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Old September 8th, 2008, 01:08 AM   #181
chrome13
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Quote:
Originally Posted by aleks1981 View Post
Dude, no offense, but that's the kind of stuff you should be thinking before you buy a unit.
Seriously. I have a hard time believing someone could have actually bought a unit in this building while still asking these questions. "how is the economy in this area?" It's right next to the loop, this isn't some obscure exurb we're talking about here.
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Old September 9th, 2008, 01:56 AM   #182
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Can anybody truly be that reckless.
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Old September 10th, 2008, 07:47 AM   #183
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relax

Well excuse me for not doing all my research first. the real estate bubble was pumped up by speculators!!

i thought i could find a renter now and retire in it as a snowbird down the line.

aren't you midwesterners suppose to be nice and kind

Do you know if there have been big layoffs in the financial district or in the sears towers? they are close to this condo.

Also, is the condo-turned-apartment building down the street to ever open up? i will be competing with it for renters, not to mention the collection at roosevelt condos.
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Old September 10th, 2008, 05:32 PM   #184
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Sonnenschein Nath & Rosenthal, a large law firm located in the Sears Tower, laid off over one-hundred staff members (including some partners) back in May.
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Old September 10th, 2008, 06:21 PM   #185
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Do you know if there have been big layoffs in the financial district or in the sears towers? they are close to this condo.

Also, is the condo-turned-apartment building down the street to ever open up? i will be competing with it for renters, not to mention the collection at roosevelt condos.[/QUOTE]


Condo-turned-apartment building is not down the street. It is at 730 S. Clark, which is in Printer's Row. The main advantage of 235 Van Buren is that it is right next to the Financial District, there is not a single building as close. Which unit did you buy?
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Old September 11th, 2008, 06:53 AM   #186
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Quote:
Originally Posted by jcmty View Post
Well excuse me for not doing all my research first. the real estate bubble was pumped up by speculators!!

i thought i could find a renter now and retire in it as a snowbird down the line.

aren't you midwesterners suppose to be nice and kind

Do you know if there have been big layoffs in the financial district or in the sears towers? they are close to this condo.

Also, is the condo-turned-apartment building down the street to ever open up? i will be competing with it for renters, not to mention the collection at roosevelt condos.
We are kind. But we don't suffer fools kindly.

You bought a condo with a clear aim to rent it out, but you haven't a clue what's going on with the Chicago economy? That's pretty shocking carelessness, trumped only by the fact you choose to inform yourself by seeking the advice of a bunch of anonymous posters on a skyscraper blog, after you closed.

If you'd like to belatedly educate yourself on the climate surrounding your investment, start here.

www.chicagobusiness.com
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Old September 14th, 2008, 11:00 PM   #187
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need for info on south loop

i called the sales office. he said burnham pointe has been doing well finding renters. i checked their prices: high. if i can get 2k for a 2/1 with one parking spot, i will be fine.

how early in the morning will i have to get up to beat the traffic heading north to the navy base? is 4 am early enough? i can live here, drive 30 miles without traffic.

also, with all the rentals in this area, where is all the retail? the place is definately under-built. when will this area turn into what the north loop has now? i feel like i will be on the train going to the north loop most everynight rather than doing little in the south loop.

help me with some info?
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Old September 15th, 2008, 03:43 PM   #188
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Well fortunately for you, your lack of in depth research has failed to turn over another solution.

Metra runs a trains every hour northbound with a stop right outside of the GL naval base gate. You did not say what time you have to actually arrive on base, so it is hard to give an estimate on the alloted drive time. But why drive? One of the advantages of living "In the Loop" is that you have an abundannce of transit options.


The UP North line schedule is here..
http://metrarail.com/Sched/cnw_n/cnwn_wko.shtml
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Old September 15th, 2008, 08:43 PM   #189
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jcmty

Firstly,
Why are you worried about finding a renter? I dont think its that difficult with craigslist, apartment finding services, or through friends/family you may know.

As for the previous comment, yes this is right in the financial section. Its next to the CBOT, Depaul Loop Campus, Roosevelt University, Columbia, close enough to UIC, obviously in the Loop. You have plenty of markets to tap its just about setting your price to be reasonable and of course the competition of other owners in the building.

As for your commute, I used to work in Vernon Hills and commute from this locale every day for two months. To put it simply, you are F'd if you plan on driving there everyday. Expect 1hr to 1hr 20 minutes in the morning to get there say if you leave at 730am and expect 1hr30 mins -2hrs on the way back if you left at 5 or 6pm. Oh and dont let me get started on Fridays, the traffic is the worst this day. Metra rail has very limited options going north but the good thing for you is this condo is near union and Ogilvy station.

Finally, what do you mean this area is underdeveloped? This is the Loop, and in case you are not familiar the loop pretty much shuts down on the weekends and at nights. Since this is basically the only condo/apartment in that quadrant (THis includes vector), the area is still developing. I am pretty sure this condo will drive more shops etc to open up. Plus there is a big plan to convert the old post office (right down the street) to commercial space & residential space.
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Old September 16th, 2008, 04:52 AM   #190
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Quote:
Originally Posted by jcmty View Post
i called the sales office. he said burnham pointe has been doing well finding renters. i checked their prices: high. if i can get 2k for a 2/1 with one parking spot, i will be fine.

how early in the morning will i have to get up to beat the traffic heading north to the navy base? is 4 am early enough? i can live here, drive 30 miles without traffic.

also, with all the rentals in this area, where is all the retail? the place is definately under-built. when will this area turn into what the north loop has now? i feel like i will be on the train going to the north loop most everynight rather than doing little in the south loop.

help me with some info?
I am assuming that you bought one of the small 2 BR's in the building. It is hard to compare with the very luxurious Burnham Pointe. You may need to compare with condo renters in One Place and even AMLI's building is cheaper, yet still nice.

The market you will get are people that want to live close to work obviously. They would rather have a commute of 5 minutes 5 days a week and a long commute on the weekends to some entertainment. The beauty of the area is the public transit. You are close to the red and blue lines so they have an easy designated driver to some of the best areas. In addition, it will be a 1/2-3/4 mile hike to Roosevelt Collection which will have a huge thater, bowling alley, a dozen restaurants, bars etc. I think you are making a good investment and I would do the same if I had expendable cash lying around.
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Old September 16th, 2008, 07:08 AM   #191
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printersrowboiler

finally a nice chicagoan. i thought i was talking to new yorkers for a minute

thank you for the info...if the crap hits the fan at the CBOT (as many financial institutions are heading down), i can still get a college kid etc. to move in.

how much would a 2/1 with 1 parking spot go for in a commercially-developed area (like the north loop)? $500k?
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Old September 16th, 2008, 03:39 PM   #192
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Quote:
Originally Posted by jcmty View Post
finally a nice chicagoan. i thought i was talking to new yorkers for a minute

thank you for the info...if the crap hits the fan at the CBOT (as many financial institutions are heading down), i can still get a college kid etc. to move in.

how much would a 2/1 with 1 parking spot go for in a commercially-developed area (like the north loop)? $500k?
I'm not sure... market drives the price. I am assuming you mean River North. And a lot goes into the market value besides # of bedrooms. Im not a realtor, but if I had to guess, for new buildings in the South Loop without too many bells and whistles, $300-$400 per SF is appropriate and I imagine that River North may be slightly more for some reason $350-$450.
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Old September 26th, 2008, 10:52 PM   #193
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economy

are they to finish this condo? i heard Trump made a comment about all the half finished high rises in chi-town and he predicted they wont be done in the next 10 years due to the financial crisis. in some ways i almost wish it doesnt finish for a while...it will be easier to get a loan in a few years maybe... your thoughts?
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Old September 26th, 2008, 11:01 PM   #194
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The Donald is so beclouded by egoism and the desire to gain a competitive advantage that nothing he says can be taken seriously.
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Old September 27th, 2008, 12:19 AM   #195
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Trump is a ******* liar...All this time I thought people were just being hard on him simply because he had a huge ego but I now know there are several reasons why people can't stand him. He's a liar, a cry baby and a ******* loud mouth. Now I also know why he's supporting McCain, they'rere both liars and will do or say anything to get ahead, even if it's not true.
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Old September 28th, 2008, 06:53 AM   #196
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Taken today:
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Old October 21st, 2008, 05:48 PM   #197
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Contract

I had a quick question maybe someone can answer. I have two units in this building and have a friend that is interested in one as well. He wants one of the units I have because the tier is not available anymore.

Is it possible to just give my contract over to him? I wouldn't necessarily be selling it to him I would just want him to take over my contract. Is this possible?

Im not sure the legalities if this can be done any ideas?
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Old October 21st, 2008, 06:49 PM   #198
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There is a legal mechanism called a "novation" which allows a party to a contract (yourself) to be replaced by a third party (your friend). The third party then assumes the obligations of the original contract. Obviously, the party with whom you originally contracted has to consent. My guess--I don't practice real estate law--is that execution of the novation would not entail the refund of your deposit, since the payment of such a deposit is a term of the contract. Consequently, you would likely have to seek reimbursement from your friend. And if he is unable to pay you the amount in full, demand a promissory note. You can find boilerplate installment note forms on the internet. Just make sure to engage in some form of due diligence, e.g., find out his credit rating, what his debts are, etc. You can't lend money willy-nilly.
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Old October 21st, 2008, 08:44 PM   #199
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thanks

thanks hydro

most likely i will just end up keeping both but I wanted to know what the options were
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Old October 22nd, 2008, 02:32 AM   #200
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Any more pictures? Up to 21 I believe.
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