Flipper Alert: First Pictures Inside 310 S. Michigan
Metropolitan Tower, at 310 S. Michigan, in the Loop is finally closing on units after seemingly years of delays.
This is a conversion building that faces Millennium Park.
Current building statistics:
- 13 units for sale
- 12 units for rent
It’s interesting to see the sheer number of rentals. There are two 3 bedroom units and five 2 bedroom units on the rental market. There is only one two bedroom unit for sale. No three bedroom units are yet being flipped.
Seems to me that some flippers are realizing they won’t be able to sell at a profit and are choosing to rent and wait it out instead.
The cheapest rental, so far, is this smaller one bedroom:
Unit #1406: 1 bedroom, 1 bath, 791 square feet
- Available to rent for $1775 a month (parking extra)
Unit #1206, an identical unit, is available for sale. The listing states:
YOU KNOW THE AREA IS WONDERFUL AND YOU KNOW THE BUILDING HAS INCREDIBLE AMENITIES. WHAT YOU DON’T KNOW IS THAT THE UNIT IS VACANT AND THIS LOVELY HOME IS MOVE IN READY-FOR YOU OR YOUR RENTERS.
FULLY LOADED AND COMPLETE WITH STUNNING VIEWS OF LAKE MICHIGAN. WELCOME HOME TO A GREAT INVESTMENT.
Unit #1206: 1 bedroom, 1 bath, 791 square feet
- Sold in February 2008 for $358,500 (Could this be a typo in the public records and really should be $318,500???)
- Currently listed for $349,000
- Assessments of $305 a month
- Century 21 Sussex & Reilly has the listing
Or you can buy Unit #1006: (the same unit)
- Sold in January 2008 for $318,000
- Currently listed for $347,900
- Berg Properties has the listing
There is a bigger one bedroom that doesn’t have the balcony.
Unit #1311: 1 bedroom, 1 bath, 825 square feet
- I couldn’t find an original sales price
- Currently listed for $379,000 including the parking
- Assessments of $247 a month
- Eve Kronen and Robert Craig at Coldwell Banker have the listing
Here are some pictures of a two bedroom unit.
Unit #1004: 2 bedroom, 2 bath, 1252 square feet
- I couldn’t find an original sales price
- Currently available to rent for $3150 a month
- Rubloff has the listing
kind of disappointing…just seems like a building like that on Michigan should have stand out finishes and some originality. It looks (at least on the inside) like every other unit built in the last 5 years. Having seen the model unit at 6 N. Michigan, I much prefer that building.
Completely agree with MK’s post. 6 North seems nicer but I guess we have to remember that these units have been marketed since 2001, so the finishes are early 2000’s.
LOL! I was just talking about 6 North the other day to a friend. The units had great finishes there. This is just another run-of-the-mill project near Millenium Park.