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  #281  
Old Posted Jun 9, 2021, 5:12 PM
Crawford Crawford is offline
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Chicagoland suburbs have really high tax rates. Probably some of the highest in the country.

Some suburban areas of NY/NJ have sky high taxes too. CT property taxes are lower, but the services aren't quite as lavish.
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  #282  
Old Posted Jun 9, 2021, 5:15 PM
the urban politician the urban politician is offline
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Originally Posted by Steely Dan View Post

aside: you've been in your Libertyville home since 2013; hard to believe that "the urban politician" has been a full-blooded suburbanite for nearly a decade now.
^ Yeah I know, but I would say that I've been a suburbanite since 2009, when I moved to a condo in Racine, WI. That was also in a very suburban environment.

The last time I lived in a bonafide city was 2009, when I was in Queens, NY.

I do plan to return to urban life, but I'm just.....sort of stuck in my current situation (as many people are at this stage of life).
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  #283  
Old Posted Jun 9, 2021, 5:36 PM
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Steely Dan Steely Dan is offline
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Originally Posted by Investing In Chicago View Post

I paid...$44K in property taxes my last year living in my Chicago SFH (Lakeview, Southport/Grace).
Jesus H. Christ!

you must've been living in a $2M+ house or something.
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  #284  
Old Posted Jun 9, 2021, 5:48 PM
Investing In Chicago Investing In Chicago is offline
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Originally Posted by Steely Dan View Post
Jesus H. Christ!

you must've been living in a $2M+ house or something.
We were on a 37.5 x 125 lot, so that added to the taxes, however, our neighbors who were also on a 37.5' lot, built the same year, same sq footage, paid about 20% less in taxes, no reason could be given by anyone.

It doesn't even appear that the value of the land + building is the main consideration, as the assessed value of the house didn't really change much over the course of time we lived there. We basically sold the house for what we paid, but some reason our taxes doubled. Our attorney also said to expect them to double again in the next 10 years...
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  #285  
Old Posted Jun 9, 2021, 7:06 PM
austlar1 austlar1 is offline
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Originally Posted by Kngkyle View Post
My mom lives down in Florida but with me living in Chicago and my sister a relatively short drive away she's decided to get a studio here where she can stay when she visits.

Let's see if you guys can guess the price. Here's the listing description:



HOA dues are $279/mo and property taxes are about $900/year.

Location:


Floor Plan:


Exterior:


Interior:





Views:

I cheated. Building has current listings for studios ranging from 112K to 135k.
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  #286  
Old Posted Jun 9, 2021, 7:08 PM
the urban politician the urban politician is offline
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There was a time in around 2010 when condos in similar type buildings were selling for about $60.

It would've been a great steal, as you could probably lease those out for $1500k comfortably
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  #287  
Old Posted Jun 9, 2021, 7:55 PM
iheartthed iheartthed is offline
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I suspected that institutional money was behind the housing market heating up. Here's the confirmation:

Quote:
If You Sell a House These Days, the Buyer Might Be a Pension Fund

A bidding war broke out this winter at a new subdivision north of Houston. But the prize this time was the entire subdivision, not just a single suburban house, illustrating the rise of big investors as a potent new force in the U.S. housing market.

D.R. Horton Inc. DHI -2.31% built 124 houses in Conroe, Texas, rented them out and then put the whole community, Amber Pines at Fosters Ridge, on the block. A Who’s Who of investors and home-rental firms flocked to the December sale. The winning $32 million bid came from an online property-investing platform, Fundrise LLC, which manages more than $1 billion on behalf of about 150,000 individuals.

The country’s most prolific home builder booked roughly twice what it typically makes selling houses to the middle class—an encouraging debut in the business of selling entire neighborhoods to investors.

“We certainly wouldn’t expect every single-family community we sell to sell at a 50% gross margin,” the builder’s finance chief, Bill Wheat, said at a recent investor conference.

...

“You now have permanent capital competing with a young couple trying to buy a house,” said John Burns, whose eponymous real estate consulting firm estimates that in many of the nation’s top markets, roughly one in every five houses sold is bought by someone who never moves in. “That’s going to make U.S. housing permanently more expensive,” he said.

The consulting firm found Houston to be a favorite haunt of investors who have lately accounted for 24% of home purchases there. Investors’ slice of the housing market grows—as it does in other boomtowns, such as Miami, Phoenix and Las Vegas—among properties priced below $300,000 and in decent school districts.

“Limited housing supply, low rates, a global reach for yield, and what we’re calling the institutionalization of real-estate investors has set the stage for another speculative investor-driven home price bubble,” the firm concluded.

https://www.wsj.com/articles/if-you-...nd-11617544801
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  #288  
Old Posted Jun 9, 2021, 8:16 PM
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Steely Dan Steely Dan is offline
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Originally Posted by the urban politician View Post
There was a time in around 2010 when condos in similar type buildings were selling for about $60.

It would've been a great steal, as you could probably lease those out for $1500k comfortably
did you mean rent it out for $1,500/month?

i don't think anyone's paying quite that much for edgewater highrise studios.

$1,500/month gets you a 1-bed up in the sheridan corridor.
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  #289  
Old Posted Jun 9, 2021, 8:23 PM
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What's the break-even for such a unit for renting vs. buying? You're paying $700 a month for parking, monthlies and taxes, before you even get to mortgage & insurance, so a rental probably makes more sense if it's under say $1,200 a month.

Personally I don't get the "let's buy/rent a unit for when I visit" idea, unless the visits are lengthy and frequent. My parents are thinking of buying a place in SW Florida, which they might use for a few weeks annually. Doesn't seem to make financial sense.

For an occasional visitor to Chicago, it's probably cheaper to stay at the Waldorf Astoria for a few weeks than to buy a $100k unit.
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  #290  
Old Posted Jun 9, 2021, 8:26 PM
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Quote:
Originally Posted by Crawford View Post
What's the break-even for such a unit for renting vs. buying? You're paying $700 a month for parking, monthlies and taxes, before you even get to mortgage & insurance, so a rental probably makes more sense if it's under say $1,200 a month.
a person like kngkyle's mom buying a small condo as a crash pad for frequent trips to visit her children would be insane to rent a parking spot and keep a car there.

if ever there was a use for uber/lyft, that would be it.





Quote:
Originally Posted by Crawford View Post
Personally I don't get the "let's buy/rent a unit for when I visit" idea, unless the visits are lengthy and frequent. My parents are thinking of buying a place in SW Florida, which they might use for a few weeks annually. Doesn't seem to make financial sense.

For an occasional visitor to Chicago, it's probably cheaper to stay at the Waldorf Astoria for a few weeks than to buy a $100k unit.
i'm generally averse to the whole second home thing as well (especially in the air bnb/VRBO era that we live in), but the most frequent reason i hear from people why they go through the extra expense of doing so is "so i don't have to keep lugging my stuff back and forth".
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Last edited by Steely Dan; Jun 9, 2021 at 8:39 PM.
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  #291  
Old Posted Jun 9, 2021, 8:28 PM
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SIGSEGV SIGSEGV is offline
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Quote:
Originally Posted by Crawford View Post
What's the break-even for such a unit for renting vs. buying? You're paying $700 a month for parking, monthlies and taxes, before you even get to mortgage & insurance, so a rental probably makes more sense if it's under say $1,200 a month.

Personally I don't get the "let's buy/rent a unit for when I visit" idea, unless the visits are lengthy and frequent. My parents are thinking of buying a place in SW Florida, which they might use for a few weeks annually. Doesn't seem to make financial sense.

For an occasional visitor to Chicago, it's probably cheaper to stay at the Waldorf Astoria for a few weeks than to buy a $100k unit.
Well you pay parking as extra regardless of if you rent or own. (virtually?) no high-rise rentals include parking.
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  #292  
Old Posted Jun 9, 2021, 10:03 PM
Kngkyle Kngkyle is offline
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Quote:
Originally Posted by Crawford View Post
What's the break-even for such a unit for renting vs. buying? You're paying $700 a month for parking, monthlies and taxes, before you even get to mortgage & insurance, so a rental probably makes more sense if it's under say $1,200 a month.

Personally I don't get the "let's buy/rent a unit for when I visit" idea, unless the visits are lengthy and frequent. My parents are thinking of buying a place in SW Florida, which they might use for a few weeks annually. Doesn't seem to make financial sense.

For an occasional visitor to Chicago, it's probably cheaper to stay at the Waldorf Astoria for a few weeks than to buy a $100k unit.
As Steely said parking is a non-issue. Definitely wont be paying for that. She's paying cash that would be otherwise making basically zero return in a CD. So annual costs for HOA+taxes+insurance+electric will be around $6k or 500/month. Considering she was about book a 3-week airbnb for over $3k this seemed a much better alternative. Plus other family or friends can use the place as well. Hell I'll use it myself from time to time as a sort of vacation from my place in Printers Row that doesn't have a pool and isn't right on the lakefront.

Plus she'll be able to resell it for (hopefully) profit in a few years. Can't do that staying at the Waldorf Astoria.

I would generally agree however that vacation homes are often not worth the money, especially timeshares (yikes), but this scenario seems kind of a no brainer.
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  #293  
Old Posted Jun 9, 2021, 10:41 PM
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sopas ej sopas ej is offline
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For sale in my town, from Pasadena Now:


HOME OF THE WEEK: A STUNNING 1926 ENGLISH REVIVAL CHARACTER HOME LOCATED AT STERLING PLACE, SOUTH PASADENA

530 Sterling Pl., South Pasadena, CA 91030


By TERESA FULLER
PUBLISHED ON JUN 2, 2021

Exotic blooms and a sophisticated palette of richly hued plantings introduce this stunning 1926 English revival character home. Steeped in architectural detail, highlighted by faultless design and color choices, and enhanced by a plan that offers multiple creative or office spaces, this South Pasadena home is both gorgeous and practical.











Recessed porch entry with eight panel arched wooden door opens to gleaming oak floors, a fireplace with large box mantle supported by curved corbels and lovely vintage pendant and sconces. Arches and angles juxtapose with rectangular French doors opening to huge arched casement windows which line the walls of the long rectangular office with bookshelves and room for two large desks.







Through the archway to the kitchen, a diamond pattern floor is perfectly paired with leaf green beadboard cabinetry, white countertops and stainless appliances. A cozy built-in dining nook is beyond special with barrel ceiling, banquette seating, chandelier and an arched casement window with Jacaranda view.















The family room is magnificent with beamed ceiling, a sculpted plaster fireplace with deep recessed niche, large casement windows and perfect window seat. Four bedrooms (one used now as a reading den) are spacious and light filled. The owner’s bedroom is lovely with built-in bookshelves and French doors opening to a private patio garden with pergola.









Garden seating is plentiful offering both shady retreats and sunny spots for breakfast or coffee. The garden itself is magical with Eastern redbud, jacaranda, pink trumpet, Meyer lemon, Cara Cara orange and Satsuma tangerine trees. Hummingbirds are year-round here.









Additional creative spaces include the large artist’s studio with sink as well as a separate fully permitted studio attached to the garage. Many systems here are updated and upgraded including the roof that was just replaced in May.







Bedroom(s): 4
Bathroom(s): 2
Square Feet: 2,454 sq.ft.
Lot Size: 10,116 sq.ft.
Year Built: 1926

Offered at $1,699,000

[...]

Link: https://www.pasadenanow.com/weekendr...outh-pasadena/
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  #294  
Old Posted Jun 9, 2021, 11:51 PM
the urban politician the urban politician is offline
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Originally Posted by Steely Dan View Post
did you mean rent it out for $1,500/month?

i don't think anyone's paying quite that much for edgewater highrise studios.

$1,500/month gets you a 1-bed up in the sheridan corridor.
I was thinking you could charge more if you had a view of the Lake.

I almost bought a condo around that time that was a studio, lake view, balcony, and priced somewhere thereabouts. But the interior was dated
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  #295  
Old Posted Jun 10, 2021, 3:11 AM
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Steely Dan Steely Dan is offline
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I would generally agree however that vacation homes are often not worth the money, especially timeshares (yikes), but this scenario seems kind of a no brainer.
Don't get me started on timeshares.

My wife bought one years ago before we were together.

The only saving grace is that through sheer dumb luck she purchased one at a very nice resort down in Cabo (grand solmar lands end).

But still, being locked into that stupid fucking annual maintenance fee for the next 4 decades is beyond idiocy.

And nonstop Cabo flights from Chicago tend to be pretty spendy to boot.
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Last edited by Steely Dan; Jun 10, 2021 at 3:30 AM.
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  #296  
Old Posted Jun 10, 2021, 11:03 AM
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Yeah, I get why people would like this sort of home, this one is 1,368 ft above the bay and the views are sublime, but I just *couldnt* live in a house on stilts on the side of a steep hill. No thanks.

$2.295 Million




https://www.estately.com/listings/in...kyline-blvd--2

Here's a cute one on Snake Road, about 1,000 ft above the bay, that is only $1.171M.





https://www.estately.com/listings/info/6741-snake-rd

Oh, and another thing, at night even tho there are thousands of homes up there, to me I get a Jason/Friday the 13th vibe in some of these neighborhoods. Very thick pine forests, no lights, windy, narrow streets, eerily quiet, it feels more Sierra Nevada than Oakland.

But I digress, some people drink warm milk when they cant sleep, I look at real estate listings.
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  #297  
Old Posted Jun 10, 2021, 6:20 PM
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Originally Posted by Steely Dan View Post
Here's a 3 bed/2 bath 2,000 SF duplex-down in a beautiful old greystone on a quiet side street in the heart of Lakeview with garage parking and even a small backyard that's more than adequate for comfortably raising a family of 4 in listed at $560K: https://www.zillow.com/homedetails/3...rce=emailshare


3/3 2,200 SF duplex-down w/ parking for $560K: https://www.zillow.com/homedetails/8...rce=emailshare


3/3 2,500 SF duplex-down w/ parking for $475K: https://www.zillow.com/homedetails/8...rce=emailshare
Holy sh*t. One of these houses sold for $10K more.... in 2005!
I actually never seen that before on Zillow, but I mostly browse NYC/NJ, Texas, FL, and CA.
In 2005, you could've bought a maybe slightly worse off house in Brooklyn for the same price in a good neighborhood, but you could've sold it now for well over $1 million, and you'd pay about half as much in property tax every year to boot.

I wonder if these homes will be selling for $450K in 2035...
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  #298  
Old Posted Jun 10, 2021, 7:05 PM
IrishIllini IrishIllini is offline
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^ Chicago RE market was one of the hotter markets during the frenzy that preceded the crash. It took a long while for it to recover. With the benefit of hindsight, we can say real estate was overvalued then, but it's fairly valued now, maybe even undervalued.
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  #299  
Old Posted Jun 10, 2021, 8:31 PM
DCReid DCReid is offline
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^ Chicago RE market was one of the hotter markets during the frenzy that preceded the crash. It took a long while for it to recover. With the benefit of hindsight, we can say real estate was overvalued then, but it's fairly valued now, maybe even undervalued.
Actually, I saw many articles that said real estate was overvalued in the 2004-2006 period. The articles from one real estate company that I read said that most of the country, with the exception of parts of mid-south central US (TX, TN) were overvalued and that they had never seen so many markets overvalued. Another article pointed to the phenom where neighbors would show up to open house just to see how many others would come and what was being offered. One of my neighbors did that when I had to sell my Chicago condo to relocate - and they opened their mouth about a possible coming special assessment (according to the seller) - and I had to lower the price a little for the seller - I had little choice as I was moving, did not want to leave the condo empty, and was sensing that the market may be at a height - I still made more double in the 10-12 years I owned, which I did not expect. Oddly, I originally bought the condo from a person who had relocated to Austin - he had already left and I made an offer over 10% less than he wanted - my realtor said that they had to talk a long time over the phone to get them to accept...
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  #300  
Old Posted Jun 10, 2021, 9:25 PM
IrishIllini IrishIllini is offline
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Actually, I saw many articles that said real estate was overvalued in the 2004-2006 period.
I'm sure there were articles, but had buyers widely felt the market was as overheated as it was, people wouldn't have been buying property in 2005-07.

The Chicago market today is more like the mid-south/central markets of TX 2006 than the Chicago market of the same year. Like anything, prices could certainly go lower or completely stagnate, but it's not a market out of sync with local economic conditions.
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