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  #39781  
Old Posted Jan 2, 2018, 8:10 PM
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Seems that Building Up Chicago is calling it day.

https://buildingupchicago.com/2018/0...blog-has-died/

That's too bad, Dan was super passionate and really got around!
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  #39782  
Old Posted Jan 3, 2018, 12:18 AM
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  #39783  
Old Posted Jan 3, 2018, 6:32 PM
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I don't think the project at Sheridan and Broadway is stalled .. The crane was just erected a month ago, and I saw workers on the site just a couple weeks ago.

I was passing by and saw workers on site continuing the excavation process near the base of the tower crane.
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  #39784  
Old Posted Jan 4, 2018, 3:38 PM
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  #39785  
Old Posted Jan 4, 2018, 4:07 PM
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  #39786  
Old Posted Jan 4, 2018, 7:54 PM
DePaul Bunyan DePaul Bunyan is offline
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I wish I could find a building of this calibur in NYC for that price for a 2 bedroom. If you got enough people moving from NYC (which there are) and/or SF who don't like the idea of downtown and getting paid pretty well, they'd totally pay these prices. This is comparable to a building I found in Williamsburg, Brooklyn, but 5-10 minute walk from any train station, for a 1 bedroom with an alcove.
So, @$3300 per month, the renter should be making at least $132,000 a year (the old rule of housing not being more than 30% of your monthly gross). My girlfriend and I make very nearly that much, and there's no way in hell we'd be spending $3300 per month in rent. That's 30% of gross and over half of net because lol taxes, deductions, etc. I personally don't believe that housing should be much more than 20% of gross. The 30% number is BS touted by developers and realtors who want people to buy/rent bigger so they get a better cut. The minimum I think that is responsible to spend that much on rent would be $200k annually.
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  #39787  
Old Posted Jan 4, 2018, 8:13 PM
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Originally Posted by DePaul Bunyan View Post
So, @$3300 per month, the renter should be making at least $132,000 a year (the old rule of housing not being more than 30% of your monthly gross). My girlfriend and I make very nearly that much, and there's no way in hell we'd be spending $3300 per month in rent. That's 30% of gross and over half of net because lol taxes, deductions, etc. I personally don't believe that housing should be much more than 20% of gross. The 30% number is BS touted by developers and realtors who want people to buy/rent bigger so they get a better cut. The minimum I think that is responsible to spend that much on rent would be $200k annually.
and even then, just because you technically "can" buy something dosent mean you should. its like taking out the maximum mortgage you get approved for..yay to being house poor! like you said, ive always shot for around 20% or less...still have to save for retirement, other short/long term goals, healthcare, etc etc. but i guess if people want to throw away new car money each year on rent, thats their choice.
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  #39788  
Old Posted Jan 4, 2018, 8:18 PM
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and even then, just because you technically "can" buy something dosent mean you should. its like taking out the maximum mortgage you get approved for..yay to being house poor! like you said, ive always shot for around 20% or less...still have to save for retirement, other short/long term goals, healthcare, etc etc. but i guess if people want to throw away new car money each year on rent, thats their choice.
I am going to screenshot this and send it to my wife. We have this argument ALL THE TIME. And it is not like we live in a hole in the wall anyways! Damn HGTV shows brainwashing everybody into these insanely sized and priced places! Sorry for useless post!! Bring on some more pics!
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  #39789  
Old Posted Jan 4, 2018, 8:20 PM
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HGTV is absolutely 100% responsible for brainwashing an entire generation of renters/homebuyers
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  #39790  
Old Posted Jan 4, 2018, 8:25 PM
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HGTV is absolutely 100% responsible for brainwashing an entire generation of renters/homebuyers
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  #39791  
Old Posted Jan 4, 2018, 9:31 PM
IrishIllini IrishIllini is online now
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and even then, just because you technically "can" buy something dosent mean you should. its like taking out the maximum mortgage you get approved for..yay to being house poor! like you said, ive always shot for around 20% or less...still have to save for retirement, other short/long term goals, healthcare, etc etc. but i guess if people want to throw away new car money each year on rent, thats their choice.
You could also say cars a collosol waste of cash

I think 20% of your gross income for housing is too low pretty much anywhere in the US. If we assume a median income of $60,000 per year and 30% of that for housing, that's $1,500 max per month towards housing. I'd still say that's mostly doable in Chicago, but the price creep in recent quarters appears to be very real.

Theoretically, people paying these rents in the city should have lower transportation costs, but the advent of uber and lyft leads me to believe that transportation costs have risen quite a bit for the average urbanite. They're still spending less on transit than people tied to their cars, but the savings have likely lessened.
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  #39792  
Old Posted Jan 4, 2018, 9:35 PM
IrishIllini IrishIllini is online now
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HGTV is absolutely 100% responsible for brainwashing an entire generation of renters/homebuyers
People are easily duped by shiny and new things. A lot of very educated people are just awful at managing their wealth. I have SINGLE friends making 100k+ with maybe 3k in the bank. Weekend getaways, expensive dinners, designer clothing and accessories, and the need for luxury living all add up. People make more money and then up their lifestyle to "fit in" with those at their income level and none of them can really afford it.
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  #39793  
Old Posted Jan 4, 2018, 9:39 PM
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Originally Posted by IrishIllini View Post
Theoretically, people paying these rents in the city should have lower transportation costs, but the advent of uber and lyft leads me to believe that transportation costs have risen quite a bit for the average urbanite. They're still spending less on transit than people tied to their cars, but the savings have likely lessened.
Nobody is forcing urbanites to take uber or lyft. The same transit options, taxi options, and bike/walk options are still in place, but ride-sharing fits into a sweet spot between cost and convenience that other options cannot match.

There's also the time penalty, time=money and urbanites simply spend less time shuttling around to do their errands. In the suburbs, I had to spend 10-15 minutes each way just to run out for some milk. Now, I can walk to my corner store in three minutes and I don't have to waste time hunting for parking or traipsing the supermarket.
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  #39794  
Old Posted Jan 4, 2018, 9:59 PM
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Originally Posted by Khantilever View Post

"I want an open floorplan"

"Let's see the kitchen"

"Oh I like the light in here"

"Let's see the living room"

"oh, that's a good size"

"Let's see the first bedroom"

"oh, that's a good size"

"Let's see the master"

"oh, that's a good size"

"Let's see the fourth bedroom"

"oh, that's a good size"

"Let's see the closet of the sixth bedroom"

"oh, that's a good size"

"When are you having kids"

"We aren't sure we want them"
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  #39795  
Old Posted Jan 4, 2018, 10:15 PM
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my wife is a little bit of an HGTV addict, which definitely complicated our recent home purchase process because she's been brainwashed to a degree by that awful awful network.

thank god she has me to keep her rooted in reality so that we ended up in a great home for our family that keeps us at 25% take-home income.

i have no desire to be house poor. what's the point of living in the city if you can't afford to do anything in it?
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  #39796  
Old Posted Jan 5, 2018, 12:21 AM
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Originally Posted by DePaul Bunyan View Post
So, @$3300 per month, the renter should be making at least $132,000 a year (the old rule of housing not being more than 30% of your monthly gross). My girlfriend and I make very nearly that much, and there's no way in hell we'd be spending $3300 per month in rent. That's 30% of gross and over half of net because lol taxes, deductions, etc. I personally don't believe that housing should be much more than 20% of gross. The 30% number is BS touted by developers and realtors who want people to buy/rent bigger so they get a better cut. The minimum I think that is responsible to spend that much on rent would be $200k annually.
Oh yeah - I can comfortably afford $3300 on my own, but I'm not going to because it's not necessary based on my current situation. I pay $2800/month right now for my place because it's still a good number for me and I can save a bit. But you know for damn sure that if I moved back to Chicago and made around the same, there's no way in hell I'd be paying what I do now. Even with the huge decrease in state taxes I'd benefit from, there's no point when I can get the same thing in Chicago for half the price.

But at the same time, when I was moving out of my last building in Chicago, one of the people in the office told me that they'd get a lot of people moving from NYC to Chicago - they had ZERO idea about cost of living in Chicago. She told me they would come in really sad because all they could afford was $2500/mo and then were shocked after she did the rundown of what even $2000/mo in Chicago affords them. So in reality, I would totally expect someone moving from a high cost place like Manhattan or SF who did no research about Chicago (which is more common than you'd think - people are really stupid when it comes to money) to completely be really excited about the prospect of a nice building where the rent is "only" $3200 for a pretty nice 2 bedroom unit with good amenities in a walkable neighborhood.


I was talking to my girlfriend last night about mortgages - I just don't understand how a household that even makes $200K per year without much debt thinks that purchasing a 1 bedroom for $700K is even feasible. Even at 20% down, you'd end up paying close to $400K in interest if you had to pay it off in 30 years. Of course there's inflation to consider, but still. Like if you had a choice between buying a $300K, 2 bed/2 bath 1500+ sq ft unit in Edgewater on the lake making $100K per year versus having to buy a 500 sq ft 1 bedroom place in Manhattan for $550K - $600K, which would you choose? To me that's a no brainer for a normal middle class person.
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  #39797  
Old Posted Jan 5, 2018, 12:43 AM
IrishIllini IrishIllini is online now
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Originally Posted by marothisu View Post
Oh yeah - I can comfortably afford $3300 on my own, but I'm not going to because it's not necessary based on my current situation. I pay $2800/month right now for my place because it's still a good number for me and I can save a bit. But you know for damn sure that if I moved back to Chicago and made around the same, there's no way in hell I'd be paying what I do now. Even with the huge decrease in state taxes I'd benefit from, there's no point when I can get the same thing in Chicago for half the price.

But at the same time, when I was moving out of my last building in Chicago, one of the people in the office told me that they'd get a lot of people moving from NYC to Chicago - they had ZERO idea about cost of living in Chicago. She told me they would come in really sad because all they could afford was $2500/mo and then were shocked after she did the rundown of what even $2000/mo in Chicago affords them. So in reality, I would totally expect someone moving from a high cost place like Manhattan or SF who did no research about Chicago (which is more common than you'd think - people are really stupid when it comes to money) to completely be really excited about the prospect of a nice building where the rent is "only" $3200 for a pretty nice 2 bedroom unit with good amenities in a walkable neighborhood.


I was talking to my girlfriend last night about mortgages - I just don't understand how a household that even makes $200K per year without much debt thinks that purchasing a 1 bedroom for $700K is even feasible. Even at 20% down, you'd end up paying close to $400K in interest if you had to pay it off in 30 years. Of course there's inflation to consider, but still. Like if you had a choice between buying a $300K, 2 bed/2 bath 1500+ sq ft unit in Edgewater on the lake making $100K per year versus having to buy a 500 sq ft 1 bedroom place in Manhattan for $550K - $600K, which would you choose? To me that's a no brainer for a normal middle class person.
I very much agree with the bolded. I'd welcome those moving from SF, NYC, or wherever with open arms if they're looking for cheaper housing that's still in an urban environment. The perception is that Chicago is far more expensive than it is. That said, I think for those of us who have been around for awhile, $3k+ to rent a 2 bedroom is quite a jump from how things were just a few years ago. I'm considering moving out to the burbs for kids and stuff, but that's only because I've started to slowly accept that I just can't responsibly afford to raise a family in the city. Your last paragraph alludes to this.
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  #39798  
Old Posted Jan 5, 2018, 12:53 AM
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Originally Posted by IrishIllini View Post
I very much agree with the bolded. I'd welcome those moving from SF, NYC, or wherever with open arms if they're looking for cheaper housing that's still in an urban environment. The perception is that Chicago is far more expensive than it is. That said, I think for those of us who have been around for awhile, $3k+ to rent a 2 bedroom is quite a jump from how things were just a few years ago. I'm considering moving out to the burbs for kids and stuff, but that's only because I've started to slowly accept that I just can't responsibly afford to raise a family in the city. Your last paragraph alludes to this.
Yes, and there are a number of people (maybe not in droves, but a number) who are moving from these areas to Chicago. In the few years up until I left Chicago, I'd met these people time and time again who made the move. If it wasn't for the perception of cold weather and crime, then things I feel would be different.

I should have added onto the last paragraph the fact that if you paid $400K in interest in the situation I said, that at the end of the day you'd be paying $950K for just the property after 30 years in Manhattan. Your HOA (including property tax) could easily be $1500/month - even if you assume no inflation, that's an extra $540K in fees. Because you didn't think to pay it down fast, you've paid essentially $1.5M over 30 years. So if you end up selling it after that, is it worth $1.5M? Is it worth more - how much more? Obviously it could be, but people go into these things thinking that they can afford to pay for a $700K place and maybe they can, but due to the fact that they can't afford much more than that - they're more at their top limit, that they basically end up tens of thousands if not hundreds of thousands more if they were to go down in price. In places like SF and many parts of NYC, this isn't even possible. This is why I'm constantly surprised that Chicago doesn't get more people moving there (again - perception of crime/cold weather is holding it back) - but also makes sense why places like Houston or Dallas get a number of people moving there who want to own property more easily.
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  #39799  
Old Posted Jan 5, 2018, 1:14 AM
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Originally Posted by IrishIllini View Post
I very much agree with the bolded. I'd welcome those moving from SF, NYC, or wherever with open arms if they're looking for cheaper housing that's still in an urban environment. The perception is that Chicago is far more expensive than it is. That said, I think for those of us who have been around for awhile, $3k+ to rent a 2 bedroom is quite a jump from how things were just a few years ago. I'm considering moving out to the burbs for kids and stuff, but that's only because I've started to slowly accept that I just can't responsibly afford to raise a family in the city. Your last paragraph alludes to this.
Check out Oak Park - taxes are high but that acts as a filter making it one big magnet school(district). The property appreciates very well.
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  #39800  
Old Posted Jan 5, 2018, 1:17 AM
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Been meaning to post this for a couple of days.

Couple of days ago: "Looks like they are ripping up the surface lot on Lake Shore at Banks."

This morning: "Looks like they have two blue rigs, caisson sleeves and rebar on what used to be that surface lot on Lake Shore at Banks."
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