The Latest Development to Slash Prices: ParkSide of Old Town
We’ve chattered about several components of the ParkSide of Old Town development on the near north side over the last 2 years, including some of the townhouses and the mid-rise building The Hudson at 437 W. Division.
See our prior chatter on flippers in The Hudson here.
In case you missed it, the developer had an ad in Sunday’s Chicago Tribune touting “$100,000 Off”.
It said:
“Nothing gest loudner than a one-bedroom in Old Town for under $200,000.”
Here’s the price cuts from the ad:
One bedroom condo:
- Was $249,900
- Now $199,900
Two bedroom condo:
- Was $339,900
- Now 289,900
Townhouse with Garage:
- Was $599,900
- Now $499,900
ParkSide of Old Town [website]
There is absolutely no reason to buy these ‘discounted’ units from the developer as they are going through a chapter 7 liquidation.
Better to just wait for them to close up shop and get the units from the bank in a year or two if one is seriously considering buying one of these. That being said I would never own here given the location.
Who is going to pay 200k for a 1/1 in Cabrini Green with all of its accompanying issues when you can get a 1/1 in Lincoln Park for the same price?
Bob, didn’t you know that Lincoln Park is the next Cabrini Green. You can’t even stumble home drunk at 2AM without getting robbed and beat up by a mob of teenagers anymore.
““Nothing gest loudner than a one-bedroom in Old Town for under $200,000.””
LOL WUT?
Plus this is Cabrini frickin Green, YOUR VIEW IS OF THE PROJECTS! That area sucks donkey, seriously, this development was a horrible idea, and people aren’t stupid enough to pay even 200k for a one bedroom there!
Well apparently I am a stupid person since I own there. I happen to love my condo, the building and the location. Not that you haters care.
Also, yes, Kimball Hill, one of the development partners, went bankrupt, but the other partner bought out Kimball Hill’s interest. They are not going bankrupt and are proceeding with plans for starting the next building on the south west side of the site.
Tipster on August 3rd, 2009 at 7:43 am
“Bob, didn’t you know that Lincoln Park is the next Cabrini Green. You can’t even stumble home drunk at 2AM without getting robbed and beat up by a mob of teenagers anymore.”
Anyone who stumbles home visably drunk on their own (man or women), is looking to get mugged. I wouldn’t advise doing that in Barrington, Lake Forest, or Kenilworth either.
Someone was shot last week down the street from this Parkside development, no thanks. I’d rather be in Lincoln Park. 15 people were shot in one night on the south side and nobody cared. Two people were punched and robbed in LP over the weekend and now the major and Jody Weiss have their panties in a bunch. You can get robbed anywhere but unfortunately if you get robbed in LP or GC, the police try to make sure it doesn’t happen again.
“Two people ”
Four people were robbed actually. But it is likely they will get the offenders. The offenders will keep at it as they seem somewhat organized. They won’t do it in LP but they will do it in another ‘hood nearby.
As it is doubtful these victims were targeted for any reason other than race it is shameful they won’t be charged with hate crimes as well.
Lauren, did you really mean to say that it is unfortunate that the police are trying to prevent future robberies?
Yeah heaven forbid tax paying citizens actually get some attention…
Tipster- *fortunately* (although it is unfortunate that four robberies in lincoln park generate more chaos than 15 shootings on the S side)
When did dining rooms become dens as evidence in the 2 br floorplans? Also there do not seem to be many 1 brs for sale.
This development is going to be the River City of the north side. I don’t see any way around it at this point.
I thought this was a mixed income property? I pass by here almost daily and see the people hanging out here.
Cabrini Green != Old Town, I think realtors that grossly misrepresent the neighborhood a property is in should be kicked in the crotch.
The man who was shot near Cabrini was shot because he was going to testify against the man who shot him in court for an earlier crime. It was quite sad. He was wheelchair bound and thought he was safer in this neighborhood. The man who shot him hunted him down and shot him in cold blood. While a horrible crime, it was no random act of violence so I don’t think it necessarily reflects negatively on the neighborhood. This man would have hunted him down in any neighborhood, including Lincoln Park.
Sounds like an episode of the wire!
“The man who shot him hunted him down and shot him in cold blood.”
And NObody saw it this time, right?
“While a horrible crime, it was no random act of violence so I don’t think it necessarily reflects negatively on the neighborhood.”
Yeah because bullets never stray and always hit their intended target…
Bottom line is this area is dangerous because there are still three CHA highrises, two CHA middle rises and countless row homes in the immediate area.
I’ve walked home a few times up Halsted this summer and I can tell you half the time there are cop cars talking to people outside those highrises. Imagine trying to raise kids or have your GF walk to her parked car alone at night in this area… I know I wouldn’t be having any part of it.
“As it is doubtful these victims were targeted for any reason other than race it is shameful they won’t be charged with hate crimes as well.”
Hey Bob, have you read the latest report from the attack last night? You should become a FoxNews talking head – keep up with your stunning analysis.
I am a woman who lives at Parkside and has a kid. I walk to my car alone. I walk to the grocery store across the street alone. I walk to Clark and Division to the red line alone. I walk to Halsted every day to ride the bus to and from work alone. I walk up Clybourn to shop on North alone. Amazingly some of the time it is night and according to all of you it is amazing I am still alive. Another shock- as I mentioned above, I like living there. Most of you probably won’t even read this comment because you have moved on, but I felt the need to say it since it seems like everyone who comments on this site believes that neighborhoods can’t change and all poor people are violent drug dealers. And, Bob, need I point out that in Lincoln Park it is men getting their asses kicked. I wonder if your girlfriend should let you walk to your parked car alone at night.
“I am a woman who lives at Parkside and has a kid. I walk to my car alone. I walk to the grocery store across the street alone. I walk to Clark and Division to the red line alone. I walk to Halsted every day to ride the bus to and from work alone. I walk up Clybourn to shop on North alone. Amazingly some of the time it is night and according to all of you it is amazing I am still alive.”
You pushed it too far, lady. Given all that you claim, you’re either a gang member or a ghost–people that do things like that don’t last 20 minutes in that part of town.
Of course, this: “it seems like everyone who comments on this site believes that neighborhoods can’t change and all poor people are violent drug dealers” is ridiculous in its own right–did you read the comments to two posts and decide that? There are plenty of people here who think that the area *west* of the United Center is an okay neighborhood.
Another first-hand experience with a resident of the neighborhood. One time I was taking the 8 bus south down Halsted to W Loop (I don’t take it often at night) and some crackhead and her BF gets on the bus and she starts trying to start a fight with him and acting all crazy hitting the guy and assuming a boxing stance. They got off where the highrises are.
Yeah neighborhoods change, heck I wasn’t around when Cabrini was worse but everyone I talked to says comparatively its a lot better. But so long as that element is still living in those CHA highrises and rowhomes living essentially for free, I think there are real barriers.
Also can you comment on resident relations between those paying full price and those getting subsidized? I’ve read they’re not that optimal..but maybe as a resident, (and not a realtor masquerading as one), you can shed some insight?
Owner at Parkside,
I agree with you 77% that it is a somewhat safe hood when you walk east 🙂
that area has changed for the better and cabrini is many many times safer than when i would go there. i play bball at the park right by you.
please dont paint it as daisies and roses. its still rough around the edges and a place to keep you guard up.
Also “Owner” it seems you are askh from city data forums, per below:
http://www.city-data.com/forum/chicago/290683-parkside-old-town-development-good-investment-2.html
If so do you care to substantiate your claim that they are demolishing the existing Cabrini high-rises this year? As I see askh never responded to a request for verification on that statement and only posted one post on those forums..makes one wonder as to their identity and whether they are indeed an owner or rather a RE agent or other party with a vested interest in promoting the place.
Bob:
Per the CHA plan for transformation, 660 W. Division St., 1230 N. Larrabee St. and 412 W. Chicago Ave. are all scheduled for demo this year. Of course, they were scheduled for demop last year, too. And I believe at least one other year prior to ’08. They’re all subject to a Fed Crt consent decree that CHA has been trying to get released for several years.
Of course, 364 and 365 W. Oak St., which were scheduled for demo last year, have been moved to 2011. They are also subject to the consent decree.
Finally, related to a note at the city-data site, the Marshall Fields apts aren’t a CHA-owned facility–it’s privately-owned and leased and I think the lease is up for renewal this year or next.
Looks like they aren’t waiting for the courts–they already took down 412 Chicago a couple months ago. Good news for the area and residents of Parkside indeed. I guess the winds of change are indeed blowin’ and its not just hot air..glad to hear.
Yes, Chicago Avenue is down and the rest are coming down too. The only CHA housing that is to remain is the row homes. Those house families with children (largely women and children). Thus, when complete, this neighborhood will have the same amount of CHA housing as Old Town (Marshall Field) and Lincoln Park (Larrabee, etc…).
Resident relations between those paying full price and subsidized is fine in the earlier developments (i.e., 1000 N. Kingsbury, 900 N. Kingsbury), because it was well managed. There were a few units that sold at reduced prices to individuals with moderate incomes who provide essential services to the community (librarian, police officers, teachers, social workers etc…) In my building, those went to lower paid professionals (teachers, police officers etc…). I am happy to subsidize their housing as I believe our neighborhood is for the better. Its always better to have your police, teachers, etc…local. Also, I want my children to grow up knowing more than just the wealthy bankers, lawyers, business types who live in the building. Those units cannot be resold on the open market for a set number of years (keeping beneficiaries from profiting). They must be resold to a qualifying individual. After a certain amount of time, they go back on the open market. There are a few designated CHA units (2% so only a couple) and those are mostly occupied by elderly, former Cabrini residents. They have not caused any problems and those who have were moved by CHA.
Oh, and fyi, the Cabrini residents did report the shooting and they have an arrest warrant out for the individual.
“the Cabrini residents did report the shooting and they have an arrest warrant out for the individual”
The question is, will any of them testify. They saw what happens to someone who stands up to this guy.
A Local-
I am another Parkside resident, and i assume that your 2% number is a typos since the overall development has a ratio of 20% CHA units, 30% “Affordable” (the teachers/cops/etc. program you mention) and 50% market rate.
I think that anyone who moved into this area without expecting some growing pains was fooling themselves. There have certainley been some areas of concern, and I’m sure that there will be more areas of concern going forward.
However, i bought here knowing that i would be here 5-10 years and believe that in that time frame the trouble of the first couple years will be outweighed by the long term benefits.
Anyone who bought here for a quick flip was a fool.
Grove77- You are right, I do keep my guard up, but walking both east to Clark and west to Halsted on Division I have yet to have any problems. It is generally good to keep your guard up in the city. As the attacks recently in Lincoln Park and the rapes a year or so ago in Lakeview show, crime happens in a city.
anon(tfo)- I am not a ghost or a gang member. I do all of those things, but you are welcome to believe what you would like. And, it may surprise you, but there are other owners at Parkside who do the same. We don’t just sit inside with our doors and windows locked. We actually live in the neighborhood. People walk their dogs, take their kids to Seward park, go to and from work and shop.
Bob- as someone else pointed out the demo info is on the CHA website and is sometimes more accurate than others. And with regard to resident issues, I live in the midrise and it seems like from our association meetings that relations are fine in the midrises (I know I have had no problems- I am friendly with a few of my neighbors who are in subsidized units and they seem to be good people). I hear there have been some issues between some townhome owners and people loitering near their homes. I don’t know if these are residents, friends of residents, or just folks who decided that was a nice place to hang out. Perhaps someone who lives in a townhome will stumble on this site and comment.
And, for what it is worth, in addition to not being a gang member or a ghost, I am also not a real estate agent nor do I have a vested interest in promoting the place other than it is my home and I get defensive when people are quick to judge.
Another Resident- I believe A Local was referring to his building which isn’t part of Parkside. I believe the Kingsbury buildings actually have 10% CHA because that is what the Alderman requires in all new development that requires a zoning change but I will defer to A Local since (s)he lives there.
To echo what ‘Owner’ was saying… I am a townhouse owner and can confirm that there were issues at the beginning with some of the owners complaining about people loitering in their front yards (although i personally have a hard time calling it loitering, when they are in their own yard). However, after a little effort was made by the association to be sure everyone was following the rules and the issue really has been squashed. I have a great relationship with my neighbors (both CHA residents), they pick up packages that get delivered when I’m out of town, i have watched their kids when they were running late from work… its turning into a nice neighborhood feel.
I think part of it came from all residents (owners, renters and CHA) having some trouble with non-resident kids making some trouble in the development. The entire development was pulled together to try to find solutions (which oddly enough keeping the lights on the baseball field on after dark has solved most everything)… i think when you give a group of people a common enemy, it pulls them together a bit.
But you do have to watch where you are and when you go there, i love playing ball in the park next to the development…but im not gonna be there late at night, nor would i be alone in Oz Park or any other park late at night. No doubt the area is gonna have some growing pains as it converts, but im still pleased with my decision to move here.
“I am not a ghost or a gang member. I do all of those things, but you are welcome to believe what you would like.”
I know that. It was a joke. Directed mostly at those who will decry anything within half a mile of any public housing (that they are aware of).
Of course, given that you think all the posters here “believe[] that neighborhoods can’t change and all poor people are violent drug dealers” shows your lack of observational skillz, at least on the internet.
“although i personally have a hard time calling it loitering, when they are in their own yard”
“a hard time”? Seriously? What exactly is the problem with someone sitting outside in their OWN yard? The association rules prohibit that? If they were being load, sure, but if they’re hanging out being reasonably quiet, why’s it anyone else’s bidness?
It’s BS like that that kept/keeps me from even considering condos/THs as a viable living arrangement.
“It’s BS like that that kept/keeps me from even considering condos/THs as a viable living arrangement.”
i hear ya homie, stuff like that kept me from selling my SFH in 2007 to move into a condo/TH.
If i paid $xxxxx why do i have to live by the boards rules?
Anon & Groove:
Yes, it was a noise issue more than anything else… you wont catch flack for it until later in the night, and even then no one will bother you for hanging in your yard assuming the noise is kept down.
ummm it was probably “friends of the neighborhood” loitering in other people’s yards that was the issue… i’d have a hard time believing that the association doesn’t want owners of their own homes in their own yards lol…
Sonies:
No, it was owners/renters & their guests in the yards… just sometimes too late and too loud.
Ah, well that makes a lot more sense then…
A friend of mine lives in the Hudson. Nice place, been there many times. However, he lives off Division and usually never has the windows open because it’s so loud!! How annoying! Top that with the fact that his assessments are over $500!! That’s insane. Of course, it comes with heat and air, but that is still ridiculous. It’s just a shame that they dropped the 2br 2ba price $50,000, that’s not good.
Now they have slashed prices even more… $80,000 off of a 2br 2ba. Can this get any worse?
Another multiple shooting at Cabrini..
http://www.chicagobreakingnews.com/2010/02/2-shot-in-cabrini-green.html
One bedrooms 189900. Two bedrooms 279900. 2 bed townhome with garage 399900. 3 bedroom townhome with garage 559000. Just got this ad out of the redeye today. I know alot of you were hating on this development but really how low do they have to do to make it a good purchase? Just wondering if any of the regulars (you know who you are) have any thoughts on the latest pricing of these units.
I am considering purchasing a unit at this development. I’ve always been a pioneer in many aspects and I don’t mind having the same mindset on my 1st home purchase. I believe this area has a lot of potential, in fact it’s already come a long way within the last 5 years.
I’d really like to hear from some other owners in the complex. How do you like living there? Do you feel your home was worth the value you paid and could end up being a great investment down the line when it’s time for resale?
Citygal-
I live in the town homes and will tell you the same thing i tell other people i know looking here. Despite the value i have lost in the time since i bought this unit i do not yet regret my purchase. This is the first placed in the city where i have really gotten to know my neighbors (both CHA & market rate) at a level about just saying high when you pass them. I love the physical space of my home as well as the views from my unit. There is a lot to like here, location being another plus.
However, dont let you sell you on the fact that things are totally rosey, the neighborhood continues to convert and is far from perfect, there have been issues with kids from the homes north of division and those in the rowhouses having issues at the school, and there is a serious loitering issues over by the Jenner school. If you are looking at the town homes i would seriously push you to look at the ones on elm closest to the park or on hudson just above elm…still way to much trouble traffic in the western edge of the development. It really is amazing how different just one or two blocks east of me.
The people that have bought are about as active an association as i have ever been part of with people working hard to get the ear of the city when changes need to be made. The city seems to at least listen, they have at the associations request kept park lights on all night (used to shut off at 11) and have recentley installed the stop signs we asked for. The city seeems to also be committed to making the development work.
Like i said before, i dont regret my decision. I bought here knowing that id be in chicago for a while since this is where my business resides, and this home is perfect for my family of three. Just waiting for the neighborhood to fully turn, but everytime a tower comes down we get a little closer. For sure, not perfect, but at least getting better.