DealsNews & trendsMarket conditions

Notes from the rental front – MLS rents dropping daily

by Joe Zekas on 11/14/12

I asked David Nadler of City Ranch Real Estate for news from the rental front, and he sent along the following brief notes:

Southport – Lincoln – Wellington
An exciting emerging neighborhood west of Wellington trains.

2943 N Lincoln #101, interesting loft condo 2BR with 2 parking spots, $3,000.

3021 N Southport, 4th floor walk-up 2BR penthouse, spectacular installation with full roof deck and outdoor Jacuzzi. $3000.

Old Town
1660 N Hudson 1 BR + den 2.5 BA loft condo at St Michaels that last rented for $2,300 with parking just leased again for $2650. Old town remains hot even off season. One showing here.

1455 N Sandburg 804– 1 BR only $1,500, super-customized, larger and nicer than most rentals, closets finished. Truly the reason renters should always look at condos vs rentals. Huge savings.

Gold Coast
1030 N State 19G, super-customized, furnished, over the top convertible, $1,850. This was like a hotel. Not practical, but neat home.

1237 N Dearborn. Street-level Gold Coast gem under owner’s residence. Rare condo quality. $2,600.

Lakeview
655 Irving Park. 1 BR, 900 SF+ for $1,750. A rare luxury high rise that takes big dogs.

640 Aldine. 3 BR penthouse with roof deck, $3850. Best rental comp would be at Wirtz nearby. This was higher quality new construction, chef’s kitchen. Same price.

The market
Market looking for a rent footing again. MLS rents dropping daily. Rents very negotiable. Jobs jobs jobs??? New inventory?? Will we see a retracement of 2009 rents??

Sale prices frustratingly firm!! Many more buyers in market.

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{ 4 comments… read them below or add one }

Jon Azavedo November 20, 2012 at 8:53 AM

Please do your homework before providing random listings. 3021 N. Southport Association is embroiled in numerous lawsuits w/ the developer, Bryton Development, regarding failure to acquire occupancy permits and failure to build as planned. Who even knows if the building is safe for occupancy?

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Joe Zekas November 20, 2012 at 9:50 AM

Do your homework, “Jon.”

Our correspondent isn’t the kind of person who provides “random listings.” And this isn’t a site where anonymice with unknown agendas can come and make stuff up without being called out on it.

The Cook County Clerk’s online database doesn’t have “numerous lawsuits” that answer to your description.

If you have evidence that the building isn’t “safe for occupancy,” provide it, and provide a real identity so that people don’t think you’re just another troll.

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John Horan March 23, 2013 at 2:51 PM

Joe, you are an idiot. Here is the link to the 3021 N. Southport lawsuit:

https://w3.courtlink.lexisnexis.com/cookcounty/Finddock.asp?DocketKey=CABA0CH0BIBJI0CH

Search Chancery, use “Bryton Development” as the Defendant, and you’ll find three more suits, one by the insurance carrier attempting to deny claims of the homeowners because the developer engaged in fraud. I bought a unit in another Bryton building and I’m pissed. And yes, I think a Realtor should certainly confirm whether or not housing offered for rent is, in fact, habitable.

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Joe Zekas March 23, 2013 at 3:45 PM

I’m often tempted to just not publish comments from jerks who start out by calling me names. I just as often decide to let people determine for themselves whether what the jerk has to say has any merit.

Here’s what anyone can find at the Cook County Clerk’s office by searching in the Chancery Division for Bryton.

The first of the four suits you mentioned, filed in 2006, resulted in a judgment for the defendant. The most recent case is a foreclosure – a not uncommon situation for developers in recent years.

Two lawsuits involve 3021 N Southport.

I have no idea what’s in issue in the suit for injunctive relief filed by Peter Bell, 2010-CH-18198, and you’ve given no indication that you do. The plaintiff is not listed in the Recorder’s Office records as an owner, and all of the original purchasers in the building are listed as named defendants. None of the owners have filed suit against Bryton. The suit is still pending.

The suit for declaratory judgment filed by State Farm names all of the original owners in the building as defendants, along with the plaintiff in 2010-CH-18198. That suit is also pending.

A search for building code violations at 3021-23 N Southport provides zero support for your contention that the property is uninhabitable.

I get it that you’re “pissed” – people who do such a poor job of making a case often go through life that way.

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