Flipper Alert: Flippers Out in Full Force in The Chandler
I’ve covered most of the buildings in Lakeshore East that have been completed except for The Chandler, at 450 E. Waterside Drive.
The Chandler started closings in July 2007 and closings are continuing. I would estimate it is about 2/3rds closed. It is a 35 story building with 304 units.
The building was marketed as “luxury.”
Current stats on the building:
- 24 for sale
- 26 for rent
I haven’t been able to find any units that have been flipped since last July. For over 7 months NOTHING has re-sold in the Chandler.
Here is a collection of those on the market. It looks like the flippers are trying to make at least $100k (for the 2 bedroom and 1 bedroom units.)
Unit #311: 2 bedrooms, 2.5 baths
- Sold in August 2007 for $525,000
- Originally listed in August 2007 for $630,000
- Currently listed for $589,900 (parking extra)
- Assessment of $384 a month
- Or you can rent it for $2400 a month
- SJ & JR, Inc. has the listing
Unit #1908: 2 bedrooms, 2 baths, 1228 square feet
- Sold in November 2007 for $510,000
- Currently listed for $565,000 plus $45k for parking
- Assessment of $353 a month
- Mi Casa Real Estate Inc. has the listing
Unit #210: 1 bedroom, 1.5 baths, 1136 square feet
- Sold in July 2007 for $476,000
- Currently listed for $559,000 plus $42k for parking
- Assessments of $383 a month
- Or you can rent it for $2500 a month
- Despite the paint and the furniture, this unit has been for sale since last August
- Rubloff has the listing
Unit #1103: 1 bedroom, 1.5 baths, 1080 square feet
- Sold in November 2007 for $406,500
- Currently listed for $499,500 (parking extra)
- Assessment of $320 a month
- MLS Connect Inc. has the listing
Unit #2106: 1 bedroom, 1 bath, 906 square feet
- Sold in October 2007 for $369,500
- Currently listed for $420,000 plus $45k for parking
- Assessment of $293 a month
- Keller Williams Success Realty has the listing
the finishes look like they are out of some $200,000 gut-rehab in Logan Square. Not terrible, but I would expect more based on the exterior and price you will have to pay?
haha, ya. I’m assuming all of the above color-granite-paint combos were chosen/done by the original buyers. Yuck.
Naturally, YMMV.
those prices are insane. Who would want to live there? It looks cramped.
I’m really looking forward to renting in Lakeshore East. The more inadvertent landlords, the better.
Hate to say it – as I’ve been in a no-win real estate situation and it’s NO FUN – but hanging on to prices that are out of whack (both sale and rental) is the wrong way to go. The sooner sellers adjust their expectations, the better luck they’ll have getting out from under these mortgages. Take it from someone who’s been there – holding out is a mistake in this market!
Want to rent in Lakeshore East:
We are planning a move to Chicago and will buy a condo a year or two from now. Meantime, we think we might like to rent in Lakeshore East (340, Chandler, etc.) for a while until we are more familiar with properties.
Who is our best agency to contact who knows all the properties for rent in LE?
MSK
Marilyn: I would contact an agent (if you know of any) as many handle the rentals in these buildings (that are listing on the MLS)- at no cost to you.
One agent can set up appointments to show you whatever you like in any of these buildings.
Can anyone help her?
Marilyn – feel free to contact me – I would be happy to direct you to the right resource. thall@rubloff.com
It’s no wonder they’re having trouble selling . . . Magellan Development no doubt lied to the original buyers like they did with Regatta, Lancaster, and almost definitely with Aqua and Park Homes buyers. They lie about the building layout, they lie about what they plan to design, and they lie about to whom they’re selling. It is their standard line to claim they’re not selling to landlords or flipper, yet this is precisely what they will do, suckering in any poor soul who thinks they’re buying into a luxury condo. As a victim of Magellan Development, I strongly urge NO ONE to buy preconstruction (why bother? prices are plummeting in ALL their buildings).