Vintage 2-Bedroom Beauty on a Classic Lincoln Park Street: 2149 N. Seminary
This block of rowhouse condo units at 2149 N. Seminary is classic Lincoln Park.
Built in 1895, this unit has tall ceilings, a fireplace, crown molding and a ceiling medallion in the living room.
The kitchen is newer and has granite counter tops and stainless steel appliances.
While there is an in-unit washer/dryer there is no deeded parking and no central air (window units only.)
First listed in July 2010, it has been reduced $46,000.
It is now listed only $5,000 over the 2020 purchase price.
Is this a deal?
Leigh Marcus at @Properties has the listing. See the pictures here.
Unit #B: 2 bedroom, 1 bath, no square footage listed
- Sold in September 1996 for $186,000
- Sold in October 1999 for $235,000
- Sold in September 2000 for $260,000
- Sold in March 2002 for $284,000
- Sold in June 2007 for $347,000
- Originally listed in July 2010 for $335,000
- Reduced several times
- Currently listed for $289,000
- Assessments of $268 a month
- Taxes of $4209
- No central air- only window units
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 16×12
- Bedroom #2: 14×10
- Dining room: 7×7
“It is now listed only $5,000 over the 2020 purchase price.”
HD – stop with the ridiculous posts. Nobody with half a brain would believe that in 2020, this unit will be 285. My prediction is that, by 2020, it will be worth in the 400s.
HD was just pointing out the ‘typo’ in the above description.
Yeah clio, don’t you wish you could take back your post now? Don’t you also wish you could undo all of your terrible real estate investments too?
And, it may be that no one with half a brain would believe that 2020 price, but someone with a full brain might since they can probably have a better grasp on real estate valuations
“Don’t you also wish you could undo all of your terrible real estate investments too?”
WTF are you talking about? What terrible investments? I am continuing to make an average 5% return on my money on my investment real estate right now (sure, it is not great – but definitely not bad). Yes, I am losing money on my primary residence and in-town – but the pleasure they bing me is priceless. Obviously, something you don’t understand…
“Yes, I am losing money on my primary residence and in-town – but the pleasure they bing me is priceless.”
Did you mean to type “bring” or “ding”?
okay so we have a 2/1 in lincoln park w/ no parking for $289 and a 2/2/ approximately two miles away in lakeview with parking for $299.
If one wasn’t a short sale, what makes someone pick one over the other?
Discuss
HD,
Just out of curiosity, how much rent are you paying right now?
Ladies, can’t we disagree without being disagreeable?
Why don’t you lay off the personal attacks and stick to the subject property?
Icarus, good exercice. While I don’t care for either of the listings, but I will have a slight inclination for the Seminary due to location, not due to price. Further analysis would require a visit on site.
I don’t know, reminds me of a catalogue of some suburban apartment home or something. Not a huge fan of the design or layout. And I hate window units..
This is a very cute unit. If it had the central air, it would sell.
Window boxes are sooo gross
hang on slow today, is this basement?
Barf
Yeah in 2025 it will be worth 400k Renminbi
“Icarus, good exercice. While I don’t care for either of the listings, but I will have a slight inclination for the Seminary due to location, not due to price. ”
Strongly inclined to Seminary b/c of the el factor + general location. Also, the 18 unit association seems a better risk than the 4 on Barry, and the layout seems more livable.
The lack of a 2d bath, CAC and parking are the big negatives, but I think outweighed by the pluses.
I’m a sucker for vintage places even though I gotta have AC. I’d never live at the Barry location, so this one wins by a hair.
I think it will sell pretty soon, thats a great area. You are right by the trader joes, brown line. I dont see the lack of parking being such a big deal. I see someone getting this who doesnt have a family and likes to walk places.
Sure there might be something cheaper out there, but I could really see a buyer seeing this place and just being sold
This place is terrible with window units, no parking (The location also blows for transit!), and 1 bathroom? and no way those room measurements are correct unless they are using the closets as walls and set backs as the measuring points.
But I hate vintage in this city for the most part so I’m sure someone will fall madly in love with this place
So, Question,
You love vintage, you love LP, but you want a 2BR with A/C in a top location at this price?
Please show me.
I’m always happy to be proven wrong, but the amount of vintage that’s been renovated out there is really handful, and when you find it, the price will rightfully reflect that.
One block down, a (much more beautiful and spacious) 2/1 just came on the mkt for $435 — 10k above its ’04 price, for those who think that’s also a relevant data point.
http://www.redfin.com/IL/Chicago/2034-N-Seminary-Ave-60614/unit-3/home/13351637
How much of a premium can it command?
Market will tell.
roma, that place is like 2x the size, better location, with parking, much better finishes (but still window unit AC) but there is an instance of vintage done right and why it will sell at the premium (or close to it)
Sonies, I definitely agree (as you can probably tell from my post). The question is: how much of a premium can it command?
Roma,
Looks like a great listing from the photos and if the realtor can’t find a buyer above $400K or close for this unit, should quit business.
“The location also blows for transit!”
It’s a 10 minute walk (under .5 mile) to *either* the Fullerton or Armitage stop. That’s hardly awful.
Less than a thousand. A mortgage on a comparable unit, according to my calculations in 2006 would be roughly $2,200 per month with an FHA mortgage, slightly less with a down payment given a sales price between $275 and $300k. Now of course the bottom has dropped out of 2/1’s and 2/2’s on the northwest side and they sell a fraction of the bubble price, the most comparable unit being a completely renovated 2/1 a few blocks over under K for $120,000 IIRC, so my savings today isn’t quite as great.
I didn’t create the housing bubble, I’m just living through it. I’ve had the patience to make it this long without buying, I think I can wait a little bit longer for sensible pricing on most properties to return to the handful of areas I would consider moving on the NW side (edgebrook, wildwood, sag, oip, edison park, park ridge, etc). Sure there’s a couple of homes every month that sell for reasonable prices, but, that’s less than 5% of all properties listed in those areas that are listed reasonably.
“Spinoza on February 4th, 2011 at 11:27 am
HD,
Just out of curiosity, how much rent are you paying right now?”
Here’s another question:
Which location would you prefer, or which area do you think is more valuable?
East Lakeview-i.e. South of Belmont, East of Clark, vs. Mid to West LP-say around Depaul Area?
HD,
you’re paying less than 1k/month on rent? Where do you live? I have a reasonably nice, but not over the top one bedroom downtown and pay nearly twice that with parking.
HD,
Then I’d invite you to be more humble when you are making judgment on real estate that you could never afford, as you will never ever be able to understand the motives that drive a given category of buyer making a decision on when and where they want to buy real estate.
Spinoza,
Personally I’d much prefer East Lakeview (esp south of Belmont) due to proximity to park/lake/zoo. But then I prefer even Edgewater, RP or Hyde Park over much more valuable hoods such as WLoop or Bucktown; being near the lake is half the point of living in Chicago for me…may also be the result of having grown up by the lake and spending a lot of time there.
“Then I’d invite you to be more humble when you are making judgment on real estate that you could never afford, as you will never ever be able to understand the motives that drive a given category of buyer making a decision on when and where they want to buy real estate.”
I don’t think that’s necessarily true,
A.) paying a low rent doesn’t mean one can’t afford more, if you’re single and saving for a down payment, no point in splurging on rent
B.) You don’t have to be a millionaire to understand economics and real estate, just educated. A lot of super rich, driven buyers are under water right now because their reasons for purchasing overly pricey real estate didn’t make much sense.
you dig?
“But then I prefer even Edgewater, RP or Hyde Park over much more valuable hoods such as WLoop or Bucktown; being near the lake is half the point of living in Chicago for me”
That actually makes a lot of sense to me. I never understood why areas that are basically sitting under 90/94 became so gentrified when other very nice middle class areas like RP or parts of edgewater stalled in development during the boom – I would have thought their proximity to the lake would have been a big draw for investors and home buyers.
Spinoza,
Good point. You should also immediately let economists, psychologists, politicians, judges, juries, reporters, parents, spouses, teachers, investors, and businessmen know can stop trying to understand the motives of people who are not like them.
”
HD,
Then I’d invite you to be more humble when you are making judgment on real estate that you could never afford, as you will never ever be able to understand the motives that drive a given category of buyer making a decision on when and where they want to buy real estate.
“
“Then I’d invite you to be more humble when you are making judgment on real estate that you could never afford, as you will never ever be able to understand the motives that drive a given category of buyer making a decision on when and where they want to buy real estate.”
I’m so tired of this BS. Just b/c someone “can’t afford it” doesn’t mean that their opinion isn’t valid; it goes to their biases, sure, but trying to shut them down is crap.
Or are we all banned from criticizing Daley’s BS responses to the Snopocalypse because we’ve never been and will never be a Mayor of a city with over 2 million residents?
Riz,
Read my comments very carefully. I did not say that you should not make judgment on real estate, when you can’t afford it. I just invited him to be a bit more humble, when doing so, and try to analyze it more carefully.
So, how many super rich buyers do you know that are underwater? You’re just telling me what you heard on TV.
I maintain my belief that conservative real estate investors always win in the long run, so people who bought for the right reasons, i.e. because they needed it, i.e. within their affordability range, i.e. long-term, etc. they are and will be fine. People who thought they could be a mini-Trump, people who used their home’s equity for the wrong reasons, people who lied about their income so they could get a mortgage, lost and will always lose in real estate, no matter what their economic strata is.
why the assumption that he couldnt afford this place, or most of the places he comments on?
“So, how many super rich buyers do you know that are underwater? You’re just telling me what you heard on TV”
Spinoza, I don’t have time to watch TV.
Well, my parents lost their pants on a larger unit at 10 E Delaware, they originally purchased it as an in-town residence. My father’s partner bought a place at trump for 2 mil+ a few years ago and is seriously underwater in that – the developer is selling them for 1.5 now.. He took a hit on his home in naperville, sold it, and is now living at the trump praying prices go back up in the next 5-10 years. My neighbor purchased his unit in my Astor Street building for about 200k more than what it’s worth now..How are these high end properties not underwater? Real estate isn’t as predictable as you make it out to be.
“I’m so tired of this BS. Just b/c someone “can’t afford it” doesn’t mean that their opinion isn’t valid; it goes to their biases, sure, but trying to shut them down is crap.”
Their opinions may be valid – but inaccurate because they don’t understand the motivation and needs of a different class.
Roma,
You people are reading me wrong. My motive is driven by trying to understand the dynamics of the market in its every sense.
Saying that a given property should be priced at X because that’s the median price of the market, and you cut it short, right there then yes, you will never understand why some properties are selling above the medium, and some are selling below?
I respect any analysis that offers a context for its reasoning. I have asked HD the other day what data does he have in his disposition to suggest that prices in Gold Coast will go back to their 1998 levels, guess what I got as a response in return: a big nothing.
Andrew, you have no idea how much money my household makes. But I assure you I do just fine.
I live where I do for commuting, access to highway and family.
Rent is cheap so that the difference can go in the bank. A big expensive house or high rent is nothing more than a liability and in this economy it’s about keeping expenses low and reserves high.
“Their opinions may be valid – but inaccurate because they don’t understand the motivation and needs of a different class.”
Then you should stop commenting on the “psychological factors” that motivate people buying $400k places to raise a family in, right?
I have no problem if it goes both ways.
“You people are reading me wrong. ”
I highlighted your comments and didn’t find any hidden text, so I don’t know what I missed.
I think you are expressing yourself wrong, as three of us–who don’t nearly always agree–read you basically the same way.
he needs to take it even further and refrain from commenting on any place not appropriate for fading lotharios. that would be the humble thing to do
Riz,
Where did I say the RE market is predictable? What I said though is that conservative investors are doing fine. Personally, I would of never bought from Trump, because I am old school and I believe that RE is a local game. It is pretty clear today that Trump never understood the dynamics of the Chicago RE market and consequently his building is a mess, and anyone else who has tried to play the NYC game here in Chicago has struggled and is struggling tremendously.
And if I may also add a rather irrelevant element to the facts here, for a building that was designed by Skidmore, shame on Skidmore for coming up with such a cliche design.
So, the moral of the story here is that you did better than your father and his partner! You sold your unit for $200K more!
“How are these high end properties not underwater? ”
Riz – being underwater means that you owe more than it is worth. Most rich people buy with more than 30% down – many all cash (or have funds to cover losses) and therefore many are NOT underwater.
“I respect any analysis that offers a context for its reasoning. I have asked HD the other day what data does he have in his disposition to suggest that prices in Gold Coast will go back to their 1998 levels, guess what I got as a response in return: a big nothing”
OK you’re new so I’ll explain it again, as briefly as possible:
See this chart?
http://www.ritholtz.com/blog/wp-content/uploads/2011/01/Case-Shiller-Price-Nov-2010.png
Where do you think the bubble began?
1997 roughly? I suggest prices will return to nominal 1999 prices, which gives a little leeway for inflation, an updated mix of housing unit and rehabs that have occurred.
Of course there’s more to it than that, including the enormous foreclosure pipeline in the millions of homes, the shadow inventory of sellers who want to sell but are waiting for the ‘market to return’, essentially flat real wages over the years, lack of access to bubble credit, 9% unemployment (which is a result of a formula which presumes that people are dropping out of the workforce); difficulties with under and unemployed 20s and 30’s somethings saving for a down payment; and the Gen Y and millennial’s debt loads of student loans. Factor all that stuff together and in the end all you can do is make an estimated guess and my guess is that in 2014 or beyond prices will stabilize around 1999 nominal prices which means there is a lost decade and a half of price gains.
Andrew, you have no idea how much money my household makes. But I assure you I do just fine.
I never did and will never make a judgment on how much money you make, how you spend it and why you spend it that way but in your comments you are constantly judging people’s motives without trying to understand and they consequently show a clear misunderstanding of say a family who wants to live in LP and wants to pay the premium for it.
And I just thought it was important that people see the context from which you are operating.
Your household’s priorities are different than someone else’s. You ahve to be respectful of that fact, and you are not.
“You people are reading me wrong. My motive is driven by trying to understand the dynamics of the market in its every sense. ”
Spinoza – I totally and completely agree with you. I, also, would like to understand the market in every sense and therefore AM also interested in what almost everyone has to say – but when HD or G start spouting nonsensical numbers and predictions, it is irritating and idiotic.
HD, anyone who shows me the Schiller index is an ignorant in my book. The schiller index is a national index that absolutely offers no understanding in a micro sense. It puts a Malibu Beach property on the Ocean on the same page as a property in the Ghettos of Chicago.
“Then you should stop commenting on the “psychological factors” that motivate people buying $400k places to raise a family in, right? I have no problem if it goes both ways.”
Anon – the difference is that most rich people have been poor once and know what it is like – not true with most poor or middle income people. As for me, I grew up for a period on the south side – so not very wealthy environment at all. Also, I was 27 with a wife and 2 young kids making a resident’s salary – so I also know what it is like to budget, etc. HD, on the other hand, has no idea about the motivations, needs, and desires of rich people – so while he can make observations, he should NOT state them as fact.
HD,
I have never seen an analysis devout of logic to the extent that you have just offered.
I maintain my belief that you have absolutely no clue about real estate.
“It puts a Malibu Beach property on the Ocean on the same page as a property in the Ghettos of Chicago.”
It’s broken down to individual cities, on top of that they also publish data of three price tiers. You can look at Chicago without all the ghetto crap by just looking at the highest tier.
…or anyone else who would dare to “spout” anything that doesn’t agree with your spin. After all, your wealth is all there is to say about the validity of your opinions. No need to look any further.
“but when HD or G start spouting nonsensical numbers and predictions, it is irritating and idiotic.”
Spinoza – Shall I cite the CS Chicago subindex then?
http://blog.lucidrealty.com/wp-content/uploads/2010/01/Case_Shiller_Chicago2.jpg
(thanks Gary!)
Ignore the ‘trendline’; there should be a new trendline from 2006 down rather than 1987 up.
Clio – you are involved in the medical field. as a former very wealthy attorney i used to work for as a law clerk used to say “doctors are nothing more than idiots with pens when it comes to finances” and over and over again, than stereotype is true. Everytime you post about your farm or your in-town or your lambo, you further contribute to that stereotype that doctors are morons who sign their names to financial contracts as easily as they sign their names to scripts.
“HD, anyone who shows me the Schiller index is an ignorant in my book. The schiller index is a national index that absolutely offers no understanding in a micro sense.”
Holy crap – FINALLY somebody who agrees with me. To me (and obviously Spinoza) it is common sense. Real estate is regional and property specific. The CSI should NOT be used in the analysis of individual properties or specific neighborhoods. It is a simple concept that is lost on so many people!!!!!
Yes, because you grew up in Hyde Park you have a deep understanding of the hoods and people that surround it. After all, you were arrested once!
“As for me, I grew up for a period on the south side – so not very wealthy environment at all.”
Bob 2, I clearly meant the National Schiller Index which is the one displayed in the link…
“I grew up for a period on the south side”
Oh, come on. That’s like when JMM says he lives in a Village without x, y and z. Technically true, but crafted to be misleading to someone who doesn’t know better.
But, based on the rest of your response, you get the point I’m making (which, really, I never doubted). And, as you also know, memory is faulty, future prospects are different, etc., etc., etc. So, I still stand by the need for it to be a mutual thing.
Still, when someone says “you need to be humble” (not you, I know, but you understand why I’m jumping off here), while not being so themselves, it’s not a request for civility, it’s an attempt to shut down discourse. HD is *very* open about where he stands, so there is no reason to question what his biases are–anyone here who cares to can figure it out in a very short time.
I have no logic? Hahahah
Well then you should ace the games section of the LSAT. Go grab your KAPLAN book and get to work.
What is your estimated guess of the bottom, oh wise and wealthy one with superior knowledge of real estate?
Hahah you have no idea of the crap that comes across my desk on a daily basis, if you did, you would have an entirely different opinion hahahahah
“#Spinoza on February 4th, 2011 at 12:55 pm
HD,
I have never seen an analysis devout of logic to the extent that you have just offered.
I maintain my belief that you have absolutely no clue about real estate.”
“as a former very wealthy attorney i used to work for as a law clerk used to say “doctors are nothing more than idiots with pens when it comes to finances” and over and over again, than stereotype is true. Everytime you post about your farm or your in-town or your lambo, you further contribute to that stereotype that doctors are morons who sign their names to financial contracts as easily as they sign their names to scripts.”
Oh my God – where do I start?…..
1. You and your “wealthy attorney” can go and treat yourself the next time you get sick or need an operation. Obviously we are just “idiots” and you guys are so much smarter than us!! Laughable.
2. Take a poll of which field is more respected and why…. you need some serious education.
3. How does having a farm, an in-town, or a lambo make me an idiot? You have no idea how much money I have. I bought those things after achieving my goal for retirement savings.
4. As an attorney, I am surprised that you would accuse me of “signing my name easily to scripts”. Don’t go down that road – otherwise I will make SURE you won’t ever be able to buy a home.
don’t mess with me – seriously, don’t….
“Still, when someone says “you need to be humble” (not you, I know, but you understand why I’m jumping off here), while not being so themselves…”
I think this whole conversation about the wealthy vs. poor is very distasteful. I did not and do not say what I said from that stand point.
Please don’t. Both of you (clio & HD). Nothing is more tedious than a doctor lawyer BS fight. Just. Don’t.
“I think this whole conversation about the wealthy vs. poor is very distasteful. I did not and do not say what I said from that stand point.”
Spinoza:
You said (at 12:10) HD should be humble about **”making judgment on real estate that you could never afford”**.
YOU made it about wealth, not anyone else. If that’s not what you meant, I can accept that, but it IS what you wrote.
“Still, when someone says “you need to be humble” (not you, I know, but you understand why I’m jumping off here), while not being so themselves…”
“I think this whole conversation about the wealthy vs. poor is very distasteful. I did not and do not say what I said from that stand point.”
Sure thing, andy. It wasn’t the first time, either.
I have never once said that I am wealthy, I have never once claimed that I have a superior knowledge, and I have never offered predictions on such specuilative things as where and when we may find the bottom…
I am however old school in that I believe if you are conservative, you spend your money carefully, you take your risks very carefully, and you do things for the right reasons, you will be fine.
I 100% agree anon(tfo), I got a conference call anyway.
I’ll return for the next property.
“#anon (tfo) on February 4th, 2011 at 1:11 pm
Please don’t. Both of you (clio & HD). Nothing is more tedious than a doctor lawyer BS fight. Just. Don’t.”
I agree with you completely which is why your comments don’t seem to reflect this philosophy.
“I am however old school in that I believe if you are conservative, you spend your money carefully, you take your risks very carefully, and you do things for the right reasons, you will be fine.”
Anon, can we please let go of semantics as there is no need to be insecure about this. I was trying to make a point, and was not trying to start a class warfare.
“Anon, can we please let go of semantics as there is no need to be insecure about this. I was trying to make a point, and was not trying to start a class warfare.”
The only one who appears insecure about their point is you, andy.
“when HD or G start spouting nonsensical numbers and predictions, it is irritating and idiotic.”
Sure, the doctor threatens HD over recalling a third party’s stereotype of his profession yet sees no problem in hurling libelous comments about mine. Just another case of clio being a hypocrite?
“don’t mess with me – seriously, don’t…”
For someone who claims to be so busy with life, maintaining class, and making the big bucks, you sure do find a hell of a lot of time to troll this website. On top of that, you actually take it personally.
I’d suggest a move over to Rants and Raves – you’d fit right in.
“Anon, can we please let go of semantics as there is no need to be insecure about this. I was trying to make a point, and was not trying to start a class warfare.”
So, what point *were* you trying to make?
Seems like you made a point, got called on it, claimed you weren’t trying to make *that* point, got called on it again (because *that* was the point you made) and now just want everyone to drop it, because … why?
I’ve re-read the damn thing more than I care to and can’t suss out a different meaning. Help a brother out, Spinoza.
anon – that is hilarious. On one post you are telling HD to stop our bickering and calling it “tedious” but in the VERY NEXT POST you are picking a ridiulous “fight” with Spinoza. Take your own advice.
“Seems like you made a point, got called on it, claimed you weren’t trying to make *that* point, got called on it again (because *that* was the point you made) and now just want everyone to drop it, because … why? ”
It certainly isn’t the first time andy/spinoza has behaved exactly this way.
HD – I didn’t mean to scare you off. Let’s just keep the discussion to real estate.
HD, being conservative does not mean “do what HD does”
G,
Say something relevant for once. Please.
G- lay off Spinoza – he has some very valid AND accurate observations/points. If you want to keep this real estate discussion balanced, we need to hear all sides. You, HD and G always try to bully the optimists off this site with your personal attacks and attempts to “out” people. Let’s keep the discussion/debate on real estate.
“Please.”
Get on your knees and beg.
“I’d suggest a move over to Rants and Raves – you’d fit right in.”
What is “rants and raves” – another real estate site?
“On one post you are telling HD to stop our bickering and calling it “tedious” but in the VERY NEXT POST you are picking a ridiulous “fight” with Spinoza. Take your own advice.”
Yeah, yeah, but I’m genuinely curious what the hell he meant by:
“I’d invite you to be more humble when you are making judgment on real estate that you could never afford”
if it was supposed to have nothing to do with wealth, and there is NO new territory in the doctor/lawyer spat.
And he keeps deflecting, which you should find interesting from a psychological perspective.
“You, HD and G always try to bully the optimists off this site with your personal attacks and attempts to “out” people. ”
Um, watch your own anti-libel threats big guy.
man everyone is so catty lately
word of advice
“relax”
“You, HD and G always try to bully the optimists off this site with your personal attacks and attempts to “out” people.”
Grow up, clio. I have only returned personal attacks and have never attempted to out anyone. It’s not my fault that the pessimists who want to reverse the correction do not offer much of substance. Take your own advice and ignore my comments. I could care less.
“Sure, the doctor threatens HD over recalling a third party’s stereotype of his profession yet sees no problem in hurling libelous comments about mine. ”
Wrong – I don’t even know what you do for a living. HD was directing these libelous comments at ME. Very different. Anyway, this is ridiculous and childish – let’s just drop it.
“Anyway, this is ridiculous and childish – let’s just drop it.”
Yes, it was of you. Glad you see that now.
“Take your own advice and ignore my comments. I could care less.”
Yeah, right.
G – seriously – how old are you. You talk about 20 year experiences but you are more immature than my 18 year old.
“Everytime you post about your farm or your in-town or your lambo, you further contribute to that stereotype that doctors are morons who sign their names to financial contracts as easily as they sign their names to scripts.”
Anon, this is exactly what I meant by humble. It seems clear to me It’s interesting that you are still picking on me but overlooking this absolutely gross comment.
How do you explain that hypocrisy of yours? My comment about affordability could apply to any and every single price point, whereas this one is as vicious as one can get, direct, targeted, opininated and judgmental, all clear symptoms of a mediocre mind.
I return your nonsense to you, clio. Ask yourself that question. Better yet, ask your son the next time you see him.
Nice place, very nice location but the one bathroom is a killer. 245k.
“Better yet, ask your son the next time you see him.”
Nice dig, there. Thanks…
“Anon, this is exactly what I meant by humble. It seems clear to me It’s interesting that you are still picking on me but overlooking this absolutely gross comment. ”
You still haven’t offered an alternative meaning of what you wrote. If it had nothing to do with wealth, why should HD be especially careful .. oh, excuse me, *humble* … about what he says about properties he “could never afford”?
And, as to HD, (1) I, in this thread, asked him to stop, and (2) have many, many times gotten on his case about stuff, to the point that he has felt picked on (I remember, even if he doesn’t).
#1 is plainly sufficient to defeat your accusation of hypocrisy, and #2 I certainly understand if you weren’t around for it, or don’t recall it, but it remains that I don’t just let HD off the hook–tho I admit to having skipped most of many of his posts this week, as I think I would have been annoyed about something he wrote.
wow…
question: you have 600k budget and want 3+bedrooms, 2 parking spots, W/D and AC—-where do you go? suburbs? city? which hood?
Steve,
Are you asking only about SFH’s? If not, you’ve got a lot of options (the only moderately tough one would be 2 parking spots, but it’s not that rare). What are your priorities?
“Nice dig, there. Thanks…”
Just returning the favor.
“question: you have 600k budget and want 3+bedrooms, 2 parking spots, W/D and AC—-where do you go? suburbs? city? which hood?”
Too much else unknown, no? What’s important? Schools, commute (to where and how), SFH or condo preferred, features/amenities important, lots o’ other stuff, and, ultimately, do you want to be in city or suburb? (And W/D and AC are not very restrictive requirements at $600K.) Don’t go unicorn, though.
G, are you playing clio’s favorite game of LAST WORD? Clio HAS to win that one or he’ll feel like he lost! Ask anon!
“What are your priorities?”
Same question.
And, are schools an issue? Commuting to the loop, or elsewhere? Is grass a good thing or a burden? etc, etc?
schools are important in the long run yes, but not any time soon–really would prefer a SFH, which limits hoods–but would be willing to go townhome or duplex up in exceptional areas–commute is non issue
grass is good!!
Steve,
Assuming you’re not from the city and are looking for possible neighborhoods, for fun you can play at Russ’ matchmaker quiz on his site:
http://www.callruss.com/neighborhood-matchmaker/
i live in the city now…grew up in west burbs
“schools are important in the long run yes, but not any time soon–really would prefer a SFH, which limits hoods–but would be willing to go townhome or duplex up in exceptional areas–commute is non issue”
But you have to decide if you need a neighborhood school for this place (or at least I feel I would). If you do, that imposes a lot of restrictions.
Also, what areas do you think of as “exceptional”?
Leaving all that aside, I’ll go with my stock answer of bucktown/logan where $600K will get you into some kind of SFH today (nice in logan, not as nice in btown).
ha….that test said
river north-10
west loop-9
south loop-8
gold coast-7
Well, you ain’t gonna find a lot SFH’s in those hoods.
One possible indication is that you’re looking for a lot of restaurants, nightlife, and a “young professional having fun in the city”-type vibe. If so, I’d say WP/Bucktown would be the best approximation where you could score a sfh for 600.
Not at all a River North-like hood, but you might dig the finishes:
http://www.redfin.com/IL/Chicago/1401-W-Berteau-Ave-60613/unit-A/home/13394311
I am sorry but people’s life style preferences is an important factor in housing debate. I have a good indian friend who lives with his parents, wife and a young kid in a 2BR and they are very happy. However, I would shoot myself under the circumstances. My friend is very economical and saves a lot which makes him happy. I rather save less but have a nicer place with more privacy. So I think it is a relevant question to ask HD what type of living arrangements satisfies him.
“Well, you ain’t gonna find a lot SFH’s in those hoods.”
You could almost get one of those SFHs in Dearborn Park on the west side of the 1200 S block of State St for $600K, which would get you a reasonable school option as well. Like this one (may need redfin registration to see):
http://www.redfin.com/IL/Chicago/1242-S-State-St-60605/home/14084713
Right, but the only thing Clio and HD agree on is that the South Loop is well on its way to becoming Dharavi West.
I keed, obviously, I keed. But otoh, Steve’s comment that schools don’t matter “for now” indicates he may be moving again soon. If that’s the case, some would say he’s better off avoiding SLoop for now. Of course, some (most?) would say he’s better off not buying at all.
Cue Clio/Andrew/housing bulls…
“Cue Clio/Andrew/housing bulls…”
watch it with the blasphemous rumors.
i have zero desire to live in the south loop or pretty much any of the hoods russ’s matchmaker stated–i am not really sure why those were suggested, i went back and took the test again and changed a couple answers–but still got river north, i bet i spend less than 5% of my time in river north in any give year
that place on berteau is nice a little to “modern” for me
if you look at any of the mangan homes–that would be the style we always choose
http://www.manganbuilders.com/photos.php?property_ID=23
and yes I know that is well above my budget
For full foreclosure, you might want to add:
HD/G/Roma
doom and gloom supporters : )
“if you look at any of the mangan homes–that would be the style we always choose”
A touch close to the el, but still, mangan:
http://www.redfin.com/IL/Chicago/1827-W-Sunnyside-Ave-60640/home/18996573
yes we looked at that place last year–a touch too close i think to the EL, but very nice
speaking of mangan–
does anyone know if you buy a place and want them to rehab it, do they operate that way?
I live in my parents basement in Glendale Heights.
“So I think it is a relevant question to ask HD what type of living arrangements satisfies him.”
Steve,
What is the ideal nhood you think you can find a property within the criterias you have mentioned?
if its city—probably lincoln square, given how much further our money would go versus LP
that is a step up from the studio in uptown hd. or was it a cardboard box
I bet anon can come up with some good Mangan lookalikes out there, esp if you’re cool with North Center and thereabouts.
someone asked what i considered an exceptional area in which i would consider a townhome or condo…answer is LP inside lincoln elementary district
Steve,
As most people, you want the world for nothing. Not sure about Lincoln Elementary, but you have a better chance to find one in Nettelhorst’s district, which is an excellent school, but in either case, you’d have to let go of the double parking spot.
Not so, Spinoza. It’s all a question of priorities. If Steve just wanted a 3 BR townhome w CA/C and W/D in Lincoln with space for 2 cars, he could get it for 600. He’d just have to sacrifice on other items.
And Nettelhorst isn’t that great a school. Gets a 6 out of 10 on the greatschools.org website. Here is a link that has school ratings and link to available properties in each district, if schools are your thing (elementary schools, that is…high school is a whole different story)
http://www.greatschools.org/illinois/chicago/elementary-schools/
Yes, but he just provided a link to what is probably a $2M home, he will never go for the options you’re thinking about…
“does anyone know if you buy a place and want them to rehab it, do they operate that way?”
Yes, but from what I’ve seen, they don’t cut you a deal on the cost psf.
“and yes I know that is well above my budget”
Even with the questionable location, that one sure it. You’d be better off buying (one of) the Mangan’s personal homes in the 3800 block of Leavitt.
$600k is a tough pricepoint, especially if you want new-ish. There are still un-reno’d two flats selling for over $500k (NC/LS area), so it shifts to THs, or updated-ish frame houses. I’ve seen a couple of THS around that price that I thought looked pretty okay, but don’t see anything listed right now.
my problem with schools is by the time the wife and i pop out a kid and its time for school is a few years down the road–how does one know that the schools will not change drastically in that time?
If you’re worried about that why are you not renting for the time being? Why have to worry about unloading your possibly undesirable school district home at some point in the future when prices may continue to decline?
“my problem with schools is by the time the wife and i pop out a kid and its time for school is a few years down the road–how does one know that the schools will not change drastically in that time?”
Emma,
Please. Talk to anyone who knows about schools in the city, they’ll tell you about Nhorst. There may be still problems with the higher grades which is clearly going to disappear in a few years time.
Steve, whether it’s Lincoln, or Nhorst, or any other good public school in the city, those schools are good, precisely because of the heavy parental involvment in every aspect. So, the answer to your concern is: no way!
I will limit myself to replying:
If schools are your thing, you (hopefully) won’t be evaluating their suitability based on the number of stars they get on internet websites. Also, I wouldn’t be too sure that site gets the attendance boundaries right in any case.
Hey spin, you looking to unload a Nettlehorst property or something? Is Steve your invention for bringing up that particular school again? Seems to me you brought it up last week too…
Emma,
Congratulations, you just offered Steve to throw more than $30K a year in rent out of the window.
And that’s a min. if he is going to rent something based on the criterias he has mentioned, then say $40K.
i already own a place–looking to “move-up”
i am not concerned about selling my place, if i take a loss–i will bite the bullet
Emma,
No. I have very dear friends who have done a lot for that school. It’s just something that I am deeply familiar with and feel proud of what they have accomplished.
It’s certainly not the only good school out there: there is Lincoln, there is ogden, there is Burley, etc.
“he just provided a link to what is probably a $2M home”
Started at $2.2 or so, went off the market (rented–$10k/mo, I think) after being at $1.95 for quite a while. And apparently has been back on a few times last fall–missed that.
Better that than risk losing $100,000 or more in depreciating real estate! Not to mention all the upkeep, taxes, interest and lack of mobility.
“Congratulations, you just offered Steve to throw more than $30K a year in rent out of the window.”
Oh, and Steve, why do you need 3 bedrooms if its just you and your wife? Wouldn’t it make more sense to wait until the kids come before you “move up”?
“Oh, and Steve, why do you need 3 bedrooms if its just you and your wife? Wouldn’t it make more sense to wait until the kids come before you “move up”?”
Why buy a $75,000 car, when your 12 year old civic still gets you to the grocery store? Why eat at a restaurant when Soylent Green is basically free? Why drink whatever it is you like when Night Train gets you to the same place? He wants a bigger place and thinks the cost is worth it to his family.
“Why buy a $75,000 car, when your 12 year old civic still gets you to the grocery store? Why eat at a restaurant when Soylent Green is basically free? Why drink whatever it is you like when Night Train gets you to the same place? He wants a bigger place and thinks the cost is worth it to his family.”
I don’t know why, but I just love common sense.
damn Russ that test is SPOT ON
Just what I would ask a friend in his situation. You obviously already know his answer.
“Why buy a $75,000 car, when your 12 year old civic still gets you to the grocery store? Why eat at a restaurant when Soylent Green is basically free? Why drink whatever it is you like when Night Train gets you to the same place? He wants a bigger place and thinks the cost is worth it to his family.”
@Sonies, not for me. I got LP and Andersonville among the recommendations and I don’t like either one. Actually the other two recommendations were not bad.
Roma, thanks for that matchmaker link. I live (and have lived) right where it send me (I guess I’m more predictable than I’d like to think).
This was like the most bizarre thread ever.
Thank Russ, he’s usually around. Don’t know if he actually created it or not.
Its two top matches for me are in fact my two preferred neighborhoods. The others didn’t work out too well.
Anyway, quizzes are fun.
“Just what I would ask a friend in his situation. You obviously already know his answer.”
Eh, he was asking where he should look, with a list of requirements that, if fully satisfied esp w/r/t the interior finishes, would make his budgeted price a pretty good deal.
And, I’m not one to cast stones about the way people spend their money.
I wasn’t casting stones. Merely providing food for thought.
“And, I’m not one to cast stones about the way people spend their money.”
p.s. it should be noted that Russ’ matchmaker contains VERY few neighborhoods. It will never spit out Sauganash, Norwood Park, South Shore, Logan Square, or even Ukie Village. Amusement purposes only.
I got Evanston, Andersonville, Oak and Hyde Parks. I’m guessing Beverly and Oak Lawn are not there either.
Russ’ matchmaker was fun:
1. LP – 7
2. Bucktown – 7
3. Lakeview – 6
4. River North – 5
Thing is it doesn’t account for frugality well nor for hipsters. Bucktown..well…sucks.
The other thing about nabes is they cover a pretty big area and sub areas of nabes are neighborhoods unto themselves.
“I wasn’t casting stones. Merely providing food for thought.”
Wasn’t suggesting you were, but it’s one thing I really try to stay away from. Suggest alternatives, sure, but try to talk out of buying something? Not a chance.
oh yeah, russ’s thing said 1) old town and 2) river north
3) west loop
which is pretty spot on. I love old town but couldn’t afford the type of housing I was looking for
“Thing is it doesn’t account for frugality well nor for hipsters.”
I got a kick out of this. I think Russ should add a question asking your thoughts about Lone Star, airbrushed trucker hats, and Charles Bukowski.
or he could ask
if you could choose the life of any of the following movie characters which would you be?
1) Bruce Wayne
2) The Dude (from the Big Lebowski)
3) The Notorious B.I.G.
4) Tony Montana
“I love old town but couldn’t afford the type of housing I was looking for”
Housing stock in OT is nothing like housing stock in RN. And would you rather walk to work from OT in this weather or from where you live?
OT is over-rated. Its for people 35+ who like the LP atmosphere but don’t want to be perceived/associated with LP youngins.
OT went down the tubes after Tequila Roadhouse closed.
So thats you. I see it differently. Lots of people regret buying when they did. I think people should think long and hard before making such a commitment and explore all aspects. I was just bringing up things I would consider before buying. If they have, then there is no talking them out of it.
“Wasn’t suggesting you were, but it’s one thing I really try to stay away from. Suggest alternatives, sure, but try to talk out of buying something? Not a chance.”
“Housing stock in OT is nothing like housing stock in RN. And would you rather walk to work from OT in this weather or from where you live?
OT is over-rated. Its for people 35+ who like the LP atmosphere but don’t want to be perceived/associated with LP youngins.”
Well, unfortunately I am slowly approaching 35 and I do like the LP atmosphere, but you’ll understand one day drinking ALL the time with 21 year olds does get old, eventually!
And the housing stock I was looking for (newer, modern, or even just functional) practically doesn’t exist in OT unless you want to pay out the arse
As for the extra time on the commute, I’d take the bus (like I did today and pretty much every day since January 1st) so it might be another 10 minutes on my commute, not a dealbreaker, for some tall trees, quiet, closer to the good parts of the lake, and a little further from tourists
heres a property i’d buy in OT if I had the means to today
http://www.redfin.com/IL/Chicago/1151-N-Hudson-Ave-60610/unit-5/home/28689976
I actually like the parkside area and think it has potential (the townhomes at least)
“G, are you playing clio’s favorite game of LAST WORD? Clio HAS to win that one or he’ll feel like he lost! Ask anon!”
Ha ha – I win!!!
You made me laugh so you win.
“Ha ha – I win!!!”
I’m glad I made you laugh. Seriously, that is what life is all about!!
Timing is everything.
“I’m glad I made you laugh. Seriously, that is what life is all about!!”
@ Sonies:
“heres a property i’d buy in OT if I had the means to today
http://www.redfin.com/IL/Chicago/1151-N-Hudson-Ave-60610/unit-5/home/28689976
I actually like the parkside area and think it has potential (the townhomes at least)”
Have you been in there? I’d stay away from Parkside. rather rental grade I think
“Well, unfortunately I am slowly approaching 35 and I do like the LP atmosphere, but you’ll understand one day drinking ALL the time with 21 year olds does get old, eventually!”
Where is this party zone of LP about which I hear so much? On Clark from Fullerton to Wrightwood? Along Lincoln Ave? I’m 40 and often feel like I’m on the younger side in my immediate area of LP (perhaps it’s just how I feel; lots of younger folks might be thinking “check out gramps over there”). It’s a bit of a party atmosphere along the park in the summer (with people heading to the beach, etc.), but for the most part it’s old folks, bird watchers, people walking dogs, families heading to the zoo, runners, etc.
looks liveable to me, for 200 a sqft in an awesome location (across the st. from a supermarket, 15 mins to downtown via public transit, huge park, LP and OT at your doorstep) what are you looking for? stupid expensive euro cabinets? whatever, I can upgrade that at any time, but a nice, newer 3/3 townhome with a sweet rooftop deck with a view (that should last a bit) and 2000 sqft it hard to find under 400k if not impossible
Stocks Are Going Up, But the Value of Your House Is Dropping. The American Economy Is Not Making a Come Back; most Americans continue to be mired in the housing crisis.
Full Article:
http://www.alternet.org/economy/149783/stocks_are_going_up%2C_but_the_value_of_your_house_is_dropping_–_the_american_economy_is_not_making_a_comeback/
anonny, iirc gamekeepers, and also lincoln ave betwn webster and fullerton was a pretty young crowd then there’s beaumonts on halsted (terrible place even when I was 19). the store. Four Farthings was the only place I remember not finding a younger (20s) crowd in lp. Though never went out much on clark.
“Things could easily get worse on the housing front because millions of owners are in various stages of foreclosure or seriously delinquent on their mortgages. Millions more owe more than their homes are worth, and, given the downward direction of the housing market, are going to be sorely tempted to just walk away. This means even more foreclosure sales, pushing housing prices down even further.”
thanks for the link Shamalamadingdong — I’m working the nightshift tonight, doing an upgrade, so please keep the chatter going
@sonies
thin walls
cheap construction
south of division
– just saying be careful
anonny, Re: LP party zone
Every bar on Halsted, every bar on Clark, every bar on Lincoln, every bar on Webster, and every bar on Armitage make up the LP party zone. Have you been out past 11 in the neighborhood? I’m surprised anyone would need to be told this. With the exception of maybe 10 total bars (out of over 100) on any of those streets running the length of the neighborhood you will feel out of place if you are over 27. I went out on Lincoln Ave to watch college football on my 27th birthday, and I vividly recall that as the day I knew I was too old to be there.
I stick to the old man LP bars these days. Four Farthings, Marquee, lol that’s pretty much it.
Now the recession has taken a huge chunk out of the number of people that actually go out. Outside of Wrigleyville, I haven’t been out in LV in a few years, that may not have been hit as hard. RN is probably the only hood where the bars are still packed.
Russ’ quiz about neighborhoods was funny and fun. But I definitely don’t agree with his description about LIncoln Park being THE neighborhood of choice for anyone under age 30. That might have been true 20 years ago, but all the 20-somethings I work with live in and love the Blue Line nabes — Uke Village, Bucktown, Logan Square. A few live in Fulton River District/West Loop/South Loop as well. I think maybe one of 15 of them lives in LP. Neighborhoods age in demographics, and just as Gold Coast is for mostly the aged 50-80 bracket, Old Town/LP is for 40-60. Since Wicker Park/Bucktown is full of young couples with preschoolers and early gradeschoolers who have lived there 10+ years, it’s the next area that will quickly become decidedly un-hipsterish.
“That might have been true 20 years ago, but all the 20-somethings I work with live in and love the Blue Line nabes — Uke Village, Bucktown, Logan Square.”
RedEye just had an article about how “hot” Logan Square is with all the bars/restaurants opening. In the article some longtime renters were getting pushed out by rental increases and moving to Pilsen because it was no longer “cheap” to be in Logan Square.