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Just got back. Some decent bidding activity. Around 18 units sold although a couple were reserve dependent. Here’s some of the numbers:
#501 – $316,000
#506 – $313,000
#508 – $313,000
#504 – $285,000
#306 – $286,000
#201 – $286,000
#503 – $247,000
#206 – $250,000
#507 – $250,000
#302 – $250,000
#212 – $237,000
#313 – $215,000
#315 – $206,500
#311 – $206,500
#404 – $207,000
#304 – $207,000
#303 – $187,000
#317 – $187,000
Sheldon Good put on a pretty good event, the band in the background was a nice touch!
All the above are without the 5.5% buyers premium.
The final count, according to the auctioneer, was 20 sold.
The room was crowded. The band had a sense of the occasion – it was playing the Rolling Stones “You can’t always get what you want” when I walked in.
My perception was that the successful bidders were first time homeowners, folks buying for their kids and maybe 2 or 3 investors.
The historic tax freezes were in my view a huge draw for this building. Over the 8+4 years for which this applies the freeze is worth about $7k/year on the 2 beds. The investor tax credit also made the numbers a lot more workable as a rental.
Given the distressed buildings out there with goodness knows what HOA nasties coming up and the City facing serious revenue issues, frozen taxes and a new well-functioning HOA has to be worth a lot.
For what it is worth I think #212 was the best value. Not sure about the price on the last 2 units (the 1 beds), Surely the $20k for a genuine 2 bed (#314) was worth the extra.
Neo: How many of these sold?
Whoops- disregard my post above. I wasn’t reading all the posts clearly enough.
Thanks for the update Neo.
Joe at Yo Chicago also has a post up on the event: http://yochicago.com/twenty-units-sell-at-motor-row-lofts-auction/12789/
As indicated, prices today do not include 5.5% buyers premium. Below is the original list price numbers I found from the opening sales event brochure I saved. Wow, just Wow.
Hard to find any losers among the buyers. Great building, well done facade, and you still have some of the tax freeze time left. Finishes are average imo, but these new owners have money to burn improving that. On top of that, the city has already completed the street and sidewalk repairs for the entire area.
A) Best deals IMO – #501 – the lay out feels larger than it lists; you have 3 BR spaced downstairs, and a sweet lofted area upstairs. $345 (including premium) for that is killer. The other one I liked was Unit 212 – two BR – you have a cool rear court yard built above garage that is shared with three units. If these owners were smart, they would join the area into a nice combined courtyard.
B) Catch 22 – will be interesting as the impact of comps on existing units trying to close, refinance, or sell. Could increase short sales and foreclosures.
C) Scared – If I were developer of Opera, I would be crapping my pants. This building has way better structure, location, potential. I’ve said all along, had this developer (Motor Row) been realistic in pricing from the start, he would have been out of this project 2 years ago.
D) Will also be interesting to see the impact of this auction on the Motor Row Lofts across the street (Developer is the Lithuanian guy on the run) – that building sits unfinished.
#501 – $316,000 3 BR+ den original list at opening sales event $659k
#506 – $313,000 3 BR original list at opening sales event $609k
#508 – $313,000 2 BR+ original list at opening sales event $313k
#504 – $285,000 3 BR original list at opening sales event $589k
#306 – $286,000 2 BR+ den original list at opening sales event $434k
#201 – $286,000 3 BR original list at opening sales event $472k
#503 – $247,000 2 BR original list at opening sales event $474k
#206 – $250,000 2 BR+ den original list at opening sales event $432k
#507 – $250,000 2 BR original list at opening sales event $407k
#302 – $250,000 2 BR+ den original list at opening sales event $421k
#212 – $237,000 2 BR original list at opening sales event $419k
#313 – $215,000 2 BR original list at opening sales event $419k
#315 – $206,500 2 BR original list at opening sales event $419k
#311 – $206,500 2 BR original list at opening sales event $419k
#404 – $207,000 2 BR original list at opening sales event $371k
#304 – $207,000 2 BR original list at opening sales event $364k
#303 – $187,000 1 BR+ den original list at opening sales event $313k
#317 – $187,000 1 BR original list at opening sales event $280k
I agree Jeff, I think the buyers will do well. Re: 501 my only reservation was that side bedroom with the tin roof. In terms of resale I liked #206 for $36k less than #306. Same floor plan 1 level higher is not worth 15% in my book.
On the investment side it’ll look good when you take the 20% investment tax credit now (or spread over next few years) but then you’re on full tax exposure right away and resale in next few years will be tricky. However the success of this auction suggests this block will now operate well.
Re: Opera, I was very underwhelmed with that development. The buildout on top level felt kinda cheap to me and the other units were pretty average. I think that one may languish for a while at the current price level.
The location of Opera is completely different, in my opinion. You’re talking about going south of the expressway. It’s a whole different scene and feel (and I’ve been in both buildings so I can attest to that.)
Overall, I thought the auction went pretty well. This was my first time at a real estate auction, be it traditional or high bidder’s choice. Because of that, plus being an analyst as my line of profession, I spent over 20 hours creating a spreadsheet with formulas and color formatting based on if/then conditions to help me make decisions based on three variables: 1) dollar per square foot, 2) final increased percentage over the minimum bid, and 3) final discount percentage of the original asking price. (For items 2 and 3, figures included the 5.5% premium first before calculation.) This nerdy approach was created because I read either in this blog or another blog about how a studio unit at the Vetra was bid to astronomical amounts due to being in the heat of the moment, so I wanted to make sure I didn’t commit “financial suicide” like that one commenter said.
Anyway, from a newbie’s perspective, the good things were:
1) Live band playing music to relax the nerves from an hour before the auction began, as well as throughout the whole auction till the end.
2) There were more than enough auction minions on the floor to cover what I estimated to be 150+ attendants (total of 125 seats, mostly full with many standing and sitting on the ground in the back of the room). Of course, not all were bidding, as some of the attendants were guests of actual buyers/bidders.
3) Jamie Cote, the big guy representing Sheldon Good’s Chicago office, was very accessible and approachable. He constantly follows through with answering requests and making good on promises to follow up outstanding issues.
4) Paul Zucker, the developer of Motor Row Lofts, was very approachable too. Not to mention being reasonable, because he agreed to a modified contract to fit my needs (extended time for earnest money, and extended time to close). I had made this arrangement between our attorneys weeks before the auction. Best of all, after the auction was over, I asked him a bunch of technical information regarding the development, and how he developed it. The more I know how it was built, the better I can plan for my move in. Like for example, he told me that the walls between units, save for between the Cadillac, Cowles and Saxon buildings, were separated by a resilient channel, with the side of RC hooks using 1 x 5/8″ drywall, and the other side using 2 x 5/8″. That little detail really helps with planning new residents how best to hang furniture or other heavier items in your unit! (By the way, I knew which one was Mr. Zucker because I had watched YouTube videos posted on YoChicago site.) He also shared with me a lot of technical details regarding challenges in developing the units, how he overcame the challenges, and tips on how best to make the most of it. Mr. Zucker’s passion for rehabbing lofts truly shine through when engaged in construction and development discussions. I probably know more about the units than a typical buyer, be it resident or investor, should know.
5) The video demonstration right before the practice auction that explained a lot of things.
6) Sheldon Good allowed me to bring my laptop and use it as an aid tool! One would think that you should leave that out to help pump up the price, and let the bidders shoot more in the dark, right? But I guess that’s no different than a power-of-attorney or an agent being present and on the phone with the real buyer, who could be on a computer.
Now, the bad aspects of the auction:
1) Some parts of the video was meant for dissemination long before beginning an auction, such as (paraphrased): “If you have not received your bidder’s information packet, please call XXX to have this faxed to you.” Uhm, I think if you didn’t know that by the time of the actual auction, that piece of information would’ve been totally useless.
2) I have attended four open houses, and discussed with many Sheldon Good representatives, and listened to the spiel about how the highest bidder auction works. Nowhere during the many sessions and private discussions did anybody mention anything about the fact that once a winning bid has been determined in a round and a selection of the unit out of the pool has been made, another bidder before the next round begins can hedge against the seller by using the same bidding amount to snag another unit on the board! The first couple times this happened, I was looking at my friend and asking, what the hell just happened, with confusion all over. Maybe this was explained during the practice auction when I went to the restroom, but I thought this would’ve been discussed during the half hour open house sessions.
3) I wished Sheldon Good would have also posted on the overhead projector all the sold parking spots! It would’ve helped with adjusting my budget during later rounds of bidding. And speaking of projectors, they should’ve had another one, instead of a singular small sized screen to the right side of the room.
4) The band. Yes, they were great, but they must’ve been instructed to begin playing music the moment a winning bid has been yelled and confirmed. I guess sometimes it was going so fast that I couldn’t keep track of what the dollar amount was, but I wanted to keep track of the “current bidders’ going rate” to help me make an informed decision in subsequent rounds.
5) The red-headed guy who represented Sheldon Good. Whoever he was, he needs to polish up his customer service skills. I’m not so sure if I should be going into details on his professionalism in such a public forum.
6) What? Being held captive from 11:00 to 14:00 and no coffee or snacks high in sugar to keep the adrenaline pumping was provided during the whole session? Wow. Maybe my expectations of an auction were a lot higher. Psychologically speaking, I thought it would’ve been a good idea, just like you provide sugary treats to seminar participants around 13:00 to keep them focused.
7) Really? Someone bid a half (i.e. $117.5)? Not one round, but two rounds from three different bidders? It makes keeping track of the auction quite tough when the auctioneer is speedtalking! (I know, this is more a problem with the bidders than the auction, but I thought I’d point it out.)
So those were my feedback on my first ever auction.
Thanks to the Interwebs and fellow auction participants/spectators, I was able to get a good sense of how much more over a minimum bid is a good idea. Based on this past year’s auctions and feedback from people like you on forum like this one, I was able to determine that 18% to 21% over the listed minimum bid was a good rule of thumb, and also the dollar per square foot based on neighborhoods through redfin research, and your feedback in nearby property chatters. So, thank you blogmaster and blog-contributors!
Now, onto the juicy details. Obviously the criteria of what a good deal is varies between a residential buyer versus an investor versus a flipper. So, I’ve compiled the list of winning bids and rankings in three separate formats. The winning bid on a few units did not match the winning bid listed by the previous commenter, but I have cross checked the amount I jotted down in my laptop with the winning amounts jotted down on a paper by my friend. Here ya go:
Winning bids ranked by % discount off of original price:
Rank / Unit / Win Disc / Orig Price / Win Bid / With Prem
1 / 501*1 / 49.41% / $659,000 / $316,000 / $333,380
2 / 504*2 / 47.16% / $589,000 / $295,000 / $330,743
3 / 506 / 45.69% / $609,000 / $313,500 / $330,743
4 / 503 / 45.47% / $474,000 / $245,000 / $258,475
5 / 311 / 44.71% / $394,000 / $206,500 / $217,858
6 / 315 / 44.71% / $394,000 / $206,500 / $217,858
7 / 508 / 43.94% / $589,000 / $313,000 / $330,215
8 / 202 / 42.45% / $418,000 / $228,000 / $240,540
9 / 313 / 42.12% / $391,900 / $215,000 / $226,825
10 / 212 / 41.46% / $428,000 / $237,500 / $250,563
11 / 404 / 41.14% / $371,000 / $207,000 / $218,385
12 / 507 / 40.90% / $407,000 / $228,000 / $240,540
13 / 304 / 39.99% / $363,900 / $207,000 / $218,385
14 / 206 / 38.93% / $431,900 / $250,000 / $263,750
15 / 302 / 37.35% / $421,000 / $250,000 / $263,750
16 / 201 / 36.20% / $472,900 / $286,000 / $301,730
17 / 306 / 30.62% / $434,900 / $286,000 / $301,730
18 / 317 / 29.52% / $279,900 / $187,000 / $197,285
Note about rank #2: The values here are based on final accepted winning numbers. For more details, refer to final notations at the bottom.
Winning bids ranked by dollar per square foot:
Rank / Unit / Win $/SqFt / Orig Price / Win Bid / With Prem
1 / 501*1 / $162.70 / $659,000 / $316,000 / $333,380
2 / 311 / $168.36 / $394,000 / $206,500 / $217,858
3 / 202 / $173.17 / $418,000 / $228,000 / $240,540
4 / 304 / $174.29 / $363,900 / $207,000 / $218,385
5 / 404 / $174.29 / $371,000 / $207,000 / $218,385
6 / 212 / $176.70 / $428,000 / $237,500 / $250,563
7 / 315 / $177.55 / $394,000 / $206,500 / $217,858
8 / 201 / $182.98 / $472,900 / $286,000 / $301,730
9 / 206 / $183.16 / $431,900 / $250,000 / $263,750
10 / 303 / $186.65 / $312,900 / $187,000 / $197,285
11 / 313 / $186.69 / $391,900 / $215,000 / $226,825
12 / 504*2 / $187.82 / $589,000 / $295,000 / $311,225
13 / 506 / $188.46 / $609,000 / $313,500 / $330,743
14 / 302 / $189.88 / $421,000 / $250,000 / $263,750
15 / 503 / $190.19 / $474,000 / $245,000 / $258,475
16 / 408*3 / $196.32 / $328,900 / $206,000 / $217,330
17 / 507 / $204.71 / $407,000 / $228,000 / $240,540
18 / 508 / $207.55 / $589,000 / $313,000 / $330,215
19 / 306 / $209.53 / $434,900 / $286,000 / $301,730
20 / 317 / $213.05 / $279,900 / $187,000 / $197,285
Note about rank #12: The values here are based on final accepted winning numbers. For more details, refer to final notations at the bottom.
Winning bids ranked by least increment from minimum bid to secure the round:
Rank / Unit / % + MinBid / Orig Price / Win Bid / With Prem
1 / 501*1 / -12.90% / $659,000 / $316,000 / $333,380
2 / 504*2 / -3.50% / $589,000 / $284,500 / $300,148
3 / 503 / 1.93% / $474,000 / $245,000 / $258,475
4 / 508 / 5.45% / $589,000 / $313,000 / $330,215
5 / 506 / 5.59% / $609,000 / $313,500 / $330,743
6 / 202 / 7.48% / $418,000 / $228,000 / $240,540
7 / 507 / 7.48% / $407,000 / $228,000 / $240,540
8 / 212 / 10.98% / $428,000 / $237,500 / $250,563
9 / 311 / 12.16% / $394,000 / $206,500 / $217,858
10 / 315 / 12.16% / $394,000 / $206,500 / $217,858
11 / 304 / 12.36% / $363,900 / $207,000 / $218,385
12 / 404 / 12.36% / $371,000 / $207,000 / $218,385
13 / 206 / 15.17% / $431,900 / $250,000 / $263,750
14 / 302 / 15.17% / $421,000 / $250,000 / $263,750
15 / 201 / 15.25% / $472,900 / $286,000 / $301,730
16 / 313 / 15.43% / $391,900 / $215,000 / $226,825
17 / 317 / 23.82% / $279,900 / $187,000 / $197,285
18 / 306 / 25.19% / $434,900 / $286,000 / $301,730
Note about rank #2: The values here are based on actual buyer bid during the auction period. For more details, refer to final notations at the bottom.
Final notations:
*1 (Unit 501) = The winner of this bid did not meet the miminum bid. This winning bid was such a low ball that I think the seller is going to reject it.
*2 (Unit 504) = The winner of this bid did not meet the minimum bid. However, after winning the bid, he raised his bid to meet the minimum requirement.
*3 (Unit 408) = This unit was won not by regular auction, but after a round had ended and the Mr. Zucker moved units 309, 310, 314 and 408 into the reserved box with $206,000. Neither my friend nor I caught the offer yelled, but I assumed the winner went to someone for the reserve amount while between rounds.
Final conclusions:
I heard some Sheldon Good representatives talk amongst themselves and mentioned that 21 units were sold, which Mr. Zucker was very pleased with. But my notes indicated 19, and my friend’s note indicated 20 (with that unit 408). So who knows. Maybe someone was more attentive and caught the full sold list?
I don’t know the status of unit 501 by the end of the auction, as to whether Mr. Zucker accepted the low ball offer. Anyone can confirm if it was rejected during the auction, or if Mr. Zucker is taking three business days to consider it? If anything, I’ll bet there is some counteroffering to be made.
What did you guys think of the lofts here? Which one would you have gone for, and which one would you have avoided? I was really torn between the duplexes in the Cowles building. The pros are: 1) assigned decks and 2) nobody is above you. The cons are: 1) narrow layout, 2) tight master bedrooms, 3) no dens/workspaces and 4) no islands. But for some reason, I was still drawn to it. Since I had already won a bid, had I known that 311 would’ve topped out at $206,500 bid (final of $217,858), I would’ve loved to get that just for the deck. Oh well…
So that’s my postmortem. Here are the nine units left:
Unit / Bed-Bath / SqFt / Orig Price / Min Bid
403 / 1-1 / 1,057/ $317,900 / $160,000
216 / 2-2 / 1,418 / $429,900 / Reserve
309 / 2-2 / 1,289 / $394,000 / $180,000
310 / 2-2 / 1,198 / $391,900 / $180,000
314 / 2-2 / 1,198 / $375,000 / $180,000
402 / 2-2 / 1,389 / $426,000 / $210,000
502 / 2-2 / 1,679 / $589,000 / $295,000
301 / 3-2 / 1,649 / $474,900 / Reserve
505 / 3*-2 / 1,657 / $589,000 / $295,000
Anybody knows which units are owned but for rent/rented by either developer/investor?
Good night!
Oh… And I wanted to add the following but forgot earlier. Anyone else noticed some of the things I noticed during the open house?
Unit 201: I was shocked to see how fast this unit got won, considering it is not finished to specification like the second bedroom, and how that alley lamp is pointed towards the master bedroom. It looked like a good deal, but I opted not to bid on it because I would be annoyed by the garage door noise lifting and closing constantly, and the drywall surrounding the fireplace was crooked.
Unit 202: This unit was different than the 302 and 402 in the fact that the pillar in the living/dining room is decorated at the bottom and top, where as 302/402 is just plain jane with no trimming. I’m shocked that 302 went for higher than 202! (See unit 302 comments below.) And did anyone else notice that the cabinet used for the island does not match the cabinet of the rest of the kitchen?!?
Unit 206: This unit is one where stated in the contract the upgraded appliances used as a model cannot be swapped out. If you selected this unit, make sure you’re not charged $2,500 for it, because right before the auction started, I went up to Jamie Cote and Paul Zucker to confirm if it would be additional or included in the final bid, and they said it is not additional. Plus, if you look carefully, the fridge has a lot of scratches and dents on the freezer sheet metal, as if someone had taken a screw driver to it.
Unit 212: It seems like this is a favorite amongst some, and a fave of some of you, I hesitated with this one. The hardwood floor panels at the foot of the door to the courtyard had about 8 inches deep of discoloration (or color retention while the rest naturally discolored). And in the living room, there is about a 2 by 3 feet square of discoloration in the hardwood floor. I couldn’t figure out one out as to what may have caused it. And the drywall around the fireplace is crooked. But I would’ve lived with all that just for the double exposed brick walls, had it not been for the BK view.
Unit 302: If you won this unit and you are reading this, please make sure you get your attorney to ensure this gets put into the punch list: the hardwood flooring at the entrance to the unit seriously needs to be re-installed. The base was either missing, or has sunk in, because when you stand on it, you sink in by about a quarter to half an inch! This can’t be good for the longevity of the floor!
Unit 306: If you won this unit and you are reading this, please make sure you get the developer to fix the master bathroom ceiling. There is a leak above, and there’s a wet line running north-south in the bathroom. I wanted to bid on this unit over 206, but when I saw that, I didn’t want to deal with big repairs and potential for mold. Get your attorney involved!
Unit 311: There is a hole cut out in the wall in the master bedroom upstairs. I wonder what that is for.
Unit 507: Is it just me, or did anyone else notice that the developer may have installed the wrong size island in there? It totally ate into the living/dining room, and was much bigger than represented on the floor plan. And I was surprised that the master bathroom upstairs did not have the exposed timber right above the shower treated with weather protectant.
Like Jeff said, hardly anyone came away a loser. Of course I’m biased, considering I did win one of the units. Anyone else wants to share anything that caught their eye?
Is it accurate that you pay taxes & assessments on both the unit AND parking?
This may have been answered before, so I apologize… Did this auction allow buyers to obtain financing and add a financing contingency?
Or did all the offers have to be all cash?
Sabrina, that is my point – the location of Opera sucks and if this Motor Row auction price is any indication, then the Opera developer would have some serious challenges to come even close to this property.
Opera developer is probably going BK is my guess. Serves them right for building so far away from downtown, next to a highway, and thinking any sort of price premium from the near South Loop is going to transfer over to their property.
Would I ever walk to Opera lofts at night from the Loop? NOOO..
Heck even during the day the weather better be nice because its father away from the Loop than most of Lincoln Park!
okay…
maybe i’m being dense here……but where’s the value of buying a 1 bed , or heck, even a 2 bed at motor row for the 200-230k range…when you can pretty much buy a nice 1 bed or smaller 2 bed in the 14th/michigan / museum park area? i am renting a 800sq. foot one bedroom at 13th and michigan that is currently for sale for 210k as an asking price….why live in the ghetto and pay so much?
i’m sorry if i offended anyone but motor row lofts is totally in the ghetto, nasty BK, white castle, and china town red line stop vicinity in all. We can hate all we want on the opera lofts, but this location is pretty shady as well…..
Bob – would you ever walk home to Motor row lofts at night? hellllllll no. I can tell you even walking to michigan /roosevelt is a trot from the loop shopping area…
p.s. – i will attest the bigger 3 beds and 2 beds were steals in the 250-316 k arena though, no doubt.
It looks like Mr. Zucker rejected the 3 bedroom offer, as Crain’s reported sales of 19 units. http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=36155
Birdie, if the parking is deeded, like any other property, you pay monthly property taxes and assessments on those parking spaces as well.
Michael, there is a financing contingency for bidders to use seller approved lender, BoA. But my attorney did say that even if for some reason my loan application with BoA is declined, the seller has a clause in there that allows him to either still keep the earnest money, or sue to enforce contract compliance. She also did mention that purchase contracts from auctions are typically filled with unconventional clauses. She even mentioned that there was a clause in there that stipulates that buyers pay the customary seller paid $3 per $1,000 transfer stamps too. So instead of the buyers’ $7.50 per $1,000 stamp transfer, it is $10.50! But according to BoA agent, the seller have said repeatedly that the seller will pay their $3 transfers. It’d be interesting to see which prevails.
Riz, I think the value is in the property tax freeze. I’m not going to lie. It is nice. And I can totally see the potential in that neighborhood, especially seeing how the ghettos and projects are being torn down, and some businesses in the Cermak/Michigan blocks are doing well and attracting the “right” kind of businesses, as opposed to the numerous sketchy fried chicken shops. I was shocked that a lot of those are being boarded up now. My friend thinks it’s because their client base has been relocated, thus killing demand.
Bob: “[Opera Lofts, at 2545 S Dearborn, is] father away from the Loop than most of Lincoln Park!”
Most of Lincoln Park is south of Armitage? That’s the most restrictive definition I’ve ever heard.
Not that I’d walk from the loop to Opera Lofts at night, either, especially not so long as that crazy dude looking for smokes near State/Roose isn’t permanently committed.
Riz – you have no clue. Ghetto? Guess you do not get out much. Motor Row is so much further along than any part of the South Loop when the South Loop boom started in 1996 at Roosevelt. You have:
> Streets and Sidewalks are already completed
> City committed to Historic Landmark restoration of area
> Ickes already coming down – no more talk
> Area will either land a Green line station at 23rd or 18th or
both
> Several insiders and experienced restaurantuers have already
snatched up much of the properties, waiting to pounce when
things recover. The support of McCormick place convention
business could help this out.
> Motor Row Lofts – hands down, this is the best and most complete
facade restoration I have seen since 1995; this is a model
restoration for developers. As well from what I saw, the
developer has a realistic well planned assessment schedule.
The only issue I have is plans by McHugh Construction for the Data Storage on Indiana – waste of prime space.
Motor Row Lofts location is a world apart from the Opera lofts location. I like Opera’s location, but it is not even close to the potential of Motor Row. Like it or not, and despite some of the great historic structures and potential of Bronzeville, The Stevenson expressway serves as a demarcation (mental or physical) for buyers and visitors.
Riz – I agree on first look the area may be a stretch, but keep in mind that if 2009 (economy) did not happen, this area would already be developed. The buildings just south of Cermack ON MICHIGAN AVE are already being planned to be HIGH-END RESTAURANT, ROOFTOP BARS and Retail (will follow).
The draw to this area is that it is
1. Michigan Ave
2. McCormick Place West Building – Mayor Daley has been a huge advocate that the near area needs high-end restaurants, retail & hotels.
3. ChinaTown – Asian investors, visitors to Chicago, visitors to McCormick Place and residents is a huge draw throughout the year. It is already clear that b/w McCormick Place and Chinatown, they want a retail/restaurant path for visitors and residents.
4. Museum/Praire District/Rest of South Loop – You have the beautiful condos, townhomes from Roosevelt all the way to Cermack on INDIANA AVE + you have development on MICHIGAN AVE all the way up to 18th Ave already; you have WABASH AVE development.
5. HIGHWAY ACCESS to every single highway in IL that is no more than 5 minutes away and it is not in your face.
6. Buses and Trains are also readily available without being in your face.
7. Also, the BK is under lease, so it is either going to close, be moved or re-developed.
8. The Lofts themselves are fantastic.
9. REST OF AREA — Residents in Motor Row Lofts (2303 S. Michigan) Lofts on the Row (2332 S. Michigan) & Lexington Condos (2200 S Michigan) can walk to the 18th St bridge to get to Soldier Field, Northerly Island Beach, Field Museum & Shedd Aquarium.
Obviously, the area does not need a bar or restaurant every 10 steps, the current Bars, Restaurants are great to go to.
Also, we WALK from Michigan/23rd to Grant Park in the Summer time within 20 minutes & Millenium Park within 30 minutes.
Also, the South Loop has well spaced & tree lined streets & spacious condos/lofts. Lastly, it is NOT DANGEROUS at all. You get petty things still like car windows smashed, but it truly is not dangerous. The best way to look at it is to see the caliber of
residents that live in this area…you may be surprised.
“visitors to McCormick Place”
Just lost two huge conventions. Many fewer visitors in teh next couple years, at least.
“Millenium Park within 30 minutes.”
See, Groove, this is how you can awlk when you don’t have hobbit legs. 2 miles in ~30 minutes.
“5. HIGHWAY ACCESS to every single highway in IL that is no more than 5 minutes away and it is not in your face. ”
There are wormholes to the I355, I80, I88, I57, I294, I39, I64, I72, I155 & I70?
You see I don’t have time to fact check the rest of your posts but when I can spot one BS point without even checking from your laundry list it does indeed detract from your credibility.
“See, Groove, this is how you can awlk when you don’t have hobbit legs. 2 miles in ~30 minutes”
i am taking my ball and going home.
“Most of Lincoln Park is south of Armitage? That’s the most restrictive definition I’ve ever heard.”
Armitage is 2000N. This is 2500S, so more like a block north of Fullerton. Yes most of LP is indeed further south than a block north of Fullerton.
Solo, I’m detecting notes of Mountainberry Punch. . . or was that Purplesaurus Rex, perhaps?
This was my favorite:
“Also, the South Loop has well spaced & tree lined streets & spacious condos/lofts.”
That’s what I think when I think South Loop: Tree-Lined streets. Good gravy.
South Loop’s lush tree lined streets:
http://2.bp.blogspot.com/_vHzO5tcEeN4/SCuXHP-8-JI/AAAAAAAAATg/sG5f0wsdztw/s400/south%2Bloop%2Bbackyard.jpg
Its so lush and teeming with vegetation it reminds me of a rainforest.
I think Solo is a realtard and took time out of its busy day to share information with us that we obviously don’t know anything about. That will be 6%!
over in SoLo (south loop for you southport snobs) had/has many good things going for it, just great potential.
people got greedy overdeveloped (i.e. Miami) and bursty bubble didnt help.
I for one dont have the ballz or disposable cash to gamble on a area that can easily be section 8 central in the next 15 years.
“Bob on November 17th, 2009 at 4:05 pm
South Loop’s lush tree lined streets:
http://2.bp.blogspot.com/_vHzO5tcEeN4/SCuXHP-8-JI/AAAAAAAAATg/sG5f0wsdztw/s400/south%2Bloop%2Bbackyard.jpg
Its so lush and teeming with vegetation it reminds me of a rainforest.”
lmao.
“That will be 6%!”
No kidding. . .
. . .But on second thought, maybe Solo’s actually a pretty good realtor.
After all, he got all of us to call to 23rd and Mich “South Loop.”
“Armitage is 2000N. This is 2500S, so more like a block north of Fullerton.”
We’ve covered this several times–Roosevelt is 1 mile south of Madison; Cermak is one mile south of Roosevelt. Thus, Cermak is 2 miles south of Madison–the same as North Ave is north.
Oh, and Cermak to 31st (9 blocks) is also only 1 mile. And Van Buren is further south of Madison than Lake is north. So it’s really more like Willow to be the same distance north of “the Loop” as Opera is south.
Still. Wouldn’t choose south over north myself.
I have lived in Lincoln Park, West Loop & Gold Coast. Lincoln Park has a lot of bars, restaurants, but in terms of convenience getting to work or driving somewhere, it 100% sucks & every condo feels like you are living in a rat hole. West Loop has a street or two with nice restaurants, but zero feel of a neighborhood and gold coast is just busy streets with traffic & with much, much older citizens. As much as I like Bucktown, it is crawling with 18 – 22 year olds with no jobs, a bar every 10 steps, busy traffic & EVERY CONDO/LOFT/BROWNSTONE has a train running by it. To mention that McCormick place lost vendors is like saying people lost their jobs last year… it will get better. South Michigan Ave (From Roosevelt to Cermack) is tree lined and every storefront has a clean, modern look to it. Indiana Ave is very tree lined. A picture of a parking lot ? ? Compared to areas in LakeView, Wicker, Bucktown, there are basically run-down stores, dirty streets, narrow streets… I would rather this part of the South Loop take it’s time & do things right.
“To mention that McCormick place lost vendors is like saying people lost their jobs last year”
So, the people that lost jobs last year had the jobs go to their personal rivals? The conventions aren’t not being held; they just aren’t being held *here*. There is little basis to compare the two.
Besides the conventions going elsewhere, existing conventions have been significantly scaled back. I’ve heard rumors of trade shows that used to have 120 trucks to unload are now down to 60 or less; vendors are backing out right and left at the last minute, and there’s little to no overtime for anyone. Sort of like the rest of the country. Lay offs too. McCormick Place plans trade shows far in advance and thingw look very slow for all of 2010. Very slow with no uptick in sight.
“anon (tfo) on November 17th, 2009 at 5:48 pm
“To mention that McCormick place lost vendors is like saying people lost their jobs last year”
So, the people that lost jobs last year had the jobs go to their personal rivals? The conventions aren’t not being held; they just aren’t being held *here*. There is little basis to compare the two.
“
“McCormick place lost vendors is like saying people lost their jobs last year… it will get better.”
Conventions, not vendors. The economy didn’t make conventions leave. The economics of holding them in Chicago did. And since the last couple of them to announce leaving are for conventions in the middle of the next decade – they ain’t coming back anytime soon.
“Lincoln Park…every condo feels like you are living in a rat hole”
This is utter nonsense. The literal rat holes are in the far SL, you know, with actual rats living in them.
West Loop is what the far SL aspires to become. “zero feel of a neighborhood” compared to the far SL? The absolutely, postively best outcome for the SL would be something like the WL. It might just get there in several decades, too.
Heck, all of this and I am a big fan of the SL.
Wait a sec – this was all a joke and I fell for it, right?
” would rather this part of the South Loop take it’s time & do things right”
solo, even though I don’t agree with you, I like ya, and like your positive attitude on the south loop. I do hope more people continue to feel your vibe and they move there and progress continues. For me I am just going to watch from a distance in hopes that one day I will look back and kick myself for not getting in on the good south loop price that will be here next summer.
Ps. Most Parts of the southloop feel even more sterile and fake than the west loop to me.
The South Loop is too manufactured for me. I actually liked it 10 years ago when it still relatively undiscovered and you could find decent loft spaces. Then the flood gates opened and up went all the generic McCondo high rises with fat doormen, business centers, and gyms. The problem with the South Loop is that it is too spreadout imho. It will never have a cozy neighborhood feel where tons of people are out walking around. The streets are too wide for pleasant window shopping. Everyone I know that moved to the South Loop did so for commuting purposes – not because there are a lot of neighborhood amenities. Most of them are home bodies.
However, I think the south loop has a bright future if development is held in check. The proximity to the lake, loop, and other attractions are very big pluses. The closer to the loop you are the better. Places further south are going to be SOL for the most part, too sketchy in some areas and really offers nothing you can’t get in better locations imho.
Motor Row – are you serious?
ALL the development on michigan, from roosevelt, easily down to 18th street is 100X nicer than the motor row location. I’m sorry, but proximity to harold’s chicken and chinatown does not make this a desirable location ( yet ), regardless of how nice the sidewalks are. The fact that your defense includes the statement that the sidewalks are now “fixed” sums up how decent this area is, and sorry – i have heard nothing of the BK losing their lease any time soon.
I stick by my statement, there is much better inventory along prairie/indiana/michigan from roosevelt downn to 18th. your location is just cutting it way too close.
And yes, i’m sure with time this location will pick up, as roosevelt/michigan were also once known as ‘satans mile’ – however i don’t see such gentrification booming up in the next 5 years – lets not kid ourselves.
and i think you’re seriously on something if you think the development is better than the roosevelt end of the south loop….the only part of the south loop that looks worse to me is the stretch from 16th and state southwards…..
the south loop is a great neighborhood and has some really nice areas within it , but sorry, motor row is currently not one of them.
p.s.-> I live on indiana and 13th in one of the museum park developments…a 2 bedroom just went on the market in my building for about 350k asking price….~1200 sq. foot – i just dont see the value in motor row compared to this.
Riz – You hit it on the button.. I do not mean what the current situation is, everything I have said is based on ‘potential’. Also, Indiana & 13th is fantastic location..1200 sq foot, 2 bed for 350k is ideal, but the taxes + assessments drive up monthly costs. That is what the interest was in Motor Row Lofts & Lofts on the Row was -8 year Tax Freeze & very low assessments. Also, the lofts themselves are great. Open spaces, balcony’s, spiral staircases, rooftop, modern finishes, large cielings.
“. . .But on second thought, maybe Solo’s actually a pretty good realtor.
After all, he got all of us to call to 23rd and Mich “South Loop.””
Motor row and south south loop sounds better than “The Ickes”
If any of you were around in 2002 know how much things have changed. None of us would even think about living south of roosevelt on Michigan Ave & should know how fast things changed in only 7 years.
I was renting at 1212 S. Michigan (2002) and even I am surprised that I live in the Motor Row area, but know that in time, things will change. I am not a realtor, but have knowledge of the development in this area, so hopefully, one day, we will see you in the ‘scary’ part of town. We are talking famous musicians, athletes and well known restauranters who all have a hand in this area.
Myself & neighbors have no issue walking around at night, going to Reggies (the only thing I wish is that the liquor store near there closes), Kroll’s, Weather Mark, La Cantina etc.
We are all glad to see Ickes demolished and understand that folks were displaced, but there are not too many more around. It looks worse that it is. Even the ‘addicts’ that are around have NEVER bothered anyone I know personally. They keep to themselves and hopefully one day, they are all gone, but I see less and less of them everyday.
“famous musicians, athletes and well known restauranters”
Are there any other types known for their ability to piss away fortunes faster than these three? Not even an MD or DDS can burn it like those can.
G, your comments disappeared for a few weeks but now you’re back with a vengeance!
“##
G on November 18th, 2009 at 11:16 am
“famous musicians, athletes and well known restauranters”
Are there any other types known for their ability to piss away fortunes faster than these three? Not even an MD or DDS can burn it like those can.”
Ickes will be 75% demolished by the end of this year and completely gone by the end of 2010 so its a non-factor.
—Quote—
“‘famous musicians, athletes and well known restauranters’
Are there any other types known for their ability to piss away fortunes faster than these three? Not even an MD or DDS can burn it like those can.”
—/Quote—
MDs and DDSs don’t burn fortunes nowadays because this generation of medical students come out with more debt than ever before, and their income has been diminished by exorbitant costs and lower pay in major cities. It’s so weird that a doctor can make more money in crappy small towns than in Chicago.
“It’s so weird that a doctor can make more money in crappy small towns than in Chicago”
thanks to lawyers and the state of illinois M.D.’s pay the highest premiums just to practice.
“thanks to lawyers and the state of illinois M.D.’s pay the highest premiums just to practice.”
Those damn lawyers jacking up the cost of medicine for the rest of us schmucks!
First of all, most trial lawyers are democrats and contribute to the (D) party – so the (D) party passes laws favorable to Plaintiffs (and trial lawyers get 33% of plaintiff’s recoveries)…
The (R) party is mostly insurance companies, and doctors too, and they want laws favorable to them, so they bash trial lawyers and plaintiff friendly laws, and then falsely claim that trial lawyers are one of the primary reasons for the high cost of health care.
You see, the truth is somewhere in the middle. Yes malpractice insurance is expensive and it should be if you’re operating on people. However, there needs to be some protections for doctors because, well, medicine is sort of an art rather than science, and it’s just a fact of life (or death). The cost of insurance and settlements/jury verdicts is significant but is not a major reason for the increase in health care costs:
One of the biggest culprits of doctor’s low pay is the low low low reimbursement rates from medicare/medicaid. It’s ridiculous, I don’t even have the time to get into that topic….
Plastic surgeons are doing just fine, whereas GP doctors are quitting in droves…
“#Groove77 on November 18th, 2009 at 1:41 pm
“It’s so weird that a doctor can make more money in crappy small towns than in Chicago”
thanks to lawyers and the state of illinois M.D.’s pay the highest premiums just to practice.
#
Sonies on November 18th, 2009 at 1:42 pm
“thanks to lawyers and the state of illinois M.D.’s pay the highest premiums just to practice.”
Those damn lawyers jacking up the cost of medicine for the rest of us schmucks!”
“Yes malpractice insurance is expensive and it should be if you’re operating on people”
i agree it should be expensive but the flip side of the coin is that malpractice law shouldnt be so one sided in Illinois.
Defense lawyers win 80% of malpractice cases that go to trial. They settle the legitimate ones. Maybe if doctors made less mistakes the insurance companies wouldn’t have to pay out on so many legitimate claims.
“#Groove77 on November 18th, 2009 at 2:01 pm
“Yes malpractice insurance is expensive and it should be if you’re operating on people”
i agree it should be expensive but the flip side of the coin is that malpractice law shouldnt be so one sided in Illinois.”
I won’t touch med mal cases. I’ll take the occasional six figure PI case that comes my way and settle for the policy to make a quick buck but Plaintiff’s med mal isn’t for the light hearted. But if you’re good at it you can make a lot of money. Think Jon Edwards money.
As a medical student and soon to be resident, i’ll chime in on the doctor thing groove and homedelete…
you guys are spot on…nobody in my graduating class of almost 150 students is interested in primary care or being a GP. Why? because why should we accept a salary of 120k – 150k / year after paying 50k/year for medical school for 4 years, taking loans for rent, food, cars, insurance, etc… – then working our tails off in residency at 70 hours per week making ~ 40k. coming out of residency in our early 30’s and with interest almost 400k in debt…we didnt do this for the money but its only fair to be compensated fairly for our work.
a hospitalist/internal med doc in chicago can look at a starting salary of the low 100’s…a peds doc will be in the 90’s. on the flipside, an anesthesiologist, radiologist, or surgeon can make more – but even then, in Chicago these docs pull in around 200-250k/year….why stay here if i can go to northwestern indiana and pull in twice this amount.
malpractice is necessary, and we need it to protect patients from bad medical practice, but we also need a cap on it – awarding someone 10 million dollars because of a damaged nerve during a leg surgery is not realistic…but it happens in this state..
in all honesty, the thought of MD’s and DO’s being the big breadwinners in this city are not realistic…i don’t know many docs making more than 300k and working in the city.
with medicare reimbursements being what they are, and if the public option kills reimbursement even more as we expect it to, trust me that a lot of people will flee from medicine and head into pharmacy , law, and dentistry – a trend that’s already strong.
( my gf is 24 years old and a pharmacist. she works 40 hours a week and makes 120k a year plus benefits. I’ll be 32 , and as a general doc will work 50 or so hours a week and make this amount…and probably get sued 3 times in my lifetime. )
rant over….
“Maybe if doctors made less mistakes”
tell me one human that doesnt make mistakes? yes there are polars of the spectrum some Doc’s make a lot and some hardly any.
but on average who doesnt make a boo-boo? i made at least 3 mistakes just before lunch (oh gosh dont drop the shpeel “but doctors mistakes cost lives” stuff i know that i am not 12).
good rant Riz 🙂
“my gf is 24 years old and a pharmacist. she works 40 hours a week and makes 120k a year plus benefits. I’ll be 32 ,”
you scored bigtime 😉
Thanks groove.
““my gf is 24 years old and a pharmacist. she works 40 hours a week and makes 120k a year plus benefits. I’ll be 32 ,”
you scored bigtime ”
Sonies, definitely…if only she’d marry me, maybe my 1/4 mil in debt wouldn’t be so hard to pay off. 😉
fricken doctors get all the honeys 🙁
“fricken doctors get all the honeys ”
haha…we’ve got to have some perks!
I hear ya Riz. Although you kind of lost my sympathy with the 24 yo gf/pharmacist. I could of used one of those at 32. BTW, Most of the docs I know have moved away to greener pastures, but nearly all weren’t from here anyway. The biggest complaint I hear now is about actually going to the hosp when on call. An abundance of teaching hospitals here had a way of insuring they never left their homes at odd hours (as I’m sure you know all too well.)
You guys missed the mark: he’s likely 32 with a 24 gf because he’s reasonably attractive and looks young. Only a really insecure 24yr old gal would go with a doc that was eight years her senior if he wasn’t reasonably attractive to her.
Now if he said his GF was a stripper or hooters waitress, thats a different kind of gal.
And yeah primary care physicians are largely a joke anyway for healthy people: I used to only ever goto mine every few years when I caught bronchitis just to get amoxicillan and he made $200 off me and insurance co which was total BS. Then I discovered goldenseal.
haha guys..i’m in my mid 20’s, i’m just about to start residency – in my last year of school now and will be a resident this spring/ summer.
i have to admit the gf is a pretty lady, so i’ve just been lucky when it comes to that deparment. my point was that when i’m 32 ( when i’ll be done with my residency and fellowships ) i’ll likely be starting in a salary range not far from where she is earning now, as a 24 year old. by the time she’s 30 she’ll likely be a manager and be in the 150k range .
glad you guys can understand though…so many people i run across in this city have the “doctors are so overpaid” mentality – they don’t understand how much time and effort it takes to make it in this profession , and have a very inaccurate view of how much money docs make.
Bob , on a lighter note though – i know PLENTY of attendings that date very attractive young nurses/waitresses, and most of them are fat and middle aged…i guess motivations their may be different. 🙂
G – the call thing IS a huge pain. even as a student on a surgery rotation, i notice that a lot of docs are in the hospital by 5 am, done by 6 or 7, but have to stay and stick around overnights for calls…can be pretty rough, especially at county or any of the south side hospitals.
there*
“by the time she’s 30 she’ll likely be a manager and be in the 150k range .”
Dunno dude maybe I’m ignorant of the pharmacist career path but I didn’t think mgt or much upward potential was in the cards. I thought it was starting sal plus your yearly 3%? What does a pharmacist-mgr do exactly?
Bob,
Most retail pharmacists such as those that work at walgreens and CVS hire in the 100-120k range . If you stick with a basic retail career it’s typically a salary that never caps out over 125k.. their job basically entails checking your prescriptions for any wrong drug interactions that may be an error – and making sure you get the proper and right amount of medications. This is with a 40 hour work week…they get paid great overtime for extra hours , if shifts are available.
After about ~ 2 -3 years you qualify to apply as a pharmacy manager, which bumps the salary up to roughly the 130-135 range, they are responsbile for running the pharmacy and interacting with all the pharmacists and assigning responsiblities, etc. a successful pharmacy manager usually becomes a store manager ( if they want the responsiblity ) within another 2-3 years. This is typically a 150k salary plus perks such as a company car, etc. It basically involves running the pharmacy as well as the store, so many pharmacists don’t want the responsibility..in either case, pharmacists usually cap at 120-125 and pharm. managers cap around 150k. The chicago market is getting tougher so this figure may go down a bit, but not much..
There is definitely not a lot of upward potential when compared to medicine..however there is some…pharm managers can become regional managers, regional managers can get into walgreens corporate, and from there it goes onwards…remember ,the CEO of walgreens is a pharmacist as well.
sorry for the over flux of info, if thats too much.
As long as the topic has shifted to pharmacy, pharmacy automation (robotic dispensing, etc) is starting to make inroads into jobs for humans. The number of 125K jobs will be shrinking in the foreseeable future.
lol. unless robots are giving flu shots and consulting with patients that isn’t going to happen.
Mail order perscriptions?
Four dollar generics?
Low reimbursement rates from government sponsored health plans?
In the case of Medicaid, non-payment, like Walgreens is experiencing?
None of these bode well for the future of $125k a year 24 yo pharmacists.
Honedelete,
I understand your point… But contrary to what you’ve said, the trend the past few years has been an increase in salary for pharmacists , mainly due to the shortage of them in many markets. 26 years is the average age of a starting pharmacist by the way, 24 year old ones will be hard to come by, esp. After a 4 year bs college degree becomes a requirement to pharmacy school.
Genetics , Medicare, Medicaid, and non payment as been a problem for decades – retail pharmacies do not make their money on prescription drugs but on everything else they sell. This is why owner owned small pharmacies have mostly gone out of business, giants like walgreens and cvs don’t had these problems. I do agree there will no be growth in salary in the next decade at least, pharmacy salaries are already pretty inflated- it just unlikely to find someone to go through that much schoolig and take home less than 100k, which keeps the salaries up.
Honedelete,
I understand your point… But contrary to what you’ve said, the trend the past few years has been an increase in salary for pharmacists , mainly due to the shortage of them in many markets. 26 years is the average age of a starting pharmacist by the way, 24 year old ones will be hard to come by, esp. After a 4 year bs college degree becomes a requirement to pharmacy school.
Generics , Medicare, Medicaid, and non payment as been a problem for decades – retail pharmacies do not make their money on prescription drugs but on everything else they sell. This is why owner owned small pharmacies have mostly gone out of business, giants like walgreens and cvs don’t had these problems. I do agree there will no be growth in salary in the next decade at least, pharmacy salaries are already pretty inflated- it just unlikely to find someone to go through that much schoolig and take home less than 100k, which keeps the salaries up.
Excuse the spelling errors, keyboard is acting up today.
Well, I’ve been looking at the state of pharmacy, and it is mixed news. You have on one hand CVS doing well, whereas Walgreens is doing badly. Riz, you’re right that pharmacies today rely more on everyday items to generate revenue much like gas stations, but there are more to the story on why retail pharmacies might not have a good future. We have this evil thing called PBMs killing the likes of Walgreens and CVS. I’ll let you explain why this is a bad thing. =)
“lol. unless robots are giving flu shots ”
No one said there would be no jobs..just fewer jobs. It would be interesting to re-visit this in 5 to 10 years.
For example “”Since we acquired the system, I have lost a pharmacist and a tech [by attrition] and we have not replaced either. ” from http://aameda.mediwire.com/main/Default.aspx?P=Content&ArticleID=175692
“netdsgnr”,
the auto pharm thingy wont take jobs from the pharmacist it will eliminate the Pharmacy tech girl job. which will raise margins but will not lower joe schmoe’s cost but stuff the pockets of shareholders. Capitalism at its best.
Groovester –
Anything to do with presciptions will be roboticized/automated within 10 years. Automation will also help to eliminate the individual/small chain pharmacies/drug stores. There will still be a place for pharmacists, just not as many of them. I got interested in this topic when I was taking a client for a drink at a bar in Naperville. We met a group of pharmacists (older guys)that had just come from a meeting of the National Pharmacists Assoc (which I discovered is based in Naperville). One of the things they were discussing and worried about was eventual job loss due to automation.
netdsgnr,
many things are getting automated, many jobs are not coming back, troops one day will be coming home. be scared for the future my friend!
I have news for you, most of the buildings that were destined for upscale restaurants/bars south of Cermak on Michigan are in foreclosure and will never see the light of day. And McCormick place has an eminent domain clause on a full block at Prairie/Cermak (but no money to close the deal) and the adjacent block is not going to be developed for a long time. Any business reliant on McCormick Place business is going to be going BK shortly with how fast conventions are pulling out of there, that is going to be a multibillion dollar white elephant shortly unless of course they decide to build a casino there, which then you will be able to enjoy the lovely 80 year olds walking around with oxygen tanks to play nickel slots.
The projects on Stateway Gardens projects have just about the highest crime level of any projects and the gangs openly run these buildings (police officer was killed there not too long ago).
You do have a White Castle nearby which is a bonus, so I will give you that, but I def. would not want to be S. of Cermak unless they were strictly investment units that were really cheap.
“Stateway Gardens projects have just about the highest crime level of any projects ”
Stateway Gardens has been completely demolished.
Well, well, well… Sheldon Good is having a “one-day close out sale” on Dec 5 from noon till 3PM to sell the remaining units.
Unit 501, which had a winning bidder on Nov. 15, is now back on sale. No surprise there that the bid was rejected…
The units for sale on Dec 5 are:
1BR 1BA:
303 / 1,057 sqft
2BR 2BA:
216 / 1,418 sqft
310 / 1,198 sqft
314 / 1,198 sqft
402 / 1,389 sqft
502 / 1,679 sqft
2BR 2BA:
301 / 1,649
501 / 2,049
505 / 1,661 (technically 2 BR + 1 MPR)
Oddly missing from the original 28 units for auction on Nov. 15 is unit 309. Anybody know if someone made an offer for this unit after the auction had ended?
Interesting read on the building, until it went a bit off topic.
Has anyone seen or know of the storage lockers/room? At the open house I did see where there is a room in the lower level parking area but didn’t see inside. I presume each unit is given some space? Also curious what the real tax bills will be like after the freeze, or for those who take the ‘credit’. Also, what are the details of this one day ‘close-out’ sale? Is it going to be another auction? Thanks to all the contributors. Nice units.
Why does it always seem the advertised square footage doesn’t add up? To me it appears as only about 70% of that number? Is this normal?
@Storage…
The storage units are located at two different locations: One in the south side garage, and one in the north side garage. You go through a set of doors, then up the stairs to them. They are rather small. According to materials, there are 3 storage locker rooms and a bike room, however, the Sheldon Good agent were only able to show us 2 rooms, and have said that he doesn’t know where the third one is and doesn’t know if there is a bike room. And in the north side locker room, there were bikes just left there, making access to individual lockers a challenge. I’d imagine that this will be addressed when the board of directors for the association is elected based on owners.
As to the square footage, I’ve always been told that total square footage includes the walls, but individual room dimensions do not include the walls.
@Storage…
Regarding the tax bills, I’m not quite sure. The freeze is for 8 years, but I do not know if it is 8 years from unit purchase, or 8 years from the development started delivering, which is 2007.
After that 8 years, then it goes through 4 years of adjustments towards assessed values.
My best guess is that every year, cook county will still come and assess the values of the units/building, and the bill charging the tax will be frozen, but we can still see the assessed value, and presumably the property tax without the freeze too.
Does anyone know what happened at the December 5th fire sale at motor row lofts
I asked if I could go watch on Friday, but was politely turned down. I was told that it wasn’t going to be anything exciting, other than a bunch of people making offers and the seller picking the best offer. So my guess is that the whole thing probably lasted about 15 minutes. But if anybody went, I’d like to know how it actually went down too.
I got there close to the end. I did not see much activity. I did see the two storage rooms too. Also I was told by the divisions dept of cook cnty assessor that they are about to work on establishing the individual pins for I believe 102 units. I imagine half of those are the parking spots. They are to be mailed out within weeks I was told to the site.
My brother mentioned he was told it would be sealed bid/offers they would accept. Figure they would then go through the offers to decide what they would accept. I didn’t get the feeling any of it was absolute. They also had new asking prices on the handout of the leftover units. For example 216 was 297,921 from 429,900. Not as discounted as what went down at Nov auction. I suppose you could then make an offer. They also said they would not be releasing any accepted offers til they close. Does anyone know how/when you establish whether you take the tax freeze or credit? Trying to decide as I haven’t decided if I will live there or rent it out. Also curious how easy it will be to rent over there?
Anybody move in yet?
Any info on these tax credits?