Flipper Alert: What’s Selling at Avenue East at 160 E. Illinois
Deaconblue asked:
“My question- are ANY new construction buildings that are finishing up selling right now?”
It’s been a little while since I provided an update on what is going on in the recently closed highrises.
Avenue East at 160 E. Illinois in Streeterville started closings in Summer 2007. The current status of the building:
- Total number of units: 133
- Total number of units for sale: 39
- Total number of units for rent: 14 (at least)
Some units are both for sale and for rent. I’m not sure the building is done closing on units yet. Some have also already been rented.
When I last chattered about this building in January, this 907 square foot one bedroom was listed for the crazy price of $590,000. It’s since been reduced.
Interestingly, the pictures provided aren’t of the unit- but of a model unit all gussied up. Paint and furniture DOES make a difference.
Unit #23C: 1 bedroom, 1 bath, 907 square feet
- Was listed in January 2008 for $590,000 (parking available for $50k)
- Currently listed for $479,900 (plus parking)
- Assessment of $399 a month
- New agent since January
- Keller Williams Lincoln Park now has the listing
Perhaps you’re interested in the cheapest unit in the building.
Unit #1503: 1 bedroom, 1 bath, 782 square feet
- Currently listed for $335,000 plus $50k for parking
- I don’t have a prior sales price but #1403 sold for $297,500 in October 2007
- Assessments of $280 a month
- Koenig & Strey has the listing
Total number of successful flips?
Zero.
(If anyone has different sales info, please let me know.)
I like the building’s location and feel but not at these prices. Thanks for the update Sabrina!
MLS records show 19 Rented through the MLS…no way to check rentals by owner through Craig’s List etc.
I found something that looks like a flip but may just be a mistake on the MLS, Unit 1705:
closed for $439,900 on 10/16/07
closed for $469,900 on 10/16/07
Well heck at a 100k/month price reduction I should be moving in around June 🙂
Thanks for the info SR.
If 19 units rented, then about 50% of this building is either up for rent or re-sale.
Wow.
Correct me if I’m wrong, but flippers tend not to pay assessments in hopes of unloading quickly and under terms that oblige the flippee to make up the backlog, right?
Seems like a disaster in the making for the association.
Flippers do pay assessments. I think you are confusing them with units in short sale or foreclosure.
I’ll also never understand why they allow photos to be taken when weather is not at its most optimal. I bet on clear days that view is a lot nicer.
Isn’t stainless steel pretty much standard in new construction these days. Wonder why the owners put in black appliances.
Anyone know what is going on at Avenue East?
If you walk by the building there is yellow tape blocking off the sidewalk (Illinois side of the building- near the entrance) with signs saying to watch out for “falling glass.”
Are there problems with the windows this winter?
From what I can tell, a piece of glass from the parking garage facade broke or fell off. Perhaps the thaw/freeze did it or perhaps someone accidentally backed their car into it. I don’t know for sure, just looks like it.
If someone accidently backed their car into it heres to hoping they have a policy so they have to sell their space.
One thing that I was always curious about were the open garages in Marina Towers and if anything ever happened if someone put the car in the wrong gear.
I once went by Marina Towers (well, on a bus), and saw a car that had dropped down but was hanging on. At the time, I was not sure if it was a TV stunt or an accident (if the latter, it must have been terrifying for the driver). I couldn’t believe my eyes…
Rachel..insurance commercial was being filmed. Take off of the Steve car chase from the movie Bullitt.