
I’m not even sure where this topic became part of a Big Ten bars discussion, but Will’s Northwoods has been open since 1991 (Wisconsin bar). The owners were orinally from WI, and the theme has been the same as when it opened as far as I know. I didn’t go there prior to 2000, but it didn’t look “new” at that point. Thousands of big ten grads have been living in the city since well before 2000. Anyone who says otherwise is just making this up or doesn’t know any better.
“understand the above comment”
You don’t know many West County folks if you don’t know they all ask each other what high school they went to.
I think the first bar to kick-off the full blown Big 10 theme was Jack Sullivans on Clybourn with its overt support of Ohio State. Before that the bars, like Justins etc. were kind of covertly known as a particular school’s bar, but Jack Sullivan’s went full tilt OSU openly and overtly, in-your-face. Ditto on MSU and Gin Mill. They were the first.
“You don’t know many West County folks if you don’t know they all ask each other what high school they went to.”
duh I know they do that but it didn’t register in the comment you made
“Thousands of big ten grads have been living in the city since well before 2000. Anyone who says otherwise is just making this up or doesn’t know any better.”
Actually, “thousands” were probably living in the suburbs because in the 1980s and 1990s the city wasn’t all that safe or cool or anything. Many people preferred to live in the suburbs and, gasp, they actually got jobs in the suburbs too (in Schaumburg and Oak Brook and places like that.)
But yes- by 2000 “thousands” were living in Chicago, proper, and were going to bars on the weekends and fighting with bartenders to show THEIR game versus the OTHER game that was on at the same time. It was extremely annoying.
According to this Wall Street Journal article, someone figured out around, oh 2002-2004 time period that if they dedicated the bar solely to one school, they made MORE money.
http://www.wsj.com/articles/SB116379659061726617
So, yes, the whole “big ten bar” thing is basically only about 11 or 12 years old.
A lot has changed in the city. (And all the cities.)
“I disagree. Although I can’t distinctly recall seeing Big 10 school flags outside Lincoln Park bars until the the mid-90s, there were lots of frat-type bars in LP with sport themes in the early 80s, like The Ultimate Sports Bar & Grill (which opened & closed in the 80s), Gamekeepers (which opened in 1984 and is still going strong) and Beaumont’s, which opened in 1980. Kincaid’s (Sheffield & Armitage) opened I think in the late 80s, and they’ve have team flags waving outside their establishment from day one.”
Thanks for trying.
There are dozens (hundreds?) of old bars in Chicago that have been around 50, 60, 70 years. They have ALWAYS showed, cubs, sox, Bulls, Bears, college football. You name it. Plenty of “sports” bars where guys went to hang out.
But there were no dedicated “College” bars that were affiliated with certain schools until the last 11-12 years. It just didn’t happen in the 1990s. When you went to that bar- they showed like 4 different games at once with some people cramming to get their game “put on the tv” in one part of the bar so they could see their school while the other people from some other school were in the other part of the bar demanding the same for the tvs in their area.
If you don’t know this- it’s because you’re too young to know.
“Bahahahahahahahahaha. The “original” condo boom in Chicago was in the late 70s. For example:””
When they built the Hancock?
Sure.
But then the market died and was dead until the apartment boom of the mid-1990s turned into the condo boom beginning about 1998 (dot-com boom rush) and going until 2008 when it busted.
Only now, in 2015, are they starting to building condos again. If the cycle is the same and we don’t have another bust first, thousands of these luxury apartments will be converted to condos, along with many more condo buildings yet to be built.
But then, no other generation has had the debt levels of the current crop coming out of college. So who knows.
““People” are quite obviously morons.”
So I imagined the women trying to sell crack to me when I went to Blackhawk games in 1992? I don’t think so. And what about the guy trying to sell me gold chains at the McDonald’s on Michigan Avenue from his coat pocket in 1991? Lol. Good times.
It was very, very different here. I’m sorry you either don’t remember or are in a time warp and choose not to remember. Remember Bernie Goetz, the Subway vigilante in NYC? People wouldn’t even ride the subways back then. And remember Rent, the musical? There were homeless encampments in Soho and Tribeca! That was the early 1990s. People living without heat or power in those old lofts. Crazy.
Everything has changed for the major cities.
I’m sorry the reality disturbs you.
“So I imagined the women trying to sell crack to me when I went to Blackhawk games in 1992? ”
People on crack imagine a lot of things, that’s half the fun of crack, or so I hear.
I think everybody is arguing past each other here, so I will settle the score. Yes, there were college grads moving to the city in the 80’s and early 90’s. No, there was a not a critical mass, and they were pioneers in places like lakeview and LP.
Yes there were sports bars in Chicago, some of which probably catered to the new Big 10 grads, but no, there were no formal ‘this is a crappy IU bar so all IU fans come here for games’ types of places.
Yes, the city was still making the transition from the gritty 1970’s and 1980’s, and there were plenty of sketchy areas that are now completely gentrified (anyone remember the super urban clothing store under the Sheridan Metra in the early 90’s? I DO!), but no, the entire city was not a scene from French Connection or Adventures in Babysitting …
Yes, plenty of people lived in the suburbs upon graduation but at the same time the transition to urban living for young people was well underway.
Of note, I read some article the other day basically saying that millenials don’t want to live in big cities, they want to live in smaller urban areas that are more walkable, and they specifically named Milwaukee as a city that meets that criteria. And that city has changed a lot, even in the last 5 years, it’s gentrified alot . I remember going there with my family as a kid to visit other family and it was a dump one step removed from Detroit. It’s still not great, and with the mountain lions and all, but it’s vastly improved.
Sabrina you are very persistent on your views. You should go into law or politics.
Although I wonder how your relationships work. Do you always have to be right in every discussion? Do you ever at least partially cede to the other person? 🙂
Sorry Sheridan El, I didn’t mean Metra, I guess I’ve fully incorporated my lifeinto long grove now!
Some anecdata – my dad moved to the city in the 70’s but it sucked so he left after a year or two
*right after college I should have mentioned*
“there were no dedicated “College” bars that were affiliated with certain schools until the last 11-12 years””
That may be the stupidest thing you’ve ever written here.
You’re contention is that there were ZERO “dedicated” college bars anywhere in Chicago until 2003?
Oh, wait:
“Remember Bernie Goetz, the Subway vigilante in NYC?… That was the early 1990s.”
Trumped yourself that quickly!! Bernie Goetz was **1984**
“There were homeless encampments in Soho and Tribeca! That was the early 1990s.”
They’ve apparently simply moved uptown:
http://newyork.cbslocal.com/2015/03/30/nyc-struggling-with-apparent-homeless-encampments-in-herald-square-transit-corridor/
I suppose that Herald Square is such a craphole that this isn’t notable. I can’t really argue that point.
“remember Rent, the musical?”
The (second) Tompkins Square Riot (dramatized in Rent–what Rent, or Soho homeless camps, or Bernie Goetz has to do with Chicago being a separate question) was in 1988. Which still doesn’t qualify as the “early 90s”.
“dad moved to the city in the 70’s…right after college”
What a weirdo. So he was an artist or gay or something?
“they specifically named Milwaukee as a city that meets that criteria”
Was one of the criteria being ‘more segregated than Chicago’?
I’ve seen versions of that article, too, and the ones I have seen have been written/published by folks associated with the homebuilder industry, so have questionable credibility. Maybe the one you saw was better sourced.
Pretty sure Gamekeepers was a more of a “Big 10” bar Vs a specific college in the early 90’s. Seemed to have a Illinois & Iowa vibe. IMO most of the clientele came in from the West Burbs – Glenn Elyn, Wheaton, etc.
There def was a MSU bar in this time frame. Had a buddy and remember going to a bar to watch the game and it was decked out in MSU swag (May have only been on Saturdays)
Beaumonts? LOL didn’t seem like anyone was in there before 2 and the fights started promptly at 2:30
“What a weirdo. So he was an artist or gay or something?”
no but def. a wierdo lol
I don’t understand the appeal of college sports when the professionals are better. Then again, I don’t understand why it matters which team wins or why sports are fun to watch with the exception of sports involving horses or baseball. Baseball gets a nod of approval because you can just sit outside on a nice day and chat with friends.
“Yes, the city was still making the transition from the gritty 1970’s and 1980’s”
For every area that has “gentrified” and gotten better, there are 2x-3x more areas that have declined! This is something white/jewish liberals, SWPL, SJWs always overlook! For every Wicker Park or Logan Sq. or Andersonville that improves there are VAST STRETCHES of NEIGHBORHOODS on the NW and SW sides that are in decline. These NW, SW side neighborhoods used to be home to normal white middle class families. Now you see all of their Protestant churches being totally abandoned. The smaller Lutheran, Methodist, etc. churches are basically done. These areas are in comparative decline. The American families who assimilated totally after the 1924 Immigration Act (cutoff) are being replaced by unassimilating 1965 Immigration Act Third Worlders. These areas are in decline. The overall population of Chicago is shrinking. Yet the Ira Glass fans (morons, dweebs, skanks, liberals, etc.) only focus on their myopic little bubble!
PS I told you all that first overtly dedicated Big 10 bar was Jack Sullivans on Clybourn (Ohio State), I’m glad the WSJ article proves it was during that exact time frame.
The worst time in recent memory for big cities was during the early 90’s recession. This coincided with the time David Dinkins was mayor of New York and the place was totally anarchic and crime-ridden.
The 1980’s Wall Street Reagan golden-era (even The Cosby show tried to get in on the era) ended with the S&L and commercial real estate crash, the hangover set it. Good times and partying with hair metal and hot babes was replaced by depression, Nivrana, and butt-faced grunge chicks (which we still have to deal with today unfortunately). Cities like San Francisco, during the Dinkins’ era were filled with homeless bums that urinated all over the place, you had the AIDS crisis and quilt thing, other scum settings like “Rent”, etc.
This lasted until Giuilani decided to clean up all the disease and filth and then the dotcom era began.
Middle class areas of big cities have declined remarkably with changing demographics, but yuppie GZ areas have gotten better. Now, if we could only bring back a style change and bring back the 1980’s fad/era of women looking good.
“According to this Wall Street Journal article…”
some guys
“bought McGee’s in 1987 and slowly built a University of Nebraska following”
Hmmm. I believe that 1987 was *before* the “early 90s”, and 15 years before the supposed first “college bar” in Chicago.
I’m sorry reality disturbs you.
Yeah, but Jack Sullivan’s was the first one to go “all-in” for one school, excluding others, and overtly hang the school flags right in the window so you couldn’t miss them.
I remember seeing and thinking “wow, but they’re going to piss off every other fan and scare them away”.
But this coincides at exactly the same time with the WSJ and Sabrina’s comment, so I’m convinced: “According to this Wall Street Journal article, someone figured out around, oh 2002-2004 time period that if they dedicated the bar solely to one school, they made MORE money.”
@helmet
gosh it almost seems as though people’s mood and attractiveness is set by how the economy is doing huh
You wanna see 80’s chicks, go to Bridgeport… lol!
sonies: Today the chicks look like guys, and the guys are being herded (by the gay media fashions) into looking like women, it’s all collapsing into one androgyous limp-wristed guy and man-jawed-feminist mess. I think this hipster “beard” thing is a rebellion of sorts, even though the beard guys still dress like fags.
Denis Leary had a concert show in 1992, that captured the David Dinkins-era perfectly, found the lyrics (from No Cure for Cancer 1992):
“And I am sick and tired for New York City taking the blame for the crime problem. You know, whenever you read a fact chart, it always says Detroit leads the world in rape and murder and everything else, but New York takes the blame. “New York’s a cess pool. It’s a cess pool of filth and crime. We’re moving.”
Hey! I just moved here four years ago, and I’m not leaving, because this is the most exciting place in the world to live. Oh yeah! Yeah! There are so many ways to die in New York City, come on! Race riots, drive by shootings, subway crashes, construction cranes collapsing on the sidewalks, manhole covers blowing up, asbestos shooting into the sky.
We had a subway crash here a couple of years ago. Five people died. The next day they found the driver was drunk and hooked on crack. Folks, this makes Disneyland look like a fucking bike ride, doesn’t it? “Your drive today is Edward. He’s drunk and hooked on crack. The man sitting next to you has a loaded nine-millimeter. Good luck, folks!” “Honey, get the camera! This is gonna be fucking great!”
Yeah, I love living in New York, man, and people who live in New York, we wear that fact like a badge right on our sleeve because we know that fact impresses everybody! “I was in Vietnam.” “So what? I live in New York!” “Really?”
Yeah, because new york teaches you to live life the way it should be lived. Moment to moment. Yes, because every moment in New York could be your last. Oh yeah, yeah. You could be walking down the street tomorrow, feeling good about yourself, drink free, drug free, looking forward to the future and somebody accidently nudges their poodle off of a 75th floor ledge. Doink! And he’s headed for the ground at a hundred and seventy five thousand miles per hour. And curchunk he’s impeded in your head! You’re dead on contact. The headline in the Post the next day reads, “Man killed by best friend.” People cut the article out and they laugh about it at the office and you’re forever remembered as the poodle man! “I knew the poodle man and he hated fucking poodles.”
New York teaches you to live life moment to moment and street by street and beat to beat. Because we’ve all played that street game in New York, haven’t we? Yes we have. Good block. Bad block. Ooooh. Good block. Bad block. OoooOoooh. Gun block. Crack block. OoooOoooh. Asbestos block. Poodle block! Poodle block!”
“sonies: Today the chicks look like guys, and the guys are being herded (by the gay media fashions) into looking like women, it’s all collapsing into one androgyous limp-wristed guy and man-jawed-feminist mess. I think this hipster “beard” thing is a rebellion of sorts, even though the beard guys still dress like fags.”
yeah what the hell is that all about!
“This lasted until Giuilani decided to clean up all the disease and filth and then the dotcom era began.”
The crime rate in NYC started declining in 1990. The largest percentage drop in crime was in 1993. Giuliani became mayor in 1994.
No way. You’re revising history and trying to whitewash the utter failure of David Dinkins and the success of Giuliani in cleaning up New York at that time. If you’re trying to suggest that it was Dinkins who led the turnaround in crime, it’s just not going to fly, people aren’t stupid and that easily bullshitted.
Um, no, I am looking at statistics and facts.
http://www.disastercenter.com/crime/nycrime.htm
we all know it’s ridiculous to blame mayors for declining crime rates. blame the phase out of lead in gasoline which so perfectly correlates with the drop in crime rates.
http://www.forbes.com/sites/alexknapp/2013/01/03/how-lead-caused-americas-violent-crime-epidemic/
…and since correlation proves causation…http://www.fastcodesign.com/3030529/infographic-of-the-day/hilarious-graphs-prove-that-correlation-isnt-causation
…not to mention that his correlation falls apart in the end and the fact that it’s published in Mother Jones.
“I’m sorry reality disturbs you.”
I’m sorry you weren’t at any of these bars fighting with the bartenders like I was. 15 years later, when they finally started rolling out all the Big Ten, and then other college bars (Nebraska wasn’t the big ten, but I digress) I thought, “finally- that makes sense.” No more of fighting with the damn bartenders because they liked Wisconsin more than Ohio State. No more elbowing someone to get near enough to the tv to actually SEE the game.
I’m sorry you want to Nebraska anon (tfo) and only went to McGee’s. But the article doesn’t say it was a Nebraska only bar. The “only” thing started happening about 11 to 12 years ago.
Reading the truth sucks.
“Remember Bernie Goetz, the Subway vigilante in NYC?… That was the early 1990s.”
I know Bernie Goetz was the 1980s. I guess I didn’t write it clearly enough for you. Rent was 1994. Just 21 years ago! Those characters all lived in Tribeca lofts (or was it Hell’s Kitchen? Similar story in either case)- where the landlords turned off the electricity and the heat and they used fires to get warm! OMG. The CHANGES. It’s amazing. Huge homeless encampments in a neighborhood where Taylor Swift now lives in a $25 million condo. (Actually- I’m not sure she lives in Tribeca, but I’m sure one of the pop stars probably does.)
Chicago sucked. NYC sucked. San Francisco sucked. Just 20 years ago – all of the major cities SUCKED. There was crime everywhere. No way you wanted to move to one. They were considered “unsafe.”
It’s amazing what two housing bubbles can do.
“Rent was 1994.”
Les Miserables was 1980. Do you think the Paris Uprising was 35 years ago, too?
“the fact that it’s published in Mother Jones”
You’re seriously using the magazine of publication as a basis to dismiss a theory at the same time you are disparaging the theory with ‘correlation doesn’t equal causation’?
Your criticisms are less rigorous than the theory.
“You’re seriously using the magazine of publication as a basis to dismiss a theory”
I agree. It was kinda tongue in cheek. But I’ve seen so much crap come out of that magazine. It’s like Fox News and people automatically dismiss anything that comes from Fox News, regardless of the original source.
Pockets of Chicago were always fantastic. I didn’t feel unsafe growing up in Chicago. Even back that it was very difficult for families to get their kids into private schools or magnet schools. Lots of middle class families lived in Chicago.
3 of my 4 grandparents grew up in Chicago. The third spent part of her childhood in Milwaukee and before her family moved to Hyde Park. Besides my dad getting mugged on the El once and another time near Northeastern, we didn’t experience any gang violence in my family.
“Um, no I’m looking at statistics”
9 downvotes for the Truth? This is emblematic of the idiocy of Libs and those who downvote the Truth in favor of lies. I shake my head at the downvoters, simply unintelligent or dishonest people, or both.
Dinkins (1990-93), Giuliani (1994-2001)
Year Population Index Violent
1980 17,506,690 1,209,984 180,235
1981 17,594,000 1,214,935 188,178
1982 17,659,000 1,142,202 174,833
1983 17,667,000 1,042,811 161,489
1984 17,735,000 989,126 162,157
1985 17,783,000 993,811 165,365
1986 17,772,000 1,025,037 175,210
1987 17,825,000 1,061,021 179,691
1988 17,898,000 1,129,241 196,396
1989 17,950,000 1,129,638 203,042
1990 17,990,455 1,144,874 212,458
1991 18,058,000 1,127,651 210,184
1992 18,119,000 1,061,489 203,311
1993 18,197,000 1,010,176 195,352
1994 18,169,000 921,278 175,433
1995 18,136,000 827,025 152,683
1996 18,185,000 751,456 132,206
1997 18,137,000 709,328 124,890
1998 18,175,000 652,202 115,915
1999 18,196,601 596,743 107,147
I’m pretty sure you’re both a little bit right/wrong. Most of the policies that changed things in NY were implemented pre-Giuliani, yet his administration tends to get all of the credit, particularly from conservative types outside of NYC. That said, I’d venture that things in particular parts of NY (be it the Disneyfication of tourist places like Times Sq, or the yuppification of residential places like the EV/LES, etc.) did change dramatically under Giuliani. By the time I lived there (in the EV) in 99-01, it was really nice (my room mate, who had lived in our walkup overlooking Tompkins Sq Park since I think the late 80’s/early 90’s, clearly credited the sweeping neighborhood changes to Giuliani, as she was a neighborhood/labor activist who routinely protested his policies).
Will’s was a definitive Wisconsin bar in the year 1999. That is 16 years ago. The first time I was there was in 2000. Get your facts right.
In 1995 big cities didn’t all suck. Your timing is about 5-10 years off. From 1985 to 1992 yes, but by 1995, there was already a significant trend against that in Chicago, NY, and SF.
Don’t forget about the Crown Heights riots in ’91. After that the Jews, who reliably side with blacks over whites, decided to turn on Dinkins.
So Sabrina… 5 years ago I told you and your followers to buy as much lincoln park land as you could. You told everyone that renting was the more economical path. So… As of today, who was right?
1) Should a person looking to live in LP have purchased?
2) Should a person looking to live in LP have rented?
I just have to hear you say it. It would have been better to rent right? lol!
” As of today, who was right? ”
They should have rented 5 years ago but bought 3 years ago.
Too bad inventory was pretty awful three years ago.
Just posted my July market update. Another 9 year – almost 10 year – record high in sales. IAR will report sales up 10.1% but it’s really more like 12.6%. And inventory levels just keep plummeting.
http://www.chicagonow.com/getting-real/2015/08/chicago-real-estate-market-update-another-9-year-record-sales-high/
“Just posted my July market update. Another 9 year – almost 10 year – record high in sales. IAR will report sales up 10.1% but it’s really more like 12.6%. And inventory levels just keep plummeting.”
Thanks Gary. The interesting thing is that it has really slowed now off of that frenzy of the spring. I’m not saying its dead, but plenty of properties are sitting on the market in the GZ for weeks now which we didn’t see in the spring.
In many cases, the sellers have gotten too greedy.
Or it’s the same thing we’ve seen before. If it’s older (i.e. if you STILL have white appliances) and the buyer has to update anything, it is sitting. That’s what’s interesting to me because inventory IS low. Usually when it’s this low everything sells, even if it’s next to the El tracks, has no closets, or has a 1998 kitchen.
But that’s not happening right now.
Market times now are similar to what they were in the spring – after adjusting for seasonality. The fact that market times have stabilized while inventory continues to decline is suggesting to me that maybe the hot market has drawn out the sellers who were waiting for the market to turn around but these folks are unrealistic about what they can get. We’re seeing that a lot.
“The interesting thing is that it has really slowed now off of that frenzy of the spring.”
Wrong. Again.
“The interesting thing is that it has really slowed now off of that frenzy of the spring.”
“Wrong. Again.”
Chuk, your comments are so amazing. I’ve noticed you never comment on any of the properties. You just come on this site to say I’m wrong. Thanks for contributing.
Letting people know you are wrong IS contributing. I’d say I’ve been one of the more valuable contributors since 2011.
“Letting people know you are wrong IS contributing. I’d say I’ve been one of the more valuable contributors since 2011.”
Really? Please tell me where you have said anything meaningful about a property in the last 3 years.
I’m wrong that the market is super hot?
You’re one of THOSE. Only around for the car crash. Now that we’re in the midst of a boom again you have nothing to say or contribute.
This is the most fascinating time. This is when the market is just beginning to heat up again. Speculation is only percolating. It hasn’t taken over like in 2005-2007. But will it? Will the Fed allow the housing market to go into a full-blown Bubble 2.0?
Or will they squash this down with a couple of rate hikes?
I love it. I’m so glad to be documenting this newest boom. It’s a once in a lifetime opportunity.
That unit in the Pinnacle has DOUBLED in just a few years. Wow. Unprecedented. I’m not sure prices even rose that fast in the first bubble.
“That unit in the Pinnacle has DOUBLED in just a few years. Wow. Unprecedented. I’m not sure prices even rose that fast in the first bubble.”
This is how stories get out of hand. First of all the list price is not the “price”. It has to sell first and even if it sells anywhere near this price we would need to figure out if any improvements were made (I just don’t have the time to investigate right now) between then and now.
Also, if you will recall I did an in depth analysis of the Pinnacle back in March and concluded that prices really aren’t up that much and then you replied “Yeah- you can’t really look at the Pinnacle and determine anything. That’s the upper bracket. That would be like looking in The Palmolive or The Belvedere.”
http://www.chicagonow.com/getting-real/2015/03/downtown-chicago-condo-prices-pinnacle-sales-history-shows-the-rebound/
The only ‘speculation’ going on right now is dumb big money and building huge apartment complexes in non-prime areas and demanding prime LP/OT/RN rents
But amazingly these buildings are leasing way faster than I ever could have imagined so maybe its not speculation so much
“The only ‘speculation’ going on right now is dumb big money and building huge apartment complexes in non-prime areas and demanding prime LP/OT/RN rents”
Really?
Flippers are still pretty active and getting more so. Some are simply just painting now and relisting a few months later for like $100k more. I’ll do some examples this week.
Some investors are still buying bank owned units and renovating those. But that’s been going on for all of time so I don’t consider that to be “speculation.”
I think it was Zillow or CoreLogic which just ranked Chicago #1 in the nation for flipping. That’s when you buy a property and re-list it within 12 months.