Nearly 2 Years Later Shepard’s Cottage Finally Under Contract in Bucktown: 2243 W. Homer
We first chattered about this 2-bedroom shepard’s cottage at 2243 W. Homer in Bucktown in October of 2008 but it has been on and off the market since June of 2008.
See our prior chatter and pictures here.
It has now been reduced by $130,100 since June 2008.
It was just re-listed and went under contract almost immediately.
While the house was built in 1888, not much of its vintage features appear to remain except stained glass in the living room.
Both bedrooms are upstairs and all three levels, including the finished basement, are connected by a spiral staircase.
The listing says the kitchen has been rehabbed and that it has stainless steel appliances.
The property has central air, a 2 car garage and backs up to Ehrler Park.
Anastacia Mason at Baird & Warner still has the listing. See the pictures here.
2243 W. Homer: 2 bedrooms, 1.5 baths, 2 car garage, no square footage listed
- Sold in February 1996 for $142,050
- Originally listed in June 2008 for $665,000
- Reduced several times
- Was listed in October 2008 at $615,000
- Reduced
- Currently listed at $534,900
- Under contract
- Taxes of $7,044
- Central Air
- Bedroom #1: 15×13 (second level)
- Bedroom #2: 18×11 (second level)
- Family room: 16×11 (lower level)
Howmuchamonth? Also I’d be willing to bet the prospective buyer doesn’t have 20% down.
Eh, Bob, normally I’d agree with you but I don’t see it as a stretch to have put ~100k down then run with ~3k monthly for a house in this area.
I should qualify: the reason I don’t agree on this particular property is because of the neighborhood: families that could put 100k down would more likely move into Bucktown (greenzone). I’d also argue that for a property this size / stature the location factors heavily vs. utility or features of the property. If we were discussing say Old Irving Park where prices are in a similar bracket I’d say the chances are less for the full 20% down payment – and even worse chance if say property was in Rogers Park.
Guess we have to wait & see.
I have personally seen this property.
The Kitchen is a mess. There is no work area and no place for a microwave except for on the counter. The cabinets are home made and not very functional. A large tall bank of cabinetry covers the kitchen window. The stove is an old antique stove of unconventional dimension. (Replacing with a conventionally sized stove will require reworking the cabinetry so that the installation looks decent) The kitchen island is of unconventional height (too tall) making it difficult to use as a work space. The sink in the island is small and is really a small bar sized sink. If you are a cook, this kitchen is a gut remodel.
The house has only one small full bath upstairs, shared by the two bedrooms. The bedrooms have zero usable closet space. (The upstairs has not been dormered out) The carpeting needs replacement.
The basement floor is a do it your self epoxy treatment (with sparkles) over concrete. This space needs work to be usable. Adding a bathroom dowstairs would be a challenge because of size limitations.
The house has been opened up and the connecting stairway is a crafted metal spiral staircase. Very rickety when used – not kid or pet friendly.
So $534,900 plus a kitchen rehab, a basement rehab, restructuring the staircase, new flooring upstairs, adding dormers to get usable space upstairs…
And it is small and on a smaller than conventional lot!
$534,900 buys a lot of condo with no needed remodeling, even in Bucktown.
Stephen
Not a deal to me.
6am and Bob is already up and assuming everyone is living beyond their means.
I like this house. It’s really pretty from the outside, a well done cottage in a style that is fairly unique to this city. A lot of character for the money. The inside is nice enough (if lacking in historical details). I don’t like the spiral staircase, but I understand why it’s done. The lot is small, but it’s a nice location close to the train and close to a small park. Would much rather have this than a town house or duplex down in the same neighborhood. All in all, I’d be happy with this at anywhere near the asking price. Congratulations to the buyer (whether or not they put down 20%).
Considering the total gut, this seems like one of the lowest prices set in this area in quite a while– plenty of new McMansions still selling in this hood for 800-1.2, and other listings at least 20% above this.
Next closest comp would be 2141 w homer, which sold for more last summer and was no where near as nice as this place (I saw it).
Obviously cottage layout is challenging, and the spiral stairs are a tough choice for me, but I’m surprised to see full rehabs moving in this price range, in this area.
As for the “they couldn’ta put down no $100k talk”. . . doesn’t that get tired, saying that about every property like this?? What, do you think this place is FHA approved??
I don’t see how you live with that spiral staircase with kids, especially infants. Anyone disagree?
“What, do you think this place is FHA approved??”
Well, it is, isn’t it? Being a single family home? Just the issue of the loan limit, the meeting of which would require a little over 20% down.
“I don’t see how you live with that spiral staircase with kids, especially infants.”
You can do it but you need to do it carefully; very carefully. I know from experience having had an an infant in a Capitol Hill (DC) townhouse with a spiral staircase. It can be done, but you need to pay attention.
Like life, no home is perfect, and there are trade-offs especially in buying a house: cost; number of bathrooms/bedrooms; renovated or not; size of kitchen; location; air-conditioning; decks; hoa fees; backyards; parking; views; taxes; neighborhood; noise, public transportation. If you are looking for the perfect house you’ll just dither your life away and never do anything. It’s like waiting to buy a computer or tv because prices keep on dropping and better versions keep on coming out, and you never do it because you can’t tell when you can get the best combination of price and technology.
There are a lot of people on this site making themselves crazy trying to find the best combination of everything and then wildly criticizing those who are willing to accept, and enjoy, something that isn’t in their estimation perfect.
I’m old. I’ve learned that nothing is perfect: your spouse, your children; yourself, and definitely your housing. Give it up and enjoy your life.
I’ve lived with a spiral staircase before. They are used for good reason: they are a very space efficient way to provide access between two floors. It’s not ideal, but it’s not the end of the world, and where they are used they are typically better than the alternative. You definitely have to be careful when you carry anything up/down a spiral, whether it’s an infant or a glass of wine. But you get used to it.
“I should qualify: the reason I don’t agree on this particular property is because of the neighborhood: families that could put 100k down would more likely move into Bucktown (greenzone)”
How far in which direction would one have to go from this house to be in B’town? Location seems pretty B’town to me.
“How far in which direction would one have to go from this house to be in B’town? Location seems pretty B’town to me.”
Me too. It’s northwest of milwaukee, not that something that’s not isn’t bucktown, but helps sell me on its bucktownness.
Maybe litmus test is how much Groove hates location. It is close to Margie’s.
I didn’t read the comments to be saying that this is not Bucktown. It’s totally Bucktown – can’t be anything else. If you think it’s something else, we will have to take it outside.
I live a block from here and this is a great block – lots of families hanging out, annual block party, renovated park behind it. Can’t get on board with the Shepard’s Cottage, spiral staircase or just 2 bedrooms, but price seems about right (assuming close to ask).
As for speculating on the financing – ha! Could be paid in cash, could be zero down. Who knows (other than Bob), who cares.
Within stumbling distance from the Map Room, that’s a huge plus in my book
I apologize – I wasn’t clear in my earlier response. I definitely think this is Bucktown, and hence why I could believe that a family would put 20% down.
“Well, it is, isn’t it? Being a single family home? Just the issue of the loan limit, the meeting of which would require a little over 20% down.”
You know what I meant, dere, smart guy– nobody got a 3% down deal on this place.
And yeah, this is definitely btown I don’t know what else would you call it?
And not just Map Room and Margies. . . gotta love Irazu and Cafe Matou as well. . .
This is definitely Bucktown and a great block to boot. Nice mix of old and new. Well-kept cottages and bungalows, not too many garish McMs. We gave strong consideration to this place but the somewhat flimsy, IKEA-inspired kitchen and (future) rugrat-killing staircase ultimately derailed the deal. That said, at this price and for the right buyer, this is a strong purchase, in my eyes.
“There are a lot of people on this site making themselves crazy trying to find the best combination of everything and then wildly criticizing those who are willing to accept, and enjoy, something that isn’t in their estimation perfect.
I’m old. I’ve learned that nothing is perfect: your spouse, your children; yourself, and definitely your housing. Give it up and enjoy your life.”
Preaching to the choir brother! I don’t know if it’s a generational or ‘unique to Chicago’ thing always going on here (I think a bit of both), but people’s housing expectations are so unrealistic. I mean, this type of picking just doesn’t exist in other major metropolitan areas I’m familiar with – New York where I have family, nor London where I lived. Nobody, I mean nobody I know in London would complain about the type of staircase they have: ‘hmmmm, a staircase, that means we have more than one level… bloody fine gov’ner’! My sister’s expensive UES co-op dining room window faces a brick wall: ‘well, I don’t have to worry about sun bleaching the table’.
What most people want here, deep down, is the same John Hughes suburban style of living they grew up with or think they grew up with via the movies, but the realities of city living keeps getting in their way. VERY Chicago.
I strongly disagree with you Jay about Chicago buyers and the requirements/must haves they expect to find during the search for their dream home.
I live in NYC and Miami and know a ton of RE brokers in both locales who dedicate years of their lives searching for THE perfect home for their clients. These clients absolutely refuse to compromise on items that they insist must be present for them to show any interest, not to mention actually placing an offer.
SO many horror stories of spending a ton of time with these demanding buyers only to have them abandon the search a year+ into the search.
Not sure if you watch the current series, Selling New York, but last night was a prime example of this. The broker had a client who was so demanding that she was about to stop being her agent. When one of their requirements was found and the broker was happy thinking she had made some progress in the search, the client would come back complaining that another aspect was not present. This person had been looking for over 2 years and had yet to find exactly what they wanted and was not about to make any compromises in their search.
So no, it is not a regional or generational thing….it happens in every market in the country. As hard as I and my crew try to include every amenity or feature to the places we renovate, we are never able to satisfy every potential home buyer. I have come to the point of building the places according to what I desire in a home, making every inch usable space. If a buyer comes in and is satisfied with it as it is, fine…if not, there are a hundred other buyers who will see it, be totally wowed by it and a sale is made.
John Hughes? – as long as I could have the sweet 16 porsche or the bueller gto I’m ALL there.
It’s actually very simple.
If you find something you’re not 100% satisfied with, make sure you compromise by at least getting a bargain price for it.
If you find something that’s exactly like how you imagined your dream home to be, be prepared to pay top dollars to get it.
The realtor is responsible to satisfy on either fronts.
Jay, I don’t care what you say, my life has been one great big John Hughes film.
(As I whistle the “Colonel Bogey March” and go about my day).
“I mean, this type of picking just doesn’t exist in other major metropolitan areas I’m familiar with – New York where I have family, nor London where I lived.”
London and NYC are about as relevant to this house as Palatine.
No home is absolutely perfect unless you build it yourself and can afford to buy the land it sits on. There will always be compromises.
You just have to figure out what you are willing to live with and what are deal killers. However, if it is priced right, there will be others who can live with certain defects in a property.
People who obsess over a home being absolutely perfect (Great school system, all bedrooms above grade, fully renovated, walking distance to train, all bedrooms 15×15, new kitchen, great neighbors, views of city, etc etc etc etc) will never buy a home in the city and if they found that home, they would probably complain about it being too expensive for the common man…
The trick though is understanding what compromises significantly hurt value and which ones people will typically ignore for the type of property you are purchasing.
A cheapo 1/1 rental conversion for $150 can probably get away without having a laundry or parking. A $600k condo better have in unit laundry and parking even if the owner of teh $600k place doesn’t need them. You get the picture.
How much would it cost to replace those spiral stairs with nice, wide, gently graded stairs, I wonder. Spiral staircases are impossible if you are over fifty or have small kids. It’s hazardous to carry anything up them or move furniture up them.
If you consider the space a real staircase would consume, this really isn’t a very roomy house.
“Not sure if you watch the current series, Selling New York, but last night was a prime example of this.”
Yeah . . . but these people are very wealthy, looking to spend north of $2m. We’re talking about Chicago buyers who are shopping in the $300k-600k range. I’m with Jay that, at least if this board can be taken as evidence, many in this category of Chicago buyer have unreasonable expectations.
My prediction: people that have this attitude are going to sit and wait, sit and wait, spending their time commenting on blogs about the market is still overpriced, sellers are still unreasonable, etc. Then one day they’re going to realize they missed out on the buyer’s market because the bottom was nowhere near as low as they thought it should be. It’s good to have high expectations and to look for a good deal, but you can’t let those expectations get the better of you.
I think this house is a perfect example: $500k for a charming, renovated brick house, in a good neighborhood, close to the train, in one of the most prosperous metro areas in the country. In my humble opinion, it’s not going to get much better than this.
“Spiral staircases are impossible if you are over fifty or have small kids.”
yikes – read that too fast as “if you have over fifty small kids” (!)
need to cut down on the late morning coffee…
btw, I so do not understand the hating on spiral staircases, I’ve always wanted one. unsafe? compared to WHAT? it’s more dangerous to drive a car in the City, IMO.
“btw, I so do not understand the hating on spiral staircases, I’ve always wanted one. unsafe? compared to WHAT? it’s more dangerous to drive a car in the City, IMO.”
Agree re car. But also agree that spiral is unsafe. I had one for six years. My wife and I both fell on it (both going down while trying to carry something). That was in the first year. We got used to it, but there is a learning curve.
@westloopelo – the difference is that in NY, people are much more willing to p-a-y for their wish list. Compared to other major US metropolitan areas (and I threw in London because I know that city), $535K for a renovated vintage house, with a 2 car garage, in a vetted Chicago neighborhood… is a deal.
this is a great starter home…..
Oh wait its 500k thats not starter home price?
“Compared to other major US metropolitan areas (and I threw in London because I know that city), $535K for a renovated vintage house, with a 2 car garage, in a vetted Chicago neighborhood… is a deal.”
But you can’t compare Chicago to other areas, it doesn’t make sense. You can probably get a renovated vintage house, with a 2 car garage, in a livable neighborhood in Detroit, for like $100k. Or maybe you want to live in Kabul, and it’d cost like $10k.
“Yeah . . . but these people are very wealthy, looking to spend north of $2m. We’re talking about Chicago buyers who are shopping in the $300k-600k range. I’m with Jay that, at least if this board can be taken as evidence, many in this category of Chicago buyer have unreasonable expectations. ”
Why do you have to be wealthy to be able to be picky about what you want? One way or another, a home is (likely) the single largest financial decision of your life, and just because someone isn’t spending $2m+, they should pick whatever the heck comes around first and buy it! Silly, silly logic. Certainly there can be unrealistic expectations, but why rush into a huge decision?
Spiral staircase stairs are shaped like pizza slices, one step a few inches too far to the right as you’re going down the steps and WHOOOOSH you fall down like 5 stairs instantly and sprain your ankle or break something or hit your head and drop whatever it is you’re carrying
“Compared to other major US metropolitan areas …, $535K for a renovated vintage house, with a 2 car garage, in a vetted Chicago neighborhood… is a deal.”
What’s your list of “major US metros”? If it’s NYC, Boston, DC, SF and LA, sure, but DFW is #4 and Houston is #6 and $535 goes a lot further than this in either of those metros.
Anon(tfo):
Not unless you live out in the burbs. Houses right in the urban core in every major city generally run $400k plus for little cottages and bungalows. $500k is a bit much for a “Starter” home but you would be hard pressed to find a single family home like this in a major metro area (not out in the burbs) for under $400k imho.
I have looked at moving to other cities in the past and every city, even if the housing is cheaper in general, when you get to the urban core the pricing is pretty much the same across teh board. The reason is all of these cities generally have an urban DINK population that make similar incomes thus the cost of housing reflects that.
Detroit? There lies the rub. So many would-be Chicago buyers/posters look at places just like that (and the surrounding Chgo burbs), to make their comparisons. Maybe that’s why they always find fault and never buy, who knows. Others, myself included, looked at places like NY, Boston, SF (ok a boutique city, but a city none the less) as their comparisons… and bought. Maybe because all of my peers who lived in such places all made about the same amount of money, and had similar urban experiences with schools/parking/city challenges, etc., and got on with life. But the big difference however, was that Chicago was always a RE bargain, and still is.
Had I not bought my prime LP/2 car/vintage single family for $470K @ 11.5% 20 years ago (and that was top dollar then), I would have had more money in the bank to be sure, but what’s the point? The future was just as bleak and good back then as it is now.
‘Midwesterners know that times could be worse… and they’re waiting for it to happen’ Garrison Keillor
“Why do you have to be wealthy to be able to be picky about what you want?”
You don’t. You can be picky all day. But if you don’t have the money to pay for your taste, then your pickiness isn’t going to do you much good.
When judging price of real estate, I consider comparable cities to be those where I can earn the same amount of money. In my line of work there are six such cities: Chicago, LA, San Francisco, DC, Boston, and New York. Of those six, Chicago is the only one where I can afford a house in a nice neighborhood. That, to me, means Chicago is a good deal.
“a bit much for a “Starter” home but you would be hard pressed to find a single family home like this in a major metro area (not out in the burbs) for under $400k imho”
i guess your view of metro chicago is small?
check mls # 07296516 , 07444046, 07478539
all get you a 3br+ updated starter homes for below 400k in chicago. if you go with “its not close to transportation” argument then look in Jeff Park for some really great starter homes walking distance to Blue line and metra and bus hub.
“Houses right in the urban core in every major city generally run $400k plus for little cottages and bungalows. $500k is a bit much for a “Starter” home but you would be hard pressed to find a single family home like this in a major metro area (not out in the burbs) for under $400k imho.”
Is 2.6 miles to downtown Dallas urban-core-y enough for you Russ? Because I think this 4/4, 3786 sf house:
http://www.dfwsearchhomes.com/Dallas_Real_Estate/City_Real_Estate_Dallas.html
is more than a bit nicer for $549,900. And it’s in a more than okay Dallas neighborhood.
It’s not (to me) just about the absolute dollars, but what you get for the money.
Also–5 blocks up the street (5719 Tremont), there’s a 4/2.5, built in 2006, for $400k. So the “nothing under $400k in the urban core” is BS, unless you exclude Texas (which, I might add, is a fair exclusion).
Dallas Fort Worth sucks and nobody lives downtown at all its all suburban there and once 5:00 hits everyone vacates the place in their pickup truck or other ineficcient method of gasoline sucking transportation
“Dallas Fort Worth sucks”
First, I recognize that fact. Second, when one generally sez “major US metro”, excluding the 4th and 6th largest metros shouldn’t be assumed.
“and nobody lives downtown”
Third, I know very few people in Texas, but all of them live inside the loop in either Dallas or Houston. Last, Russ specifically didn’t exclude DFW when offered the chance–indeed claiming that *every* major metro is the same for minimum pricing in the urban core, which simply isn’t true for Dallas or Houston. Again, notwithstanding the acknowledged amount that they suk, they are major US metro areas and the houses I noted are in the Dallas urban core (tho not the nicest of the nice hoods).
Anon(tfo):
I can’t be all encompassing and you are being too literal, but you know exactly what I mean. Generally speaking the cities that most young professionals migrate to which ususally means – Boston, LA, SF, Chicago, NY, DC. You also have smaller cities like Seattle, Denver, Austin, Charlotte, Atlanta, etc. Of the major urban cities, Chicago is by far the cheapest. When you go to the smaller cities, if you want to live int eh very limited urban neighborhods with shops, etc the cost of living is almost the same as it is here. You might get a little more for your money but it isn’t like you buying bungalows for $250k.
In most of these cities, if you want to move to a Greenzone like neihgborhood, it is going to cost you a decent chunk of change and little cottages like these tend to run $400kish or more.
Yes, you can find areas on the outskirts that may be fine for some folks, but that is not really an apples to apples comparison. LIke Groove pointed out Jefferson Park. The reality is that most of the people considering buying the places that people bitch about that cost too much on this site probably dont even know Jefferson Park exists. They could careless if they could get the house for $150k in Jefferson Park… they have no desire to live in that area of town. In their minds, they might as well be moving to Palatine.
“The reality is that most of the people considering buying the places that people bitch about that cost too much on this site probably dont even know Jefferson Park exists. They could careless if they could get the house for $150k in Jefferson Park… they have no desire to live in that area of town. In their minds, they might as well be moving to Palatine”
Russ, hit the nail on the head with that one. and i guess its goods that its not on the radar it keeps prices grounded for people like me who (if i worked in the loop) would be living there already.
‘I can’t be all encompassing and you are being too literal, but you know exactly what I mean.”
Yes, and you also know why I’m posing the question–Dallas and Houston *are* major cities. Just because the sort of person who would be on this site complaining about a half million dollar cottage wouldn’t choose to live there doesn’t make it less true–for many on either coast, there’s no meaningful difference b/t Chicago and Dallas anyway–so I’m wondering about the blindspot.
Also, on your list of smaller cities–generally true, tho Charlotte is a very hard up market right now, so there are opportunities there.
anon – even Ken Lewis can’t move his place!
Anon: Yes, they are major cities and I bet if you pull comps within the heart of the “hot” downtown neighborhoods you will see similar prices to Chicago. Of course, once you get outside of those neighborhoods, it gets a lot cheaper, particularly in the burbs.
I am from ATL and it is far and away cheaper than Chicago in the burbs. Probably a good 30% cheaper.. atleast. However, the urban inner ring neighborhoods all cost about what it cost to live in Chicago… same $400k 2/2 McCondos. Bungalows from $400-$800k or so in the walking neighborhoods. I believe this is the case because the salaries for urban professionals that want to live in these urban neighborhoods are pretty constant across the country and the housing prices reflect that.
I have looked at homes in what I consider to be comparable neighborhoods in other cities that are similar to say Bucktown, LP, Lakeview, Andersonville, etc and across the board the cost of livign is very similar from my research.
I have also financed quite a few deals in other major cities over the years and the DINKs all spend the same regardless of the city from my experience.
“I can’t be all encompassing and you are being too literal, but you know exactly what I mean. Generally speaking the cities that most young professionals migrate to which ususally means – Boston, LA, SF, Chicago, NY, DC. You also have smaller cities like Seattle, Denver, Austin, Charlotte, Atlanta, etc. Of the major urban cities, Chicago is by far the cheapest. When you go to the smaller cities, if you want to live int eh very limited urban neighborhods with shops, etc the cost of living is almost the same as it is here. You might get a little more for your money but it isn’t like you buying bungalows for $250k.”
If you had to pick random Chicago neighborhoods from a hat to live in, 60% of them would be so laughably bad that you just wouldn’t do it. Not even an option. Not an “urban pioneer” sort of bad, more like a “certain death” sort of bad. That’s why Chicago is so cheap compared to those other places. The other major American cities in your list just aren’t like that (well, DC is). Did I mention that we also have hands down the worst weather out of all those cites? Chicago is cheap for a reason. Nobody is getting a “secret deal” on Chicago pricing.
In contrast, SF and Seattle literally have only one “by Chicago standards bad” urban core neighborhood each. The cultural/entertainment amenities of both aren’t as good as Chicago, but they aint bad either. Seattle actually ends up with pretty much the exact same prices as Chicago for green zone housing. SF is about 3x Chicago prices. The trade off for Seattle is obviously the weather and job prospects (in case you haven’t heard, it’s always grey in Sea-town and it’s pretty tough to find a job there). The superficial similarities between the two towns is shocking though.
Chicago is “cheap” relative to NYC, LA, Boston, and SF because although we probably have the most steady job market of any of those towns, we trade away 80% of our days with really awful weather. Also our crime levels are basically Gotham City from the Batman movies comparatively.
That’s my 2 pennies.
“Chicago is “cheap” relative to NYC, LA, Boston, and SF because although we probably have the most steady job market of any of those towns, we trade away 80% of our days with really awful weather. Also our crime levels are basically Gotham City from the Batman movies comparatively. ”
I mostly agree, but in fairness, at least 60% of NYC is not somewhere a UMC transplant would consider living and 60% of LA (the valley) is the rough equivalent of the NW Burbs with about 50% of the remainder (ie, in the basin + hills) being laughably bad, like Chicago.
Oh, and our weather isn’t meaningfully worse than Boston’s. Boston has a lot more going for it regionally, tho, especially in the winter.
I think what I was trying to convey was that NY and LA both have larger green zones than Chicago and that helps demand. If Chicago was all LP, LV, WP, BT, SV, and the Loops it would be just as expensive as London.
Yes, I realize that LA is basically a giant suburb. I also realize that NYC is pretty grim outside of Manhattan, parts of Brooklyn, parts of Queens, and slivers of the rest.
The Twin Cities (about 3 million people for the whole metro area), which are quite urban and full of young professionals, culture, dining, and architecture, are not close in size to Chicago, but are bigger than some of the cities listed above. You most certainly can buy small bungalows (2-3 bdrms) for 250K in very lovely neighborhoods that are easy, easy commutes to one, or both, of the two downtowns.
I realize you can’t completely compare because of the size differences between Chicago and the Twin Cities, but the real estate is way more expensive here.
And, I would take the weather there over here any day. Yes, it is slightly colder in the winter, but they get less snow and the summers aren’t quite as humid.
Hey everybody, if you think this property is a ‘deal’ dont fret, there will be even better deals tomorrow!
Chicago average total seasonal snowfall: 38 inches
Minneapolis average: 49 inches
And in Chicago, the snow sometimes melts before April.
And, I would take the weather there over here any day. Yes, it is slightly colder in the winter, but they get less snow and the summers aren’t quite as humid.
“I think this house is a perfect example: $500k for a charming, renovated brick house, in a good neighborhood, close to the train, in one of the most prosperous metro areas in the country. In my humble opinion, it’s not going to get much better than this.”
Thanks for a good laugh. Also to those who say the financing doesn’t matter it DOES matter if those kind of low downpayment loans are removed from the market at some point in the future.
I think this is a very small place at an exorbitant price. As for Chicago being “one of the most prosperous metro areas in the country” I’m unsure what Chicago you’re referring to. Are you referring to Chicago circa 1950?
http://www.myfoxchicago.com/dpp/news/metro/chicago-middle-class-econ-20100510
“Chicago – The Chicago area’s middle class has been the hardest hit over the last decade.
The Brookings Institution found pay for middle-income waged workers in the Chicago area fell 8.1 percent from 2000 to 2008.
The area is now ranked 96 out of the country’s top 100 metro areas for changes in middle income wages.”
Sure this likely wasn’t sold to middle wage earners, but I see significant on Chicagoland RE values going forward in light of the economic situation and foreclosure backlog here.
“In contrast, SF and Seattle literally have only one “by Chicago standards bad” urban core neighborhood each. The cultural/entertainment amenities of both aren’t as good as Chicago, but they aint bad either. Seattle actually ends up with pretty much the exact same prices as Chicago for green zone housing. SF is about 3x Chicago prices. The trade off for Seattle is obviously the weather and job prospects (in case you haven’t heard, it’s always grey in Sea-town and it’s pretty tough to find a job there). The superficial similarities between the two towns is shocking though.”
You can’t compare Chicago to just San Francisco. I’ve lived in both.
San Francisco is the North Side of Chicago (for the most part.) Oakland is the South Side of Chicago (for the most part.) If you combined those two cities you would have a more equal assessment. I have friends who live in both cities. The middle class has fled SF for Oakland and the East Bay suburbs. But is this a great choice (compared with some of Chicago’s neighborhoods or suburbs?) It’s not even close. Oakland’s crime is awful and getting worse- even in “good” neighborhoods.
One of my friends has walked away from her house there. Bought in 2003 for $325,000. Now worth like $150,000. Crime was bad when she moved in. It’s worse now. She can’t take it anymore. The bank is short selling it and she’s moved out of Oakland into an apartment in a safer area.
Don’t be fooled in the “nirvana” of SF just by looking at SF (and, by the way, the Mission, Bayview and several other neighborhoods are not places most people would want to live and raise a family if they moved there.)
Mission and Bayview are not worth mentioning in the same sentence. Mission is liveable whilst even cops are scared to go to Bayview. Plus the Mission now has an S&M porn studio in the old Armory which is a very nice neighborhood amenity.
Yeah, yeah, I know what the averages are there, but the weather is changing. It is getting drier there. There isn’t as much snow any more. In the 15 years I lived there, I can count on one hand how many really snowy winters I experienced.
For me, the sun and cold are way better than slightly warmer temps and the gray, gray, winters.
“Chicago average total seasonal snowfall: 38 inches
Minneapolis average: 49 inches
And in Chicago, the snow sometimes melts before April.”
Minneapolis should’ve never been settled. I think Swedes first moved there. The winters are inhospitable. Take the number of unbearably cold Chicago days in winter and triple them? Yeah no thanks. You can have that -10F/-30F windchill temps all you want. I’m glad they only ever hit here once a decade.
To those that say “oh theres no real difference between +10 and -10” I say complete BS to that. When it gets down to negative F I only go to and from work with rare exceptions (Bears Super Bowl being one) because it sucks so bad.
Minneapolis is like America’s urban Siberia.
At the end of the day, Minneapolis’ economy is doing better than Chicago’s. Look at all the up and coming companies up there – much more biotech, start-up, and healthcare related companies there. Illinois is just a difficult place to do business and the related upside to the real estate market is limited as a result.
It is colder there, although I’m used to it so it doesn’t bother me until it gets really cold (-10 isn’t really cold). But, everyone drives everywhere and both downtowns are connected by skyways, so if you don’t like the cold, it is easier to avoid than here.
DaveM, The reason businesses in Minnesota are “up and coming” there wtfeever that means is because taxes and land in minnesota are cheap because nobody educated wants to live there because it sucks, incredibly hard.
After putting up with Chicago winters for 10 years now, I would probably cut my wrists if I had to live in Minnesota.
The summers in Chicago (and the overall city in general) are just nice and long enough to make putting up with our crappy winters bearable.
Chicago has the art and culture of NY, but not quite as overbearing.
Yes, the city is expensive, but relative to other comparable cities, I think it is fairly priced.
DaveM, The reason businesses in Minnesota are “up and coming” there wtfeever that means is because taxes and land in minnesota are cheap because nobody educated wants to live there because it sucks, incredibly hard.
I think you have Minnesota and South Dakota confused.
As someone that’s lived in both Chicago and Mpls, you couldn’t be more off in your assessment.
Sabrina, I agree, sort of. But I actually wasn’t really trying to compare Chi to SF, I was more trying to compare SF to Seattle.
But Oakland/SF to Chicago is not a really fair comparison either. I also have lived in both. Oakland actually is unfairly portrayed as being much worse than it is while parts of the West and Southside actually are among the worst in the first world. I know you didn’t do it, but trying to compare Bayview to say Englewood or Lawndale would be really unfair. In fact, the worst parts of Oaktown are not as bad as either of those neighborhoods or Austin.
Oakland, despite it’s deficiencies is FAR nicer than the West/Southside, as proof, just look at RE values. Like your friend found out, RE is relatively expensive there. I would bet that RE in The Town is 10X the price of Southside RE.
As I’m sure you know, Californians are much less tolerant of crime and have a much lower threshold for what we would consider “bad neighborhoods”. Where as you or I might stick around a deteriorating hood for a few years to see what happens, Cali people will just uproot immediately which actually makes the problems worse.
Still, the Bay Area, overall is much nicer than Chicago. For now. We’ll see what all this walking away does to Nor Cal. I also have several friends and even family members who have walked away from places in The City, Napa Valley, and South Bay. I don’t know the actual numbers, but anecdotally it seems like an epidemic.
House back on the market. Not a deal after all?
Thanks for the update Mayor Richie. I will change its status on my watch list.
I’m the person that bought this house you guys have been talking about for two years
For anyones information, this is the best deal in Bucktown, it needs about 30k worth of work: update bathrooms 6k, new bath in basement plus bedroom 10k, kitchen update(appliances are already new, needs cabinet doors 5k, staircase 10k. 100k if we do an addition on the back, and it’ll be worth well over 700k, everything else in the house is new already, furnace, a/c, electric, plumbing, all new since 05′, the house was completely gutted, I have pics and receipts. The house two over from us with an addition is on the market for 850k, granted high, they will probably settle for 750-775k, do the math, we got a great deal.
Another thing, lots of people have good credit and cash, 100k down is not hard to come up with when you save your money have a good job and invest properly, so to all the dreamers, sitting around talking isn’t going to make you money, obviously you don’t have any or you would be making deals, remember: there comes no reward without hard work a little risk and perseverence. We looked for a year in Bucktown at about 50 single family homes, this was by far the best deal out there.
This house is a profit machine for me, I have two other homes in the area and know the market here, no one sells here unless they want to, not need to! Bucktown is a very affluent community, there’s lots of money here and the prices will not go down as much as in questionable areas.
So good luck sitting around doing nothing, I’m out making money-