Flipper Alert: 600 N. Fairbanks
The highly anticipated glass enclosed Helmut Jahn building at 600 N. Fairbanks is ready to begin closings as soon as the beginning of October.
The first flips and rentals are appearing on Craigslist and the MLS.
The rental is for a 900 sq. foot one bedroom for $2200 a month. That does not include parking. The owner wants at least a 6 month lease, preferably a 12 month lease.
The flipped unit:
Unit #1808: 1 bedroom, 1.1 baths, 926 square feet
- Original price: Unknown exactly but probably around $350,000
- Current list price: $459,900 plus $55,000 for parking
Mark up so far: about $100,000
We’ll have a better sense of the flipper profits as more of them are listed, especially in the two bedroom units.
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I also saw a two bedroom/two bath (1250 sq feet) listed at $644,900 plus $50,000 for parking in the Koenig ads today. About another 100,000 markup from the original pricing. Interestingly, it was the priciest two bedroom listed in the Koenig ads besides Watertower Place (much larger). It is a tough price point.
Further flip alerts concerning 600 N. Fairbanks:
529,000 one bedroom, about 900 sq feet 25th floor
749,000 two bedroom/two bath 1258 sq feet 26th floor
Neither of the ads mention parking.
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