Vintage Character With Modern Amenities: 839 S. Laflin in Little Italy
This 2-bedroom vintage unit at 839 S. Laflin in Little Italy has been updated but has not lost its character.
The unit still sports high ceilings, crown molding and a fireplace.
But the kitchen is modern with granite countertops, stainless steel appliances and white cabinets.
The unit has central air, an in-unit washer/dryer and appears to have a parking space (although I can’t tell for sure from the listing.)
Built in 1866, the building is steps away from the restaurants and shops on Taylor Street.
William Altier at Koenig & Strey has the listing. See the pictures here.
Unit 2-South: 2 bedrooms, 1 bath, no square footage listed
- Sold in September 2001 for $193,000
- Sold in October 2007 for $328,000
- Currently listed for $339,000
- Assessments of $146 a month
- Taxes of $1811
- Central Air
- In-unit Washer/Dryer
- Looks like there may be an assigned parking space
- Bedroom #1: 16×11
- Bedroom #2: 12×10
- Living room: 14×15
- Dining room: 10×13
- Kitchen: 12×10
Besides the great location and everything else Sabrina said about this unit, it’s also go a huge deck – http://www.smartfloorplan.com/il/v292393
I’ve been in this place. Super cute but small!
Only 1 bathroom but tastefully done and I do love that deck. 327k is my guess.
and fireplace is nonworking
This unit has vintage character? Really? I see the painted crown molding in select rooms, which looks new to my eyes, and the fireplace. Otherwise I see no vintage character. Maybe I don’t understand the neighborhood but I don’t see this selling for the 2007 price.
Maybe this is for the “vintage” buyer that appreciates a little painted trim and an integrated living room-kitchen. I think 98% of real vintage aficionados would run, not walk, away from this place.
Can you call the only bdrm in a one-bdrm condo a ‘master’ bdrm? Don’t you need more than one to call one a ‘master’?
And it looks like they made a mistake at the fireplace base, like the floor is too high.
ChiTown, there is a second bedroom adjunct to the kitchen, for the convenience of guests who cook.
I like the assesment and taxes.
I would think that vintage units are loud and the fact that this one has the stairs leading to the upstairs neighbor directly over (and cutting off) the dining room would probably be a big issue.
I don’t remember what all that parking is for across the street, but you are close to Rosebud which is a plus!
2001 price plus 5%/annum = $285k. Which seems decent to me. Think $325k is too much–is this really an $1800/month kind of place?
“I think 98% of real vintage aficionados would run, not walk, away from this place.”
I am having a hard time finding “vintage” on the inside
“And it looks like they made a mistake at the fireplace base, like the floor is too high”
the fire place does look strange anyone here rehab a place with a mini fire place before that can explain this?
Mrs Groove would love the location (her fav eateries are around here), groove would gain 20lbs being this close to great food.
another beautiful place and yet again price over the 2007 sale price, WHYYYYYYYYYYYYYY?
Jon laughs when Groove discusses himself in the third person and when that woman he married is called Mrs. Groove. 😉
Jon, you should know now that the groove is egocentric! you should hear me on the bball court talking smack in the third person! (it sometimes even annoys myself)
good point about the staircase, that would be bothersome if its at all audible
HA! Thanks, Chris – totally missed it!
Little Italy? Who came up with that, the real estate people? Funny, that neighborhood was called Taylor Street when it was really Italian. Of course seeing as I’ve only lived in Chicago 60 years and grew up on the West Side and am probably the only person here who battled the Taylor Street Dukes…..
I lived in and around this area during college. It is a great area and this side of Loomis is much quieter than just west of the campus. But beware, its congested there. You are smack between the university and the medical district. Street parking is extremely dificult and there is a lot of dingy student apartments- though not as much as just east of UIC. Also, Medical District Towers, a 2 building highrise is just down the street.
The neighborhood is not as Italian as it once was. The Old Man is right, none of the actual italians that I knew ever called it ‘Little Italy’, it was always taylor street. And unlike ‘Greektown’ there still are a decent amount of italians still living there. Just drive around a bit and you’ll see the social clubs on May & Racine, Taylor & Miller, Racine & Lexington, etc. There is an interesting blend of independant store/restaurants and some chains. If you need you can drive down Roosevelt to the big box shops in the S. Loop. This area is a great option for people interested in an actual neighborhood as opposed to W. loop or S. Loop.
I recommend Tufano on Vernon Park if you can find it.
I like the unit and the neighborhood. I partied there during my college days and remember how narrow and small the units were. Even now UIC kids only pay like $800/month for those tiny 2BD units. 327 should go alot further in a little italy, in terms of space.
Well for those of you feeling hopeful the owner seems to only have $125k of debt on it. Ah positive equity on a 2 bed condo, I’ve missed you my friend.
“I recommend Tufano on Vernon Park if you can find it.”
I second this.
I haven’t been here in a while.
quoting anon (tfo) on September 22nd, 2009 at 2:17 pm
2001 price plus 5%/annum = $285k. Which seems decent to me.
Is this what posters here believe is a reasonable calculation for setting a price these days? If so, that is more hopeful than I thought.
5% per annum is hopeful thinking but it’s a decent baseline to generally capture the bubble. However, as the bubble deflates, the 5% figure is getting smaller everyday.,
This is a decent place but at the end of the day it’s just a nice apartment that happened to be converted into a condo. I think the ’01 price is probably too high and within a few years it’ll be back there. This seller would be smart to cut his losses, and quickly. The location is nice but congested, but close to downtown.
“quoting anon (tfo) on September 22nd, 2009 at 2:17 pm
2001 price plus 5%/annum = $285k. Which seems decent to me.
Is this what posters here believe is a reasonable calculation for setting a price these days? If so, that is more hopeful than I thought.”
I posted it, and I don’t thik it’s generally applicable. BUT, this was a cheap place in ’01, the ‘hood has improved somewhat since then, and these overpriced apartments need to deflate in stages, not all at once. Thus, +5% as a stab, which mostly shows that the ’07 price was absurd and the current ask only slightly less so.
Anon(tfo) I also don’t think it’s generally applicable but it’s sort of a fast and loose starting point for a back of the envelope calculation.
HD:
Hey, we agree completely! I think it works best with apartments, as it’s easier to see if the prior sale price was about “market” or not. And, as you say, it provides a baseline for comparison.
“Little Italy? Who came up with that, the real estate people?”
of course.
i laughed out loud when, several months ago, i read an article in the sun-times that referred to pilsen as “the lower west side”.
anon(tfo) my preferred valuation method is to look at the 1999 price or around that time and then say “this is the fair price when the market bottoms whenever that is and god only knows how long that will take.”
“anon(tfo) my preferred valuation method is to look at the 1999 price”
Yeah, I know. And you know how I feel about that.
old man is the true OG!!!!!!!!!!!!!
“am probably the only person here who battled the Taylor Street Dukes”
““this is the fair price when the market bottoms whenever that is and god only knows how long that will take.”
1999 prices will be reached within the next three years. The actual market bottom (in real terms) may take longer.
Remember the federal government is blowing out its balance sheet in support of the lower end of housing (conforming and FHA backed loans), once this support is removed the market will continue its descent.
“1999 prices will be reached within the next three years.”
HD has repeatedly expressed his belief that 1999 NOMINAL prices are coming. You’re predicting nominal 1999 prices before Sept 2012? In other words, an approximately 23% *decrease* (assuming, not unreasonably, 0% inflation over the next 36 months) in real prices from 1999 levels?
“In other words, an approximately 23% *decrease* (assuming, not unreasonably, 0% inflation over the next 36 months) in real prices from 1999 levels?”
I think its definitely in the cards. Yeah I don’t foresee any V-shaped recovery and no substantive recovery in employment levels (and I don’t consider a drop from 9.5% to 8% that substantive).
My vision will become much clearer in ten days though.
“My vision will become much clearer in ten days though.”
And what is happening in 10 days?
Won’t take a v-shaped recovery for real house prices to not fall that dramatically, in any event. Not that a v-shaped recovery would necessarily drive prices higher, either.
“My vision will become much clearer in ten days though.”
End of welcome back to school bar specials?
10 days from now is October 3rd. If you don’t know what happens on October 2nd I’d suggest you read more.
Dude, you cite national employment statistics and talk about v-shaped recoveries and then pick on such a local issue as youe bellwether? And even that–with the inventory overhang and the residential development debacle that has been Vancouver informing development lending–ain’t going to be more than a relative blip either way. Hell, I think getting the games makes my house *less* valuable b/c of the future tax obligations to pay for all of the graft.
#Groove77 on September 23rd, 2009 at 12:09 pm
“old man is the true OG!!!!!!!!!!!!!”
““am probably the only person here who battled the Taylor
Street Dukes””
Weren’t the Jousters from Taylor Street, too?
I’m gonna admit, I knew some Gaylords and some Jousters, back in the day. (as well as Simon City Royals, and Haddon Boys) It was all back when gangs actually beat each other up with fists or bats, not just shooting randomly into crowds like they do now.
But I digress…
While I’m a huge Chicago booster I’m just not convinced the Olympics here would be a good thing… Like we need more ways for the city to put monies into waste, corruption and graft?
Oh, and, yeah, it’s a cute place, should sell a little over $300k.
Oh Im sure bob will be more bullish if the games go to Rio
1999 here we come. Just the other day a Realtor(tm) told me that prices in their ‘hood (Barrington/Inverness) were already at 2000 prices and still trending downwards.
It’s going to take the city sometime longer, but yes, 1999 prices by 2012. I agree with Bob.
“I knew some Gaylords and some Jousters”
ahh that from the 70’s and 80’s
old man was qouting from the 50’s and 60’s
there were still some 40 year old gaylords over at kilborn park about 8-10 years when i played in a bball league there. heheheehehehe
“While I’m a huge Chicago booster I’m just not convinced the Olympics here would be a good thing… Like we need more ways for the city to put monies into waste, corruption and graft”
the olympics will be a good thing if you work in the trades, i will be taking little groove every day there if we have it. given at the end of it all it would be cheaper to vaction to rio to see it that to pay taxes on it here until year 2035
“1999 here we come. Just the other day a Realtor(tm) told me that prices in their ‘hood (Barrington/Inverness) were already at 2000 prices and still trending downwards. ”
Looking at sale records on Redfin–rather than relying on hearsay from a realtard, Inverness looks like a mixed bag–>most of the places selling below prior sales are obvious REO or shortsales (like $1.1mm in 06, $475k now) and the rest seem to be selling for more than their 95-03 priors.
So, basically, I’m calling bs on the realtard.
How will the the October 2nd Olympic games announcement affect real estate prices in Chicago? I’m sure there are enough opinions on this board to fill up its own thread. Sabrina, you game?
Well- it’s a little premature to talk about it. If we get the Games, then I’ll start a thread on it. Sure.
For kicks and giggles, here’s a link to a site that discusses the Olympic’s impact on real estate prices at past host cities:
http://iocc.ca/documents/OlympicImpactOnRealEstate.pdf
Thanks Sparky. Interesting report.
So, the bottom line is, the Olympics have NO impact on residential real estate in a mature host city like Chicago (as it has no impact on Sydney or Atlanta- similar mature host cities.)
Except- right in the Olympic “precinct”- so that being said- Washington Park could see a significant gentrification.
That’s strange… I spent the better part of ’03 in Australia and am pretty sure prices for real estate in Sydney went thru the roof in the few years post Olympics as it introduced more people to a wonderful city. Much the same with Barcelona. I don’t think Beijing was looking for a boost but rather to just flex some muscle and say “We are here!”. As for Atlanta nothing can help that city. Last time I drove thru I passed the Olympic area and was trying to remember if it was the Olympics or some worlds fair. Chicago just seems so mature and it takes a certain type to want to live in Chicago so I would bet people won’t flock there post Olympics and I would bet against a boost there.
Oh and Athens would fall into the same category for me as Atlanta. Shithole.
And London would fall into the same category for me as Chicago. Had Paris won, same thing. Just Paris more people would want to live there but so many people that go there fall in love with the city and dream of having a place there anyway.
Did you read the report? Sydney was already mature. It was looking for a boost in its hotel/tourism sector (which it got.) Prices went through the roof there after the games because of the housing bubble (like everywhere else.)
I’ve been to the Olympic flame in Sydney. It’s not near anywhere you’d ever want to live. So Olympics or not, tourists are going to want to move there if they visit (the “famous” part of the city- near the Opera House.)
Same with Paris. It doesn’t take the Olympics to get people to move there. The report says Barcelona was trying to save its infrastructure and the Olympics forced them to upgrade. So if people moved there afterwards it’s because of the other things the Olympics did to upgrade the city- not the games themselves.
It’s a myth that the Olympics boosts housing prices.
By the way- Paris has been “cheap” for years. Only in the last two or three years has it really gone up substantially. If you want a nice apartment in Paris- it’s much cheaper than London or NY.
one thing Chicago has going for it is its huge and diverse population, it could attract more people from around the world, just stay with family.
the Olympics will make money just how much will citizens/City get VS. the rich and corrupted?
Bri,
I have to accuse you of some weird arguments there.
“it’s because of the other things the Olympics did to upgrade the city- not the games themselves.”
Are they not one and the same? The Olympics and the games? had the Olympics/games not come the infrastructure would never have been upgraded and the piers in Barcelona would still be a dilapidated shithole. It kinda raises a circular reference.
Then to say “it’s a myth the Olympics boost housing prices”. Well without the Olympics, once again the work would never have been done.. people would never have come to see the work (and appreciate it) that was done… circular reference error here again.
As for Sydney you do the same thing I complained about.. you wave the magic wand and say “Prices went through the roof there after the games because of the housing bubble (like everywhere else.)”
Well most certainly that does account for part of the rise but not 300% in 3 years in the Quay area (Opera House) or the area going east along the harbour. Basically substantiate correlations comparing to Perth/Brisbane/Melbourne/Asia/Global or it’s silly to just simply deny the Olypmics had any effect.
I also think a big part always will go back to location location location. Of course the Olympic village is a fairly unattractive area but people came and stayed by the Quay and wanted to be close to that and not 30 minutes from downtown and 50 minutes from the beaches. I would think the same would be true with Rio, most of the games would be held in Barra Tijuca but Barra in my opinion sucks. Now what will happen to real estate prices in Ipanema (where no games will be held) will be a whole different ballgame. Just through the roof.
And Paris cheap??? Only can you say that comparing it to NYC or London… Nothing special will cost you about 1,400 a sq ft in the better arrondissements…
And for fun… the top 10 cities… from earlier this year…
1. Monte Carlo, Monaco $4,420.10 per sq/ft
2. Moscow, Russia $1,937.30 per sq/ft
3. London, United Kingdom $1,928.30 per sq/ft
4. Tokyo, Japan $1,672.10 per sq/ft
5. Hong Kong $1,498.00 per sq/ft
6. New York, NY $1,384.10 per sq/ft
7. Paris, France $1,126.20 per sq/ft
8. Singapore $901.20 per sq/ft
9. Rome, Italy $851.50 per sq/ft
10. Mumbia, India $851.30 per sq/ft
Monaco does have some nice tax advantages and for obvious reasons extremely hot women 🙂
thank god Chicago isn’t on that list. Singapore sucks.
“Today slum dwellers make up 60% of Mumbai’s population, that is approximately 7 million people. “.
…at $851.30 a sq ft no wonder it’s a dump…they have no money for anything else..
http://www.indiadaily.org/images/mumbai_slums3.jpg
6. New York, NY $1,384.10 per sq/ft
That’s prime Manhattan realty right there….
“”“Today slum dwellers make up 60% of Mumbai’s population, that is approximately 7 million people. “.
…at $851.30 a sq ft no wonder it’s a dump…they have no money for anything else..
http://www.indiadaily.org/images/mumbai_slums3.jpg“”
HD*:
Lay off the ignorant stereotypes, btw slum dwellers pay for nothing (nearly $0 sq/ft.), so they can afford satellite w/ LCD TVs. Just the risk the gov’t can bulldoze your home, but they vote; stalemate
on the other side of the coin, opulence of the wealthy: 100s of slav-er-servants, drivers, maids, etc.
(the poor suck, I pay too much in taxes, I am awesome) and similar attitude like Ze, [America/Chicago, who cares etc.: Dubai is great etc.),
*that something i’d expect from bob
for Singapore, I think they are trying to make it like Vegas-Disneyland and cheat you out of your money.
Satellites w/ LCD tvs? I don’t see any satellites on the rooftops in the picture I linked. I think you’re confusing the slums of Mumbai with the middle east.
http://farm1.static.flickr.com/104/290689409_f911b85d3b.jpg
they share the feed and well as power, sewers., etc.
Moreover the people that occupy the slums of the Mideast are the same people, Indians, I would figure all this being equal their standard of living as to be the equal/better, considering the ME-slums people don’t have any rights.
“*that something i’d expect from bob”
revassal I normally don’t reply to such idiocy but if you honestly believe the average ppsf in NYC is $1,384 I’ve got a bridge to sell you.
I’ve got a stereotype for you: a clueless American who derives their paradigm from the mainstream media and believes everything they read on the interweb. Also know as revassal!
Bob… technically NYC is the 5 buroughs so 1300 would seem high by that standard. Even using a New Yorkers definition of Manhattan you still have Washington Heights, Spanish Harlem, etc. Now using the definition I gre up with of Manhattan is everything below 96th st I would agree it is low.
Revassal. Please tell me once when I ever belittled anyone for having less than me or suggested monetary value equaled personal value. You got the wrong guy. I chose Rio as my primary residence because it is the most beautiful city I have ever seen and as Forbes rated it, it is definitely the happiest city in the world, also the warmest people ever. I emphasize value of labor here simply as a means of my equilibrium theory and how screwed America will be because of it. I have nothing against the poor particularly the girls, and my fights are almost exclusively with the rich, I don’t have a maid or a driver. And taxes do suck because they are almost entirely spent irresponsibly and wasted.
My Bad,
Ze, I was talking about this more: (that America is screwed and it can’t regain its former glory) I would say many rich Indians share this concept of America now.
“I emphasize value of labor here simply as a means of my equilibrium theory and how screwed America will be because of it.”
than that:
“Revassal. Please tell me once when I ever belittled anyone for having less than me or suggested monetary value equaled personal value. You got the wrong guy. I chose Rio as my prim”
But Ze, you have said (in a previous convo) you like the fact that you can get labor at less than a living wage. Many middle and upper class people would agree with this too, including wealthy Indians.
—-
Bob,
I was talking more about the statement that the slums of Mumbai are a dump b/c of the psf cost. Kind of a joke/jab.
rather than the actual values of the list.
—
I just wanted to clarify the avg psf listed for Mumbai and to shed light that all that money is being concentrated so that the rich in India, are where Monaco is at and the middle class is probably where London is at. the many poor drag that number down, to make a 10 by 10 shed house doesn’t cost more than a thousand, if that. So if the poor are paying 10 bucks a sqft where can all that money go?
I think some slum dwellers, have it better than the poor in America, possibly it is a result of their illegal structure and stinky living conditions, but it is something they can work to improve and develop during their life. Furthermore many urban panhandlers can make more than percaptia household income. So if most poor are on a dollar a day they can earn 2-4 dollars, not spectacular but manageable, better than the average poor person.
Actually revassal. I never said I “liked” it, I just stated it as a fact and a competitive advantage. I also never said it was below a living wage. I just said Americans sense of entitlement defines a living wage way above what is truly a living wage. Having a car, microwave, etc in many places throughout the world does not define a living wage, those things to many people define rich. Having rice and beans and a place to sleep for most define a living wage.
As for competitiveness. When the U.S. students comes in 23 out of 30 vs OECD countries in math, but #1 in obesity, Yes, I think the writing is on the wall.
“…….but if you honestly believe the average ppsf in NYC is $1,384….
Bob this is very near what the average ppsf in the newer construction buildings in NYC are. You would be hard pressed to find anything under $400 ppsf there. Actually $1,384 is a tad lower than the places I have visited on my last two trips back there with my brother, nephew and cousin, all of who are involved in high end marketing and sales.
See if you can pull up sites for 200 Eleventh ($27 mil for the full floor penthouse with the elevator that delivers your car to your top floor apartment), One Madison Park with it’s $45 mil three or four level, full floor penthouse, One York, HL23 and I believe even the Setai in FIDI or any sites of the stararchitects who have their developments setting new highs every 6 months.
A ton of UES triplexes, units in Trump Towers and 15 Central Park West, which is THE hot property there now. One Columbus Circle (Time Warner Center) started bids on a financier’s full floor penthouse at $60 mil before it went down to $45 mil and sold shortly after the reduction….and the list goes on and on.
Check out CurbedNYC and the links they provide to a lot of RE sites that list the upper end units on the market now….StreetEasy is a good site to visit as well as they cover a multitude of subjects…sales, new development, rentals, renos, etc. at all price points. It is an entirely different world in NYC.
The only impact getting the games here in Chicago would be a negative one. I don’t get the excitement in the RE circles over this issue. With the current state of the RE industry here if anything the glut of the overstock would only continue to grow larger.
As was stated above, the only trades that will benefit from having the games here will be the service/hotel industry and that will be short lived.
I remember the first RE company I consulted with a year ago…it was quite amusing to hear their excited chatter about picking up delapidated shacks in S Chicago with plans of renovating them into “luxury” (theres that word again) places they are certain would bring them 10 fold their original investment costs.
It will be a funny day to see them holding onto worthless property (unless they go section 8 rentals)once all the events are done and the masses leave the city.
You all think you are overstocked now, wait until that day…
“nd a place to sleep for most define a living wage.
As for competitiveness. When the U.S. students comes in 23 out of 30 vs OECD countries in math, but #1 in obesity, Yes, I think the writing is on the wall.”
It might be on the wall but spaghetti sauce comes out. I’ll buy long on the American political-economy. It can get better. I’am here to work on it, so are many others. Its a matter of time either way. I’ll go down fighting, its the American way. (Not just limited to guns and butter)
*the US is about the only society (multicultural) that has at least started to deal with its societal deficiencies such as race and gender discrimination, tack on fixing political and economic issues; that would be a winning combination. We’ll be rich fat bastards. 🙂 the recession is just a diet, you know, to get ready for those Brazilian beeches.
“The only impact getting the games here in Chicago would be a negative one”
you cannot say it will all be negative, i have many friends and neighbors who work in the trades that are hoping we get the games so they would have WORK. now this all depends how they award construction contracts and if it will be awarded the “chicago way” (corruption, bribes, nepotism).