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Real Estate, Deal Estates, Steal Estates
Home buying tips
Image by seeChicagorealestate.com
deepdishrealestate.com/2009/12/real-estate-deal-estates-s…
Real Estate, Deal Estate, Steal Estate: One man’s bargain is another man’s bad luck in The Columbian

Located in Chicago’s South Loop neighborhood at 1160 S. Michigan Ave., The Columbian is a prominent new addition to Chicago’s skyline. This handsome 46-story structure combines state of the art construction with cutting edge style and a tremendous location with every luxury amenity a discerning homebuyer could hope for. Located at the southwest tip of Grant Park and completed as recently as 2007, The Columbian was set to be one of the most desirable pieces of new construction in all of Chicago. However, as with most things in life, timing is everything.

Despite the over-the-top luxury lifestyle afforded by The Columbian, the poor housing market of the past two years has hit The Columbian hard. Unbelievably, The Columbian has reverted to pre-construction prices not seen since 2004. Such substantial price reductions can be both good and bad in the eyes of a condo developer. While they certainly have the affect of making left over inventory more appealing to current buyers, they can also ruffle the feathers of existing homeowners who bought into the development at much higher price points. Not only will existing homeowners resent their “over”-payment, but they will also be angered by the reduced re-sale price their condos will fetch. So, what is a developer to do? To maintain current prices at pre-economic downturn ones would be to carry units at a cost and losing money by the day. Slashing prices, on the other hand, damages the integrity of the development and also that of the current owners. Of course, short of living on the Moon, we’re all aware that the anticipated appreciation of the past few years has been entirely wiped out. Still, it’s a hard pill to swallow if you’re one of The Columbian’s current residents.

One bedrooms have been reduced by as much as 30% while three bedrooms with spectacular views have dropped 16%. As frustrating as these price reductions may be for current owners and as damaging as they might be in terms of re-sale value, they also represent an excellent bargain for those homebuyers currently on the market. The Columbian truly represents the lap of luxury. With not a detail overlooked, The Columbian provides a lavish lifestyle replete with every amenity one could ask for. Additionally, The Columbian’s prime location means that residents enjoy easy access to Lake Michigan, Grant Park, Museum Campus, work in the Loop and Michigan Avenue shopping. One thing is for sure, property at The Columbian has transformed from real estate to deal estate, maybe even steal estate, and offers enticing bargains for current buyers.

Ted Guarnero is a Realtor in Downtown Chicago and loves the City. If you have questions about Chicago real estate stop by www.seechicagorealestate.com or Call Ted Guarnero @ Baird & Warner 312-810-6693

Currently Reading
Home buying tips
Image by LeeLeFever
Throughout the trip I have been consuming one book after another. I set out to make the trip more interesting by reading books about the places we plan to visit and to varying degrees I’ve succeeded in that so far.
I started by leaving home with one-third read "Blink" by Malcolm Gladwell. The first international book was chosen in a bookshop in New Zealand on a bit of a whim. I went in considering a book about Capt. James Cook and left with the book "Genghis Khan" by John Man. I read this book aloud to Sachi while in our rented campervan and we both enjoyed it immensely. We knew so little about the legendary man before and now we’re hoping to see the Mongolian steppe (Ghengis’ home) later this summer.
Next we bought a couple of smaller books in Australia (not a cheap place to buy books): A Travellers History of Japan and a book of memoirs of survivors of the Khmer Rouge in Cambodia. Both short and interesting reads, but nothing to write home about. Oops.
Taking a break from non-fiction, I then read Barrel Fever by David Sedaris, who consistently makes me laugh out loud and inspires me to try more satirical writing. Following that was a short book that sparked an interest in me that I didn’t expect: Ben Franklin’s autobiography. Short and frank, I found myself wanting it to be longer or more complete.
A book that was perfect for being in the tsunami-affected region was "Krakatoa", by Simon Winchester. A truly interesting event in history that I enjoyed learning about very much. Did you know that the shock wave of Krakatoa’s volcanic explosion rippled around the earth 7 times?
Back on the Cambodia tip, I read "The Lost Executioner" by Nic Dunlop, which was about his search the commander of Tuol Sleng, the famous Cambodian death prison during the Khmer Rouge reign. I have a fascination with modern Cambodian history and plan to read a Pol Pot biography soon.
Just tonight I’m celebrating the finish of a book that is sitting unread at home in hardcover form: "Collapse" by Jared Diamond. I read his Pulitzer Prize winning "Guns, Germs and Steel" a while back and said that it made me smarter than any book I’d ever read before – particularly regarding the creation of civilization in the last 10,000 years. Collapse is equally as informative and focused on what has undone civilizations in the past. I would recommend this book for travelers interested in environmental conservation issues. Smart guy that Diamond- I’m a fan.
Just last night I bought "1776- America and Britain at War" by David McCullough. The abrupt and pre-war end of Ben Franklin’s autobiography whetted my appetite I’m sure. Sachi also bought "Under the Banner of Heaven" by John Krakauer, which is about the creepy side of mormonism. I’m sure l’ll read that too.
If anyone is looking at these books and saying "I know some books Lee would like AND would be popular enough to find around world" please do let me know.

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