This 2-Bedroom Is All About The City Views: 8 E. Randolph in the Loop
It doesn’t get more urban than this 2-bedroom unit in Momo at 8 E. Randolph (or Joffrey Tower, as it’s now called- sorry- I still like the Momo name) in the middle of the Loop.
Located across the street from the old flagship Marshall Field’s building (now the Macys), the southeast facing unit has views from its floor to ceiling windows of the new Legacy high rise as well as hundreds of other buildings looking south.
It also has a sliver of lake view facing east.
Both bedrooms have east facing windows.
There is also a sizeable south facing covered balcony.
The kitchen has the new construction look with granite counter tops and stainless steel appliances.
On the market for 11 months, it has been reduced $49,900.
It is also listed $82,000 under the 2008 purchase price, but that sale might have included a parking space. Parking is now listed as extra.
Is this now priced to sell for the location and size?
Janice Smith at @Properties has the listing. See the pictures here.
Unit #2404: 2 bedrooms, 2 baths, 1365 square feet
- Sold in April 2008 for $532,000 (don’t know if this included the parking)
- Originally listed in January 2010 for $499,900
- Reduced
- Currently listed at $450,000 (parking available but extra)
- Assessments of $798 a month (includes heat, a/c, gas, doorman)
- Taxes are “new”
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 12×12
I had a client rent this floor plan 1 floor up. Great views from every room. Finishes are a bit lacking
$299,000 in 2013.
HD,
You read my mind.
the overmount sinks in the bathroom make me want to cry. BTW, I had heard that windows in Momo had problems.
This building is uninspiring. Also the fact that the mail room is on the 7th floor? Causing me to wait for the elevator when I get home from work, hop off on the 7th to get my mail, and then wait for the elevator AGAIN to get home is just a pain in the ass.
They’re also overpriced units, a good portion of the building is empty, and there is no pool. For $800/month in assessments you better have a fucking pool.
Similar unit sold in July for 499, but I believed included parking. I think with parking this unit would go in this market for 400-450k.
Boring. Cold. Souless.
I might have been thrilled to buy a condo with a view of MARSHALL FIELD’S a few years ago. But then Messy’s came in and “there went the neighborhood” so there’s no way I would buy in a building with sich an unappetizing view!
I’m only partially kidding.
Honestly , i don’t really care much about the Marshall Field’s / Macy’s thing. business is business.
i looked at a 1 bed rental here back in the summer, and the finishes were eh, the building was nice but the neighborhood was the real deal killer.
this neighborhood sucks. There are some halfway decent stores around here, but aside from that it’s pretty much a dump. yes, i know it’s only a few blocks from millennium park and a few blocks from where river north starts..but within a 4 block radius in any direction this area blows…
aside from the new shopping mall or whatever, there’s absolutely 0 appeal to living here.
The neighborhood sucks mainly because its not a neighborhood.
This place is great for those who work long hours in the loop and want a short commute. I imagine if you work 7am or 8am to 10pm or 11pm 6 days a week, like a rich investment banker, consultant, lawyer, doctor or small business owner, then this unit is perfect for you. And it’s clearly priced appropriately for that demographic too.
“This place is great for those who work long hours in the loop and want a short commute. I imagine if you work 7am or 8am to 10pm or 11pm 6 days a week, like a rich investment banker, consultant, lawyer, doctor or small business owner, then this unit is perfect for you”
uhhhh – these type of people would NOT live here. Maybe an intown for some of these people – but definitely not a primary residence. No way….
It’s sarcasm clio.
“clio on November 27th, 2010 at 1:46 pm
“This place is great for those who work long hours in the loop and want a short commute. I imagine if you work 7am or 8am to 10pm or 11pm 6 days a week, like a rich investment banker, consultant, lawyer, doctor or small business owner, then this unit is perfect for you”
uhhhh – these type of people would NOT live here. Maybe an intown for some of these people – but definitely not a primary residence. No way….”
This place is great for ballet-o-philes. Think about it you can live in the same building or right nearby the Joffrey ballet. All other considerations are inconsequential afterall this is MoMo..err Joffrey tower.
Harold Washington Library is now open until 9 pm. Did they expand the hours? They sure needed to.
OR news junkies. The CBS 2 news studio is directly across the street. Imagine that, the opportunity to watch the 10 pm new ‘live’ without having to endure the annoying 5 second delay. This unit is perfect for news junkies.
“#Bob on November 27th, 2010 at 2:06 pm
This place is great for ballet-o-philes. Think about it you can live in the same building or right nearby the Joffrey ballet. All other considerations are inconsequential afterall this is MoMo..err Joffrey tower.”
I think it’s across from WLS/ABC, not WBBM/CBS.
How much would this unit rent for? My educated guess would be about $1700 at the low end to $2000 the high end.
It looks like to me a person can rent a similar unit for a lot less than “owning” and thus for now it would make sense to rent a condo unit than to “own” one.
You are correct ChiTownGal, although WBBM/CBS is just around the corner.
“How much would this unit rent for? My educated guess would be about $1700 at the low end to $2000 the high end.”
No- it would rent for more than this. If you had the parking- anywhere from $2300 to $2500 a month.
no way that it would rent for 1700…the one bedrooms are in the 1600 ballpark at the cheapest..i had looked at a 1 bed with parking for 1700 and it was a really good deal at the time. i agree with sabrina, it would probably rent in the 2300 range…but to be honest if i was renting in this area or absolutely * had * to live around here i’d go a block or two east and get a place at the heritage.
isn’t there something like 30 parking spots in the building?
I looked at this building a while ago and they said parking was unavailable with one bedrooms…
ABC not CBS sorry.
We looked in this building, and decided not to rent or buy, as most 2-bedrooms (the higher floors with the great views) have very small living-dining rooms, side by side bedrooms, the heating-AC is 2 pipe, mailroom issue, finishes are not great, dismal lobby, and security seems to be an issue (as least when we looked), as there were no separate garage elevators, and one can walk directly into the elevators from the lobby-nothing stopping you, except an overworked and overwhelmed security guard. There also seemed to be a lot of renters, so I am amazed that the asking prices are still so high.
“isn’t there something like 30 parking spots in the building?”
There is only parking for the 2-bedroom units and there isn’t much of it so it’s pretty exclusive. It’s also easy to get to your car quickly and in and out of the garage (without driving down 7 or 8 floors to exit the building- as you have to do in some buildings.)
Hmmm, maybe it was 1700 without parking? I thought i specifically remembered that parking was included though. In that case, definitely not worth it, haha.
I wouldnt mind driving down 7 or 8 floors, in my current building I have to get out of my car, twist a key on the garage door, drive my car inside a car elevator, go down two flights, reverse my car out of the elevator, close it, park, then walk up a flight of stairs to get to the elevator. And at 250/month i have one of the cheaper spots in the building. It’s a huge hassle to say the least…i wish the condo association would just allow garage openers, haha.
This is an amazing spot in the center of one of the biggest, busiest, and best cities in the world. While it is not cheap, and not a “neighborhood” it is has the best views of any new condo in the City. You can walk throughout the Loop, to the Park, and to River North with ease. The building is very well run and there is not anything else I would want. The building is not empty but very full and vibrant. The deal offered is a great deal and if I was not already living here, I would jump on it.
Is it just me, or is it REALLY quiet out there in the world of real estate?
Not even any listings in today’s newspaper. I know it’s a holiday weekend so the big agencies aren’t bothering to put in any ads- but STILL. Kind of surprising.
Looks like everyone is throwing in the towel until 2011.
Troy,
i’ll agree that chicago is a great city. other than that, no.
the views from the condo are alright. not the best , or even close. Who the heck wants to walk through the loop? that’s not something i like to do on my days off.
I guess the location is okay if you like shopping at loehmann’s or nordstrom rack, i guess.
“Is it just me, or is it REALLY quiet out there in the world of real estate?”
I noticed that as well – practically a non-existent real estate section in the paper today! I guess that bodes well for the place that I am looking at, but not so great for the place I need to sell.
From what I’ve seen personally in my office, and after lengthy discussions with other lawyers throughout the legal profession, it’s quite apparent that both commercial and residential deals, from high end properties in the city and suburbs, to low end properties on the far south side, have slowed to a trickle. Even after a contract is signed there’s only a 50/50 chance it will even close within 90 days. There’s always something holding it up. My office had staff layoffs and more may be coming with this second dry spell and I fear a lawyer or two may be next (those with involvement in the buy/sell side of the real estate market). I’m only tangentially involved in those areas so I’ll be OK (knock on wood) but there’s been no bonuses or raises this year. People aren’t even suing over real estate like they used to in the past. Individuals and companies (which often are one in the same) who used to have ‘money’ and paid their bills on time have tempered their litigiousness, and they the 90 day pay is the new 30 day. My SO after reading the Sunday Trib jokes that Mary Umberger doesn’t even bother talking about Americans owning real estate any more – last week she discussed renting and this week was international discussion. There’s barely anything happening and nothing to talk about. It’s dead. We are in the 1931 of real estate depressions. Just when you thought it couldn’t get any worse, it gets worse; new home sales in Oct. were the worst on record for any Oct. since they started keeping records in the 60’s. Prices are declining and there is palpable fear that another significant double dip is inevitable, destroying any remnant of equity in properties purchased after 1999.
“#Sabrina on November 28th, 2010 at 5:23 pm
Is it just me, or is it REALLY quiet out there in the world of real estate?
Not even any listings in today’s newspaper. I know it’s a holiday weekend so the big agencies aren’t bothering to put in any ads- but STILL. Kind of surprising.
Looks like everyone is throwing in the towel until 2011.”
Troy, your realtorspeak is not welcome here.
And who the heck wants to “walk through the loop”
ugh
“My office had staff layoffs and more may be coming with this second dry spell and I fear a lawyer or two may be next (those with involvement in the buy/sell side of the real estate market). I’m only tangentially involved in those areas so I’ll be OK (knock on wood) but there’s been no bonuses or raises this year.”
Sorry to hear this homedelete. It is very, very slow out there. Actually, there is movement on the upper end of residential housing (for the first time in 2 years.) More $3 million and up properties are selling than I can recall in at least 24 months. But other than a smattering here and there in the lower bracket (and foreclosures) – that’s about it.
I heard someone on tv mention another housing “stimulus” last week. It’s only a matter of time before there are calls, once again, to “save” housing- as the double dip becomes more pronounced.
I highly doubt the republican house is going to pass anything to help housing at this point.
Recently stumbled upon the site, been addictively lurking behind the scenes for a few weeks now. Especially love the lively discussion and banter.
The evidence certainly does seem to be pointing towards another leg down in home prices. I’m personally of the belief that congress should do nothing to interfere with home prices equalizing (read, lowering) to levels which begin moving homes in this market. Let’s swallow our medicine and get it over with, no need to prolong the pain any further than we need to.
Full disclosure, I am not a current home owner and am on the sidelines evaluating potential 2br/2ba opportunities in Chicago. Personally, am weighing the convergence of a second leg down in prices with the liklihood of rate increases in 2011.
Even in “good” years, real estate business is generally dormant between Thanksgiving and the first week of the new year. Days get shorter and colder, and holiday activities take priority in the lives of potential sellers and buyers.
Interestingly enough, however, last winter was one of my busiest seasons in a while (new buyers looking for “bargains” to buy with their $8K credit). I expect 3 closings this December. Not sure of what January will hold for me or my clients.
The one bedroom condos in the building rent in the $1500 – $1700 range depending on the direction the unit faces. $1700 for the units facing the lake.
The building is far from empty, rather many of the units are in-town or second homes.
The climate system is a 4-pipe system and will provide heat or cold all year around. Clients like the fact that almost all utilities are included: heat, a/c, internet, basic DirecTV, & cooking gas. The finishes definitely are not top of the line, but are adequate. The developer chose to complete the building with very few finish options. The cabinets, appliances, wood floors and counters are all the same with just a few color options. I was told this kept costs down. You will see the exact same finishes at SoNo.
“Just when you thought it couldn’t get any worse, it gets worse;”
People on this site have been talking about it getting worse for years. Our government merely wasted money and delayed the pain. Well you can’t waste money forever so we’ll see Case Shiller tomorrow. Had there been no tax credit the CSI for Chicagoland would likely be south of 110 by now. Because there was a tax credit it basically goosed demand last year and earlier this year so now there is a price to pay for pulling demand forward. A large part of that price is non-existant volume now that the government bribe is gone.
“Interestingly enough, however, last winter was one of my busiest seasons in a while (new buyers looking for “bargains” to buy with their $8K credit).”
Hope you enjoyed your government bribe and I hope it never comes back. Talk about a waste of money just to line your & your coworker’s pockets.
Also I wonder how most of those that bought due to the $8k credit are doing financially regarding their real estate purchase.
Do you think their property values are lower by $8k or more? I’d bet so.
Agreed that the $8k tax credit really was just a transfer of money away from tax payers. It actually hurt the real estate recovery’s prospects by delaying it for at least another year. Genius politicians.
About the property – there is a subset of buyers that it appeals to, but I’m not sure a long-term owner will make a lot of money here. It’s in the loop, which is both good and bad.
What makes the market even slower is that few sellers are even bothering to reduce their prices in this slow market. The areas I search show nothing more than a handful of nominal price decreases during the last 30 days, most of which are foreclosure condos reducing their prices. Sellers have thrown in the towel completely for the rest of the year. Why even bother keeping the listing active?
HD: I’ve yet to sell a place, but are there any carrying costs to keeping a listing alive?
None really other than the inconvenience of keeping your place ready to show on a moments notice. The realtor sinks costs at the initial listing.
“More $3 million and up properties are selling than I can recall in at least 24 months.”
Here are $3M+ single family attached & detached for the City of Chicago for various periods:
Year – Q3 – YTD thru 10/31 – Sept only – Oct only
2005 – 4 – 26 – 1 – 4
2006 – 15 – 44 – 6 – 5
2007 – 13 – 44 – 7 – 6
2008 – 8 – 56 – 0 – 0
2009 – 12 – 32 – 1 – 2
2010 – 7 – 38 – 0 – 5
random trivia: in the 70s there was a winston billboard above the store here where the dude on it blew smoke out of his mouth. i remember it from going to see the xmas windows at fields. def as interesting as the windows, maybe more so since I dont remember them in detail.
looked like this one http://farm3.static.flickr.com/2382/2270831193_5445d632c1_o.jpg
for all those who bash living in/near the Loop, there are plenty who like it quite a bit. including myself.
all things equal, i wouldn’t like living right next to Macy’s but for a place in the city it definitely has potential. and the views are quality and fairly unique imho. plus, a corner unit with a decent balcony.
parking being an issue would definitely hurt it but if you can get parking in the equation, then ~$300/SF seems a reasonable price to me.
and sorry, but unless you think Chicago is going the way of Detroit, $299K just ain’t gonna happen. 2013, or whatever year you want to choose.
i’d say the worst case floor here is $350-$375K with parking. i guess $299K is in that ballpark but i just don’t see it happening.
And 3 years ago nobody saw precipitous price declines; and even 2 months ago nobody saw the double dip.
Detroit pricing is $29,999; Chicago pricing is $299,999.
“and sorry, but unless you think Chicago is going the way of Detroit, $299K just ain’t gonna happen. 2013, or whatever year you want to choose.”
“and sorry, but unless you think Chicago is going the way of Detroit,”
You mean with multiple police officers getting shot?
“And 3 years ago nobody saw precipitous price declines; and even 2 months ago nobody saw the double dip.”
plenty of people saw it coming. but by and large those who did are only known about by people who actually have a working brain and a desire to learn something for themselves and not be spoon fed scripted fodder.
Bob, don’t have to tell me we’ve got a crime problem. it is bad and getting worse, i agree. i’m not that much of an optimist, trust me.
probably splitting hairs here…we’re not THAT far apart in our opinions.
my main opinion is that one could do far worse for $330/SF than this place. it’s list is still too optimistic but anywhere much below $400K is a pretty fair price, imho.
A “fair” price today is knife catching in a declining market.
Rental parity will not be the bottom on condos. What bubble doesn’t overcorrect?
i guess i just don’t think it’s “knife catching” anymore.
i think it was knife catching in ’08/’09, etc.
or, let’s just say i think the blade is not razor sharp at this point. it might break the skin but it won’t kill ya. =)
“I highly doubt the republican house is going to pass anything to help housing at this point”
You are right but this is OK. It is time for America and Americans to finally take a hit financially and let the market find the true bottom. These temporary props to pull us off the bottom have, and will continue to be, a failure. Perhaps there will be a new stimulus plan of printing more money or giving some additional credits to engage people to do something drastic but I suspect not.
My guess is that that $8K housing tax credit did little to help and in reality just put more people (all those innocent first time buyers) into houses that were almost immediately upside down in equity. In reality the program has really just increased the long term problem of people living in homes that they can not afford or desire to stay in for the long term.
Just think how many one and two bedroom condos were swallowed by that program. Fast forward three to five years and many of those young buyers will be looking to move. That is when they will finally realize that they are unable to get out without bringing more than the $8K they saved in taxes to the closing table. Ouch that should be a moment of true pain! It will also further delay our recovery or goal of finding the “true” bottom.
“Here are $3M+ single family attached & detached for the City of Chicago for various periods:
Year – Q3 – YTD thru 10/31 – Sept only – Oct only
2005 – 4 – 26 – 1 – 4
2006 – 15 – 44 – 6 – 5
2007 – 13 – 44 – 7 – 6
2008 – 8 – 56 – 0 – 0
2009 – 12 – 32 – 1 – 2
2010 – 7 – 38 – 0 – 5”
Thanks G. I thought someone would provide the data. So I’m not losing my mind (with those 5 properties selling in October alone.) It seemed like more were closing than I had seen in awhile. And the first 9 months are more than 2009. Still- we’re nowhere near 2008.
“Just think how many one and two bedroom condos were swallowed by that program. Fast forward three to five years and many of those young buyers will be looking to move. That is when they will finally realize that they are unable to get out without bringing more than the $8K they saved in taxes to the closing table. Ouch that should be a moment of true pain! It will also further delay our recovery or goal of finding the “true” bottom.”
First of all Cee-lo your true bottom (if you don’t get it look up his relatively new single). I am one of those people that utilized the 8k credit, but didn’t get in over my head and found a place suitable for semi-long term or rental living. Equaled my rental costs while gaining equity, write off’s AND I can paint my walls – I chose white! You act like one or two bedroom places aren’t good for buying in the city but man are you wrong. Remember, the city is always replenished with young grads looking for places to live, or single people looking for a mate, or in-towners, relocation business people, etc… Remember that in New York, Boston, “L.A. City,” San Fran, Downtown Denver, etc.. you still cannot find a relatively high end, 1000+ sf decent floor plan one-bedroom (optional den) with central a/c, 4 pipe system, garage parking, and a view for less than 250-300k, let alone 600-700k in NY. Remember that this is just a set back for RE, or a correction in business terms, based on people’s expectations that they could turn a dime into a dollar rather than being happy with a quarter.
The best solution to this whole mess, imo, is to equal wages and prices – which the government is trying to do by tax cuts to large corps, though trickle down econ doesn’t always trickle down….
“Remember, the city is always replenished with young grads looking for places to live, or single people looking for a mate, or in-towners, relocation business people, etc…”
15 years ago- those young grads didn’t buy condos. It didn’t even cross their minds. They rented apartments in their favorite neighborhoods, got married and bought a house.
We are not NY where couples will live in 375 square feet for $2000 a month and consider themselves lucky. We have a wealth of affordable (and lovely) housing all over the city that is much, much cheaper. You don’t have to buy the 1 bedroom or the 2/2. You can buy the townhouse in Lakeview for the same price as the 2/2 condo now. And with the mortgage requirements- most young grads don’t have the cash flow to afford the expensive condo downpayments. It’s a whole different game now than 4 years ago.
a-fed, you’re absolutely right, its difficult to get a “relatively high end, 1000+ sf decent floor plan one-bedroom (optional den) with central a/c, 4 pipe system, garage parking, and a view for less than 250-300k, let alone 600-700k in NY.” whereas you can do that in Chicago.
However, the logical fallacy is that because a condo with these requirements is cheaper in Chicago than other places, then Chicago must be a deal.
Chicago built a tremendous amount of these condos during the last 10 years and we had a pretty large number of them during the previous 70 years too. Good areas in Chicago can expand in any direction except west, and we have a penchant for building up.
That’s a good thing about Chicago, is that with the large supply compared to other city, it is cheaper for a high end unit. But don’t confused cheap with being a deal. There can always be an oversupply of units and prices can always get cheaper.
“However, the logical fallacy is that because a condo with these requirements is cheaper in Chicago than other places, then Chicago must be a deal.”
Right. Otherwise, how to explain why everyone here seems to think the pre-war co-ops/condos on Lake Shore Drive up to Uptown are overpriced (with their high assessments) for $300k when the same unit in NY with even higher assessments will sell for $1 million to $2 million?
You can’t really compare the two.
A-Fed – liked the Cee-lo (aka f’ you) reference and yes I had to look it up. does that make you K-Fed’s younger rapping brother from Chicago?
Congrats on getting into the game at a place that you could afford for the “semi long” time frame. You are one of the few. BTW that means hat you put down at least 25% or more. If not then you almost definitely have no equity toady. Virtually none of your peers was able to pull that off during the 8k deal. Why 25% you ask? Well if you tried to sell today you would realize that the cool guy pad with the “4 pipe system” and ” view”actually went down at least 15% since that sexy sales girl at the open house rang you up! Then add a 5% comm for the sale of your place, oh and don’t forget those pesky costs and transfer taxes at the closing table. Hope that the sales girl at least took you out for dinner once after the close. At least then you can tell your friends that you got something positive out of the deal!
I am just egging you on but if by semi long you mean 10 years then you will be fine anything else and you are rolling the dice. My money says that the next wave of grads will be back to Sabrina thinking and will rent those cool pads with views for a few years and the first place they buy will have a two car garage, back yard, and a front and back porch. Mark my words you will become an accidental landlord if you move before 2017!
BTW the current president is not in favor of cutting taxes on corporations. Perhaps the Incoming election winners are but not the current administration. They have said Cee-low to the business community for the last two years.
Homedelete think you meant east!
I live in this building right now; renting a high-floor, west-facing unit at $1600/month (including all utilities, even cable and internet except electic). For now, to rent, I’ve been pretty happy with it.
With that said, I don’t think I’d even consider buying here when I get around to it in the next 1 1/2 to 2 years. I’ll only be looking to buy a 2-bedroom, and I think $450k+ plus assessments of $750/month is just ridiculous. Maybe if the prices came down to $350k for a 2-bed, but even then, there’s still a minor noise issue (between units), and the complete lack of a residential nieghboorhood.
As to the noise issue, it’s not terrible, but I think I’d be very unhappy with it if I owned here. The living room of the 1 bedroom units is up against the master bedroom of the 2-bed units, and there have been times were I could slightly hear the neighboors baby crying through the walls, which didn’t really bother me, except that means if that sound can travel through, I worry about distrubing the neighboors when watching a movie or listening to music; haven’t had a problem with it yet, but I also haven’t done much movie watching so far, so we’ll see…
Also, you can VERY easily hear your people taking in their unit when walking down the halway, which seems wierd to me.
screams to me as cheaply constructed place; a good solid door with some carein the hanging process would take care of that.
“Also, you can VERY easily hear your people taking in their unit when walking down the halway, which seems wierd to me.”
“BTW that means hat you put down at least 25% or more. If not then you almost definitely have no equity toady”
Put down 10% on a foreclosed property. Closing costs weren’t fun though. When I tell people what I paid I typically get a “how did you pull that off” response. REO FTW!
“It’s a whole different game now than 4 years ago.”
Agreed but smart college kids know this. The smart ones are paying off their student loans early while obtaining summer internships, applying for jobs ahead of graduation, and/or starting to save for a house while in college, if not high school.
“BTW the current president is not in favor of cutting taxes on corporations.”
Ummm, how much of a tax incentive are the Big 3 Auto Manufactures receiving?
“I am just egging you on but if by semi long you mean 10 years then you will be fine anything else and you are rolling the dice”
HAHAHA…Roll the dice baby! Nah, in and out in 3-5 max, profit in pocket.
“Well if you tried to sell today you would realize that the cool guy pad with the “4 pipe system” and ” view”actually went down at least 15% since that sexy sales girl at the open house rang you up! Then add a 5% comm for the sale of your place”
W/E buddy, if the REA will not cut me half their commish, be gone. And waaaahhh 15%!, in the scheme of things, you would loose 100% by renting.
“the first place they buy will have a two car garage, back yard, and a front and back porch”
Ummm…no. You expect the college grad who has been renting for a few years to purchase a place with a 2 car garage (when they don’t even have A car), a backyard and porch for the family they dont have…cmon
“Agreed but smart college kids know this. The smart ones are paying off their student loans early while obtaining summer internships, applying for jobs ahead of graduation, and/or starting to save for a house while in college, if not high school.”
Ha! ha! This is one of the funniest statements in awhile. What student is paying off $20k to $100k in loans with a “summer internship”? And why???
And no- they’re not saving for a house when in high school! Absurd.
Attention all College Kids: Forget about buying real estate in the U.S. It is overpriced and will tie you down and will be a losing investment for decades. After graduation- get any job you can in any of the following countries:
1. China
2. Brazil
3. Chile
4. Singapore
5. Australia
6. India
This is where the opportunities are. Then you can come back to the U.S in ten years way ahead in the game.
Most people I know are paying the minimum on their student loans. I had one person I know tell me that they paid extra – I was like oh, what, $400, $500 a month? This person said no, more like $50 or $75 a month extra. And this is a guy a I respect too.
I did have someone tell me that everyone her circle has paid off their loans by age 30, or, at least had a net worth of zero. This person also went to a very small elite private school with only a couple of thousand undergraduates a year and virtually everyone in her circle attended similar universities and come from upper-middle class backgrounds.
So maybe in that little microcosm of society, loans are being paid, but most everywhere else you look, it isn’t.
Oh look, the amount of outstanding student loan debt has finally surpassed credit card debt this year for the first time.
That doesn’t seem to reflect students repaying their student loans.
http://blogs.wsj.com/economics/2010/08/09/student-loan-debt-surpasses-credit-cards/
“Ha! ha! This is one of the funniest statements in awhile. What student is paying off $20k to $100k in loans with a “summer internship”? And why???”
You have to be kidding me Sabrina, think outside the box. Kid makes 10k over the summer, invests, turns it into 30k. See Nasdaq: UWBK. See DJIA: F.
The stupid students/grads are pissing away their money. I will use myself as an example, who paid of 80k worth of loans in 8 years (4 in college, 4 post) through smart investments. There is alot of free money to be made!
“:1. China
2. Brazil
3. Chile
4. Singapore
5. Australia
6. India
This is where the opportunities are. Then you can come back to the U.S in ten years way ahead in the game.”
I agree with you on this BUT, its not that easy to just pick up and leave after graduating college. You are leaving your friends, family, etc…You are better off getting a job in the US (maybe not the best job) for a few years to gain experience and then search overseas. Don’t forget how dangerous those countries are – especially to Americans right now – and the risk associated.
“And no- they’re not saving for a house when in high school! Absurd.”
Absolutely true! My friends little brother works the weekends for two reasons:
(1) to pay for college
(2) because he wants the Bruce Waynes penthouse from the Dark Night (even though it’s a community room or w/e in a hotel I think)
speaking of brazil… what ever happened to ze carioca? did he finally get gunned down by a brazilian cocaine cartel?