A Short Sale Appears in 600 N. Fairbanks in Streeterville: Is It a Game Changer for the Building?

We’ve chattered about the popular Helmut Jahn designed 600 N. Fairbanks in Streeterville many times over the years.

600-n-fairbanks-approved.jpg

Late last week, a 1-bedroom unit came on the market as a short sale for $265,000.

It went under contract instantly.

The unit, #1906, last sold in March 2008 for $377,000.

Parking was not included in either transaction.

Another 06 Tier unit, #1306, has been trying to sell for the last 20 months.

That unit is currently listed at $324,900.

It sold in February 2008 for $320,000.

If you recall, this building had upscale finishes including Snaidero kitchen cabinetry, Wolf, Sub-Zero and Meile appliances, and marble or natural stone baths (depending on what you chose).

Is this short sale the beginning of a major re-set in prices for this building- and especially on the 1-bedroom units?

Jennifer Laskov at Prudential Rubloff has the listing for #1906. There are no interior pictures but you can see the listing here.

Unit #1906: 1 bedroom, 1 bath, 821 square feet

  • Sold in March 2008 for $377,000 (no parking)
  • Came on the market listed as a “short sale” on August 31, 2011 at $265,000 (no parking)
  • Under Contract instantly
  • Assessments of $328 a month
  • Taxes of $4666
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 16×12

Yvette DuPree at @Properties has the listing for #1306. See the pictures here.

Unit #1306: 1 bedroom, 1 bath, no square footage listed

  • Sold in February 2008 for $320,500 (no parking)
  • Originally listed in January 2010 for $389,900
  • Reduced several times
  • Currently listed at $324,900 (no parking)
  • Assessments of $310 a month (includes a/c, gas, cable, doorman, pool)
  • Taxes of $4153
  • Bedroom: 16×13

61 Responses to “A Short Sale Appears in 600 N. Fairbanks in Streeterville: Is It a Game Changer for the Building?”

  1. Barb in lakeview on September 6th, 2011 at 4:35 am

    1309 looks like a bland box but the amenities look nice.

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  2. Sorry: these units are just so depressing. All that medical center noise: it reminds me of living in a medical dorm. The new prices are more realistic for this building. Just not a setting to call home. Maybe approaching rental level status to medical center employees.

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  3. Steal at 265. Great area. Low assys. Quiet building. Could easily rent for 2k+. (parking is 50k from what I recall).

    The views arent too hot in some units but still, 265k for a true 1/1 in SV in this caliber of building???….where do I sign?

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  4. From what I can tell, only 3 units have sold so far in 2011.

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  5. sabrina, I thought nobody was buying 2/2 and the “don’t get me started on 1/1″s…….. Honestly, I keep telling you guys that there are a lot of people with money and a lot of people that want to buy 1/1 and 2/2 – especially in the green zone. Sorry if this doesn’t fit into your plans, but it is true – the sooner you can accept that the sooner you will realize that you have to change your real estate budget (or start looking in englewood). HD and miumiu – this goes for you also…..

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  6. Meh. I don’t see the appeal of this building over any other in the area other than this one is newer.

    Did the builders create too few parking spaces for the building? It’s perplexing that the two listings here don’t even offer parking even at an extra cost.

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  7. I agree with jenny! there is an aura attached to this building I’ve never really understood. that said, the deck and the pool are pretty nice.

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  8. “I agree with jenny! there is an aura attached to this building I’ve never really understood. that said, the deck and the pool are pretty nice.’

    The aura is that it is a Helmut Jahn designed building. Same type of aura that the Mie Van der Rohe buildings have. Personally, I don’t care, but I understand why others do.

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  9. “A Short Sale Appears in 600 N. Fairbanks in Streeterville: Is It a Game Changer for the Building?”

    Yes,yes a game changer for the rest of the entire building, especially the large penthouse units. No, of course its not…maybe for some identical 1/1s but one shortsale won’t kill the building. Did the short sale in the Palmolive building change the game for the whole building. If so, I’ll move in next week.

    In any event, its not that high end of a building. Those snaidaro cabinets are cheapest, builders level Snaidaro offers…not exactly super luxury and the finish carpentry is average. That half wall that’s not even tiled all the way in the bath is super cheap looking.

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  10. clio: “sabrina, I thought nobody was buying 2/2 and the “don’t get me started on 1/1?s…….. ”

    Amazing how people will buy properties when they are offered for good prices, isn’t it? I actually agree that there are a lot of people that would buy properties right now that are waiting in the wings. The thing is: those people want a deal. They see a distressed market where nothing is selling and the inventory being offered is lackluster and they say to themselves, “why is everyone asking mid-2000’s prices?” When legitimate deals come up, they move quickly.

    My suspicion that we are heading into a recession has all but been confirmed at this point. This doesn’t not bode well for the housing market. We’ll see fewer jobs, less people willing to lend money and more people forced into selling or moving. All of that will trickle down and cause prices to slump further.

    Who is going to want to pay “full price” when a second wave of foreclosures puts even more deals on the market? Anyone wanting to buy and paying attention to the economy can see the writing on the wall and will hang back.

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  11. another comp …

    http://www.redfin.com/IL/Chicago/600-N-Fairbanks-Ct-60611/unit-3206/home/13123232

    and because views are west, higher floors should not bring in a significant premium

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  12. “My suspicion that we are heading into a recession has all but been confirmed at this point.”

    ABSOLUTELY NOT – you guys don’t understand anything about politics – 2012 is an election year – just wait and watch. The economy is always (ALWAYS) surprisingly good (or, at least stable) during election years. Again, just wait and watch and then come back to clio and tell him he was right!!!!

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  13. “The aura is that it is a Helmut Jahn designed building. Same type of aura that the Mie Van der Rohe buildings have. ”

    Maybe, but the mies buildings are priced much lower. and when one is feature on cc there don’t seem to be as many posters popping off about what a super cool chic place it is to live and worth every penny, etc. every encounter I’ve had with an owner in 600fb involved them trying to convince me why the building is superior. bunch of insecure ninnys

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  14. If I hadn’t just moved out of state (just couldn’t stand those taxes anymore)I would consider this. One of my favorite buildings in Chicago.

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  15. clio: “ABSOLUTELY NOT – you guys don’t understand anything about politics – 2012 is an election year – just wait and watch. The economy is always (ALWAYS) surprisingly good (or, at least stable) during election years. Again, just wait and watch and then come back to clio and tell him he was right!!!!”

    There’s only so many levers a president and the treasury can pull, clio. How many do they have left? Do you really think congress is going to pass a QE3 in this political environment? My contention would be that congress and the president would try to band-aid the economy to help their short term electoral chances, resulting in relative stability and prosperity in election years. It is hard to see that happening this year.

    My point is simply that you can’t always rely on historical trends, especially when the trend is a recent one (as yours is).

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  16. There is no “second wave” of foreclosures coming because the first wave was never addressed. 10% seriously delinquent rate on Illinois mortgages.

    The govt was hilarious, foolish and stupid in believing if they could cover up the housing mess long enough confidence would rise and the economy would kickstart itself.

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  17. “The economy is always (ALWAYS) surprisingly good (or, at least stable) during election years.”

    2008 was especially good. Or are you using “good” the way that Sen. McCain used it to describe the economy during the late summer/early fall of that year?

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  18. “bunch of insecure ninnys”

    We never hear anymore from poor Sally and (the) Dick?

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  19. Bob: fair enough. Still, there has been enough increased foreclosure activity that I’d call it a “wave.” Even if the wave was smaller than it should have been due to govt. intervention.

    I don’t think they can do as much this time around.

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  20. What about this unit says luxury high end building?

    The ten kitchen cabinets are clearly nice but likely from the starter line for that brand. Those appliances are an upgrade and quite good for this type of unit however does a small in-town really need this level of appliance? The portable floor lamp in the kitchen really makes me laugh! Clearly with those unfinished ceilings the place is dark. Add to that the choice of a single pendant over the island and we can conclude that there were corners were cut on electrical.

    I find that bathroom to be ugly and quite bland. The layout of the overall space is also clearly nothing special. Take away the view from that pool and the awesome rooftop deck and what is it really worth?

    I think that they were very lucky to command those prices and suspect that the building will struggle to attract buyers at this (or higher) price points over the coming years.

    Perhaps the really big units or penthouses may fare better in this type of building. Have any of them hit the market yet?

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  21. ” Still, there has been enough increased foreclosure activity that I’d call it a “wave.” ”

    They’re just moving forward on pending (and not-quite-pending) f/c and defaults that have been hanging around for a long time. The new 90-day deafults aren’t quite keeping pace, but there’s still too much inventory (and vacant land to be) in the pipeline to predict any sort of broad market rebound anytime soon. Banks should get in and dismantle/teardown a lot of their reo-to-be to reduce their ongoing liability on the crap, and create some scarcity for the better properties.

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  22. Why are there 3 sinks pictured. It’s listed as a 1 bathroom. Seems a little odd to have a double vanity and a single vanity in 1 bathroom. Maybe the single sink is for guest use only.

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  23. Clio, government can temporarily put some bandaid on a bleeding economy, but if it is a serious injury as is now, bandaid cannot do much. Politicians promising all is well in an election year, realtors saying housing market is strong, Charlie Sheen claiming he is clean does not make any of them true.

    As for the unit, I don’t like it and I actually do like modern architecture. The amenities and common areas are nice in this building but I am not personally fan of the place and before Spinoza and other oh-I-am-so-artsies jump at my throat, first of all it is my personal taste which might suck but hey many others feel the same, secondly just cause someone is a good architect doesn’t mean all his buildings are amazing. There are many authors that have few or even one good book and rest of their work is not good. Creative process is not a continuous stream of water you open and just feel your glass up, it hits dry spells once a while even for the greatest and the best.

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  24. I’d love to be a judge or juror to any case involving banks destroying otherwise habitable property as I’d also add bank executioner to my legal duties.

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  25. “We never hear anymore from poor Sally and (the) Dick?”

    deaconblue and turdferguson neither. though they may have been one in the same

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  26. “I’d love to be a judge or juror to any case involving banks destroying otherwise habitable property ”

    What would be the claim to get the “case” to trial? Just like the dude in Ohio who bulldozed his business building rather than give the keys to the bank, once the bank owns it, they own it, and could choose to tear it down.

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  27. “deaconblue and turdferguson neither. though they may have been one in the same”

    Those two (and one other name someone will remind us of) were *definitely* the same person.

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  28. ” first of all it is my personal taste which might suck but hey many others feel the same, secondly just cause someone is a good architect doesn’t mean all his buildings are amazing.”

    Yeah. If this is so great, where’s the linoleum?

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  29. “Seems a little odd to have a double vanity and a single vanity in 1 bathroom.”

    Perhaps in some cultures they will use one of them as a bidet. Had one of them in my hotel suite and ended up using it as a urinal all weekend. That super small double sink is actually the washing machine.

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  30. I know anon. Epic fail : )

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  31. T2, anon.

    I was reading a lot of Dr Seuss at the time, so I liked the ring of Sally and Dick. I thought the latter summed up the db/turd/T2 rather nicely.

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  32. The 1 bedrooms have a “powder room.” There is the main bath with double vanity, shower, tub, and toilette, and then another sink/vanity. A sliding door separates the free standing sink and toilette from the rest of the bathroom, so your guests don’t see your master bath.

    Clever design

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  33. “Clever design”

    Hold on, it is ok for the guest to use the same toilet as you, but you take issues with him washing his hands in the same sink? or there is also a separate toilet in which case it is a stupid design as it could have been a separate half bath.

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  34. mm:

    Not the same unit, but this floorplan:

    http://www.600fairbanks.com/_floorplans/13to36_10.html

    shows two styles of the divided bathroom (note–two bathrooms, two toilets, **SIX** bathroom sinks–is Helmut a germophobe?); I suspect this unit’s bath is a variation on that theme.

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  35. Hi,

    I think the goal is to have the guest not see your messy master bath counter/shower etc. Toilette is shared

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  36. you just need to clean 1 sink and 1 toilette before they arrive and shut the sliding door and forget about the mess

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  37. Omg Miu I saw a short clip on HGTV this weekend where they were advocating using linoleum as a desktop covering. I thought of you!

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  38. anon – note that is a combined 08-09 unit, so thats why you have it that way

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  39. @ Jen, Damn it girl, when did I become synonymous with the L word? ; )
    @ David, I see. I always thought half bathes are there to avoid sharing the toilet with the guest not hiding clutter, but I can see that it might appeal to some.

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  40. Building is superquiet — excellent build.

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  41. gringozecarioca on September 7th, 2011 at 3:56 am

    miu… I’m with you. I always said this is the single most overated bldg in the city. God forbid you criticized the great architect. Also just hate how it looks from the outside. Everyone needs to own the same blinds…And i love modern.
    Hmm.. So you know anon… That rekindles my theory of DD being yours and his illegitamte bastard love child. Anon was strangely quiet the week you gave birth.

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  42. I’ve been looking to buy in this building for awhile and this is the first short sale that I’ve seen. I wish I had known about it before it happened! The building manager told me that about 1/3 of the building units have no mortgage, they were bought in cash. A lot of foreigners and wealthy empty-nesters. I can see why a lot of people wouldn’t like this type of design, but there is definitely a market for it.

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  43. ” Anon was strangely quiet the week you gave birth.”

    lol…I just saw this. Ze…you have great imagination. I don’t mind having a baby with anon, he is pleasant, smart and has a good sense of humor : )

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  44. There were short sales in 2010. I would look closely at the POA minutes: I think you would see a struggling bldg

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  45. “I’ve been looking to buy in this building for awhile and this is the first short sale that I’ve seen. I wish I had known about it before it happened! The building manager told me that about 1/3 of the building units have no mortgage, they were bought in cash.”

    A ton of investors bought in this building as it was built right at the very end of the boom. They especially bought the 1-bedrooms. If you’re looking for a 1-bedroom there will be plenty of opportunity in the building going forward.

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  46. The building manager said that about 1/3 of the building is rented out and that is where the leveraged crowd is getting into trouble. She said there are only one or two other potential short-sales in the pipeline though. I’m hoping for a high floor north facing unit. Another 1/3 of the building are owners but most weren’t the 0% down variety, so those units are stable. The final 1/3 were cash buyers who are only there on the weekend. I guess the building reserve fund is over $500k too, so it doesn’t seem to be struggling too badly but I agree the one-bedrooms are were there will be some opportunities.

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  47. As of 2/2010, the POA board had made two attempts to establish a rental cap. First one literally got a handfulf of yes votes; the second round only a few more in favor. The board was planning a 3rd go at it. I made an offer on a unit. Plain vanilla, cash offer and the owner’s agent said they would accept but I needed to allow the owner added time because it was a “pre-short sale” and the owner would need to negotiate with the lender. I dropped out at that point. Eventually, the unit sold at around what I offered. I didn’t want parking but the realtor said that was no problem for the seller since parking was in great demand. The parking didn’t sell and months later, when the unit sold, the parking went with the unit.
    I was really taken with the bldg. My spouse did not like the area. I’m pleased I did not buy there. Just find out the facts: I suspect there’s a lot of “spin” going on about this property.

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  48. FYI … NMH is building an office tower just north of 600 N FB.

    http://soarchicago.org/240-e-ontario-259-e-erie/

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  49. Yes, the tower is going to be 25 or so stories. It won’t really affect the view of the water, though, because the lake is more off to the right (east) so this won’t have a terrible impact.

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  50. Icculus, the north city view was the one that a notorious FB resident here used to tell us was worth every penny of original list.

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  51. I’m looking pretty hard at this building, but looking at south exposure for some sun. Does anyone know of plans or even gossip about the parking lot directly south? I’d hate to buy and then have a tall building go in there.

    Also, i’ve heard mostly that it’s a quiet building, but heard one say it was so noisy they walked out on their lease. Anybody else here mixed reviews on the neighbor-to-neighbor noise? (Street noise doesn’t bother me for some reason.) Thanks.

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  52. “Does anyone know of plans or even gossip about the parking lot directly south? I’d hate to buy and then have a tall building go in there.”

    George- just a tip when looking in Chicago. Anytime you see a parking lot next to a house or a building you can assume it WILL be built on. That is a given.

    I have little patience for people who don’t understand this ahead of time. Yes- even in a housing bust- eventually that parking lot WILL be built on.

    There were already plans to build a high rise there pre-bust. It fell through when the market changed (although I lament that they tore down the Hot Diggity Dog and then did nothing with the lot.) I guarantee you that something will get built there post-bust.

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  53. My fears are confirmed. Thank you.

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  54. G,
    The north exposure is definitely my favorite, but you need to be really high up to get a lake view. I looked at a unit that was on I think the 18th floor and you could barely see the water.

    As for the parking lot south, it is zoned for a 70 story building that was canceled last year. They dug up the parking lot last summer and got it ready to build on, so I’m guessing it will be one of the first lots to disappear when the next boom begins ( whenever that is!).

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  55. Thanks, Icculus. I’ve avoided any building with northern exposure because I’m anxious to have sunlight, but perhaps I should reconsider, and certainly I should reconsider if I’m going forward with 600 N. Fairbanks because a tall building on that parking lot would largely destroy what I’d be buying it for. I’m not quite sure how people prefer the northern views, as pretty as they are, knowing they’ll get no direct sun. I’ll ponder that. Thanks again.

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  56. The building did pass a rental cap – 27% if I remember correctly.

    Also, from my experience, it’s very quiet building.

    Never hear anything from above/below or through the walls. Perhaps I’m just lucky to have great neighbors, but it seems the sounds proofing was done well. The windows also do a great job of keeping the street noise out – I’m always amazed at the difference when I open the balcony door. Also worth mentioning, despite the close proximity to the hospital, I very rarely hear an ambulance.

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  57. So, after 7 or so months of no contact, the bank (PNC) countered offered at 375K…. any adivce? Think contacting the bank would do any good?

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  58. “So, after 7 or so months of no contact, the bank (PNC) countered offered at 375K…. any adivce? Think contacting the bank would do any good?”

    You’ve been waiting 7 months to buy this scc? Wow- you have patience. No wonder the short sales have trouble actually closing.

    Who you going to contact at the bank that already isn’t involved? How long until foreclosure on this unit? Maybe just wait and buy it after the bank actually owns it.

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  59. I would like to talk to the bank to understand why the ridicoulous couter offer price. Evidently PNC is one of the worst banks to work with. If the people handling the claim are not from aroudn here, it is not appropriate to compare a low west facing unit with a high northfacing unit even if their sqft are simular.

    Not sure how long until forclosure, but that is a posibility.

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  60. Unit #1706 is a 1/1 foreclosure that came on the market 4/2/2012 with an ask price of 325k, with parking an additional 45k. I guess the owners of 1706 & 1906 don’t yet realize they’re competing directly against one another.

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  61. well turns out 375 was not an official counter just a number that someone threw out there. not sure whats going on with the unit

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