Real Estate in your city

[pip]

2711 W Giddings St APT 2, Chicago, IL 60625
2 bed | 2 bath | 1,600 SF
$390,000

zillow link: https://www.zillow.com/homedetails/2...89936744_zpid/

Near the listing
Hard to beat this for housing stock. NW, more North, Chicago

https://www.google.com/maps/@41.9676...4!8i8192?hl=en

[Steely Dan]

Originally Posted by Steely Dan

here's a nice 2 bed/2 bath 2nd-floor unit in a 3-flat a couple blocks away from me that just came on the market. the price is nice!



2711 W Giddings St APT 2, Chicago, IL 60625
2 bed | 2 bath | 1,600 SF
$390,000

zillow link: https://www.zillow.com/homedetails/2...89936744_zpid/

Well, that didn't last long, under contract after 3 days on the market. Not too surprising. I follow the market fairly closely in my immediate area and $390K for that unit in that condition was a very reasonable ask.

[the urban politician]

^ Do your associations in these 3 flat condos ban owners from leasing out these units?

Doesn’t seem like a bad idea as an investment condo

[Steely Dan]

Originally Posted by the urban politician

^ Do your associations in these 3 flat condos ban owners from leasing out these units?

It depends on the condo 3-flat. Some do, some don't.

The condo 3-flat we live in does allow owners to lease out their units, and the 2nd floor unit in our building does have renters in it. The condo 3-flat my folks lived in for 15 years only allowed owner occupied units.

[Rizzo]

The renters in my condo building have lived there longest. We had turnover of some buyer residents that only lived there during the pandemic. Left to buy houses but also because the value soared.

These 3 flats are more my pace. I maintain a 9-unit building on my own to keep costs down. A 3-flat would be easier compared to a 3.5 story avenue building with multiple staircases. Have had a few interested developers ask to buy the building to reconvert to apartments, but the price is never right. Building was totally rehabbed so everything is new and modern.

[chris08876]

Was looking at some homes in Toronto and the Toronto MSA.

Are these 1.5 to 2.0 million CAD$ homes selling like hot cakes?

I thought California was pricey until I looked into some of these homes, factoring a conversion to $USD. Damn!

I'm curious what the average income range of the buyers are and what line of work they are in. I know tech is hot in Toronto but I'm curious what the market demographic is for the buyers of these properties. Age, things of that nature.

[JManc]

That Chicago flat is stupid affordable. I'm looking a paying over $2500/ month for a shitty one bedroom in the Bay Area.

[Steely Dan]

^ For $2,500/month in my neighborhood, you could rent the unit upstairs from us. It's a 3 bed / 2 bath / 1,300 SF updated unit in good condition in a well-maintained vintage Chicago 3-flat, and that price includes a parking space off of the alley in back.

[Rizzo]

Originally Posted by JManc

That Chicago flat is stupid affordable. I'm looking a paying over $2500/ month for a shitty one bedroom in the Bay Area.

That’s what keeps me here. Chicago is affordable. What’s nice about that apartment posted is it’s close to the train. I’d say $390,000 is a bit inflated for 2nd floor and lack of core amenities nearby, but hey someone just put in an offer.

[Steely Dan]

Originally Posted by Rizzo

I’d say $390,000 is a bit inflated for 2nd floor and lack of core amenities nearby,

I disagree. As I said earlier, I follow the market in my little corner of Lincoln Square fairly closely, and compared against other comps in my hood, $390K for a unit that nice and that large (1,600 SF) with parking is pretty much right on the money, which is why it went under contract in only 3 days.

[lio45]

I find that really pricy for Chicago, but I’m happy the market is more vigorous in that fine grand city than I’d have thought.

(I’d also love to be surprised by Cincy and Detroit and Philly and St. Louis prices.)

[Steely Dan]

Originally Posted by lio45

I find that really pricy for Chicago,

$244/SF isn't the all-time bargain of the century or anything, but for residential real estate in very good condition in a desirable neighborhood in one of the nation's most urban cities?

that's still not "really pricey" IMO.

[Investing In Chicago]

Originally Posted by lio45

I find that really pricy for Chicago, but I’m happy the market is more vigorous in that fine grand city than I’d have thought.

(I’d also love to be surprised by Cincy and Detroit and Philly and St. Louis prices.)

Interesting. I find that condo to be very reasonably priced, and as already stated, it went fast. It's vintage, but reasonably updated. New Condo's slightly south of there go for ~$400 ft on the high end. Hell, in my suburban town of Wayzata, Minnesota New Condo's go for upwards of $900-$1,000 per sq ft.

https://www.realtor.com/realestatean...1_M82641-35002

https://www.coldwellbankerhomes.com/.../pid_46838224/

https://www.realtor.com/realestatean...1_M73380-66517


https://www.realtor.com/realestatean...1_M86395-28687

https://www.realtor.com/realestatean...1_M72731-55877

[twister244]

Originally Posted by Steely Dan

I disagree. As I said earlier, I follow the market in my little corner of Lincoln Square fairly closely, and compared against other comps in my hood, $390K for a unit that nice and that large (1,600 SF) with parking is pretty much right on the money, which is why it went under contract in only 3 days.

Agreed. I would have probably taken a unit like that had it been on the market when I was looking. Lincoln Sq is amazing. It's close enough to Lake View / Wrigley without having too much noise, etc. I got a nice condo over by Fullerton/Western, which isn't the best location (not bad though), but it's new construction on top floor. So...... You take what you can get in this market.

[suburbanite]

Originally Posted by lio45

I find that really pricy for Chicago, but I’m happy the market is more vigorous in that fine grand city than I’d have thought.

(I’d also love to be surprised by Cincy and Detroit and Philly and St. Louis prices.)

You think sub $250 PSF in the third largest city in the U.S., with an extremely diverse and high-paying job market, is really pricy?

Chicago always blows my mind with its affordability. The benefit of having an extremely large prewar core with extensive subway access. It lets you live somewhere like Lincoln Square, 10 km away from downtown, while still feeling like you actually live in a city with easy access to all the amenities that come with it. 10km away from Downtown Toronto and I'd be in Etobicoke in a post-war bungalow neighbourhood, paying $1.5 million for a 1,600 SF detached.

[samne]

Chicago is a real bargain. I guess there are so many options of places to live in the US, unlike Canada.

Originally Posted by chris08876

Was looking at some homes in Toronto and the Toronto MSA.

Are these 1.5 to 2.0 million CAD$ homes selling like hot cakes?

I thought California was pricey until I looked into some of these homes, factoring a conversion to $USD. Damn!

I'm curious what the average income range of the buyers are and what line of work they are in. I know tech is hot in Toronto but I'm curious what the market demographic is for the buyers of these properties. Age, things of that nature.

There’s a lot of high paying jobs in many sectors outside of tech. Finance is the traditional biggie.

Toronto is also has a hugely inflated bureaucratic class of government and associated jobs where 100k is a normal salary now.

Of course the usual path to one of those homes is buying a condo, building equity and moving up the property ladder.

That said… those prices likely reflect sellers trying to catch peak market from a couple months ago. Houses are starting to sit on market longer and prices taking a bit of a hit since interest rates began raising.

[Steely Dan]

Originally Posted by suburbanite

Chicago always blows my mind with its affordability. The benefit of having an extremely large prewar core with extensive subway access. It lets you live somewhere like Lincoln Square, 10 km away from downtown, while still feeling like you actually live in a city with easy access to all the amenities that come with it.

Chicago's MASSIVE inventory of legacy "missing middle" housing also helps out a lot too. 3-flats for miles and miles.

I feel like I still get the advantages of the "neighborhoodiness" of living on a SFH block, but with the necessary density to support a decent level of functional urbanism.

[Chisouthside]

Originally Posted by twister244

Agreed. I would have probably taken a unit like that had it been on the market when I was looking. Lincoln Sq is amazing. It's close enough to Lake View / Wrigley without having too much noise, etc. I got a nice condo over by Fullerton/Western, which isn't the best location (not bad though), but it's new construction on top floor. So...... You take what you can get in this market.

Youre walking distance from the fireside bowl. if you want to drink in a dive go have a drink inside the bar there.

[Crawford]

I'm still amazed that people argue that a RE "deal" is one that costs less, not one that delivers a better return.

[Steely Dan]

Originally Posted by Crawford

I'm still amazed that people argue that a RE "deal" is one that costs less, not one that delivers a better return.

It's because you view real estate exclusively through the lens of ROI.

Whereas many regular people view real estate through the lens of INAFPTL.


And for the record, you're the only poster on the entire page of this thread who used the word "deal", a dead giveaway of your investor class status.