A lot of people have been wondering how long it will take before some of the flippers feel the stress of the slowing market.
It is already happening at The Columbian at 1160 S. Michigan in the South Loop.
The building was only 70% sold when closings began. The developer has been cutting prices and giving away free parking (and probably other incentives) to move remaining units. That’s a flippers worst nightmare.
Unit #1301: 2 bedrooms, 2.5 baths, 1571 square feet
- Sold in August 2007 for $675,900
- Currently listed for $665,900 (parking negotiable)
- Assessments of $432 a month
- Sudler Sotheby’s has the listing
The listing states:
PRICED TO SELL NOW (COMPARE DEVELOPER’S PRICES IN THIS NEW BLDG–THE COLUMBIAN!)EXCEPTIONAL LAKE VIEWS OVER GRANT PARK NAVY PIER, MUSEUMS ETC!) THAT WILL NEVER BE OBSTRUCTED!!! COVETED SE CORNER UNIT–HUGE BALCONY-EXQUISITE FIN,HARDWD, MARBLE,GRANITE,GE APPL, LG WALKIN CLOSETS.TOP AMENITIES, DRMAN,PARTY RM,FITNESS CENTER,SUN DECK,DOG RUN,GARAGE PARKING AVAILABLE TO NEGOTIATE…SELLER WILL ENTERTAIN AL…
This is a Southeast corner unit that faces the lake. As the listing states, the developer is trying to sell several of these at prices ranging from: $699,900 to $790,000.
I don’t have pictures of the interior of the unit but here are some of #4201:
Similar views- different layout. But you get the idea.