We Love Authentic Lofts: Open Space Living at 1017 W. Washington
There are lofts and then there are million dollar lofts with huge 2-story open spaces such as this brick and timber stunner at 1017 W. Washington in the West Loop.
It’s only a 2/2 but it makes up for it with 35-foot ceilings and a “pop-up” roof with windows.
The listing says it has a private access through the loading dock as well as 2 wine chillers. It is also a live/work space for those of you who wish to work at home.
The unit has also been reduced by $599,000 since April.
Marc Bombicino at @Properties has the listing. See the pictures here.
Unit #2J: 2 bedrooms, 2 baths, 3500 square feet, 2 car parking
- Sold in May 2000 for $597,000
- Sold in February 2007 for $1,087,000
- Originally listed in April 2009 for $1,999,000
- Reduced twice
- Currently listed at $1,400,000
- Assessments of $654 a month
- Taxes of $10,204
- Bedroom #1: 16×14
- Bedrom #2: 18×8
Awesome place, but I’m so frustrated at that listing. “If interested I can e-mail you what this unit entails”?!? I will say photography is pretty good (VHT does frame images well) but doesn’t give you a feel for the layout.
Perhaps a few agents here can explain: what limits the effort expended on marketing a place? At this price point are you not expecting to sell via the initial listing on the net? Do you have pressures to not describe or advertise except in person?
I ask as I remember the wicked, in depth, pdf for the 800k place on Armitage. Photos of every room, floor plan!, and a history of the building. Compare with this place, where I could e-mail if I was interested.
*Note: I’ve re-read my post, and it seems a bit stronger than I meant it. I’m curious as to why there is such a range of effort in property listings. If putting in more effort doesn’t on average mean more sales, I’d accept that answer.
Totally out of scale except for an artist who works on large projects. Heating and cooling must be a financial challenge. That said, it shows well and will sell for 300 per square foot.
It also has a ‘big ass fan’ (that’s the website). They help with air movement. I have seen the HVAC bills before & after installation of one, knocked off 25% during the summer.
I am also frustrated with not only this listing, but most higher priced listings in Chicago. I have vented about this before, but am still in shock at ths sloppy photography and information most real estate “professionals” produces for listings. (The photography for this listing is almost acceptable, but limited) It is almost standard in Northern California to expect listings such as this to have their own website, pdf downloads with floorplans, homeowners documents and building plans, etc. How much do realtors need to make in income before we can expect the type of work product I would need to produce for the same amount of money if I was the architect of this loft?
“It also has a ‘big ass fan’ (that’s the website). They help with air movement. I have seen the HVAC bills before & after installation of one, knocked off 25% during the summer.”
Do you know how much a fan like that would approximately cost to be installed?
@C – The fans are spec’d to the space and range in cost. I can say the one the installation I was involved with was ~20k installed a few years back for warehouse/workshop.
“Perhaps a few agents here can explain: what limits the effort expended on marketing a place? At this price point are you not expecting to sell via the initial listing on the net? Do you have pressures to not describe or advertise except in person?
I ask as I remember the wicked, in depth, pdf for the 800k place on Armitage. Photos of every room, floor plan!, and a history of the building. Compare with this place, where I could e-mail if I was interested.”
I’m not an agent but can explain the difference between these two agents. One is a go getter winner, and the other is a lazy tard.
Maybe people in Chicago can’t read floor plans. They are almost always included as standard in NYC listings, but that’s because they are part of the required purchase package, but nobody I know has a set here – except for co-op owners. It’s also expensive to get someone to measure the place and then draw up floor plans, etc.
Sweet property though… I’m waiting for Ze Carioca to comment on the massive meat locker fridge though. And wow that is one HUGE fan!
Totally out of scale except for an artist who works on large projects. Heating and cooling must be a financial challenge. That said, it shows well and will sell for 300 per square foot.”
Is it any more out of scale or a financial challenge than some crappidy frame house in the burbs with “cathedral” ceilings?
no. People that buy 1.5 million dollar homes probably aren’t concerned about heating bills. And you’d be surprised sometimes these upper end homes have great windows that make the bills a lot less than you’d expect.
“these upper end homes have great windows”
I don’t think the windows will help too much with the totally uninsulted roof and walls.
“People that buy 1.5 million dollar homes probably aren’t concerned about heating bills”
And they don’t care about $4/gallon gas either, right? Because being “rich”* means you can not be concerned about expenses at all. Or something like that.
*NB–The $300k DP + $600k annual income of someone who could reasonably buy this =/= rich. The Pritzker and the Crowns *probably* don’t worry about utility bills; most of the working wealthy (certainly the ones likely to end up rich) do.
Industrial appliances are cool looking in certain contexts but I can guarantee that that fridge is *LOUD/BUZZY*. Additionally, I’ve seen industrial ovens/ranges in residential applications where there are kids living in the house, and those ovens are not insulated at all.
“Maybe people in Chicago can’t read floor plans. They are almost always included as standard in NYC listings, but that’s because they are part of the required purchase package, but nobody I know has a set here – except for co-op owners. It’s also expensive to get someone to measure the place and then draw up floor plans, etc.”
Actually, drawing up the floorplan only costs around $200 but don’t forget, with an accurate floorplan, one might be able to calculate the real square footage, which often doesn’t jive with the one provided in the listing. It’s amazing how often buyers work from a price per square foot angle without verifying the square footage. (I’m not suggesting this property’s sf is wrong however, just talking generally.)
“Perhaps a few agents here can explain: what limits the effort expended on marketing a place? At this price point are you not expecting to sell via the initial listing on the net? Do you have pressures to not describe or advertise except in person?”
Agree with Sonies – agents are often too lazy/cheap/busy to go the extra mile with the marketing. To be honest, I don’t necessarily think spending lots of extra cash on marketing means it will sell faster or higher, but it may help the agent secure future listings with sellers impressed by their efforts.
““People that buy 1.5 million dollar homes probably aren’t concerned about heating bills”
And they don’t care about $4/gallon gas either, right? Because being “rich”* means you can not be concerned about expenses at all. Or something like that.”
Sorry but someone concerned with getting rich isn’t going to live in a place like this, even if they do have 600k annual income. Places like this, “cool, arty lofts” are horribly energy efficient and likely appeal to those who didn’t earn the money themselves and have no problem spending it. Just like $4/gallon of gas probably doesn’t bother them much either.
People who get to a point where they are earning 600k/year, if its not a family business, aren’t generally the Paris Hilton look at me spendthrift types.
“It’s also expensive to get someone to measure the place and then draw up floor plans, etc.”
Tape Measure: $5.00
Google the keyword: free floor plans
Total Cost: $5.00
I’m curious how you all compare sq/ft between places if you do have floorplans (which I agree is the only way to do it).
Are you just totaling ‘real’ room sizes. What do you do if you have a formal entry way, large walk-ins, etc?
I guess it doesn’t really matter as long as you end up with apples to apples comparisons, just curious what the wisdom is. My gut would be to take actual room dimensions and use those only (i.e. bedroom(s), kitchen, living, family, office, as appropriate).
This loft is a nice place for a party, but not a suitable place to make a true home. It’s a bachelor pad. It looks like a movie set for a yuppie comedy, all it needs is Vince Vaughn and Jennifer Anniston to reconvene. Bigger is not better; this loft is a trophy home for someone who lives elsewhere. Maybe it should be an office-studio loft for an entrepreneur whose business can handle the loft’s operating costs.
I look at the photos and a see vast areas of exposed brick and huge volumes of high-ceilinged space, and think: this place is probably comfortable for three months of the year, and for the remaining nine months it must be uncomfortably COLD or somewhat cool/but noisy (due to industrial fan). This particular unit is likely to have $1000/month heating bills, and equally high electrical bills for air-conditioning months.
Looking at that bathtub, I wonder if it ever gets used except in the summertime – because the cold air drafts are sure to cause discomfort. I shiver just thinking about winter conditions in that bathroom. These old buildings are drafty and dusty. This loft requires a large electrical consumption level just to keep temperature in comfort zone. No remedy short of adding an interior-side insulated wall and laying down a new floor and ceiling – which negates the whole loft-living gestalt.
This unit is all about “show”, about image, for hypothetical “rich bachelor” market, because this unit is definitely not for families, and much less likely to appeal to a woman. Restaurant refrigerator will hum like a generator, consume large amounts of electricity, and require frequent visits from refrigerator repair man to keep it tuned.
Homesellers in Chicago continue to optimistically price their homes. Many need to sell now due to financial difficulties, (according to WSJ half of current homesellers must sell) but expect large numbers of millionaires are trolling residential market with goal of buying a very expensively priced home. In non-traditional residential market locations, like West Loop and formerly gentrifying areas, optimistic pricing is delusional. In reality lenders have become much more conservative, and the conservative home choice is preferred by buyers and lenders. It is much more difficult to qualify for a mortgage, which requires a substantial down-payment at this price point, coupled with very high non-mortgage costs.
I suspect this unit needs to be priced below $1 million before it sells. Yes it only takes one buyer, but he is likely to be elusive.
Why Home Prices May Keep Falling – NYT:
http://finance.yahoo.com/real-estate/article/107163/Why-Home-Prices-May-Keep-Falling?mod=realestate-buy
In my personal experience in buying and selling residential properties, agents tended to be deliberately non-knowledgeable for my “buyer” inquiries and uncooperative for my “seller” interest. Agents operate from a reality of their inherent conflict of interest – they want their commission, period. Agents are motivated to get commission within a reasonable time, playing both potential buyers and seller against one another, to make the sale. During the housing bubble boom, agents listed a home and waited for buyers to bid in a frenzy, requiring little to no work on part of agent beyond scheduling tours, submitting offers, scheduling inspection, and attending closing to collect checks. No marketing was involved, beyond quick photos for the MLS sheet.
Now the housing market is glutted with every kind of home at every kind of price in every neighborhood or suburb. The choices are overwhelming for buyers, who are far fewer than before. Only the unique, well-priced, well-maintained, attractive homes are likely to sell within 90 days and closing is far less assured; only the very rare home goes under contract within two weeks and closes according to schedule. Despite significant drop in agent count, there are still many under-motivated and/or incapable agents at the realtor offices, eager to take listing, bumble its marketing, and wait for a miraculous sale.
Didn’t Adam Sandler tape “Big Daddy” here?
“someone concerned with getting rich isn’t going to live in a place like this”
Sure. But (many) people who are not yet “rich” do buy $1.5mm homes (more practical ones) and remain concerned about $1000/month utility bills and other costs.
200 dollars to draw up floor plans? That is really cheap – is that a flat fee or an hourly rate?
Nice anti-loft rant, Architect. Are you the Lead Architect for Pulte or something? Cookie cutter boxes for all!!!
I’ve lived in a 4000 square foot loft with my wife for the last 3 years. It’s concrete, glass, and brick, with lots of huge windows and high ceilings. It’s not drafty at all and my monthly gas bill is $138.
I suggest you recommend your GCs search out new HVAC subs, cause whoever you have experience with, well…sucks.
Also if this is a south facing unit, and also a top floor unit, you will get a lot of heat from the units beneath you as well as from the sun. Its like some of you guys have never lived in an apartment before. $1000 gas bill? Yeah, no. Unless your place is 10000+sqft!
I don’t know Architect…as much as I usually enjoy your in depth opinions on the properties featured here, I have to disagree with much of what you are saying about this (pretty spectacular) loft.
This is a work/live space, hence the supersized-ness of it all. I used to live (and operate my business) out of a place very, VERY similar to this in NYC.
Re: the space itself, yes it is (as was my previous true loft condo) a fantastic entertaining space. I assume you could fit 200 people in here easily and still have space to move around AND it can be a very nice place to live/work as well. I feel very comfortable when I have a ton of space around me that is all mine. Low ceilings/small rooms give me anxiety attacks! I held many gatherings for Interior Designers/Artists/RE groups and all turned out great due to the abundance of space to mingle. I do agree, these places are not conducive to family living, but as long as I have lived in the W Loop, I may have seen a total of 5, maybe 6 kids? It does fit the area well.
The commercial kitchen is actually very solid and reliable if you do a lot of cooking/entertaining. I have had two kitchens of this type and I had no problems with the upkeep at all. Commercial appliances are built for long term, large volume cooking so they are built pretty tough. I did fight with the installation of the second kitchen, but once operational, there is nothing like it!
As far as noise goes, the only thing I had a problem with was the exhaust fan, which is needed for such large ovens/cook tops. I currently have a commercial kitchen in my Florida home and would not trade it for anything…fan noise and all.
Utilities…sure they would be expensive IF the building is not solidly constructed. Both of the large (4000+ sf) loft units I occupied were so solid that the price of heating/cooling/dehumidifying was not much more than a new construction, multi level, high rise penthouse. As a matter of fact, my grandparents pay nearly twice what I did for their triplex pre-war unit in the UES….and those buildings are very well constructed and insulated.
And finally, most people (especially those in the upper income bracket) do buy their homes with the purpose of the projecting an image of who they feel they are in their world…what is the problem with that? We live in a society that for the most part, judges people on where they live, what they drive and what they wear…there is no denying that fact. So, if you have it, go for it. And just by the pics of this place…the buyer will be going balls to the wall for it!
westloopelo,
Architect I think speaks for the majority of us concerning issues of practicality. I think from what I know of you you aren’t particularly conventional or practical.
I think you are spot on regarding the neighborhood and how having a family wouldn’t fit in here at all. I also agree that in the past our society has been very materially driven and especially displaying that materialism to project an image, its a large part of what got us into this housing crisis.
I was hoping with this downturn that paradigm would change a bit (or would settle for less people being able to borrow large amounts to project an image that their income cannot sustain). Maybe it won’t, who am I to say.
One thing is certain: there were much fewer barriers to the 2007 purchaser to borrow a large sum to live here than the 2009 buyer today. Hoping for 29% appreciation since 2007 just for taking the risk and signing ones name on a mortgage two years ago I think is far too optimistic, especially given all indicators point to the opposite direction for house prices in the interim.
Bob,
I realize both Arch and you are speaking to the issue of practicality in housing here in Chicago. What may be non practical and outrageous homes to you are the norm for others. While I personally may not be practical with my own residences, I do concentrate heavily on the issue of practicality in the homes I renovate for sale or rent to others.
I plan my rehabs as though I were building for a family, basically for first time buyers or those who are taking the next step in ownership. As I have stated many times here before, I utilize every square inch when planning a renovation and no space goes without an assigned use.
I realize Chicago is geared more towards a Midwestern sensibility (as was pointed out to me in a different thread) and housing is judged and valued on practicality. I know and understand this mindset from being in the renovation business and appreciate this need for usable and practical housing. The few properties that are featured here that are geared more towards the upper income bracket are usually dismissed as excessive and unneeded and the owners mentality and values are questioned.
One thing that is a constant for you, I have noticed, is that you do jump to the conclusion that the buyer has not done one thing to be able to justify an increase in the sales price over the time they own the property. You speculate far too much without having any idea of what improvements are made during their ownership. I would like to think that for a property to increase nearly 100% twice in 9 years that the owners did make some type of upgrades in the home and this is probably the case in this condo.
I believe the buyer of property such as this and the one in Ukie Village a few weeks ago do not rely on a mortgage to purchase them nor do I think the majority of buyers at this level are that affected by the housing or economic mess right now. While that group is still driven by material excess in their homes, they are not the posers who mortgaged themselves and everyone else to death and brought the housing market to it’s knees over the last five years.
“I would like to think that for a property to increase nearly 100% twice in 9 years that the owners did make some type of upgrades in the home and this is probably the case in this condo.”
Westloopelo: This kind of appreciation is called a “housing bubble”. It is not normal or sustainable- especially in the Chicago market.
Since you’re new to our market maybe you should know that historically Chicago has appreciated anywhere from 3% to 5% a year. In a six year stretch in the mid-1980s, it hardly went up at all (appreciation rate basically 0% for that time period.)
Thank you for reiterating the facts that were made clear to me when I first started picking up rehab projects last year. A couple of the more qualified agents I work with have made the whole subject of the ‘bubble’ very clear to me along with some faux disgust of such a practice!
So as someone very familar with the Chicago market, where do you see the appreciation rate now and for the next few years based on the chance that we are stuck in this economic downturn and RE mess?
As an owner with many units in several areas of the country, I do consider the each areas rate of appreciation. However since I do have the luxury of not being forced to sell when my projects are complete, I rely on other factors to calculate my own rate of appreciation…if that makes sense to you.
This building was an Invsco conversion in 1999-2000. This bulding, and others that Invsco sold as part of their Loftominum portfolio, used to be rental lofts owned by Annie Properties. When they were flipped by Invsco, they made zero upgrades made to the units- they were quickly sold turnkey for $160 per sq foot. At the time, the price per square foot was significantly cheaper than comparable places. At closing, buyers already had 10% appreciation on their units.
These were rental properties, with old, outdated, cheap kitchens and bathrooms. It’s obvious the first buyer made a shitload of high end upgrades to account for a good portion of the appreciation.
And I think this place is great. The criticisms here are ridiculous. When is a 3,500 square foot loft with 35 foot ceilings ever going to be practical? Shall we also criticize Lamborghini’s and $100k Rolexes too? It’s supposed to be over the top.
You finally showed up MADFLY and contributed some good points once again to silence the nay sayers here.
See I stopped reading right after this part:
”
I believe the buyer of property such as this and the one in Ukie Village a few weeks ago do not rely on a mortgage to purchase them nor do I think the majority of buyers at this level are that affected by the housing or economic mess right now. While that group is still driven by material excess in their homes, they are not the posers who mortgaged themselves and everyone else to death and brought the housing market to it’s knees over the last five years.
”
Yeah, you don’t know your demographic. This unit just screams banker/PE/lawyer. Nothing wrong with that per se. Those are the only young people that you’ll find with a $250k+ salary (and I know many DINK couples in this demo that are under 30 with over $400k annual combined) that would want this place. However, if you think that they don’t use leverage and aren’t getting killed by the economy right now you are crazy.
People think that high-end is will weather the storm better than the low but I don’t agree. That might play out in the burbs where there won’t be a lot of high-end foreclosures, but in the city young professionals are getting creamed by the economy and the $1MM+ condo market is going to get destroyed without them.
Lets not forget our banker/lawyer/PE types making 200k+ when they lose their jobs they aren’t going to be able to re-enter the economy at that same pay grade again, more than likely. If they’re lucky they’ll come back in at 120k.
A lot of these jobs aren’t coming back, particularly as it pertains to finance. In fact the massive job losses in high finance have barely started.
kp,
Well, I am glad you stopped reading at that point as it was the last paragraph!
I based my comment on the fact that it seems in Chicago (or at least on this form) anything over $700k is untouchable regardless of the income level of the potential buyer. In navigating the RE situation here, I found there are a number of high end buyers whose financial standing is not a major concern when considering the many available high end places. Being in that group myself, I see things a bit different than perhaps you do. Not being a snob, just establishing a fact here with that statement.
This unit will sell at this price, or very close to it, but it will be an established high income buyer who is more attracted to this place as a statement loft that will be used mainly for the entertaining or for the work/live potential it offers. I spoke with a few acquiantances this morning about this unit and it’s potential for them and there is some interest in it. It’s main features are not geared towards really any other demographic other than people who entertain on a large scale or as I said above, an established and successful public figure.
I have to stand by my guess that no or perhaps a very small mortgage will be needed.
“That might play out in the burbs where there won’t be a lot of high-end foreclosures”
Keep telling yourself that. There are *already* lots of “high end” foreclosures in the ‘burbs. Not North Shore lakefront properties, for sure, but check Burr Ridge and the Barringtons in the $1MM++ range.
MADFLY.. Lamborghinis are pretty but they totally suck! So there!!!! 🙂
Those abominable pieces of crap in Burr Ridge were never worth 1 million dollars. Just because you build some 8000sqft POS near the Stevenson doesn’t mean its worth a million bucks. God I hate those neighborhoods, they are SO FUGLY! No landscaping or old trees or any character whatsoever. Just big ugly brown brick crapshacks with 4 car garages.
“Those abominable pieces of crap in Burr Ridge were never worth 1 million dollars”
And buildable lots in LP were never “worth” $1mm. But that was the trading price.
“No landscaping or old trees or any character whatsoever. Just big ugly brown brick crapshacks with 4 car garages.”
Maybe look at it as an investment. Almost twenty years ago my parents moved into a new subdivision. Same problem: no old trees or any character, etc. Twenty years later the trees are large and still growing. These things take time. It was a nice subdivision until a few foreclosures popped up with this housing crisis dragging down everyone else.
westloopelo,
I’m sure this seller wants to hold out for a person “who entertain[s] on a large scale or as I said above, an established and successful public figure.”
I love to try and sell products to the smallest possible market. It works really well, especially when the market generally is struggling. Good luck to the seller if that is their plan.
:roll eyes:
But hey, what do I know, you seem to be in a better demographic than I am. My wife and I are both lawyers, under 30, and our combined salary last year before bonuses was $340k. No plans for kinds for at least 5-7 years. We are really slumming it, and since, we wouldn’t pay cash for a place we must be idiots. We’ve been saving bonus checks so we’d have a 10-20% down payment, but we’d still want a loan… I’d do it just for the tax savings when the gov’t pays a third of my interest even if I could pay cash (stupid me!).
I guess we just have to leave you and your ‘acquaintances’ to be the only movers in the market since we are actually worried about the economy (case in point, work is slow so here I am on cc instead of billing) and our jobs.
Now that doesn’t mean we don’t want to buy and don’t see the current market as an opportunity. We actually like that we are well positioned as first time buyers in this market and look at things pretty regularly. Still, we want a deal and think that anybody that wants appreciation in the last few years is crazy.
kp,
Look at this property…who else is really the demo for it? It is a very small segment of the buyers out there and it may well set on market for some time with no offers. I was merely pointing out the obvious in my comments. Do you see any other marketing plans at this point for such a loft, esp in Chicago? I would be interested in hearing your plans for selling it since it seems you have a good grip on what it takes to move a place like this…. and save the roll of the eyes comment for an idiot…I am not one.
If you and your wife are as described…$340k before bonuses and actually slumming it, what are your plans for buying? With your unneeded sarcasm, it is hard to determine what you are saying.
Although I am in the top income (well earned and 25+ years of struggling) bracket, I am not investing in high end properties either now. I have a two residences in that category that I paid a great deal of money for on purchase and upgrades, doing all the work myself.
As tempting as some new developments are right now, unless I had the deal of the century fall into my lap I am not in the market now, or perhaps ever, for a place on the same level as what I have now. Like I said though, there are people out there who do not care at all what the price of a house is, or where the RE market is… I hear it every week.
As far as my business, I am ‘concerned’ but not sweating it quite yet. Since I am now rehabbing with the idea that the houses will rent instead of sell, I am taking some pretty big risks with my money…rentals are a total different thing and I am fully stocked up on them now. Look, it is not easy doing what I do. I have been referred to as the ‘rehabber with rose colored glasses’ as I cannot base my outlook on where everyone says (knows) the RE industry is headed. I make the best of what I have and what I do and pray for the best. Could I go bust at any time? Not at all, but I too am feeling the crunch just as much, if not more than anyone else on this forum. So please, keep the sarcasm to a minimum as it serves no purpose in this conversation.
I do appreciate your last paragraph as yes, you and mrs kp are in a VERY good position compared to 75%+ of the public. Of course there are some great deals out there, but it is now and has always been my belief that in order to land one you do have to make some major concessions in order to come out on top.
Your last sentence makes me want to slam my screen! Of course appreciation in this time is a hard thing to allow a seller, but you have to place yourself in their shoes to see why even a minimal one should be expected and received. It takes more than signing on the line and living in a place a couple of years to receive appreciation, so that part of your thoughts I do agree with. Those days for scum bag flippers are thankfully, OVER. Just realize that not all owners who are attempting desperately to sell now did get into this mess with the sole intention of making money….contrary to what 90% of the posts here would have you believe.
scum bag flippers?
I have to laugh when I read about people’s salaries and income bracket levels in these comments. You should be reading more Miss Manners (and perhaps getting some tact).
MADFLY:
“scum bag flippers” – defined by taking a very low priced, very neglected property (usually with serious structural problems) and performing only the most basic of cosmetic work. Then taking that property and selling it to presumably first time buyers who have no clue as to the original flawed condition of the home nor how to repair their flawed home. In the mean time, these flippers make a 100% profit on their shoddy work leaving a naive tenant with nothing for their hard earned and saved money. They disgust me but thankfully with the downturn of the market, most have been forced to close shop but not before going on to other sham businesses.
I usually reserve judgement against others in my industry, but these losers are responsible for so much hardship on unsuspecting buyers along with many other problems now facing the RE industry. Sorry I have to call ’em as I see ’em and I’ve seen many that fit this bill…
Jon:
also among those who should be reading miss manners are those who only have negative comments against another poster and attempt to ‘put someone in their place’ instead of contributing valuable information to the conversation that is taking place.
If you are referring to me, then you need to re read the posts and you will see I was defending myself against a person who chose to use sarcasm instead of speaking in a conversational manner. You will also note that while I spoke of my income bracket, I did so with some hesitation while noting it took 25+ years, a lot of extremely hard work and numerous risks to rise to that level…pehaps something you are not familiar with?
Jon,
My internet wife is a supermodel and me and her combined have an internet income of 350k+/year.
Point being theres no need for polite society manners here when nothing anyone says can be factually verified. These are a bunch of anonymous people who can post whatever they want. Take it for what it is but please realize the futility in trying to instill some form of etiquette on here (other than not typing in caps).
Westloopelo: American Invesco has a particularly bad reputation, which is based upon their 30+ years presence in Chicago market.
She can’t be too ‘super’ if your COMBINED (yes I shouted that, sue me) income is only $350k. Maybe a Macy’s catalogue hand model/bartender at a $1 beer joint, at best.
Thanks for the lack-o-etiquette reminder… biotch
Thanks for that reminder Architect, I will stop standing up for this building…
“Your last sentence makes me want to slam my screen! Of course appreciation in this time is a hard thing to allow a seller, but you have to place yourself in their shoes to see why even a minimal one should be expected and received.”
Who says you have to allow a seller to have any appreciation? It takes a buyer and seller to clear a market. If a seller doesn’t sell, he still owns his place at the current offer. When you frame it that way, would most of these sellers buy their own place? I don’t think so. I’m in the market, but I have walked away if the price isn’t right because as far as I can tell I got a whole list of places that are great. I think deals are only going to get better because interest rates continue to climb.
Greetings from out of state everyone!
Anyway, 340k for a husband and wife biglaw team is not unusual but its not like this is a large demo either. There are only like a thousand new big law attys in the chicago market every year.
I know a lot of lawyers and I have yet to meet one that lives in a unit as ridiculos as this.
The way Attorneys are getting laid off in Chicago they may want to keep those “bonus” checks handy.
Lots of layoffs….in all industries….with more to come. This unit screams OPTION ARM – BUY ME NOW!!! It woulda sold in 2 weeks in April if the 0 down neg am loan product was still available.
Bob,
Stop being so modest. We all know your wife Gisele made 25 mil last year.
I recently viewed this unit and it is currently laid out as a 1-bed. Making it into a 2 bed would not be a huge amount of work but the bedroom could not be close to the second (down) bathroom.
It’s an amazing unit but it’s a folly and has a tiny demographic. It’s gone from 2m to 1.2m after the agent realised his price point was way off. Unless they get very lucky and find an NBA, NFL or NHL etc…. type who wants a crazy bach. pad it is hard to see how it sells for more than 750k honestly. Even that comp is very hard to evidence as it is such an unusual space.