Short Sale Back on the Market in The Columbian: 1160 S. Michigan
There have been several short sales in The Columbian, the 2007-construction South Loop high rise at 1160 S. Michigan.
The building continues to struggle.
Current stats out of 220 units:
- 57 for sale
- 7 for rent
Some units can be both for sale AND for rent.
We chattered about Unit #2502 back in May 2008 when it first came on the market as a short sale. It was under contract in September but that has fallen through.
It’s now listed $40,000 under the May 2008 price. It is also the cheapest 2/2 available in the building.
Here’s the listing:
DEAL FELL THRU! 2 BEDS 2 BATHS AT THE PRICE OF 1 BED 1 BATH! PRE-FORECLOSURE-SHORT SALE. NVR LIVED IN ‘THE COLUMBIAN’. UNOBST LAKE, MUSEUM CAMPUS VIEWS, LRG BALC ACCESS FRM MASTER & LIV AREAS.
HIGHLY UPGRADED W/ SPLIT OPN FLR PLAN 1231 SQ FT. KIT W/ 42′ CABS, GRANITE, SS APPL. MARBLE MSTR BATH W/ SEP SHOWER. FULL AMENITY BLDG, 24HR DRMN, EXERCISE RM, PARTY RM, DOG RUN & SUNDK GAR 39K. QUICK LENDER TURNAROUND
Elite Realty Advisors, Inc. has the listing. See more pictures here.
Unit #2502: 2 bedrooms, 2 baths, 1231 square feet
- Sold in October 2007 for $477,900
- Was listed in May 2008 in “short sale” for $399,900 plus $40k for parking
- Went under contract in September 2008 when listed at $379,000
- Fell out of contract and re-listed
- Currently listed at $359,000 plus $39k for parking
- Assessments of $341 a month
- Taxes are “new”
If you lean over the side of the balcony, you have an unobstructed view of the lake. I visited this unit in July. It has a tiny living room and no view whatsoever.
I viewed this unit last winter and the listing is completely misleading. The unit is not a corner and actually faces South so in order to see the lake, you need to step out on to the balcony and turn your head and look in between other high-rises. The finishes were cheap – I didn’t see any upgrades at all frankly. The only thing going for this building is the location’s proximity to the loop/lake/grant park.
I’ll just go out there and say that I don’t like lake views. I work, a lot, it is how I have the money to afford something nice. Since I am pretty much only home at night I don’t want to look at a black hole. I’d much rather have pretty city lights.
Of course this unit doesn’t seem to have much of that either. Back to south views on the northside for me!
KP.. second that opinion on lake views. At night it is sad. I like the city views. I think my 2 favorite are by the planetarium and on the lake path by that little bridge a bit north of North beach.
KP,
I have lake views, spectacular ones with a little navy pier thrown in..oh and we get fireworks too. Still I agree they are overrated. I read a study once that measured the premium pricing of such views, it is not worth it. At least for me, my wife likes looking at the water.
In the winter, they are kind of depressing..and in the summer while nice, they are a constant reminder of how I really need to make friends with a boat owner.
Oh, and this building reminds me a little of the park hyatt, just boxier..like an old Volvo.
On a positive note, by Miami standards this building is doing well….. But I am sure Chicago condo real estate will be taking a bigger dive then it has presently as the worst consumer spending pullback since the Great Depression and further deleveraging across almost all asset classes continues. Where is the 25% sale? Wake me up when things are 50% generally or 30% off at 340 OTP.
I pay 2250 for a larger unit with unobstructed lake view and usual upgrades (granite, stainless steel, hardwood floors etc.) on southern edge of grant park. Assuming 20% down and a 6% 30 year, this unit will cost 2139 WITHOUT TAXES and I also tied up my 60k cash. Why is this a good deal?
KP, Ze, I third that. The lake views are dumb, if you can’t see any other buildings and just the lake. If you’re on Michigan Avenue (and high), the west/north views look way better in day and especially night.
Sarte,
What building do you live in, if you don’t mind me asking? We’ve been looking in the South Loop for a while and have been having trouble finding a floor plan we like that’s not a ridiculous price. It seems like builders got greedy and tried to cram as many units as possible into a building and sacrificing space and charm, and at the same time refuse to recognize that the housing market has tanked and they need to lower their prices. $480k for a 4th floor loft-style two bedroom that’s 850 square feet on the 1700 or 1800 block of Michigan Ave? Wtf.
What is a “black hole” at night, is a beautiful shimmering, ever-changing example of the closest thing we can get to a view of infinity in the DAY time. Last time I checked, the fact that Chicago is set on a lake was a pretty big asset. But it’s academic to argue the point – people have different preferences for different reasons, and why take up space debating that?
Has anyone heard how responsive building management is to the tenants of the Columbian? How about amenities in the building? Anyone out there actually live in the place? Any estimate of prop. tax on a unit such as the one featured here?
Dino,
Yes, I live in the building in one of the NWE face penthouses. Spectacular views, excellent layout. Staff has quick response time. Not crazy about the turn into the garage but it will make you a good driver if you were not one before. The units all need to be upgraded and decorated right. Can’t leave them the way the builder gave it to them and then expect to flip for a profit. Garage parking is at a premium, owners are asking to buy extra spots.
My wife and I live in the building. We love the layouts and the upgrades. Unobstructed lake views! Best deal in the South Loop is here.
Developer goes under. Unsold units are now owned by Fidelity.
http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=37055
Thanks for the link Bob. It will be interesting to see what happens next with this building. They already cut prices a bit at least one time and still not much sold.
Will they be doing the bigger drama price cuts now to finally sell out the building?