This 2-bedroom in Helmut Jahn’s 600 N. Fairbanks in Streeterville just came on the market.
Long time readers might recognize it because we chattered about it in 2009 and wondered if the buyer in 2009 would make any money 5+ years down the line. (The comments are very interesting with the benefit of hindsight.)
See our prior chatter, with interior pictures, here.
This would be the third sale of this unit since its original sale from the developer in 2007.
The interiors are the same as they were from the 2009 sale.
It has dark hardwood floors throughout with 10 foot floor to ceiling windows.
It has concrete ceilings and a long concrete wall in the kitchen and living room.
All kitchens in the building have Snaidero cabinets, Subzero, Wolf and Miele appliances. It was the standard package at the time of the original sale. This unit has a full limestone backsplash, however, which was an upgrade.
This unit faces north and west.
The prior two sellers both lost money on the unit.
However, the market has changed since the last sale in 2011. It is now, hot, hot, hot.
The current owner is looking for 37.6% appreciation over the last 3 years. This price is also well over the bubble pricing as this building was pre-sold in 2005-2006 with closings in 2007 just before the bust.
Will this seller get it?
Is this the new norm in Streeterville?
Elizabeth Sidorowicz at Re/Max Signature has the listing. See the pictures here.
Unit #1505: 2 bedrooms, 2 baths, 1253 square feet
- Sold in November 2007 for $584,000 (included the parking)
- Sold in July 2009 for $585,000 (included the parking)
- Sold in April 2011 for $545,000 (included the parking)
- Currently listed for $749,900 (includes the parking)
- Assessments now $591 a month (they were $482 a month in January 2009)- including A/C, gas, doorman, pool, and cable
- Taxes of $7425
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 18×12
- Bedroom #2: 12×11