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Old January 15th, 2009, 02:20 AM   #1821
PrintersRowBoiler
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Quote:
Originally Posted by spyguy View Post
I kind of want them to build their headquarters there - it would be nice for them to have a presence in the city instead of being in some anonymous office tower. It's just too bad that they're limiting the scope of the project - the South Loop could benefit from the mix of office space, a museum (maybe even a small gift shop), and weren't they even considering building a new community center?
In the article at Chicago Business, they are downsizing their plans to what sounds like just office space and no training space anymore.
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Old January 15th, 2009, 02:29 AM   #1822
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Originally Posted by The Urban Politician View Post
^ What's wrong with dorms?

College students certainly aren't usually wealthy, but they have ambition, they like to buy stuff, they usually aren't beggars, and they are an investment in the future (ie "I lived downtown when I was in College and I really loved it, boy oh boy now I'm 45 and I can actually afford to buy a property there!")
I like having students in the neighborhood, but I don't want it to turn into a college town. I agree with all you say. I just would like it spread out more (and preferably on Wabash - I think the lot just north of Roosevelt Motel is a great location).

Although I disagree they like to buy stuff. As the number of students living in the area has skyrocketed, it doesn't seem to increase business at the local stores/bars/restaurants in Printers Row (with the exception of a couple fast-food places, Bar Louie's, and the goth bar at 649 S Clark).

And some of the recent neighborhood problems with police and/or DBA involvement do seem to come from students... (i.e. Dwight Lofts).
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Old January 15th, 2009, 05:56 PM   #1823
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Orange on Harrison quietly closed last weekend.

While there is a sign on the door that they're "moving" to Lincoln Park, there is another handwritten sign from the employees that says "We're as sorry as you, we lost our jobs". The place is completely cleaned out (except for a lonely-looking juicer). I'm actually sort of surprised, since the place always seemed packed, and I wonder if it is some sort of a lease situation.

Of all the places I'm expecting to close, that wasn't on my list.
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Old January 15th, 2009, 11:20 PM   #1824
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Originally Posted by milepig View Post
Orange on Harrison quietly closed last weekend.
Frankly, I never understood the big deal with that place. Waiting 90 minutes to sit down before getting some cartoonishly oversized, lazily prepared neo-breakfast very slowly brought to you is not my idea of a fun Sunday. But it did have a single-word name, which seems to be key to brunch success.
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Old January 16th, 2009, 12:14 AM   #1825
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what a terrible move. I just sold a one bedroom in that building for $340,000. You should reconsider & try to sell, you mill not be able to get a mortgage again to buy another place if you just dump it off on the bank. Your credit will be ruined for many many years
Well, I'm competing with a foreclosure and a short sale in my building both selling for under 360,000. I owe 390,000 on the condo. I've had it listed since early late summer.... I dropped the listing price twice and now I have it listed for 380,000, which the bank agreed to. I will drop it even further next month. The bank already agreed to a Deed In Liue, but right now I'm just ignoring them.... If I can't sell it screw it. As for my credit.. I know I will take a hit (it was near 800 before November), and my wife and I already own a single family home for the last 11 years. I don't plan on moving anytime soon so..... what ever... I guess.

I really don't want to pull 2500 a month out of pocket not including taxes (which are 7000 a year and I didn't pay them either nor will I). Even if I find a renter come March, I can probably only get 2000-2200 with this over flooded condo market in the South Loop just to hold on to a property that might be worth 415,000 in 3 years which still wont be enough to cover the mortgage I owe and the real estate commissions..

It's a bad investment. I'm going to cut and run...
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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

Last edited by chicagogeorge; January 16th, 2009 at 12:22 AM.
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Old January 16th, 2009, 05:42 AM   #1826
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If you think you will be able to keep the single family home you are wrong. the bank will come after it and all of your other assets until the amount you owe them including penalties and intrest is paid off. If you could just simply walk away from properties without the bank coming after other assets everybody would do it. I would speak to a lawyer.
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Old January 16th, 2009, 05:58 AM   #1827
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^ Wouldn't the loan likely be non-recourse? Meaning the bank can only take the collateral - which is the condo.
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Old January 16th, 2009, 06:34 AM   #1828
chicagogeorge
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Quote:
Originally Posted by realestatexprt View Post
If you think you will be able to keep the single family home you are wrong. the bank will come after it and all of your other assets until the amount you owe them including penalties and intrest is paid off. If you could just simply walk away from properties without the bank coming after other assets everybody would do it. I would speak to a lawyer.
No I am not wrong. It's pretty simple logic. The only way banks can go after your personal assets is if you signed a personal guarantee at the closing. It is a non recourse. Only the property that is on loan from the bank is claimed by the bank. Say you have two cars, and one has a car loan. If you don't make the payment, than the bank comes and takes that car. Not both cars. Or if a business goes bad and has to close it's doors, the bank doesn't came after your home unless you put it up as collateral.

Do you really work in real estate?
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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 January 16th, 2009, 05:35 PM   #1829
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Quote:
Originally Posted by chicagogeorge View Post
Well, I'm competing with a foreclosure and a short sale in my building both selling for under 360,000. I owe 390,000 on the condo. I've had it listed since early late summer.... I dropped the listing price twice and now I have it listed for 380,000, which the bank agreed to. I will drop it even further next month. The bank already agreed to a Deed In Liue, but right now I'm just ignoring them.... If I can't sell it screw it. As for my credit.. I know I will take a hit (it was near 800 before November), and my wife and I already own a single family home for the last 11 years. I don't plan on moving anytime soon so..... what ever... I guess.
In a case like this, what happens from the condo association's point of view? Presumably you've stopped paying your assessments, too. Do they have to get in line after the bank, or is their claim a different one since it's not for the property itself? I imagine this is going to be an increasing problem in lots of associations, and I would bet that people are likely to stop paying their assessments before they stop paying their mortgage. If nonpayment triggers collection and lien on the property by the assn, does the bank still have the primary claim on the property if it eventually goes into foreclosure?
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Old January 16th, 2009, 07:31 PM   #1830
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No, I'm still paying the assessments. Reason being I have a friend of a friend renting the place from me for real cheap until the bank takes it. i might as well make some cash out of it.

They association can actually take posession or place a lien on the property like you said, before the bank does.
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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 January 17th, 2009, 02:08 AM   #1831
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..

Last edited by Loopy; May 19th, 2010 at 03:35 AM.
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Old January 19th, 2009, 08:01 PM   #1832
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Development Tour Sunday

For those interested: There's a free new construction tour for South Loop buildings on Sunday at 1pm. The tour stops by 4 developments and some of the developers are giving extra discounts/promotions to people on the tour.

Its a great way to get the inside scoop on the South Loop development world without the hassle. Past events were posted on Cribchatter.

You can register at SouthLoopTour.com
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Old January 19th, 2009, 08:39 PM   #1833
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Quote:
Originally Posted by Loopy View Post
If the bank gets there first and disposes of the unit in a foreclosure sale, then the Association can collect only 6 months worth of Assessments from the new owner at the time of the closing.
Once the bank takes ownership of a condo, they are required to pay the regular monthly assessments as long as they own it (in addition to the 6 months that can be collected from the new owner). And although it never happens, the association can technially get some money if there is anything left after the foreclosure sale after the banks are paid.
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Old January 20th, 2009, 01:22 AM   #1834
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..

Last edited by Loopy; May 19th, 2010 at 03:35 AM.
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Old January 20th, 2009, 04:38 AM   #1835
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Usually, if an Association is able to get a judgment and lien on the property before the bank forecloses, then they are "first in line". The Association can evict the unit owner and lease the unit and collect rent until the back assessments and all legal expenses incurred by the Association are paid. If the occupant of the unit is renting from the owner when the lien is placed, the Association can simply collect rent from that person and skip the eviction.

If the bank gets there first and disposes of the unit in a foreclosure sale, then the Association can collect only 6 months worth of Assessments from the new owner at the time of the closing.
\

Sorry, but regardless of who gets their first the association is never first in line. All declarations routinely state that the bank taking the unit in foreclosure wipes clean any back assessments. They are on the hook for assessments starting the first of the month following their taking possession.

Even if an association was aggressive enough to get a possession order and convince Dart to have his deputies evict the owner, the bank still can get the unit in foreclosure after the association takes possession. The possession by the association is not ownership nor does it trump the mortgage -- possession is allowed so the unit can be rented to raise income to pay the debt. How do you enter a decent lease when the bank can foreclose at any moment?

As far as recovering back assessments in 2007 the Condo Act was amended to allow the association to get six months of assessments for the period immediately before an action to collect was instituted from the subsequent purchaser after the mortgage company. By law the association has to provide statutory notice 30 days before they can sue. Obviously, both take legal fees. While the costs can be tacked onto the debt owed by the owner, this market is full of short sales so that there is nothing to cover the mortgage and their attorney fees, much less to be over that amount and provide a fund to the association.

It is a tough time to be a board. Most associations are being forced to subsidize owners who are not making their assessment or mortgage payments.
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Old January 20th, 2009, 04:55 AM   #1836
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Any chance you guys could start a separate thread to discuss this stuff?
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Old January 20th, 2009, 04:55 AM   #1837
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..

Last edited by Loopy; May 19th, 2010 at 03:34 AM.
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Old January 20th, 2009, 04:58 AM   #1838
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..

Last edited by Loopy; May 19th, 2010 at 03:34 AM.
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Old January 21st, 2009, 05:32 PM   #1839
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Sometimes I wonder whether "condo" is a fatally flawed concept.
I've been feeling the same way lately. It works fine when everybody is cooperative, solvent, and relatively friendly, but once any of that begins to break down, the whole system starts to fall apart. Clearly not an arrangement that tolerates bad times too well.
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Old January 22nd, 2009, 01:06 AM   #1840
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I don't mind the discussion. I find it interesting, and there hasn't been much news in this thread lately anyway.
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