People are losing 100 k to 250 k of the comps for their properties. It is sad but true. Buildings are sitting empty. Retail is empty. The area is doomed.
I agree. If you think these buildings are bad on the outside, you should see how terrible most look on the inside! Now that many condos are going rental, it's only going to get worse as renters (especially in this part of town) tend to care less about the upkeep and/or value of the property. People need to stop kidding themselves, this is a major issue which is going to effect all of our property values. Commercial spots are now being auctioned! Are you kidding me! Empty lots, empty buildings, vacant storefronts, seedy corners emerging everywhere. This is the future of the sloop.
The primary contractors and the inspectors who sign off on these buildings should be hung by their guts in front of each of these properties.
Attention to anyone thinking about opening a business in the South Loop: beware of our "stellar neighbors" from the Pacific Garden Mission. Trib reports that a resident was caught breaking into store at 1700 south michigan. Add this to the long list of "blessings" these people keep bestowing upon the sloop.
Here's the link to the break-in. http://www.chicagobreakingnews.com/2010/05/cops-man-arrested-while-burglarizing-cell-phone-store.htmlI live one block from here, and I can't place a cell phone store. Did they get the address wrong?
Are people who pay $1300-$3000 in rent really that destructive?
Rents in this part of town are nowhere near those prices. Thanks to investors getting huge discounts at real estate auctions and foreclosure sales, a massive amount of cheap rental inventory is on the market. We're talking close to section-8-voucher levels!
Knew something didn't sound right about that robbery. The address has been update to 1700 S ASHLAND. Next time don't be so quick to knock the neighborhood.
That's right! Because there would actually have to be a cell phone store there in the first place to bust into (wishful thinking!). Ashland Ave actually has commercial tenants - the Sloop doesn't. 1700 south michigan is pretty much all vacant, except for the roach-coach market.I guess that's one good thing about the south loop being a commercial ghost town: less places for our neighbors to break into! Maybe potential commercial tenants feel the same way?
When I do this search on Craigslist, I don't find much less than $1,200/mo. that's actually in the South Loop (there are a few for less in Bronzeville listed as South Loop), and that's just studios and 1-bedrooms. Where are you seeing apartments rented for significantly less?
I'd like to know where rents are this cheap as well because I sure haven't seen it.
I'm renting a 2-bed, 2-bath right now @ 1400 south michigan for 1,000 per month. A family friend purchased the unit at auction. Nice place. I know of many others in the neighborhood who are renting great places for dirt cheap. Almost all are via referrals and not through rental agencies or building management. There are great deals out there, you just need "to know someone.". In fact, a couple of my buddies are renting in a Museum Park building which technically doesn't allow renters. It's a sweet party pad.
"It's a sweet party pad"Precisely why renters are discouraged & regulated in these buildings.
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