Selling $55,000 Below the 2004 Purchase Price: 530 N. Lake Shore Drive in Streeterville
This large 1-bedroom condo at 530 N. Lake Shore Drive in Streeterville has been listed on and off since November 2009.
It is now priced $55,600 under the 2004 purchase price.
530 N. Lake Shore Drive was completed in 2003/2004.
The unit is a large one bedroom at 1050 square feet and has 1.5 baths.
It has hardwood floors in the main living space and peekaboo views of the lake.
The kitchen has granite counter tops and stainless steel appliances.
Parking is included with this price.
Is this a deal compared to all of the other relatively new 1-bedroom condos in Streeterville?
Amy Reynolds at Prudential Rubloff has the listing. See the pictures here.
Unit #1202: 1 bedroom, 1.5 baths, 1050 square feet
- Sold in August 2004 for $385,500 (looks like it included the parking)
- Originally listed in November 2009
- Withdrawn
- Re-listed in May 2010 for $347,500
- Reduced
- Currently listed for $329,900 (includes the parking)
- Assessments of $516 a month (includes A/C, doorman, cable)
- Taxes of $5135
- Central Air
- Washer/Dryer in the unit
- Bedroom: 13×15
Yes, nice unit, nice price
This certainly puts the last unit posted here at 240 E. Illinois to SHAME. This is a nice place and reasonably priced (especially with the parkin).
So the previous listing and this one are asking people to pay 350k for a one bedroom? wait for it……wait for it……ONLY RENT 1BR’S!!!!!!!!
exception to that rule, its a in-town, its for your permanent girl/guy on the side, you own more then 3 cats, its in a great building with spectacular views, you are single forever, your bored with your magic act of knife throwing and decide you would like to knife catch.
Groove77 –
Your comments are very ignorant.
Not sure if you noticed, but this is CHICAGO – a relatively large city and expensive one at that. 1 bedrooms are great for young professionals and single/couples alike. Not to mention this is in an awesome part – Streeterville – which I would take over 95% of the neighborhoods in a second (including LP). The price is decent. Good views. Nice kitchen, bedroom. And if the buyer ever wanted to rent it out, he/she could easily for ~2k.
Finally, to complete oppose your views, I would say only rent 2+ beds because its redic to shell out 500k for 1200 sq ft (for some people).
A-Fed,
My friend please continue to think buying a 1 bedroom as a young professional is a sound idea. it will help the others that did buy in 2008 then two years later realize that “oh crap i need more space” and its only 2 years later and the can only sell for a loss or short sale or foreclosure. to buy a one bedroom is thinking in the now.
“which I would take over 95% of the neighborhoods in a second (including LP). The price is decent. Good views. Nice kitchen, bedroom. And if the buyer ever wanted to rent it out, he/she could easily for ~2k.”
those are your opinions and views. are they ignorant? no! do i disagree with them? yes!
“And if the buyer ever wanted to rent it out, he/she could easily for ~2k.”
And lose a bunch of money doing so!
some people are made of money; let them bleed green… into my pocket
““And if the buyer ever wanted to rent it out, he/she could easily for ~2k.”
And lose a bunch of money doing so!”
then two years later realize that “oh crap i need more space”
This place is over 1,000 square feet — plenty of space for one person or even a couple. Many 2/2s downtown are 1,2000 square feet or less.
Groove – You are discriminating against people, pretty much insulting them based on your comments. That is ignorant my friend. This isn’t 2008 and if you can get pricing pre-2004 (though I would opt more for 2000), buy buy buy because you will turn profit profit profit – even if it’s just a little bit. Don’t get scurrrred cause of a recession — keep in mind to some people a recession means recess-is-on!
Barry – Some people have enough money to not take 80% LTV (or less) on property. If the buyer paid full (though unlikely), the buyer could turn a profit on this through renting.
Considering parking is ~50k in this area (yea yea yea w/e about parking comps), this is a good price for this unit.
My MIL is a 60+ something professional and she’s been renting 1BR 1BA in Streeterville for the last 20 years. Her current unit is only 970sf and the one she had before was 850 (she had to move b/c it went condo but she was there for 10+ years). This unit would be plenty of space for her.
this view does not impress me. that water filtration plant isnt much to look at. and it seems you can only see it from the balcony. super.
frankly sonies view is better and he paid less for a bigger place iirc.
After the downturn, any buyer with a shred of common sense is planning to stay in the place they purchase for at least 5-8 years.
Gone are the days of picking up a 1/1 shortly after college for a small amount of $$$, staying in it until you marry (or make some babies), sell for a good profit then use that profit for the downpayment and furnishings for your next place…a 2 or 3/2 SFH.
If all you want/need/can afford is a 1/1, then rent for now and save for a larger place that makes more sense… or simply wait out the RE disaster until the market stabilizes to the point where you can be a bit more risky and play the buy-sell-upgrade game.
The only thing this type of place would be good for is as a pied-a-terre or a place purchased by wealthier parents/children for a college kid/senior parent.
While there is some sq ftage to be had here, it is certainly not enough for a couple who plans on starting a family.
A good percentage of the rehabs I have sold are to this demo…newly married professionals looking for more space to settle into with their on the way family.
In the last couple of years, all of the places we rehabbed were larger than 2/2 as we realized quickly IF people are buying, they are doing so with plans on staying put for a decade or so.
And BTW, my bud Groove’s comments are never ignorant…funny yes, ignorant no.
“Barry – Some people have enough money to not take 80% LTV (or less) on property. If the buyer paid full (though unlikely), the buyer could turn a profit on this through renting.”
Fair enough, but I sort of doubt that most people who have $350k in cash would be buying up 1br’s in Streeterville in order to make ~$1000/month.
“Groove – You are discriminating against people, pretty much insulting them based on your comments.”
When he gets all “rage rage 1br are for invalids and losers why don’t you make babies already and start accumulating a bunch of useless crap” I just start to ignore him
“Groove – You are discriminating against people, pretty much insulting them based on your comments”
sorry if it comes off that way, i am just trying to voice my opinion. i am just miffed at all the irresponsibleness (is that a real word?) and crazy speculating that is F’ing up grooves early retirement.
btw, in Towner, your MIL is the exceptions i talk about. which it looks as though i missed the mention above this time.
“This isn’t 2008 and if you can get pricing pre-2004 (though I would opt more for 2000), buy buy buy because you will turn profit profit profit – even if it’s just a little bit.”
LOL now this comment is ignorant to what is really happening in RE today!
NO ONE will be turning a profit for some years to come. I pulled out of flipping properties and am now focused primarily on doing renovations for homeowners who want a different look in the same house. Before when these people got tired of the look of their homes, they simply sold (at a profit) and moved into a new place. There are thousands of people who were not aware of how seriously deflated the market is and jumped into situations where they were responsible for two mortgages…nice to think you could sell your old place while purchasing your new place, but that just is not happening without taking a astronomical loss.
People who are looking to make a profit flipping are not looking for ‘small profits’…the risk is simply too great now to attempt this.
Groove – I believe the word you’re looking for is “irresponsibility.”
“Groove – I believe the word you’re looking for is “irresponsibility.”
Thank you chitowngal your the bestestestness.
No way in hell this is 1050 sqft… unless you count the elevator, and the building lobby and the parking space
Sorry, it makes no sense to buy a one bedroom. If anything should be at rent parity, it is one bedrooms. I don’t care how much granite and stainless steel is in the kitchen, at the end of the day it is still just a one bedroom. Chicago ain’t NY where space is at a premium and all most people can afford is a 1 bedroom.
People typically move because they need more space. When one bedrooms start getting into the mid 300s, you are essentially looking at needing two incomes. Two professionals are not going to want to live in a one bedroom.
Even all the high income single professionals I work with by in large by 2/2’s
I completely agree that people are irresponsible and should be held accountable (ahem, wall street) but still, renting for more than 2-3 years can become a waste if strectched. Yet, it’s stupid for a young pro to pruchase something outside their means.
I’m aware of the whole rent-to not rent arguments, so dont get me wrong, sometimes its the best idea to rent (I was for the past 7 years!). That said, though it’s a gamble, at least you have a CHANCE of recovering your orginial investment buying instead of renting long-term.
“sometimes its the best idea to rent (I was for the past 7 years!). That said, though it’s a gamble, at least you have a CHANCE of recovering your orginial investment buying instead of renting long-term”
i will agree with you long term renting does get to the point of waste. but Its about “future proofing” and i dont think 1br is “future proofing” for a young pro or young pro couple.
disclamer;
hey we all make mistakes in “future proofing” and i am one of the people who have made them. i bought a 2br SFH in a marginal (read not great) hood and then overbuilt it above the standards of the hood and surrounding houses.
Well priced. I think this is a good buy at $310K (even though the assessments are a little steep). Its a newer unit with a good sized bedroom, large closet space, spacious bath, guest bath, and a balcony with a decent view. The market for this place is clearly a younger single person who plans on staying single for about 5 years, but that pretty much describes every person I know in Chicago who is 24-29 years old… and most of them can afford a place at this price point.
“The market for this place is clearly a younger single person who plans on staying single for about 5 years, but that pretty much describes every person I know in Chicago who is 24-29 years old… and most of them can afford a place at this price point.”
JP$ hit the nail on the head there.
So in other words, the whole concept of “trading up” in real estate, which has fueled the housing market for the last couple of generations, is now kaput?
“So in other words, the whole concept of “trading up” in real estate, which has fueled the housing market for the last couple of generations, is now kaput?”
Not at all kaput if you are one of the lucky/sensible ones who is able to sell your current (non underwater) place at a good price (read: profit) turn around and find a home that has been well maintained and has gone through it’s share of pricechops making it affordable.
As long as you don’t overspend, live within your means and are able to get decent financing….go for it! and keep the RE Industry alive.
JP – Well put.
westloopelo – “LOL now this comment is ignorant to what is really happening in RE today!…NO ONE will be turning a profit for some years to come.”
Obviously if you feel this way, then YOU wont be turning a profit. I know plenty of saavy investors who have made a killing over the past two years on main street AND wall street. Keep thinking like everyone else and watch as we stack our chips.
Russ – “Sorry, it makes no sense to buy a one bedroom”
Please keep in mind that relatively fixed costs (assessments, taxes) sky rocket typically with increased bedrooms. (Personally, I would take a 1200 Sq ft 1 bedroom over a 1200 sq ft 2 bedroom any day).
“The market for this place is clearly a younger single person who plans on staying single for about 5 years, but that pretty much describes every person I know in Chicago who is 24-29 years old… and most of them can afford a place at this price point”
yes these are the same people who bought a 2/2 for 500k+ doing an 80/15/5(and in the pictures of their new listing the second bedroom have a crib in it.)
its this mentality that caused the demand that led to the builders building crap the banks throwing money at people that led to the bubble that led to the over supply that led to the…….you get where i am going. and when you walk outside you see where it ended.
the cycle needs to stop, the other cycle is the abuse of the HELOC but thats another rant for later.
Some tag team that A-Fed/JP$. Never saw them post before. Makes it look like they have a horse in this race.
“Keep thinking like everyone else and watch as we stack our chips.”
is chips a metaphor for fake money? because if so, nice metaphor…
“yes these are the same people who bought a 2/2 for 500k+ doing an 80/15/5(and in the pictures of their new listing the second bedroom have a crib in it.)
its this mentality that caused the demand that led to the builders building crap the banks throwing money at people that led to the bubble that led to the over supply that led to the…….you get where i am going. and when you walk outside you see where it ended.”
Are you saying people that put 20% down on a 15yr fixed rate and lived there for 5 years is the cause of this whole mess?
“A-Fed/JP$. Never saw them post before.”
JP$ has been around. A-Fed is, I think, new last week. Both have definitely posted prior to this thread.
Did anyone catch the 100% financing in 2004…..and the refi for $339,000 in 2009?
Even at $347,000 the seller will need to bring a little money to the table to close…
Where’s the profit here A-Fed/JP$?
The people who buy one bedroom are like the same type of people who buy timeshares: I’ve never met a buyer of either with any financial intelligence.
I have absolutely nothing to do with this property or with RE – rather than investing in it and have done quite well over the years (imo).
Anon – I’m not a newbie. I use to go by K-Fed, some jerk ruined it for me.
Sonies – Not to be too critical or disrespectful, but judging by your posts and comment about fake chips, I would guess you have never had a 7 figure bank account, let alone 6 or maybe even 5. At w/o taking a chance against the majority, you never will….just like everyone else.
Remember, the cardinal rule of RE is you place is only worth what people are willing to pay for it. What you think something is worth may be completely different than someone else.
Actually A-Fed I have a 10 figure bank account!
See how easy it is to lie on the internet? You obviously have no idea what you’re talking about so i’ll just stop making fun of you there.
But “owning” a million dollars of real estate via 90% financing doesn’t make you rich, or smart…
“Are you saying people that put 20% down on a 15yr fixed rate and lived there for 5 years is the cause of this whole mess?”
A-Fed, 80/15/5 is saying 80% 7year ARM, 15% line of credit (maxed out), 5% down
“What you think something is worth may be completely different than someone else”
that’s why architect’s urban garden thing is great, he pays in chickens.
“that’s why architect’s urban garden thing is great, he pays in chickens.”
I thought that only worked for medical care and only in Nevada.
I have a 10 figure bank account number. Everyone who has a bank account does.
“I would guess you have never had a 7 figure bank account”
now does this need to all be in one account?
““I would guess you have never had a 7 figure bank account”
now does this need to all be in one account?”
I wonder if that includes cents?
“Anon – I’m not a newbie. I use to go by K-Fed, some jerk ruined it for me.”
sorry ’bout that. just knew I’d seen you around, but didn’t remember a-fed from before last week.
“I thought that only worked for medical care and only in Nevada.”
good you saw were i was going on that. LOL
Sonies – who cares if you owe one million if someone is willing to buy it for two.
To combat the 80/15/5, my personal feeling is that for non-jumbo, if you can put 10% down, get get a 30 yr fixed at a decent interest rate, do it. If you can only get an ARM – and max out your line of credit doing it – screw it. No less than 10% should be acceptible. If you have to go the 80/15/5 route, the place is too expensive for you.
Jumbo – completely different story
All – My point is that what is this place worth to you? Some of you it sounds like nothing. But what is the bottom line you would pay for it…300? 250? 200? Someone will buy it eventually…
“If you have to go the 80/15/5 route, the place is too expensive for you.”
and from the looks of things it was the majority of most purchases from 2005-2009.
russ can chime in on what came across his desk during that period, HD can let us know what he sees on his desk now to help back this theory.
“if you can put 10% down, get get a 30 yr fixed at a decent interest rate, do it”
shoot if its FHA 3.5% can get you in, do it. its all a f’d cycle anyway. if it were me now i would definatly be doing the OPM (other peoples money) option.
See below
“homedelete on June 21st, 2010 at 1:03 pm
Did anyone catch the 100% financing in 2004…..and the refi for $339,000 in 2009?
Even at $347,000 the seller will need to bring a little money to the table to close…
Where’s the profit here A-Fed/JP$?
The people who buy one bedroom are like the same type of people who buy timeshares: I’ve never met a buyer of either with any financial intelligence.”
love it when the “I have money and you don’t so I am right” starts.
What happened to that girl who said civic drivers were poor losers?
“I have a 10 figure bank account number. Everyone who has a bank account does.”
I have an account with a 9 figure number. And I have an acocunt with fewer than 9, so probably not *every*body.
“What happened to that girl who said civic drivers were poor losers?”
she is still trying to sell her 2/2 in SoPo.
80/15/5, 80/10/10/ and 80/20s were definitely the rage. The products aren’t affordability loans though. Piggyback loans were just cheaper than doing one loan for the entire amount with PMI. Most folks didn’t put a lot of money down because they didn’t have to; even if they had the funds.
I can honestly say that my opinion on down payments has changed to some degree. Down payments do help keep a lid on prices. However, imho, the bigger issue was that lenders didn’t underwrite to the individual versus generic guidelines. I have no problem with lower down paymetn loans to Doctors, etc and folk with higher disposable incomes and other compensating factors lowering the overall risk. The problem was the other compensating factors were also loosened resulting in borderline borrowers buying properties.
Most of what I am seeing now is 20% down with a few 10% down deals. Otherwise it is FHA at 3.5%.
The PMI companies have actually started to loosen their guidelines. Used to be that you couldn’t get PMI on condos without 10% down. We now have them coming back in the market with 5% down.
I think the motivation may be that they are starting to see revenue fall since they aren’t writing new policies. FHA is pretty much taking all the less than 10% down business. I can’t see them thinking the market has turned… but who knows.
“Did anyone catch the 100% financing in 2004…..and the refi for $339,000 in 2009?
Even at $347,000 the seller will need to bring a little money to the table to close…
Where’s the profit here A-Fed/JP$?
The people who buy one bedroom are like the same type of people who buy timeshares: I’ve never met a buyer of either with any financial intelligence.”
HD,
I never said that the seller who overpaid and overfinanced this place was intelligent. I think this place is a good buy at $310K for the buyer that I described. There are plenty of people in Chicago that don’t need 2 BR’s and actually have the money to spend on a place that they’d rather own versus rent. After taking into account write-offs etc, with 20% down this place actually makes sense to buy at that price.
PS – I’ve also been posting on this site for like 3 years, just too busy at work lately to contribute.
“The PMI companies have actually started to loosen their guidelines. Used to be that you couldn’t get PMI on condos without 10% down. We now have them coming back in the market with 5% down.”
Pardon my ignorance – I thought PMI was all but required on all loans below 20% down? Are you talking about something different?
“I have an account with a 9 figure number. And I have an acocunt with fewer than 9, so probably not *every*body.”
And *no*body cares.
Barry:
PMI is required on all loans without 20% down. However, banks were offering “piggyback” loans where you get a 1st for 80% and a second for the balance… say 15%. Then you put 5% down. This is what we mean by 80/15/5. Up until about two years ago, unless you really had messedd up credit, there was no reason to have a loan wtih PMI. Structuring the loan this way avoids the PMI and it winds up being cheaper. This is why there are so many loans with second mortgages.
However, aroudn two years ago, the 2nd mortgage lenders all but dropped out of the market, so there is no way to avoid PMI if you can’t put 20% down.
Last year, the PMI companies all started restricting the loan to values on CONDOs and required at least 10% down to get PMI, some even 15% down. This is one of the reasons, the condo market in Chicago went to hell, no one would lend on them. To compound to problem, most buildings weren’t FHA approved either so basically there was no financing to be had unless you had a large down payment.
Now the PMi companies have started loosening up a little bit and again providng insurace for 5% down on condos.
Remember…
Fannie has their guidelines which the lenders will override. Then the PMI companies will then overrride the lender.
CH – people who have money made finacially smart decisions, it didn’t just happen cause they wanted it to. I didn’t mean the comment to be insulting and to say that I have money and you dont — just that decisions made by the finacially succesful should be studied and replicated if applicable by those who don’t.
Russ, thanks for that lesson. Makes sense now!
“I would guess you have never had a 7 figure bank account”
now does this need to all be in one account?
OT: new Mark Hanson interview up:
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/6/19_Mark_Hanson_files/Mark%20Hanson%206%3A19%3A2010.mp3
“And *no*body cares.”
I bored myself with that one, but I’d already typed it.
Ahh K-Fed as the latest pro-RE troll!
“Keep thinking like everyone else and watch as we stack our chips.”
Yes we are all sure you are in Bermuda fishing with Steve Heitman these days A-Fed.
“I would guess you have never had a 7 figure bank account, let alone 6 or maybe even 5. At w/o taking a chance against the majority, you never will….just like everyone else.”
Thats right, folks. K-Fed has a seven figure internet bank account. And if you don’t agree with him on real estate, you will never have seven figures of World of Warcraft gold..err..in an internet bank account. Do you have a level 80 real estate cheerleader avatar too, K-Fed?
Do tell us how to approach real estate. Do we need to attend your special seminar at a nominal fee of $395? 😀
“CH – people who have money made finacially smart decisions, it didn’t just happen cause they wanted it to. ”
this is false, or poorly stated. lots of wealthy people acquired money without making financially smart decision.
“I didn’t mean the comment to be insulting and to say that I have money and you dont”
well, that’s exactly what it says..but I get your drift about not meaning it that way.
“Sonies – Not to be too critical or disrespectful, but judging by your posts and comment about fake chips, I would guess you have never had a 7 figure bank account, let alone 6 or maybe even 5. At w/o taking a chance against the majority, you never will….just like everyone else.
meant who have made money made, poorly written thats all
I said “not to be too critical! …. (reference to curb! +1). Its like a pre-warning that I can say what I want … like Bob, not to go psychologist on you but the fact that you referenced James Rowe – out of all the people in the world – and tried to insult me with a seminar-hosting joke says … you envy Rowe and you’ve gone to one of the semiars haven’t you!!! Wasn’t what you expected huh?
(just givin ya’ll somethin to chat about 🙂
“OT: new Mark Hanson interview up:
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/6/19_Mark_Hanson_files/Mark%20Hanson%206%3A19%3A2010.mp3”
Thanks for posting the link Dan. I like listening to these interviews.
I don’t know who James Rowe is–I don’t pay attention to the names on the infomercials.
I know when I lived in Hyde Park the local snake oil salesman was Guy Williams – “The Wealth Doctor” and he did drive a Viper and a couple other luxury cars and live in a gated community in HP. He also promised you the road to real estate riches if you only attended one of his seminars and had several billboards and advertisements.
His fee was _only $750_, only brought up at the free session of course as a followup session to get to the real meat of the course.
He billed himself as a wealth doctor and indeed I see that as the case–given the popularity of his business I’d say he’s a PhD in self-healing! 😀
http://www.cyberdriveillinois.com/departments/securities/administrative_actions/2008/january/guywilliams_cocd.pdf
A-Fed… I don’t need you schooling me on THE investment way to riches via the RE market. As I have stated many times here in the past, I have been flipping properties in NY, Fl and now here in Chicago for over 25 years and all with great success. I come from a long line of RE investors all of whom know this game like no one else I know.
Because of some ‘savvy’ RE moves with my own company, I too have done extremely well. And to those of us who call this our lives, we know when to pull in the markers and sit the game out until we know it is safe to reenter. My business is somewhat different from others in that we do quality work with quality materials and that nets us repeat and many word of mouth clients…without whom I would not be in the position I am in. Save your informmercial babble for someone who wants to hear it…I don’t.
So before you attempt to sit us down and tell us how to play our game, know a little more about us. Collectively on this forum, we have almost every aspect well covered and it is an enjoyable place to discuss our passion.
Telling of your 9 and 7 figure bank accounts adds nothing but an inflated ego to the discussion. While I have ‘jokingly’ made some similar comments in the past, that is all they were…jokes.
HD writes:
“The people who buy one bedroom are like the same type of people who buy timeshares: I’ve never met a buyer of either with any financial intelligence.”
To which I agree 100%. 1/1 are not of any interest to anyone who is serious about RE investing as a way of making a profit. Go throughout Chicago and buy up all of these hard to sell places and become a land 1 bdrm baron, then tell us all how profitable it is.
Gawd, I hope I don’t sound as much a dick hole as this joker does…if I do, please call me on the comments…to read these posts is laughable and not in an enjoyable way.
Sorry dude, I can’t take your POV with any seriousness. and from the sound of it, neither can my posting buddies.
I have no opinion about whether the price is fair, but I will make a general comment about the area.
I lived in this area a couple of years ago as a twenty something year old. It is TERRIBLE area for a young/single person. There is little entertainment in that area. Public transit is just ok. It is a real hassle to meet up with friends. Last but not least, the wind from the lake during the winters is unbearable. Not sure what it is about that general area, but the wind is horrible.
If you are older, married or have kids, it’s a nice location. Street traffic is pretty intense on the weekends and traffic is heavy during mornings and evenings.
“Gawd, I hope I don’t sound as much a dick hole as this joker does…if I do, please call me on the comments…to read these posts is laughable and not in an enjoyable way.”
You must have multiple personalities because when I called you out on all of the bragging that you do on this site you told me to retreat to my rental studio or some B.S. like that. You sound like as much of a dick hole only more often. We got it — you have lots of money, lots of square footage, lots of experience, lots of everything probably! Way to go!!! Your parents must be so proud!
“Your parents must be so proud!”
my parents are proud (or so they tell me) and i dont have 7 figures in on account, i dont have lots of sq ft, lots of experience, or lots of everything.
but i do have an imaginary friend named Timmy, we like to hang out watch sports, and go for walks on the lake shore. he is a real down to earth imaginary guy. he is also hilarious, just last week he said to me “purple monkey dishwasher” and i laughed so hard. Oh wait you guys wont get that, its a inside joke. good times.
Jon, westloop has 2 personalities: happy go lucky, and crabby new yorker. you should let him be when he’s in happy go lucky mode.
you forgot the 3rd personality, novel writer.
Seriously has any really read one of his ENTIRE post when its like three scrollies long?
i remember one this past winter that i started reading in a meeting, picked up on my phone on the deucer, and finished at home. and at the end i felt tired and took a nap.
Hi Groove!
“disclamer;
hey we all make mistakes in “future proofing” and i am one of the people who have made them. i bought a 2br SFH in a marginal (read not great) hood and then overbuilt it above the standards of the hood and surrounding houses.”
Awww…If it makes you feel better, I’ve made mistakes too. A lot of us have. Live and learn. What happened with your house? I think you were considering renting it to relatives at one point?
Dont worry. If you can cover your expenses and hold onto it long term, prices will improve. Just think of it as money in the bank and forget about it for the short term. It might take awhile, but the job market will come back and then so will the housing market.
Whenever I’ve known someone to buy when the market was high, as long as they held for a long time the market always came back. I’ve seen some pretty dire times in Ottawa, Toronto, DC, New York and Chicago. I think anything on the Northwest side of Chicago will be fine long term.
novel writer is usually combined with one of the two I listed.
though some of his longest posts he may shuffle from one mood to the other, with a long stretch of bored in between.
“What happened with your house? I think you were considering renting it to relatives at one point?”
That option is still out there, at the moment we are renting a “in-town” in east lp for the summer or really until CPS is back in session (that first month traffic is shyt). We still go back to the house to throw BBQ’s, do laundry, and now with all the rain i am there for yard work.
We stopped going to open houses and are just enjoying the summer, once we are back at the house full time then another search for the perfect place at a price where our lifestyle wont change. If we dont find it and there are still stuck sellers next summer we will do the “in-town” thing again.
“Dont worry. If you can cover your expenses and hold onto it long term, prices will improve”
I still dont think i will get what i “want” for it even when things turn around. We are getting close to being in the house for a decade so all the work and sweat i put into it becomes more emotional when thinking of a selling price (and parting from it).
I was just in Ottawa visiting old family friends last week. They custom-built an enormous businessman-baroque mansion in the sticks about an hour from the city in the early 90s when everything was priced high.
Then the Canadian real estate market crashed for years. Nothing was moving. They rented the house out to a high-profile attorney and his family while they in turn rented in the city. When they reclaimed the house 5 years later it was a mess. The wife said she cried as she cleaned clumps of dog hair out of everything including their oven. The neighbors told them the kids would skateboard in the house. The attorney’s wife would parade around in fur coats, but I guess that was just proof that pretty on the outside doesn’t always mean clean on the inside.
They had to spend about 50K making the house liveable again and they moved back in with the intention of staying. And then one day someone randomly driving by fell in love with the house. By that point our friends had no intention of selling, but they were made an offer they couldn’t refuse, so they did.
They ended up holding the house for about 20 years, but in the end everything worked out and they even made a profit. (Prices in Canada are unbelievably high at the moment, btw.)
Milky,
that is my biggest fear of renting it (even if its family) that at the end it wont be up to “our” standards and be a mess then we would feud in the family because if it.
i can deal with the bastardz not paying rent but trashing the place will be unacceptable.
BTW, how the heck does dog hair get in the oven?