ChicagoNorthwest Side

Calling a bottom at Logan View in Logan Square

by Joe Zekas on 7/31/12

It’s been 5 years to the day since we reported price reductions and a “developer closeout” at Logan View Condominiums, 3125 W Fullerton, in Logan Square. After glancing at the record of a 3-bedroom, 2-bath unit that sold for $388,000 in 2006 and resold last month for $200,000, I headed to the site yesterday for a look around.

Developer Ed Tunney approached me while I was taking some photos. Without prompting, he stated that resale prices had bottomed out in the development and now represented, in his opinion, a good value. Tunney cited the recent sale of a 3-bedroom, 2-bath unit for $186,000 that he said would rent for $2,000. He also mentioned the burgeoning restaurant and bar scene in the Logan Square area as an indication of value.

After remaining vacant for six years, Tunney said, the entire first-floor commercial space has been rented to Safari Childcare, which will be opening its eleventh Chicago-area facility there.

At current prices the all-in cost of ownership at Logan View is lower than the cost of renting. Does that represent a bottom?

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{ 8 comments… read them below or add one }

Michael Walsh Appraiser July 31, 2012 at 8:33 AM

Every time I think we have reached the bottom, prices keep going lower. Its the over supply of inventory that keeps pushing prices down.

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In Building Renter July 31, 2012 at 12:32 PM

The article does not mention this, but there have been a rash of robberies inside the building! Bicycles, cars, and stuff from storage units have all been stolen by outside people. Stay away!

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Joe Zekas July 31, 2012 at 6:09 PM

In Building Renter,

Our articles don’t mention crime reports simply because there are a number of easily accessible sources for this information. Going back 3 months I find 4 incidents in the 3100 block of Fullerton reported at EveryBlock.

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Logan View renter 2 July 31, 2012 at 10:39 PM

Recent thefts are very disappointing especially as one happened to me. Still though nice amenities in building will remain for time. More disappointed in knowing I could have paid less to buy.

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SheridanB August 15, 2012 at 11:37 AM

In building crime can happen anywhere, even in upscale areas. I bet some is inside crime or careless people leaving doors open or letting strangers in.

I heard a similar tale lately from a contractor who told me that residents in a building were trying to claim they (the contractor and his crew) had damaged cars and grills. They took photos of the cars which showed rust in the supposedly brand new dents and rusted legs on the “damaged” grills.. Hmm, that really wasn’t relevant at all, was it?

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Logan View Condos Pioneer April 14, 2013 at 2:48 PM

I was one of the first buyers and residents at Logan view and I agree the building has had it’s challenges. It’s really not much unlike most new construction mid rises that we’re built in the early 2000s. As an owner I have had to pay a couple special assessments to deal with these challenges…including a new building wide security system. Many issues in the building could be attributed to the overwhelming amount of renters here. Because they are nomadic members of the community there is less accountability and concern for neighbors. This can be found in the trash left around the building, cigarette butts on the roof/2nd floor decks and some stolen property. I agree that this building has turned a corner – the area has really picked up again and our management seems to be doing a good job in addressing and solving our problems from the past.

To the renters who complain and don’t pay the assessments that keep our building running….don’t hate, participate.

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SheridanB April 15, 2013 at 9:23 AM

How can renters participate in an owner occupied building? Serving on the board?

I mean, I’ve even heard of neighborhood groups/block clubs not allowing renters to join, volunteer of participate because “they move away”.

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Joe Zekas April 15, 2013 at 11:50 AM

I’ve never seen a condo dec that allows anyone but an owner to be elected to the board.

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