University Village Loft With Downtown Views Is Now Reduced: 833 W. 15th
We last chattered about this 2-bedroom new construction loft at 833 W. 15th in University Village in April 2009.
See our prior chatter and pictures here.
It is still available and has been reduced $5100.
Built in 2005, the unit has all the bells and whistles including a kitchen with 42 inch cabinets, granite countertops and stainless appliances. The master bathroom has a separate jacuzzi tub.
The unit faces north, with unobstructed views of the downtown skyline.
Michelle Liffick at Dreamtown Realty still has the listing. See more pictures here.
Unit #602: 2 bedrooms, 2 baths, 1181 square feet
- Sold in February 2005 for $347,000 (included the parking)
- Was listed in April 2009 for $325,000 (parking is $30,000 extra)
- Reduced
- Currently listed for $319,900 (parking is still $30,000 extra)
- Assessments of $408 a month
- Taxes of $4397
- Fireplace
- In-unit Washer/Dryer
- Central Air
- Bedroom #1: 11×14
- Bedrooms #2: 11×10
I went to UIC right as UV was being built. One thing to consider, at that time at least, a lot of these units were rented out to college kids. Not that college kids are inherantly bad, but for the most part…they are inherantly bad. I will plead guilty to that.
I feel that a significant portion of UV was investor owned and rented out, possibly with 5 or 7 year ARMS. These ARMs are coming due and there is no possibility of refi’ng now with values down and lending standards up. Anyone else feel that there will be a rush to sell these units in the next 1-2 years. A lot of these units were closing in the 2004-2006 time period.
Is there a market for these cookie cutter 2 bed lofts, I feel that the ideal of the ‘loft’ has passed and that people want real (full wall & door) bedrooms. I think people only bought these because ‘I’m only living here for 2-3 years and I’ll get a bigger place later with the money I make on this place’. No that people actually need to find places that they can live in for 5-10 years, I feal that the 1000sqft, 2bed loft market is (nearly) dead.
a note on the amenities of the neighborhood. Halsted itself from 16th up to Roosevelt is full of shop restaraunts, etc. This was a planned developement in conjunction with UIC. There is even a large ‘strip mall’ like space with a built in garage. Similar to the Gap/Banana Rebulic/garage on North Ave. Also they have just put up a ton of big-box retailers on Roosevelt. Taking the Roosevelt bus gets you downtown/s. loop quickly. The area is truely nice its just soooo crowded. Taylor St. From Racine to Ashland also has a lot of restaraunts and some retail to offer.
I’ve been watching what’s going on around the UIC campus for years. I even looked at some of the developments as they were coming up, and while they were nice and new, they all generally seemed overpriced, given the location. Yes, things have come up quite a bit in that area, but it’s still a little island in the middle of some otherwise craptacular neighborhoods. If you never go west of there, and only venture into Pilsen south of there, you could be okay, but I just don’t see this really working well for anyone other than those who want to live near UIC and/or the Medical Center District, who doesn’t mind staying in after 7PM. If nothing else, you might have some UIC Police Dept. coverage. They are in a new facility over on something like Morgan and 14th?? anyway, I was in there once and they have a wall of tv screens in there, one for each surveillance camera on and around the UIC campus. I never knew Big Brother was watching over there, but he is!
Thanks Tom, that would explain the huge amount of “for sale” signs in the area. I wouldn’t want to buy in a mega development like that where there are 100 units just like mine. All it takes it one desperate owner/bank to bring my property value down.
I concur about the number of rentals/specuvestors in UIC. That could turn out to be real problem. I like the amenities there and the area seems to have some potential. However, I find it to be a bit manufactured and sterile. I probably would actually prefer being over in Pilsen.
UV is a wonderful area with lots and lots of great restaurants so close.
now a 2/2 cookie cutter here is a dime a dozen and i know how i was as a college kid.
i have been to many, many, so many house parties around here so there is the weekend night to early morning noise issue.
this is just me, but i could never bring myself to BUY in this area it gives vibes of “RENT here”.
the place seems correctly priced for all the comparable around it, but i dont if it is priced to move quickly?
‘ If nothing else, you might have some UIC Police Dept. coverage. ‘
for those that think UIC police are campus security or rent-a-cops; they are actually state troopers. Yes, real cops. And they have a great working relationship with district 12 chicago cops. UIC is a heavily patrolled, and monitored, area. The school property actually extends all the way to 14thPL and Morgan. Also I believe that UV had its own security coverage. All of the retail on Halsted is in UIC owned buildings so there is a high treshold to be able to lease there. No change of seedy businesses on that strip.
I agree that there is no going west. Past Racine is a no-mans’ land of left over CHA & empty lots. The Roosevelt Square mega-developement was suppossed to clean up a lot of that. But that developement has slowed down, as expected. At leasdt with this building you have all of University Village as a buffer.
I think Tom is spot on, and would agree that many parent/4year realestate flippers bought feeling this would be a great way to pay for their childerns education. This area is ok, good for student housing but market rate condos probably not.
‘2/2 cookie cutter here is a dime a dozen’
take a look at a bird’s eye view on maps.bing.com and you will see how cookie cutter it real is. I dare anyone else to find a bigger ‘planned’ developemnt out there. I’m not sure how you can tell your house from your neighbors sometimes. Got to love planned mediocraty (sp??)
heres a view, just scroll right to left; even the CHA rowhouse look all the same. I hope they got bulk pricing on the materials
http://www.bing.com/maps/default.aspx?v=2&FORM=LMLTCC&cp=qz96yk7pwd4k&style=b&lvl=1&tilt=-90&dir=0&alt=-1000&phx=0&phy=0&phscl=1&scene=11386264&encType=1
Anyone have any thoughts on the 1.5% price reduction? Was this just to get the loft rementioned on cribchatter? Does getting under the $320k search really matter? Surely that’s not a meaningful cutoff. I say don’t drop the price and instead throw in the parking. I would think that’s a reduction that would get some bites.
Nice cookie cutter unit but still way overpriced. 280-300 might sell it. When you can get a cookie cutter in pretty much everywhere else in the green zone at this price point its not going to be comparable. Perhaps a ‘nutty UIC professor’ will pick this up… lol
“i have been to many, many, so many house parties around here so there is the weekend night to early morning noise issue.”
anyone buying in this developement should expect that. This is a ‘college town’ with Chicago. You wouldn’t buy a house 4 blocks from the UofI and be shocked about noise would you??? Enjoy explaining to your little kid why those girl walking down the street are stumbling and giggling.
In addition to any student living in the UV condos/townhouses, there are about 1500 student in the dorm of South Campus, between Roosevelt and 14th.
‘Anyone have any thoughts on the 1.5% price reduction? ‘
insignificant, maybe it was just to get the ‘PCHNG’ so it would go to the top of the MLS. I could see $325 being a cut off, but not $320. Most of the free-to-consumer search site have cut-off every $25K. But anyways, I think most people search over there price limit these days expecting to be able to bargan down the price.
Hundreds of nearly identical units–so it’s really buying a rental. What’s this rent for? $2000/month? If so, Sonies estimate is still more than anyone should pay. These units would have to rent for $2200/month (with pkg) for it to maybe be reasonable to pay $280k.
the market for these types of units is dead only at these price points. These should be selling in the high 100’s and low 200’s, tops.
Anon(tfo): http://chicago.craigslist.org/chc/apa/1334427608.html
$1475 a month to rent in the same building. Of course there’s the 10% craigslist negotiation discount so this should rent between $1300 and $1400 a month.
If you wanted to own this place for $1,400 a month, I backed out the taxes/assessments from the $1,400 rent and then figured it would take a $125,000 mortgage to make up the difference! Ouch. Of course this isn’t totally scientific but it shows we have a long way to go.
the groove is a bad mood cause he caught a cold,
so now i shall go on a small rant.
i am tired of these young couples that are planing on having kids buying a overpriced condo thinking they can move in 3 years to the burbs. supply and demand people!!!!!! that thinking is what created UV and all these overpriced 2/2 condos all over this city. and the reason “community” and the CPS are lost in chicago.
how about this i will just through this out there, if you plan on the marriage thing and having kids fricken root yourself in a hood participate in the community make it better, make your local school better, your property value will go up….
and here is the kicker……
you can move to a bigger place in that same community you help make awesome and your kids can grow up with the same friends and stuff like that.
ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
Personally, I think this place is TERRIBLE. Terrible location, terribly blah. Does anyone agree that these sellers need to neutralize the nurseries before they sell? That room is 10×11 – so when you have guests (would hate to make that a room someone has to retire to every night) you have to say, right this way… Guest: I’m sleeping in a closet? Yea, soooorry. At least you will be able to hear everything though because there aren’t full walls…
I didn’t see anything in the listing about the $30,000 parking spot. Peeve of mine. And because, yea, that’s what a parking spot will run you in that area… For the small price drop, the overpriced parking spot (separated from the unit), the crappy area, and the unrealistic seller expectations, I hope these folks take a bath. It doesn’t look to be a top unit (which may command a bit of a premium).
Still at a price higher than February 2005? Oh, the agent is from DREAMTOWN. Exactly. Dream on.
11×10 is an awfully small guest room. My guest room is 12×10 and having a sleeper sofa and a flatscreen and computer desk in there is fairly cramped. But yes, this neighborhood is the suck unless you enjoy college students, and reminds me of the identical looking crap they built in Arlington Heights near the train tracks.
there are similar looking 2/2s off the metra in des plaines too.
@homedelete: that craigslist ad is for the rehabbed buildings (2 buildings were converted, 2 were new) and probably has a south view and no parking, so not exactly apples:apples before you get to the math but agree with your trend.
At least one, if not both of these newer loft buildings (remember 2 old and 2 new) have problem with non-graded balconies. Water drips in from the balconies and has caused damage, and one or both of their independent associations are involved or almost involved in litigation against south campus development (last i heard anyway).
“Groove77 on August 21st, 2009 at 8:26 am
the groove is a bad mood cause he caught a cold,
so now i shall go on a small rant.”
-you have 1005 agreement from me. I think you’ll start seeing a return to that sort of realistic lifestyle now.
i meant 100% agreement
mike:
Sure, not apples:apples, but if you’re renting, how much more are you willing to pay for north view and new building? It’s not $600/mo, is it?
If you’re going to buy in that area/building try this one instead: 3bed/2 bath penthouse (which has a very nice terrace); short-sale including parking at $250K
http://www.redfin.com/IL/Chicago/811-W-15th-Pl-60608/unit-908/home/12561389
Good luck to this seller with a comp like this on the market; I know shorts are a pain, but if you are patient and can deal with the beuractracy this penthouse is a steal. It does have a South view instead of the north.
Wow that’s a pretty good deal for a 1700sqft penthouse.
the new list price per the MLS is actually 315.9k + 30k for parking.
here are the remarks posted by the listing agent on the mls listing, specifically mentioning that parking is an extra 30k: “AGGRESSIVELY PRICED 2 bd/2bth loft in University Village! Gorgeous 12ft concrete ceilings, hrdwd flrs, ss appls, 42in cabs, gran c-tops, gas frplc, in-unit W/D, mstr suite w/ jac tub dble sink & sep xtra-tall shwr, dining/office nook, custom paint, custom window trtmts, CA-style closets thru-out. THE most impressive skyline city views from lg, north-facing wndws & balcony. Immaculately mntnd bldg. Htd garage pkg 30k.”
the most recently closed 2bed/2bath + parking on the same floor in this building was the sale of unit 605 with a list price of 319.9k + 30k for parking – it sold/closed for 325k on 08-04-09, purchase price (probably including parking spot). that’s the comp. it was financed too – per the mls – so that means it appraised out for a lender.
makes this one seem pretty reasonable.
$1237 monthly for assessments and taxes on that short sale unit though. Ouch.
I live in a UV townhouse. I can drive to my office downtown in 15 minutes, this is the reason I live at UV.
There are lots of trees and grass in the area. I can have friends over because street parking is relatively easy. Most of my neighors are people in their 50s or 60s who wanted to live closer to downtown. There are a few families with kids. There are a couple of good private schools in the area. In the towhouses at least, there are few college students. It seems like more people in their early 20s to early 30s live in University Commons (just west of UV).
Sometimes there is noise coming from the condo buildings on the weekends. I’m not sure what the noise is like inside the condos though.
I think $319,000 including parking would be a fair price. $349,000 seems like a bit much.
that PH unit in 811 W 15th – #908 – was originally listed for 400k, then relisted for 369.999, then priced dropped to 360k in June, then, suddenly, from 360k LP to 249.9 LP on July 18th. nothing about this listing says that the lender has approved this short sale price – it’s just the list price. and nothing in the pricing history indicates that this agent has strategically moved the LP down, as is usually called for, to evidence the proper market price for the unit. i would guess this short sale price is looking for multiple offers and the bank will not approve it for anywhere near 249.9k.
comp wise I’m sure it’s price OK but as the general trend there’s no way these comps are going to hold. I’d bet money sales volume in this building is way way down
“here are the remarks posted by the listing agent on the mls listing, specifically mentioning that parking is an extra 30k: “AGGRESSIVELY PRICED 2 bd/2bth loft in University Village! Gorgeous 12ft concrete ceilings, hrdwd flrs, ss appls, 42in cabs, gran c-tops, gas frplc, in-unit W/D, mstr suite w/ jac tub dble sink & sep xtra-tall shwr, dining/office nook, custom paint, custom window trtmts, CA-style closets thru-out. THE most impressive skyline city views from lg, north-facing wndws & balcony. Immaculately mntnd bldg. Htd garage pkg 30k.””
Well this realtor didn’t bother to make mention of the overpriced $30,000 parking spot on her own company’s website. “AGGRESSIVELY PRICED” – I think that’s far from the truth. Also, realtors, let’s reserve the use of exclamation points (unless you are in 7th grade). Let’s let the buyers/readers of your listings decide whether it’s a point worth getting excited over…
“THE most impressive skyline city views from lg, north-facing wndws & balcony.”
Probably better from the unit above it. Duh.
Does anyone has access 2009 sales in this building?
thats it i am at the edge, if sabrina post another 2/2 condo bought 2005 and up where the owners are fleeing to the burbs i am gonna snap and go on an ear flicking rampage. so on that day it happens remeber to wear you ear muffs or be prepared to have sore red ears.
“I think you’ll start seeing a return to that sort of realistic lifestyle now.”
Tom i really hope so, i really do, chicago would be so much better for it.
Tom – I just looked at the redfin listing you posted. That’s got to be at or below builder cost, right? Could be a great rental to college students but I wouldn’t want to live there. If it has a South facing view like it mentions, that means it directly borders and looks over the train tracks. Ouch.
Tom on August 21st, 2009 at 7:04 am
I went to UIC right as UV was being built. One thing to consider, at that time at least, a lot of these units were rented out to college kids. Not that college kids are inherantly bad, but for the most part…they are inherantly bad. I will plead guilty to that.
Oh, they’re bad alright. I’m guilty as well. Horribly so.
STAY AWAY FROM COLLEGE RENTERS.
I too freely admit that I was a horrible college renter. This is some guy up in roger’s park who owns a tremendous amount of dumpy, yet extremely large and cheap apartments that he rents to loyola students. The apartments are never advertised, they get passed down from student to student because they’re such a great deal. The apartment I’m thinking of off-hand was like 4 bedrooms, huge, it must have been probably at least 2500 sq ft, so many of those old buildings up there were built really big, and then converted, combined and added onto over the years. IIRC this was like 10 years ago the rent was only $1,800 a month (and my understanding is that rent hasn’t changed all that up there) so that’s $450 a person to live in 2500 sq or 3000 sq dumpy college apartment. just think of the parties…..all on three floors….at the same time. Loyola isn’t exactly known for parties but you can can have house parties up there way more than neighbors would ever tolerate elsewhere in the city…oh the memories
My wife and I live in a townhouse at Lexington & racine and we absolutely love the neighborhood. We’re in our late 20’s and find the area to be wonderful. We walk to Taylor street several times a week and dine at Rosebud, La vita, tuscany and the many other great restaurants. We’re a stone throw’s a way from the loop via the harrison bus for work, and my wife is a Dr. and finds the proximity to the hospitals very convenient. There are many med students in the area and other physicians. I can’t think of one time noise has been an issue. Usually when/if there is noise, we are having a gathering ourselves or just walking back from a wine bar or what not. We also like the fact that there are plenty of parks nearby. Maxwell street is a little further walk, but also some great places to visit there. After having lived in Wrigleyville, West Loop and now UV, I find it to be the perfect balance w/ trees, greenspace, access to downtown and the expresway. just my two cents.
sorry, I meant to say there is some guy in RP who owns
nsarch you live in a townhouse not this massive condo building, I would expect noise to not be an issue in pretty much any townhouse.
@Jenny on August 21st, 2009 at 9:15 am
“I live in a UV townhouse. Most of my neighors are people in their 50s or 60s who wanted to live closer to downtown.
Most of the townhouse are older & more pprofessional/affluent owners. The townhouse prices where significantly higher then the condo prices so it make sense that less of those were rented out to student (or in general).
A townhouse is a more stable and long0term residence than a 1000sgft 2/2. The point I am making is that a significant amount of the condos are student/recent grad rentals. If a DINk couple owns a 2/2, there a 2 people living in it. A 2bed+ den can have 3-4 college guys living in it. Which is how all the college rental I knew where. 4 friends of mine were in a 2+den at 1500 s Halsted for years. Decent party space, though 2 were mugs out fron entering their place & there was a total of 3 car breakins. This was back in 2002/3 when contruction was still undergoing and the neighborhood had a bombed-out Beriut feel. There has been definite improvement since.
SOME Rogers Park neighbors are not so tolerant as all that of 40-hour lease-breaker college kid’s keg parties.
I live in a beautiful rental in the area, an old courtyard with all the details intact, and the college kids who rent in the place are let to know that these kinds of parties will not be tolerated.
I think I know some of the condo buildings you’re talking about. Good reason not to pay anywhere near the ask for condos up here. RP is Foreclosure Central, and long-time residents who are trying to improve the area are infuriated because these condo developments have morphed into poorly run rentals whose units are owned by an assortment of small-time landlords who don’t know what they’re doing and don’t screen their tenants properly.
“nsarch on August 21st, 2009 at 10:18 am
My wife and I live in a townhouse at Lexington & racine and we absolutely love the neighborhood.”
Though close, your neighborhood-Little Italy/Taylor St.- is different (and better than) from UV. You live in a real neighborhood with charecter as oppossed to manufactured UV. Not that I think UV is bad, just that Little Italy is so much better and so much different.
I also found Taylor St to be one of the best neighborhood I ever lived in. I find it upsetting that re agents are starting to call Little Italy University Village. Little Italy is a unique and historic neoghborhood that shouldn’t be lumped in with UV or Roosevelt SQ.
If we’re doing restaraunt shout-out, then I’m mentioning Tufano on Vernon Park. Its a bit hidden but worth it, cash only-gotta love it.
At Racine & Lex you get to hear the concerts from the Pavillion for free. Luckily for you, the Pavillion is not used too often for it to be a nucence.
Here are the two mls sales in 2009:
#806 2/2 1200sf closed 3/31/2009 $290,000 prior 3/8/2005 $324,900
#605 2/2 1200sf closed 8/4/2009 $325,000 prior 12/2/2004 $324,000
All but the resale of 806 appear to include parking. However, there doesn’t appear to be separate deeds, so I am not sure how the parking is handled here.
“STAY AWAY FROM COLLEGE RENTERS.”
This is basic advice given in any entry level college RE course. College renters really do beat the crap out of a place, trust me I know from experience.
“Loyola isn’t exactly known for parties but you can can have house parties up there way more than neighbors would ever tolerate elsewhere in the city…”
Uhh.. ever heard of this place called Wrigleyville?
nsarch:
We lived in Little Italy for over a decade and loved it, even though we had to leave every 4th of July because of the fear of indiscriminate shooting on that date. Little Italy cannot compare to UV, as most of the students in Little Italy are graduate students from the Medical Center campus. Your description of Little Italy is correct: we almost ended up buying a property in Little Italy.
Never heard of wrigleyville. where is it exactly?
According to some realtors its along Ashland and Irving Park.
Little Italy is nice. Really a hidden gem. Seems to be a much more mature crowd than the Big Ten havens of LP & LV. University Village is not Little Italy by any stretch.
Heck, that is like saying UV is the same a Pilsen. Close, but two entirely different worlds once you go under that railroad track.
Bob, do you mean Wiggleyville?
http://www.wigglyville.com/OurVillage/Contact.html
Steve Heitman used to work there as a dog groomer before he got his real estate license, and a few other cribchatter posters work there part-time on weekends.
I think this area needs UIC to build a football program again (according to Wikipedia they once had once) and build a stadium somewhere in it.
Tailgating and REAL collegetown atmosphere would be awesome for this area.
If I were a UIC student now, I would still consider living somewhere else (cost permitting).
“Close, but two entirely different worlds once you go under that railroad track”
i always wondered why in chicago you can cross a train track and on each side are totally different hoods and all that seperates them is 1/4 of a block train track
THanks G. It looks like there are 6 units for sale with only two sales so far this year. At that rate it’ll take 3 years for them to sell, assuming that no more go on the market. Oh the days of the $300,000 2/2 in UV are so limited.
“#
G on August 21st, 2009 at 10:52 am
Here are the two mls sales in 2009:
#806 2/2 1200sf closed 3/31/2009 $290,000 prior 3/8/2005 $324,900
#605 2/2 1200sf closed 8/4/2009 $325,000 prior 12/2/2004 $324,000
All but the resale of 806 appear to include parking. However, there doesn’t appear to be separate deeds, so I am not sure how the parking is handled here.
“
Where oh where did ol’ Stevo go?
Maybe its been such a busy summer he’s busy showing places and doing closings? Look, Chicagoland sales are UP .3%! Thats 22 more sales in Chicagoland.
http://www.suntimes.com/business/1728255,chicago-area-home-sales-up-082109.article
Oh wait..Chicago specifically is down 11.3% to 1,975.
Lets do the math for Stevo, annualized thats 24,000 * .06 * 245,000 (assuming median approximates mean) = 353MM. Number of Chicago brokers is 14k (membership of Chicago association of realtors). 353MM / 14,000 = $25,200!
Maybe dog grooming would be more lucrative for Stevo afterall.
Bob:
That is funny. Although, you do realize that 20% of the brokers do 80% of the business? That makes that number just over $100k.
“i always wondered why in chicago you can cross a train track and on each side are totally different hoods and all that seperates them is 1/4 of a block train track”
Partly b/c when they were built, there wasn’t a safe way to cross–you had to dodge the trains and there weren’t signals etc. Neighborhood patterns, once established, can take a long, long time to change.
Russ,
Oops I made a boo-boo in giving them the entire 6%, in reality its probably closer to 3.5% (3% from most plus 6% from a few). Taking that number down to $12,600. Or above $50k for the 80/20 rule.
The biggest variable is the number of Chicago brokers..not sure if that 14k is really representative or too high, seems likely.
Bob, yes, that is probably more accurate. However, most also have to split that 3.5% with their broker, so assume 70% of that figure as the net to the Realtor.
Given the propery values in Chicago proper (3.5% on a $400k sale isn’t bad), still isn’t a bad living considering that is only a handful of transaction per year. Realtor compensation like most sales professions is heavily weighted towards the very best. For every one agent making $250k+ per year there are probably 1000 who barely have one or two transactions per eyar.
Hey don’t knock me, I’m ready willing and able to buy it’s just that why should I buy in 2009 if there will be even better deals in 2011? I didn’t create or participate in the boom, I’m just going with the flow of things and use it to my advantage.
HD:
Wrong thread.
#806 2/2 1200sf closed 3/31/2009 $290,000 prior 3/8/2005 $324,900
#605 2/2 1200sf closed 8/4/2009 $325,000 prior 12/2/2004 $324,000
So for just $60,000 more, you can live on the 6th floor rather than the 8th. Seeing that the realtor calls this unit “aggressively priced” and the comps, I’d be pissed and offer under $300. That is, if I could stomach this place. And I can’t. Barf.
Normally I like to harp on owners that bought during the peak like this one as I don’t know them and they’re abstract. But after reading the initial posting I really do feel bad for them.
In fact I was talking last night with someone underwater who did everything right as well (even putting 20% down). I blame the government and its intervention in the housing market via various programs and the GSEs and the CRA for this mess.
Also UV might be ‘fabricated’ but its still a nice area. Yeah the restaurants and bars are a little pricey for Bob’s tastes (except that sushi buffett place-yum!), but thats also a positive in that it keeps the likes of Bob and his ilk out.
And unlike LP or LV there isn’t tons of vacant storefront space all over the place in UV. I noticed walking around last week just how many business went out of business and how poorly the commercial real estate market must be doing with what seemed to be a 30% vacancy rate in “prime” hoods. Obviously they’re not “prime” if you want to run a business.
“But after reading the initial posting I really do feel bad for them”
***********OMG Bob has a heart?????************
i am grumpy groove and dont feel bad for them at all, my above/below rant gives you a reason why.
“i am tired of these young couples that are planing on having kids buying a overpriced condo thinking they can move in 3 years to the burbs. supply and demand people!!!!!! that thinking is what created UV and all these overpriced 2/2 condos all over this city. and the reason “community” and the CPS are lost in chicago.
how about this i will just through this out there, if you plan on the marriage thing and having kids fricken root yourself in a hood participate in the community make it better, make your local school better, your property value will go up….
and here is the kicker……
you can move to a bigger place in that same community you help make awesome and your kids can grow up with the same friends and stuff like that.
ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh”
“Normally I like to harp on owners that bought during the peak like this one as I don’t know them and they’re abstract. But after reading the initial posting I really do feel bad for them.”
Honestly, I don’t feel bad. What’s wrong with living in a place for 4+ years and not making any money on it when you decide to sell? They probably won’t even break even – what gets me is the shameless realtor pitch about how aggressively priced this place is. It’s not.
Let’s face it, if you want to make money on a place, then you need to pick that place carefully with that in mind. Even people I know that are looking to buy places in Lincoln Park and become a landlord there – I question that decision. Who is to say that just because you would prefer to live in that area, that is the best place to invest in real estate? That’s like only buying stock in companies whose products you use…
“Bob on August 21st, 2009 at 12:55 pm
And unlike LP or LV there isn’t tons of vacant storefront space all over the place in UV. ”
bob, i gotta says its hard to compare the storefront situation between a huge area like LP & LV and a small neighborhood strip like UV. The retail in UV is only on halsted from roosevelt to 14th pl+ the ‘new’ portion of Maxwel St. So a total of about 3-3.5 blocks of retail. Even in this small area there are some current vacancies. Last year the AT&T store closed and Junior (bar and grill) was for sale and now possibly in banckruptcy. The bookstore is not doing so well. Also the 2nd floors of some of those buildings are office rentals and there are vacancies there as well. I don’t believe that vacancy rate is as high as your 30% number for LV & LP, but I would estimate 20% or so.
Actually, I wonder how much people’s perception of starter homes is going to change after this crash, particularly in condo markets like Chicago.
As someone one mention, the typical DINK bought a 2/2, has a kid and then heads out to Naperville. I am wondering if people are going to skip the condo stage altogether and just save up for the house in Naperville where they know they will probably be in one spot for ten years or more.
Right now, condo living in Chicago is quite transient which raises a big problem considering that folks are underwater or can’t sell. I am sure a lot of people may just choose to deal with condo living with kids. Hopefully, if that is the case, the CPS will finally start seeing some improvements in schools.
Russ, it’s not easy to predict what will happen to the stater condo market. I suppose that it’s probably going to be an even mix of foreclosures and walk-aways, some will stay stuck for 15 years, some will sell at a loss, some will short sale, some buildings will become rentals, re-apartments, investors may come in and build up small empires, etc . everyone’s situation will be different, but it will definitely be every man for themselves. Obama can’t try to fix every yuppie’s dumb $350k condo purchase.
^^^^^
You seriously don’t think the government is going to try to monetize the debt? Watch as helicopter Ben and crew push for another stimilus and start sending larger checks to more people.
Turbotax Timmy and bald Benny are going to do anything in thier power to monetize the debt to get us out of this. Only thing holding back inflation now is the massive amount of wealth destruction that took place so the velocity of money is near zero. If that changes look for inflation to skyrocket.
And don’t count on CPI being accurate they’ll fudge that like they’ve always done to show everythings okay. Look for commodity prices to go through the roof though as a real indicator.
BOB:
Check this out –
Belief In Wizards Runs Deep
http://globaleconomicanalysis.blogspot.com/2009/08/belief-in-wizards-runs-deep.html
Bob is right, except that we have quite a stretch of debt unwinding and wealth destruction ahead of us, with all the pain that will cause. But it’s necessary, I’m afraid.
Look at the 2nd quarter mortgage delinquency rate, which is a record high. Those delinquent mortgages will mostly go to foreclosure, which means that the biggest wave of foreclosures lies before us. Worse, these will be mostly Alt-A and prime mortgages, and they are much bigger mortgages. One of the many reason these loans are so problematic is that it is in mid-to-upper bracket housing where the most HELOC abuse occurred, and the HELOC abuse is mind-boggling. You couldn’t make up stuff like this- people were buying places for, say, $200K in 1999, then extracting $100K in 2002, then refinancing with pay option ARM loans a year later, then extracting $75K MORE in 2004, then yet more in 2005, to the point where they have debt of $800K on a place they bought originally for $200K or $250K, that would be lucky to sell for $575K now. It’s worse in the desert states, but there’s enough of it here to keep us oversupplied with foreclosures at all price points for quite some time. Know a woman in West Ridge who bought a craftsman-style house, beautiful, in the late 70s. She has an income of over $65K a year. She should be sitting very pretty, but she was put out of her house by the sheriff at the beginning of the bursting of the bubble in 2006, because she had HELOCed herself into oblivion, owed $400K.
I feel very limited sympathy for those who bought at the peak and are now underwater, for there were red flags all over the place at that time. Places were beginning to languish on the market, especially in “gentrifying” nabes like Rogers Park and Uptown. Defaults were on the rise, but most of all, prices for every type of property at every price point in every neighborhood prime to slum were completely out of whack with the incomes of likely buyers. Boarded-up cottages in Englewood were selling for $120K, totally out of line with the rent you can hope to collect in that area, even with Section 8. Everything I looked at to buy was substantially inferior to my rental and would have cost me twice as much to own given a 10% down payment. The market started to tank simply because nobody could no longer afford anything that met his reasonable expectations even with the insane financing available at the time. I mean, it’s not like you couldn’t have known- I knew when I walked into a place half the size of my rental, and it would have cost me twice as much to buy as to rent where I am now. I thought, either prices are going to have to back off or my income is going to have to double, ’cause I’m not going to pay twice my rent to move into a condo that feels like such a comedown from my rental. And if I can’t buy a place I like as much as my rental for a reasonable price on a 30-year-fixed, I can’t buy, that simple.
People who bought at this time can be excused if they’re young and inexperienced, but we all could have or should have known that the prices made no kind of sense, and anybody should have been able to see that if the only way you can afford the place is with a no-down loan that’s going to back end you with a %50K balloon payment in 3 years, then you can’t afford it.
the nw side and the suburbs were rampant helocs. a lot of the foreclosures i’m seeing today are the people who leveraged their house to the max in 2005/2006/2007 based upon an income that included bonuses, generous overtime and a dual income household. In many households, one of the above extra sources of income has been removed during this recession and now they’re headed into foreclosure. THe reason so many houses on the nw side are priced in $400’s and higher are because that’s whats owed on the house, despite it selling in the $100’s or $200’s in the late 1990’s. Its insane. Vacations, nice cars, harleys, boats, second homes, granite countertops, you name it, heloc money was spent on it.
I had no idea how rampant heloc abuse was until I heard about my uncle. Him and his family live in a very average house in the burbs on the east coast that was purchased in the early 1990s for lower 200s.
He IS in ill health, so its hard to hold too much animus towards him, but basically his house got appraised for the upper 400s at the peak of the bubble. He’s not really a handyman and very little renovation was put into it and only critical maintenance was done. Bathroom kind of looks old & shoddy, etc.
Well he heloced the heck out of that place and he’s now underwater 100k as its appraised at 390k. House as ATM all the way.
I feel really bad for any ignorant younger couple who comes along and wants to spent a much higher portion of their income on housing to bail out my uncle who used the house as ATM as not only does the house need a ton of work but even 390k for it is insane.
Well Bob, fortunately, there are much fewer ignorant young couples today than there were 4 years ago. Young couples today are renting and saving instead of buying and spending. Much of recent sales have been first time homebuyers using their $8,500 credit and they’re looking for deals. The days of the greater fool coming along to bail out your uncle are over. Look in the MLS (through Redfin) and check out the number of properties listed 4 months, 5 months, 6 months, even a year, that just aren’t selling. Price it appropriately for a young couple to buy and it will sell. $390k homes aren’t priced for young couples. $200k, $300k tops, is what young couples should be paying, and $300k only if one of them has a professional job.
Amen homedelete!
HD,
do you think in the next two years chicago will see “affordable” starter homes?
We’re already getting affordable starter homes all across the city, usually foreclosures, and they’re getting ‘snapped’ up by investors or rehabbers, and to a lesser degree, first time home buyers, at record pace. Keep in mind that these properties are few and far between, and much inventory is still priced way too high.
let hope the starter home go to people who can afford it, i dont want to go through another re crash again
Huzzah! That’s my home again! I have a few minutes, so I’ll try to clear up a few misconceptions, shall we?
Jon on August 21st, 2009 at 1:10 pm
“Normally I like to harp on owners that bought during the peak like this one as I don’t know them and they’re abstract. But after reading the initial posting I really do feel bad for them.”
I appreciate your kind thoughts. Don’t feel too bad for me – I have a wonderful husband, a son that is frankly, the cutest kid on CC (I defy anyone to contradict THAT!), and good health. This shall pass.
“Honestly, I don’t feel bad. What’s wrong with living in a place for 4+ years and not making any money on it when you decide to sell?”
Nothing is wrong with that – I agree – that’s exactly what we’re doing.
Dude. Groove77. Easy killer. Your rant is leeetle ridiculous.
“i am tired of these young couples that are planing on having kids buying a overpriced condo thinking they can move in 3 years to the burbs.”
You’re “tired” of couples “fleeing to the burbs”? Did we meet, become friends, drink some wine, chat about our mutual PMS, my family’s future, and I simply forgot? Silly me. Because if we did meet, you would know that burb flight isn’t quite what we had in mind. We would just like a smidge more space, and the option to move out of state to take care of some impending familial concerns if need be. Simple as that.
As for the building and the concerns re: renters – I believe there are less than 18% renters in our two buildings that comprise our association (and virutally no renters in the townhomes). The condo docs & regs do not allow for long-term renting, which in turn has pushed out the long-term investors and in their stead, the vast majority of owners are in it for the long haul. It is an awesome building, in a great neighborhood. We actually have a lovely UV playgroup, and a day doesn’t go by that I don’t go over to someone’s house to say hi, or walk by another neighbor and stop to chat. Lovely, lovely neighborhood. Beautifully landscaped, nice dog park, lots of greenery, and some really nice playgrounds. My son would live there if I let him!
If you go to the previous chatter, you’ll get a bit more insight into who we are and why we bought. I assure you – we are far from ignorant people, but clearly, we did get caught up in the “housing rush” of ’04. At this point, we’re simply doing the best we can with what we’ve got.
And if you are lucky enough to take a tour, I assure you – it’s far from cookie cutter!
Good luck to all you buyers and sellers out there – it’s a jungle.
PS~ Interesting thought re: my son’s nursery. I agree that perhaps a more neutral room might be more pleasing to the eye. However, I hesitate to change my son’s room – it’s HIS room – I’d feel bad changing it on the little guy. I think I’ve staged my home fairly nicely, but I’m not sure I can bring myself to change that too. But, if the “experts” on CC think it should be done – let me know. I’ll give it a shot.
MrsB to Groove: “You’re “tired” of couples “fleeing to the burbs”? Did we meet, become friends, drink some wine, chat about our mutual PMS, my family’s future, and I simply forgot? Silly me.”
The “mutual PMS” is some funny shite. I think you two should get together! Report back on how it goes.
The owner-clarification post is interesting – thanks for weighing in. Maybe you can shed some light on how your agent terms this as priced aggressively in light of the other sales and why the $30,000 parking spot is (1) separate (we’ve reached a general consensus that this is annoying) and (2) not in the listing on her own website.
Heh heh. I’m not sure about “getting together” – I tend to look for people who a little less “nutty” in potential friends 😛
1) Tres annoying – I agree. The way it’s been explained to me is this: (a) it’s just what’s done in the neighborhood, i.e., if you list INCLUDING parking, you’re list price looks like $345K or $350K for a 2/2, which clearly, is way over list of other units; and, (b) when a buyer is doing a search and their high end is $325K for example, those units that are $325K w/o parking included show up in that search; therefore, the parking becomes part of the bargaining process.
2) I don’t know. She’s a good agent – I’m sure she’ll remedy that ASAP.
Oh, sorry – mised a question:
I believe it’s marketed as “aggressive” meaning “make us a reasonable offer – we’d like to sell.”
I think the nursery yellow is neutral enough and I don’t even like most yellows. Its not happy cheery bright enough to induce a hangover in me so it gets a pass.
The only non-neutral color would be the purple in the BR. I don’t think its bad and paint coloring would be a non-factor for me but I could see it maybe turning others off.
MrsB,
i wasnt singling you out it was just more of a generalization thrown out of frustration, partial sickness, ad most of the 2/2 condos on crib chatter.
hey if your down for a play date come on over to my place, we will share PMS stories.
i know i lumped you into;
“i am tired of these young couples that are planing on having kids buying a overpriced condo thinking they can move in 3 years to the burbs.”
maybe my narrow minded thinking should be broadened, i would like to know your thinking when you bought here?
my thinking when i bought were i bought was i am married we want 2 or 3 kids, so looking into the future we bought a two bedroom home on a 51 x 126 lot (huge yard) and refinished the attic and basement later, when we made more money, to add bedrooms for the future kids.
See above, “AGGRESSIVELY PRICED” is what it said
Thanks for your interpretation though. Silly me to think that aggressively priced meant aggressively priced.
Bob. I’m feeling you on the purple. I think it makes the room interesting – I wanted our sleeping area to be dark, sexy, cozy; but yeah, maybe a lighter more neutral color (cream?) would work better?
The nursery wall behind the crib is actually very cool. It’s a four colored grid. Plain green wall that we taped (using 1″ painter’s tape) in a grid; then we painted each square one of four colors, and when we pulled off the tape, the color underneath defines the squares. I LOVE the way it turned out. But yeah, for purposes of selling…maybe I should change it. Sigh.
Jon
why you hatin an the groove so much latley?
I’m always down for a playdate! My son. He’s a little rough and tumble for a 2 y.o. If that’s cool, you bring the wine, I’ll bring the toys!
“maybe my narrow minded thinking should be broadened, i would like to know your thinking when you bought here?”
Without giving out too much information on the internets, when we bought, we were just out of grad school, just landed our first job, literally JUST married, and just started making a little money. We weren’t sure we were going to have kids in the near future. We thought perhaps we should invest in a nice place and feel out the city for a while before deciding whether to stay in IL, or head home to family. We have NO family here, which after having my son -well, it’s been tough. (It’d be nice to have a little help, you know?) Also, the area wasn’t crazy overpriced at the time, I don’t think, especially compared to the West and South Loops where we were quickly priced out. UV was still an “up and comer” – I think we thought we were taking a chance on the neighbhorhood becoming great, which, yay for us, right? It is great!
“See above, “AGGRESSIVELY PRICED” is what it said. Thanks for your interpretation though. Silly me to think that aggressively priced meant aggressively priced.”
Easy tough guy. I was giving you my interpretation; however, I believe when it was first listed, it was the cheapest listing in the building – hence that it was “aggressive.” Other than the short sale (ouch), I do think it’s the cheapest 2/2 in the building. It’s certainly the nicest 😉
Come on everybody, we all know how listings work. No one is going to write: “slightly over priced” or “lackluster views” or “this place looks great but we painted over a water leak and you’ll notice after you move in!” It’s ALWAYS the buyer’s job to sift through the extraneous wordings.
MrsB – I give you some props for chiming in on your own place.
MrsB
We raised a child in DC and then in the NoVA suburbs with no family nearby. As you know it’s really, really hard on everyone. Our son especially missed having cousins, since he had no siblings, to grow up with. BUT, there was no way in the world I would or could go back to New Jersey.
Word, AK, word!
I LOVE my home. It’s just time for us to move on. My trade has nothing to do with real estate, mortgage banking, finance, interior design, staging, etc., so I figure that if I can learn a little about the minds of buyers, I can hopefully figure out a way to make my 2/2 stand out above the rest (short of giving it away for a song). I’m taking everyone’s comments here both to heart, and with a grain of salt.
As you should. As we have several multimillionaires on here..one doesn’t mind paying 400k more in taxes as he grossed a cool seven figures last year..and I drive a Ford GT!
Bob:
You left ouf a word:
“Ford [Escort] GT”
haha!
I hear you Steve A. I didn’t grow up around family either, and didn’t really think much of it at the time (or when I was pregnant), but now I think it would’ve been nice to have been around them more often like my husband was as a child. Am I short-changing my son by not living closer to his cousins, aunts, uncles, grandparents? I don’t know. Like I said, I never gave it much thought growing up b/c I didn’t know better, but maybe for my son, I should do better. The kicker in my sitch is that my home – complete with said cousins, aunts, uncles, grandparents, plus friends from HS and college – is in beautiful Michigan.
Hold up…is this CC? Or Dr. Phil? We have taken a wrong turn my friends, WRONG TURN.
“why you hatin an the groove so much latley?”
Trying to set you up on a playdate with wine with MrsB is hatin?
Must be the typos.
And, since I’m not here that often, if anyone has any questions, suggestions, etc., I would be more than happy to listen and answer:
sell833w15th@yahoo.com
Cheers,
MrsB
Heh heh. I’m not sure about “getting together” – I tend to look for people who a little less “nutty” in potential friends
MrsB,
i am still a tad offended about the nutty, i would prefer “different”.
also i am a chicagoan and we know true chicagoans are defensive and protective of the greatest city on earth. as a chicagoan am tired of seeing good hoods go bad, yuppies screwing things up, suburbans flocking to the new trendy hood gentrifying and stuff the flocking back out once little Timmy squirts out, all of this is jacking up the city i love. sorry if my rant pissed ya off, but its my view and its the internet!
Jon,
home slice good looking out on the play date thing, the hatin groove thing came from the shot you took on another post “Anyone have a view on this? Who am I kidding – you all have views on where Groove sends his kid to school, so let me know! Thanks”.
now that was funny.
its all love 🙂
“Different” it is then. Just out of curiosity – where ARE you going to send your kids to school? CPS or private?
You are more than entitled to your view, as is everyone anonymously posting on the internet. It didn’t piss me off so much as annoy me that without knowing me or my husband, we’re somehow lumped into a category of people in which we don’t belong. As for what’s screwing up the ‘hoods, you might want to look to good old Mayor Dickey D for that: without a police contract, a severe police shortage, and units being detailed out from one district to another, leaving the good citizens to fend for themselves…well, those policies ain’t got nothin’ on yuppies. 😉
“where ARE you going to send your kids to school? CPS or private?”
i have visited the local CPS in my district, ummm wow ummm yeah so right now i am trying to see if i will be able to get him in the magnet/academy i went to. if not i will fight tooth and nail to raise my district school to a great level.
oh MrsB, dont get me started on the Mayor or even the stroger crook county stuff, then you can justify calling me nutty.
No we have a category for your MrsB. I was hesitant to mention it but I’ve mocked other (presumably) young couples trying to sell in this environment when I see a crib in a condo. I’ve stated in the past “seriously do they even know how they got pregnant?”.
You’re in the category who buys one year thinking one thing, but then whose plans and life situation changes. The thing is its not unlike a sudden illness or job loss its instead a _very predictable_ change! Having kids–thats what young couples do and nothing wrong with that–without kids none of us would be here.
In the past this was never a big deal with valuations rising as you could just roll the condo appreciation into an SFH in the burbs.
It doesn’t make you a bad person, just that there are thousands of couples out there both as you were and as you are now and we can tell on this board those ‘as you were’ couples often aren’t thinking through their potential life changes or out beyond a few years. As I’ve also said: its really hard to afford private school with a large mortgage.
Have you checked out Northside Parents Network – or npn.org (I *think* it’s “org”)? Anyhoo, it is an EXCELLENT CPS school resource, giving you inside information on open houses, deadlines for filing, which magnet schools are the best, etc. Also, check out greatschools.com – plug in your school name, it’ll give you a rating of the school based on state test scores and parent reviews.
As for the Mayor AND Stroger – we can be nutty together. I get pissed just thinking about them.
“As for the Mayor AND Stroger – we can be nutty together. I get pissed just thinking about them.”
As bad as City government is, it would be the County government that would be the first cause for me to leave the city.
“I’ve stated in the past “seriously do they even know how they got pregnant?””
Bob, you seem like a fairly intelligent guy, so let me educate you a bit more – there is NOTHING predictable about parenthood. There is NOTHING predictable about when it’ll happen, or how it changes your priorities in life. Are you a parent? Because unless you’re a dad, frankly, you’ll never understand the sacrifices, decisions, and fundamental shifts in personality becoming a parent bestows. What someone thinks can work one day, will not work the next, and what someone thinks will work 5 years from now, might not work out tomorrow either. My point is that you’re baggin’ on couples/young families without *really* knowing where they are coming from. It’s cheap and it belittles the point I *think* you’re trying to make, which is, “if everyone had a little foresight, we wouldn’t be in this mess.” But, I can sure as hell tell you – we (my husband and I) didn’t cause the mortgage crisis. We bought when it was what we thought AT THE TIME was the right time for us, and we did so within our means. Ohhhh, do I wish we had some foresight, but 20/20 hindsight is a bitch. We’re just as pissed as you that this mess in the economy is happening! Trust. That.
And as for this:
” I’ve stated in the past “seriously do they even know how they got pregnant?”
I got pregnant because I am wicked hot and was a college athlete – hubby couldn’t keep his hands off me.
“My point is that you’re baggin’ on couples/young families without *really* knowing where they are coming from.”
Parenthood is entirely predictable for younger couples, even plannable. Yeah I read the last sentence too and while it might be eye opening for some its part of the life cycle and fairly commonplace AND predictable.
You are in the situation you’re in because of a combination of bad timing and not planning ahead–it happens.
For some, predictable IS the very essence of plannable; for others, neither apply. Fact is fact. From one who has been there, to you who has not, we’ll just consider me the expert on this particular matter.
We are most definitly knee deep in bad timing, but it’s not so much “not planning ahead” as it is a lack of foresight/failing to recognize a bubble.
mrsB,
I will definitely check out Northside Parents Network, we have a handfull of parents in my hood trying to make the change. I would rather not move and do what i can to make it work and help my community become better. I am still a few years from little groove and future girl groove going to school but i want to be proactive.
bob,
i think 80% of america had bad timing.
You should really take a look at how the parents who pulled a particular school from the brink (and I’m completely blanking on the name – it’s just north of Irving Park, near Bell) did it; use them as a model. Same thing happened in Andersonville. Group of dedicated parents really took their Alderman, CPS, anyone who would listen to task for more money to hire better teachers, get after school programs, etc. It definitely can be done and I hope it works out for you! The little Grooves will thank you someday. As will your property values 😛
“and I’m completely blanking on the name – it’s just north of Irving Park, near Bell”
Coonley. Helps if the Alderman lives w/in the attendance area (and the Congressman 3 block outside), whether or not s/he has school age kids. $3mm+ for rehabbing the school helps too.
But it all starts with the principal and the LSC. Make sure one (or more) of your group gets on the LSC, to at least know what’s going on–>they all have neighborhood member seats.
Gah! Thank you!!
Good info.
“i think 80% of america had bad timing.”
Untrue. Half of Americans own their home outright. I’d venture of those with mortgages probably half bought before the bubble.
Now if you mean those who sold their RE at the top and did not jump back into another RE investment, I’d say its more like 95-98% had bad timing. Very few people were successful in pulling chips off the table at or near the top.
“you bring the wine, I’ll bring the toys!”
flirty
LMAO – awesome. Flirty, indeed!
Lest Mrs. Groove or Mr.B get the wrong idea, I meant “toys” more along the lines of a tricycle and/or ‘Cars’ action figures.
ah mr Anon the KING of factual info. either he is a google search god or insanely well versed and and extremely knowledgeable human/machine.
like abe simpson says “a little form column A a little form column b”
bob,
even if half own thier home outright the have bad timing cause they could have upgraded to a bigger place in the bubble for no more than the agent fee’s, tranfer costs, closing cost stuff.
CH
you dirty, dirty, man
“even if half own thier home outright the have bad timing cause they could have upgraded to a bigger place in the bubble for no more than the agent fee’s, tranfer costs, closing cost stuff.”
Then they would’ve bought a place during the boom and maybe lost equity in it in this bust. But along the lines of half owning outright–very few if any are young and own outright.
I am starting to form an intergenerational conspiracy theory here, even if implicit. It appears the bubble has disproportionately affected younger people in pre-family formation mode. Think mid-20s to early 30s.
The bubble formed (largely) via the policies of baby boomers in positions of power and the bubble provided the largesse for the baby boomers to live beyond their means for so long.
I believe the bubble (and inevitable subsequent bust) was instigated by baby boomers as a mechanism for intergenerational theft and to live beyond their means for far longer than would have otherwise been possible.
Next time some old lady asks for my bus seat I’m gonna ask what year she was born..if it isn’t before ’46 I’m going to tell her no and thanks for ruining America.
“I believe the bubble (and inevitable subsequent bust) was instigated by baby boomers as a mechanism for intergenerational theft and to live beyond their means for far longer than would have otherwise been possible.”
*Instigated* might be a bit harsh (and unduly conspiracy theory reliant), but *perpetuated* is likely true.
a little from column A a little from column b is closest to the truth.
I did have to check where Rahm’s house is–couldn’t remember where exactly. And I only recently learned which block the alderman lives on. And the “$3.whatever million” banner was hard to miss for the year it was hanging off of Coonley, thanking Rahm and Schulter.
You give us boomers way too much credit. Most are just sheeple who believe everything the main stream media feeds them, green shoots and all that, and have little saved for retirement. The credit bubble was about interest rates being kept low too long, leaders telling us that consumption is a patriotic duty, lax credit standards to keep the ball rolling, etc. I think it has a lot to do with too many men in powerful positions. Women are more invested in the next generation. imho
Bob: “I believe the bubble (and inevitable subsequent bust) was instigated by baby boomers as a mechanism for intergenerational theft and to live beyond their means for far longer than would have otherwise been possible.”
The problem is that boomers will become old and old people vote. Expect boomers to cause problems for another 20 years.
“Women are more invested in the next generation. imho”
If by that you mean buying tons of useless crap from China for their grandkids, then I agree with you.
Closed 11/2/09 for $300,000. Not recorded yet so I don’t know if that included parking. Mrs B?
Yes, included parking.
*hit submit too quick*
Yes, included parking. I’m not even sure we could’ve sold parking separately, but as already discussed a long time ago, the listing of “separate parking” was one of *those* real estate marketing trends. So yeah, long story short – parking was always considered (by my husband & I) to be included in the price. We’re pretty happy with how everything turned out. People are in a lot worse position than we were and in essence, we weren’t on the market *that* long comparatively speaking – especially when you take account the fact that we had two contracts before this last one, which ate up a good (approx.) 1.5 months each time of not being on the market.
Did you return to your home state yet?
Hi hd 🙂
Not yet, but we’re still early in the process.
Thanks for the update G. In fact, I was just thinking about this unit and was going to check to see what happened.
I’m glad you’re out of it- MrsB. It must be a relief. Will you be renting your next home or are you going to jump right back in?
Congrats on selling. I missed this thread back in August, but was glad I got to read it now. Interesting discussion.
It is a great relief Sabrina, thank you; especially since another short sale was just listed in our old building this week: a 2/2, higher floor, bigger balcony, same view, etc. for $250K with parking. Ouch. There is also litigation pending in the building (condo board suing developer), so just as Russ has pointed out before in other buildings, litigation is now wreaking havoc on lending. Although some units have closed with said litigation pending (like ours), our first two contracts fell through b/c of it. As for us, no, not jumping back in just yet: short term lease while we weigh all our options.
Thank you, Danny.
Groove… please give a link regarding Land Trusts.
danny:
No recommendation of the firm, but the first hit and a reasoanble summary:
http://www.illinois-attorney.com/landtrust.htm
“Groove77 on December 11th, 2009 at 11:55 am
rememeber one thing when getting your next place….G and Anon will agree with me…
GET A LAND TRUST!!!!!!!!!!!!!!!!!!!!!!!!!!!!”
NO KIDDING! I had NO idea such a thing existed when we bought years ago, but I definitely know now. It will be done.
https://addons.mozilla.org/en-US/firefox/addon/2810
Yo yo yo Check the recorder’s office, assessor’s office, and treasurer’s office.
However, please don’t post identifying information, like first name, last name, children’s names, etc.
Financial info is fair game!
groove is a numskull, it is now established.
i goofed and i apologize.
Thank you for the apology. I completely understand the point you were trying to make. I am sure Sabrina will take care of these posts as soon as she is able.