Pros and cons of marquette row? 689 N. Peoria?

Asked by Buddahbaby, Goose Island, Chicago, IL Fri Nov 12, 2010

I am looking to buy at 689 N Peoria. Just would like to see what others think about the units and pricing there?

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John F. Wyman, Agent, Chicago, IL
Fri Nov 12, 2010
It is a fantastic area, but yes, a bit of an island. The key to whether or not it is "worth it" is based upon your expected timeframe for owning the home. In this market, unfortunately, I caution any buyer to have a 5 year plan of ownership, whether that means owner-occupancy or investment. 689 Peoria is a nice project but your pricing must reflect what others may be asking for their re-sale units. Developers are getting pretty reasonable and very aggressive so you might be surprised what they will take. The good thing for you is that the entire block was basically done at the same time, and by the same developer, so you can be patient and see if the coming weeks bring you a more motivated seller (job move, kids, marriage, etc). It is a great area with a lot of growth potential along Milwaukee, Chicago, and Grand. Great public trans and only 1 stop to downtown. I don't think that area will experience a huge number of foreclosures, although you will see some. Also, these buildings were mostly built after the worst of the exotic mortgages were no longer around, and investor buyers not allowed to purchase. The price points typically mean that your neighbors are professionals, w/ high-paying salaries or dual incomes.
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Fri Nov 12, 2010
Hi there,

Are you working with a buyers agent? If so, she/he should provide you with a fair market value for the not only the building specifically but also for the area and advise you on whether or not it's over priced.

If you don't have a buyers agent, get one! Our services to you are at no charge and we can help you avoid huge pitfalls. You get a wealth of knowledge & expertise at no cost to you.

If you're concerned about the building itself, why not try interviewing a few of the current owners. Either knock on doors or drop them a handwritten note inquiring about your concerns. Can't hurt!

Good luck & if I can be of further help please don't hesitate to contact me directly.

P.S. The unit is beautiful, you have excellent taste!
0 votes
Philip Sencer, Agent, Chicago, IL
Fri Nov 12, 2010
I have been telling my clients be very careful (mostly avoid) new construction projects from 2005-08ish because the prices the developer paid and prices they are (were) asking were based on market fundamentals that have gone out the window. The largest number of short sales/foreclosures have been in such projects.
The prices that others have paid in the 2 years that this project has been alive are a bit all over the place and I am not sure if the current prices are sustainable. ( I just canot know) If any of the other owners need to sell in the next few years they will likely be short sales and the resulting values probably will impact your price/value to some extent.
You need to look at other comparables to see if the current price is realistic and you better plan to keep whatever you buy for at least 5+ years.
0 votes
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