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Old November 13th, 2008, 12:06 AM   #1781
Sir Isaac Newton
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Originally Posted by chicagogeorge View Post
Anyone interested in buying a 2 bed 2 bath condo at 1250 S. Michigan Ave? I can't hold on to it anymore. For one, the newest buildings being put up a block or two south are not selling at all, so the developers are flipping them into rentals at 1800 to 2000 a month on the upper floors. My previous tenant was paying me 2100 a month. Worst is, there is a shore sale in my building for 375,000 (that's about 15,000 less than what I paid for it 3 years ago). Looks like the bank will be inheriting another piece of property.
That sucks - I'm sorry man. I wish I could help you out. Just curious, which buildings south of you did the developers flip into rentals?
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Old November 14th, 2008, 08:25 AM   #1782
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there are no buildings that are rental and no developers renting out their own unsold units. It is people who bought condos and are now renting them out as individual leases. This is the shadow rental market, it is not one company owning lots of units that they rent out. 1250,1305,1400, & 1454 south Michigan are all condo buildings. The only rental buildings in this area are 1401 s. state which just opened up and 1255 s. Michigan
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Old November 14th, 2008, 10:16 PM   #1783
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rentals at 1800 to 2000 a month
1800-2000?!!? Gosh, I'm happy with my $800/mo apartment. I thought this was Chicago, not NYC.
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Old November 15th, 2008, 12:47 AM   #1784
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1800-2000?!!? Gosh, I'm happy with my $800/mo apartment. I thought this was Chicago, not NYC.
I'm assuming those are for some pretty big, high floor units. Although that would be the range that a lot of the 2-brs down there would have to rent for to fully cover note, taxes and asmt.
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Old November 15th, 2008, 08:51 PM   #1785
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Originally Posted by realestatexprt View Post
there are no buildings that are rental and no developers renting out their own unsold units. It is people who bought condos and are now renting them out as individual leases. This is the shadow rental market, it is not one company owning lots of units that they rent out. 1250,1305,1400, & 1454 south Michigan are all condo buildings. The only rental buildings in this area are 1401 s. state which just opened up and 1255 s. Michigan

Realestateexprt: How about buildings south of those? Like 1555 Wabash, 1620, 1720, and the other CMK buildings?

Anyway, 1555 S. Wabash is almost done and only has four more floors that need windows installed. I'll try to take a picture of it.
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Old November 16th, 2008, 07:10 AM   #1786
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Those are condo buildings as well, sure there are a lot of renters, but they are all renting from people who bought condos. Perhaps CMK has gotten into the renting business, but I have not heard anything about that. If anyone has any information please do share.
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Old November 16th, 2008, 08:27 PM   #1787
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Quote:
Originally Posted by Sir Isaac Newton View Post
Just curious, which buildings south of you did the developers flip into rentals?
Not sure exactly though..

Quote:
Originally Posted by realestatexprt View Post
there are no buildings that are rental and no developers renting out their own unsold units. It is people who bought condos and are now renting them out as individual leases. This is the shadow rental market, it is not one company owning lots of units that they rent out. 1250,1305,1400, & 1454 south Michigan are all condo buildings. The only rental buildings in this area are 1401 s. state which just opened up and 1255 s. Michigan


This is what agents from Apartment Finders and Apartment People have been telling me....
__________________

for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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Old November 21st, 2008, 08:15 PM   #1788
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I noticed that there is a backhoe just east of the metra tracks, as well as at least one backhoe just to the west of the Metra tracks, right about in-line with 9th street. It looks like they've been doing some digging on the west of the tracks, and I can tell for sure that a little digging has been done on the east side of the tracks. Is there any chance that they are starting work on a 9th street connector under the Metra tracks (it looks like they just recently built a 9th street connector from Wells to LaSalle), or is this just wishful thinking on my part?
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Old November 22nd, 2008, 08:35 AM   #1789
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Check at the DOT's web site. I think what you saw is part of the Wells St./Financial Pl./9th St infrastructure improvements and streescaping. Financial Pl wwill be moved west about 150' so that it feeds into one of the dead-end stubs of 9th - - this is, I believe, to provide traffic flow improvement, or at least another option for north/south travel.
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Old November 23rd, 2008, 05:18 PM   #1790
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There have always been plans to run 9th Street under the tracks. From the construction cam, it looks like there is a lot of equipment there to move forward with the tunnel. Or it is possible they are extending water main and sewer under here with the anticipation that it will be routed here in the future.
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Old November 23rd, 2008, 07:33 PM   #1791
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Any news from the meeting about the proposed green line stop at 18th street/cermak?
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Old November 24th, 2008, 04:54 AM   #1792
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Any news from the meeting about the proposed green line stop at 18th street/cermak?
Where'd you hear about this? I want to read it... How does one get information about these meetings? There was a lot of CTA construction crew people working on the red line tracks over 18th street this Sunday morning.

BTW, according to WIKI there was a Green Line stop at 18th street that closed in 1949!
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Old November 24th, 2008, 07:26 PM   #1793
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Any news from the meeting about the proposed green line stop at 18th street/cermak?
Pretty small turnout. Covered decently in the Journal last week. They had mock ups of what they would like to see development wise at both locations. Quoted a price of around $40 million for either station, said CTA had no preference and at some point down the road they believe both stations would be built.

Alderman said likely Cermak station would be a go first due to Mccormick and possibly the Olympics. CTA guys agreed. They are looking for developers to kick into cost of station as it will promote traffic to their development.

Nothing imminent either place.
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Old November 24th, 2008, 08:55 PM   #1794
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Northernmost Ickes building

A new Green Line stop at Cermak (perhaps with a later one at 18th Street) does seem the more likely option.

There's one other thing that needs to be done, and I realize that it would be a delicate matter. The northernmost Harold Ickes building, i.e., the one at the southwest corner of Cermak and State needs to be demolished before Cermak reaches its full potential.

Once the northernmost Ickes building is gone, a nearly continuous mixed-use strip could be made from McCormick Place to Chinatown, with visitors to the area finally feeling safe enough to come.
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Old November 25th, 2008, 07:19 AM   #1795
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Quote:
Originally Posted by Prairie Avenue View Post
Pretty small turnout. Covered decently in the Journal last week. They had mock ups of what they would like to see development wise at both locations. Quoted a price of around $40 million for either station, said CTA had no preference and at some point down the road they believe both stations would be built.

Alderman said likely Cermak station would be a go first due to Mccormick and possibly the Olympics. CTA guys agreed. They are looking for developers to kick into cost of station as it will promote traffic to their development.

Nothing imminent either place.

I hope one of them gets built soon. I prefer 18th since I am closer to that location, but I understand the Cermal location would benefit McCormick and that area better.
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Old December 2nd, 2008, 04:25 PM   #1796
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Well, that was the plan and I had assumed they were still going ahead with it. I saw something inside the storefront to their south a couple days ago marked "Pat's Pizza" so I figured that was the beginnings of things. There's a new license in that window too, with Smithfield Properties as the responsible party. I didn't catch what it was for, but I assumed it was construction.
It looks like Pat's is not expanding, but that a Subways is going up in the space next to it, instead. I saw the Subways sign last night, as I walked by...
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Old December 20th, 2008, 12:28 AM   #1797
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..

Last edited by Loopy; May 19th, 2010 at 03:36 AM.
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Old December 20th, 2008, 02:03 AM   #1798
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^Hmm. Can't say I'm too surprised or upset by this news. This was an ugly proposal; two precast towers with random punched in windows, what looked like a horrendous parking garage, and a plaza (or park?) that had no retail around it.
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Old December 20th, 2008, 05:29 AM   #1799
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I'm breathing a huge sigh of relief. Shortly after the PD was approved, I talked with someone from Fitzgerald who privately told me he agreed that the buildings were ugly, but that the client had insisted on a minuscule budget for the exterior. I think that's a hack's excuse.

In other news, expect another student housing project at 1136 S. Wabash. The city has chosen Kargil as purchaser of the city-owned land just north of the Roosevelt Hotel.
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Old December 20th, 2008, 06:49 AM   #1800
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..

Last edited by Loopy; May 19th, 2010 at 03:35 AM.
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