Update on the Studio Loft in 211 E. Ohio

Remember this small studio loft in the Grand Ohio at 211 E. Ohio in Streeterville?

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I chattered about it in November 2007.

It sold.

The third floor is unique in the building because the space was formerly offices. There are washer/dryers allowed in the units and they have 16 foot high ceilings.

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Unit #314: studio (no square footage given but around 700 or so)

  • Sold in July 2005 for $218,000
  • Was listed at $225,000 in November 2007
  • Sold for $227,000 in March 2008
  • Assessments are $320 a month
  • Parking is available for $35,000
  • The “lofted” bedroom measures 8 x 12 (and you can fit a bed up there)

A second studio loft recently sold as well.

Unit #318: studio loft (about 700 square feet)

  • Sold in July 2005 for $240,000
  • Originally listed for $280,000 in summer of 2007
  • Sold in February 2008 for $222,000

Update on One Bedroom Foreclosure in 300 W. Grand

In January 2008, we chattered about a one bedroom loft foreclosure in 300 W.  Grand in River North.

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Several people were interested in bidding on it due to its relatively low price for a one bedroom in River North.

300 W. Grand #504: 1 bedroom, 1 bath, about 900 square feet

  • Sold in April 1999 for $195,000
  • Sold in May 2004 for $250,000
  • Was listed for $209,900 (including parking)
  • Assessments of $378 a month

The unit closed for $220,050. It was on the market only five days before going under contract.

There is another one bedroom currently available on the same floor.

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Unit #501: 1 bedroom, 1 bath, 895 square feet

  • Sold in August 1999 for $184,000
  • Currently listed for $289,000 plus $35,000 for parking
  • Assessments of $345 a month
  • Krain has the listing

Update on Two Bedrooom Foreclosure in 212 W. Washington

A few weeks ago I chattered about a 2 bedroom, 2 bath foreclosure in City Centre Club, at 212 W. Washington, in the Loop.

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It has since been reduced again.  Is it truly a “deal” now?

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Unit #1902: 2 bedrooms, 2 baths, 950 square feet

  • Sold in October 2002 for $270,000
  • Was listed for $319,900including the parking space – on February 25, 2008
  • Now listed for $299,900 (still including the parking space)
  • Assessments of $469 a month
  • Re/Max Market has the listing

Get Your Marble Floors: 161 E. Chicago

The Olympia Centre, at 161 E. Chicago in Streeterville, is a 63 story high rise that was completed in 1985. 

It is a full service condo building with washer/dryers in the units, parking and an amenities floor.  It is best known as the Neiman Marcus building, because the store anchors it on Michigan Avenue.

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There are units of varying sizes in the building. This one, in particular, struck me because the entire unit has marble floors.

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Unit #44G: 1 bedroom, 1 bath, approximately 975 square feet

  • Sold in June 1999 for $290,000
  • Sold in April 2004 for $424,500
  • Sold in November 2006 for $450,000
  • Currently listed for $450,000 (not sure if parking is included or not)
  • Assessment of $500 a month
  • Baird & Warner has the listing

There are Skylights Everywhere: 330 S. Michigan

It’s rare to see skylights in a large condo building, but you can find them in the penthouse units at 330 S. Michigan in the Loop.

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The building was constructed in 1911 but converted about 8 years ago into condominiums. The building faces the lake and Millennium Park and has parking.

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One of the penthouses is currently on the market.  You can see the skylights pretty clearly in the pictures.

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Unit #2002: 2 bedrooms, 2 baths, 1500 square feet

  • Sold in April 2000 for $290,000
  • Currently listed for $499,000 plus $45,000 for parking
  • Duel skylights in the living/dining area
  • Full-sized washer dryer in its own laundry room area
  • Assessments of $650 a month
  • Keller Williams- River North Office has the listing

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.

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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:

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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.

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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.

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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

A Million Dollar Price Tag for a Million Dollar Unit: 270 E. Pearson

There are some condo units that are listed for a million dollars that you just know aren’t luxury units. And then there are others that when the listing says, “upgraded”- well, it looks it.

A unit recently came on the market at The Belvedere,  the popular mid-rise building at 270 E. Pearson in the Gold Coast/Streeterville neighborhood, that says it was completely upgraded.

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The listing states:

SPECTACULAR 2BR RESIDENCE IN PREMIERE BLDG. ALL ROOMS FACE SOUTH. LARGEST 2BR FLOOR PLAN W/2 TERRACES. COMPLETELY UPGRADED. GOURMET KITCHEN: DACOR, GAGGENAU, FISHER PAYKEL, BOSH, DOWNSVIEW, LIGHTOLOGY.

STUNNING MASTER BATH W/LARGE STEAM SHOWER, DRESSING TABLE, FULL SLAB GRANITE, HEATED GRANITE FLOORING, CUSTOM CLOSETS, CUSTOM GLASS & WOOD DOORS RECESS LIGHTING, BAR AREA, PANTRY, LAUNDRY, BUILT-INS.

The unit has no “view” but all the view is on the inside. No hardwood floors here. Everything is top of the line. It doesn’t hurt that the furniture matches the rest of the upgrades. Not a speck of clutter.

Is this really good staging, or does someone actually live here?

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Unit #303: 2 bedrooms, 2 baths, 1940 square feet

  • Sold in June 2004 for $832,500
  • Currently listed for $1.549 million
  • Assessments of $1,085 a month
  • Baird and Warner has the listing

I chattered about a one bedroom in this building a few months ago. It’s been on the market for months.

Unit #302: 1 bedroom, 1.5 bath, 1100 square feet

  • Sold in June 2004 for $525,000
  • Listed in December 2007 for $749,700 plus $50k for parking
  • Reduced and now listed at $719,000 plus $50k for parking
  • Rubloff now has the listing (Baird and Warner had it last December)

Flipper Alert: Another Price Reduction in 600 N. Fairbanks

There’s already been some price reductions on the one bedroom units at Helmut Jahn’s 600 N. Fairbanks in Streeterville.

But now price reductions are starting on the larger units as the weeks drag on without many re-sales.

I still haven’t seen any of the larger units re-sell in the building. Closings began the first week of November 2007.

Current statistics for the building (out of about 227 units):

  • 37 for sale
  • 15 for rent on the MLS but there may be more on Craigslist and the Reader

Closings also continue.  It appears that they are about 2/3rds of the way done with the closings in the building. That would mean about 30% of the building is back up for sale.

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Unit #1301: 3 bedrooms, 2.5 baths, 1746 square feet (lowest residential floor)

  • Sold in November 2007 for $805,000
  • Originally listed in January 2008 for $929,000 (plus $60k for parking)
  • Reduced and now listed at $895,000 plus $60k for parking
  • Assessments of $585 a month
  • Koenig & Strey has the listing

When Real Estate Doesn’t Always Go Up: 4545 S. Drexel

There are some neat old mansions in Kenwood/Hyde Park that have been saved in recent years.  The mansion at 4545 S. Drexel is one of them.  Designed by famed architects Burnham & Root, the house was carved up into condominiums in 2002.

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But some sellers have had difficulty re-selling for any profit.

Unit #3A sold for $237,500 in December 2003 and re-sold in August 2008 for $237,000.

A large duplex down is currently on the market. It has been on and off the market for nearly two years. Thanks to the Tipster who sent me the market information.

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Unit #1E: 3 bedrooms, 2 baths, 2600 square feet

  • Sold in June 2004 for $335,000
  • Originally listed in May 2006 for $419,000
  • Recently re-listed for $324,900 (includes the parking)
  • Assessments of $368 a month
  • Rubloff has the listing

Flipper Alert: First Pictures from The Marquee: 1454 S. Michigan

The Marquee, at 1454 S. Michigan, began closings in January 2008. It was originally marketed as an affordable highrise. It was NOT luxury.

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Not surprisingly, there are flips in the building.

Current statistics in the building:

  • 21 for sale on the MLS (many are from the developer)
  • At least 3 for rent

Some of the low floor closings are coming back on the market including this 2 bedroom.

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Unit #505: 2 bedrooms, 1 bath

  • Closed in January 2008 for $299,800
  • Currently listed for $319,900 plus $30k for parking
  • 300 square foot terrace
  • Assessments of $242 a month
  • Dwell Inc. has the listing

The bedrooms are very small.

  • Bedroom #1: 11 x 11
  • Bedroom #2: 8 x 11

This unit also appears to have the concrete ceilings that have become popular in new construction even though this building was not marketed as any kind of “loft” or a “modern” building.  If anything, it was marketed as more of a vintage-type building.