The 1-Bedroom Streeterville Short Sale: 550 N. St. Clair
This 1-bedroom at the newer construction modern highrise at 550 N. St. Clair in Streeterville was recently reduced and is now listed $100k under its July 2010 list price.
It is also a short sale.
This building was hot in pre-construction in 2005-2006 as it is only a block off the Mag Mile. It also had the “in” contemporary look.
There’s no cherry in the kitchen here. It has modern gray cabinets and stainless steel appliances (but no island.)
The listing says it also has the desired west facing view.
The unit has central air, in-unit washer/dryer and it comes with a heated deeded parking space.
Records are a bit spotty for this unit, but it appears to be listed 45% under the 2009 purchase price.
Is this a deal?
Michael Michalak at Re/Max Signature has the listing. See the pictures here.
Unit #1306: 1 bedroom, 1 bath, no square footage listed
- Sold in January 2009 for $510,000? (per the Chicago Tribune)
- Was listed in July 2010 for $379,000
- Reduced
- Currently listed as a “short sale” for $279,000 (parking included)
- Assessments of $296 a month (includes doorman)
- Taxes are “new”
- Central Air
- Washer/Dryer in the unit
- Bedroom: 13×11
- Kitchen: 12×6
- Living room: 17×14
13th floor units always take longer to sell – bad luck!
Aside from that I’d put this in the ‘deal’ category. If I was looking for a pied-a-terre I’d be all over this.
Good deal, agreed! I’ve been in most of the units and the building is fine. Not as nice as 600 N Fairbanks but similar feel/location, and better pricing
can you rent the unit out?
actually, all joking aside – I can’t believe anyone would think this was a “deal”. With all of the inventory out there, there are a lot of alternatives – or, if you tack on 30-50k, you are in the 2bed range. The area is nice but 1/1 are a dime a dozen. Just go down a few blocks, buy at 10 E Ontario and save yourself 150k (yeah, I know that there are a lot of foreclosures in that building, but, to save 150k I think that someone looking for a 1/1 w/ balcony in that area SHOULD be looking at the 10e building.
Clio, not you are wrong on this one.
First, 10 E Ontario is a 30 yr old building without in unit laundry, etc, over 400 Units, etc
This is new construction in Streeterville with around 100 units. It’s not a fair comparison.
Yes, you can rent this out for around 2K a month plus 200 for parking.
Have you been in 10 E? If not, go check it out and report back. Not funbuilding….
And finally Clio, fair comps for this building are 160 IL (Avenue East), 600 N Fairbanks, and Parkview (505 Mcclurg?).
These were all built/marketed and sold in approximately the same time/era
No tub in the bathroom, the kitchen looks very weirdw/out the island/sitting area. This is a very black/white condo that lacks color. Rent it out to some guy who doesn’t cook.
It’s what’s called a “galley kitchen”, no? Common in Studio apartments of old. Did we even get a photo of the bedroom? or was that one of the window photos?
This place is as dull and lifeless as dirt. If it sells anywhere near ask, even with this sweet location, I’ll be surprised.
The property can be rented out. It is a medium sized 1-bedroom, but with the parking included in the price a pretty good price for a first time buyer or in-town.
If I had the money, I would buy it (already have too much real estate).
I would put in an island (or perhaps a large fun working table/dining room table) and skim coat the ceilings. 3-5K for it all
I don’t care about tubs. I have one and used it maybe once. I can’t even stand cleaning it
Not a bad deal. We really are getting back to ~ 2002 pricing
@Clio:
Does X-ray vision not apply to Real Estate? or in the interest of full disclosure, do you have any holdings in this particular building?
—
2 years ago, Sabrina was noting the number of foreclosures in the building
http://cribchatter.com/?p=5391
I don’t believe 10 E Ontario is not a place to buy into…at current ask
Some joker may have paid $510 for this place in 2009? Wow, what a drop. Good thing is that parking is included. Probably sells at just under ask ~270K.
i have always wanted a west face view of other buildings,
i can see why someone paid 510k for a this spectacular 1br and cool kitchen, at 279k its like robbing the bank. this should sell quickly.
I love to cook and cooking in a galley kitchen is actually my favorite kitchen. I don’t think this is a galley kitchen. They have two lines not just one. This is just an afterthought kitchen in a big room. And, I don’t understand why it looks like they ran out of space with the cabinetry on the left. Weird.
@It’s what’s called a “galley kitchen”, no?
Traditional thinking says that not having a tub cuts down your audience
You can’t use 10 E Ontario as a valid comp for non-INVSCO buildings. 10 EO is a financial disaster so typical of INVSCO conversions.
This place is as dull and lifeless as dirt. If it sells anywhere near ask, even with this sweet location, I’ll be surprised.
Agree. Agree with Groove that the views are meh. Agree with clio that you could find a pretty nice 2/2 for close to this price and agree with Lisa that this isn’t a galley kitchen.
Today, I am quite agreeable and apparently have nothing new to add..
Oh, wait, yes I do — staging (or even turning on some interior lights) would help this place immensely.
“if you tack on 30-50k, you are in the 2bed range”
and a few hundred more in assesments and taxes…that extra 1000k/month is too much for some people
“if you tack on 30-50k, you are in the 2bed range”
and a few hundred more in assesments and taxes…that extra $1000/month is too much for some people
This layout & size (particularly with the small kitchen size), seem more like a convertible studio, and I’m thinking the square footage can’t be more than about 650?
BTW, rather than calling it a galley kitchen, I’d call this kitchen more of a wet bar!!
“and a few hundred more in assesments and taxes…that extra $1000/month is too much for some people”
Then they shouldn’t be buying a 300k 1bdrm in any case. Also what about resale value? I bet bringing money to the table would be “too much” as well in a few years time.
I really don’t understand everyone’s views. All I keep reading is how 1/1 and 2/2 should not be touched in this market – and now, with this unit, everyone is so positive it will sell for nearly 300k!!! Have you guys looked at the sizes of the rooms? For an in-town, you would be better off renting a room at the Trump/Fourseasons/drake. It would be MUCH cheaper. If you want an in-town, it should be either more affordable or larger – otherwise, you are wasting your money. Take if from someone who knows…
This building is situated on a really depressing block, I do like the building though… but man its uber expensive for some reason
believe it or not, the decor of this unit is in fashion: European cabinetry with clean lines, rectangular (not square) floor tiles in the bathrooms, and the vanity light in pic 11, and counter-tops with solid-homogeneous color schemes in black, white, or off-white. The blotchy, crazy colored granites are “out”.
on the one hand you have the 2nd story bar next door (where sonies apparently got his heart broken). on the other hand cnd gyros closed and this building itself replaced an ok diner. big meh
the block is even more depressing with the loss of Blackie’s.
Back to Clio’s (@#$@$#@$%), if we were comparing buildings like 10 E. Ontario, then there is 211 E Ohio which is right here next to 550 N. St. Clair.
211 E Ohio isn’t the newest on the block, but it is a large (300 – 400 unit???) building that is stable in its pricing for 1 bdrm and 2 bdrm if you are looking for a less expensive place.
550 N. St. Clair is too new for those assessments. They be in the 400’s like most one bedrooms in RN after some time.
“the 2nd story bar next door (where sonies apparently got his heart broken).”
lol what?
“believe it or not, the decor of this unit is in fashion”
believe it or not, this WON’T be “in fashion” in 5-7 years when the new owner tries to re-sell!!!
“This building is situated on a really depressing block”
put 2 and 2 together and got 2nd story bar
uhhhhh ok? still not sure how you deduced that
Bob/Clio –
This is an excellent purchase for a single person that wants to be downtown – for pleasure or work reasons. Also, great for a recent grad who has a job in the city. This is an awesome location to go shopping/for restaurants, you are right on Mich Ave and close to Navy Pier!!! Also, close to plenty of hospitals if you OD or drink too much plus plenty of succesful people around you to meet.
It’s priced right – finally – and would imagine is going to sell quickly or at least has received plenty of offers. The construction quality is better than 600 NF btw…
“Groove77 on November 15th, 2010 at 8:48 am
i have always wanted a west face view of other buildings,
i can see why someone paid 510k for a this spectacular 1br and cool kitchen, at 279k its like robbing the bank. this should sell quickly.”
i had to step away for a bit, has this place sold yet?
“the block is even more depressing with the loss of Blackie’s”
Blackies was terrible, their burgers were shit, and you weren’t aloowed to wear baseball hats inside the joint….wtf kinda place is known for burgers but won’t let you wear a baseball hat?
“uhhhhh ok? still not sure how you deduced that”
CH doesn’t think the block is depressing–so much so that CH thinks there must be some bad experience underlying your view of the block. There being little else there, it must have happened at the bar.
Me, I think you are pining for the lost Chicago represented by the diner that sat where this building now is.
The west view is actually really nice. You can see out over the gap to Michigan ave, watch the parades, people watch etc
what about 440 N. McClurg? Isn’t that similar? Also, why not 211 E. Ohio as a comparison? If you want to be snotty and elitist, then move to the Park Hyatt, Palmolive, or ELSD, etc. Other than those buildings, everything else is not that much different from one another.
and if you like modern and want new construction in this area, this is a great price
“won’t let you wear a baseball hat?”
what kind of place names themselves “blackies” then has a racist rule like not allowing wearing baseball hats inside?
also, yes, their burgers are overpriced crap!
You all must be kidding me. What so great about this place? Views are so so.
Kitchen is EU style but for a studio not a one bedroom and the bathroom is hideous. The price might not be bad, but calling this a deal is a bit too much.
“put 2 and 2 together and got 2nd story bar”
wait – this place is on the 13th floor – so what if there is a bar on the 2nd story (unless, the patrons share the same elevator).
miumiu,
I totally agree with you – I can’t understand the overwhelmingly positive comments on this place/pricing. I don’t understand it but I wish I did so I can make better real estate decisions based on what the majority want out there.
Clio,
211 E Ohio, 440 Mcclurg, etc don’t have these finishes and more importantly, don’t have IN UNIT LAUNDRY
Your in town idea stinks.
What couple wants to enjoy the city in your rec. 10 E Ontario, then pack up their dirty sheets/towels and take them home or treck down to an enormous communal laundry room
I know Clio. It reminds me of buildings in Prague suburbs that were converted after communism. I love to cook and there is no way anyone can cook in that kitchen.
BTW, folks, what are your thoughts on 6 N. Michigan? (not the 7 mil pent house…lol..but the 2 BRs). I checked it out and love the kitchen, but thought the bedrooms are so dark (guest BR does not even have a window). I know most people here do not like SL, but I think for the same price One MP and One MP west have better values. That being said the kitchens in MP are absolutely inferior to 6 N. Michigan. Also any thoughts on Park Monroe and Legacy?
And Clio, not sure your point in talking about more exp. buildings.
I have friends in all of them and sold units in the Palmolive, so not sure why you would compare 550 St. Clair to them.
6 N Michigan is great for the historic tax freeze if buying from developer.
The 1 bedrooms stink though
david likes this place.
I think the view is cool, probably nice at night. the interior pictures make me want to drink and the kitchen looks like darth vader.
Blackies was terrible, their burgers were shit
also, yes, their burgers are overpriced crap
I was always mystified by that place’s popularity. I would put it a couple of notches below Denny’s or IHOP with regard to quality of food (and ambiance…).
In unit laundry and parking included are 2 things this unit has, that many don’t in the area. Plus its relatively new construction. Good price point for the neighborhood, but will prob sell for $10k under ask.
agreed with Dave M
I would buy it for 250K including parking
For an in-town, you would be better off renting a room at the Trump/Fourseasons/drake. It would be MUCH cheaper. If you want an in-town, it should be either more affordable or larger – otherwise, you are wasting your money. Take if from someone who knows…
I think that this is the right plan for most people that are considering a pied a tierre. If they are doing it for the ease of having an in-town ready to go with no packing/unpacking I would bet that the Peninsula would find a way to make it happen. If not they could likely recommend a service that would store peoples clothing, tolietries, and other things then have them in the room ready and waiting for arrival with enough pre-paid nights or a high enough frequency of visits.
In fact Clio let’s start that business. I’ve got the warehouse space. I’d bet you have the list of friends that could benefit from this type of service.
Keep in mind, people take their pets with them on the weekend, including labs/big dogs.
Typically, my clients have decided to buy units as in towns b/c they are tired with dealing with the dogs/hotel issues.
I would never buy in this building for the simple reason that they (various developers) have been trying to sell condos there, on and off….and on and off….and on and off, since 2001. Still not done?!!
“6 N Michigan is great for the historic tax freeze if buying from developer.”
“I have friends in all of them and sold units in the Palmolive, so not sure why you would compare 550 St. Clair to them”
David, do you own this unit?
Actually, I am not comparing this building or unit to those other buildings. My point was that if you want luxury, go to those buildings. If you want just a one bed/one bath, why not buy at 211 E. Ohio, 440 N. Mcclurg or one of the MANY other buildings around and save yourself 150k?
seriously? “lets buy a place so we can bring the dog.” but there are a lot of hotels that take pooches, no? I guess the size restrictions could come into play.
No, I don’t own this unit Clio.
And the point that we are all trying to make is that you can’t compare 550 St. Clair to those other buildings.
Why would you want an outdated in town without basic amenities like laundry in unit?
And I agree with you. If you just want a cheap 1/1, go to another building in that area
“In fact Clio let’s start that business. I’ve got the warehouse space. I’d bet you have the list of friends that could benefit from this type of servicex”
Let’s do it – I have a list of people ready, willing and able to spend on a pied-a-terre. Seriously, it would be a great idea – especially if you kept the prices down just below 200k (Trump and Rafael tried unsuccessfully with more expensive units).
In-towns and this area in general sound like a great idea and are really fun ….. for about 1 week. Then you start to get REALLY annoyed with the crowds, tourists, traffic and difficulty getting around in a car (especially if you have to run out to buy a few groceries).
Dominicks, Whole Foods, and Trader Joes are all within a 4 block radius
Wheres the fridge?
I have checked bags with the peninsula for weeks at a time between stays. It works out ok if you give the bellman a nice tip – typically they will be so nice as to lay out your things in your room before arrival.
yeah, David, but they are really difficult to get to/into and back to your unit. If you have a car and a parking spot (which I do) – but driving there and parking takes 20-30 minutes. If you walk, then you are stuck with grocery bags navigating your way through throngs of clueless tourists. All I am saying is that a luxury pied a tier near michigan ave is over-rated.
“you are stuck with grocery bags”
bagS? You can fit multiple bags of groceries into the Lambo?
And the real answer is delivery, anyway.
“Wheres the fridge?”
Large cabinet on the right and the drawers underneath.
clio is dead on about the tourists. they get annoying fast, and I’ve never even had one throw a plastic bottle at me.
Another case of an owner doing the whole ostrich routine with regards to the competition. For my $ if I did like this area (I don’t, largely for the reasons mentioned above), I’d go with 653 N Kingsbury # 802 (MLS 07664372) which contains an extra half bath and is also 299k (269k + 30k for parking).
Or howabout 510 W Erie unit 508? which is also a 1/1.5 listed for 280k (250k + 30k parking). (MLS 07548010)
What about 303 W Ohio #2005? 1br/2ba for 284k, parking extra (MLS 07520116).
Or 900 N Kingsbury unit 722 is obviously the best of the bunch, even if a few blocks away. Its a 2/2 foreclosure for 267.3k. (MLS 07664482).
There’s a reasons ostriches don’t fly..
“bagS? You can fit multiple bags of groceries into the Lambo?”
No – actually, I have everything delivered – but when you add all the costs of everything, I could stay in a suite at any 5 star hotel for less. Really, it sounds like such a wonderful thing (kind of like vacation time shares) until you actually get into one. Don’t make the same mistake I did!!! (or, if you are dead set on a pied-a-terre, get a place that is relatively inexpensive -250k or less with low assessments and a little off the beaten path).
Comparing River North to Streeterville. Just different areas/age of buildings.
Not everyone’s flavor
“Don’t make the same mistake I did!!!”
Let them do what you did after ignoring your warning here. Just be sure to laugh at them after they do so.
#”“you are stuck with grocery bags”
bagS? You can fit multiple bags of groceries into the Lambo?
And the real answer is delivery, anyway.”
#
How about a 2 wheeled shopping cart! 🙂
That would be a hoot!
http://www.walmart.com/search/search-ng.do?search_query=shopping+cart&ic=48_0&Find=Find&search_constraint=4044
I especially like the Rosso Vik insulated one!
For a comparison, how about the 2/2 unit that Sabrina featured at 635 N Dearborn for $299k. It closed for 308k, included parking and had W/D in unit. Not as “cool” looking, but definitely more than doubles the space.
“In-towns and this area in general sound like a great idea and are really fun ….. for about 1 week. Then you start to get REALLY annoyed with the crowds, tourists, traffic and difficulty getting around in a car (especially if you have to run out to buy a few groceries).”
You are not meant for the city then Clio!…Some people enjoy crowds, tourists, and difficulty getting around via car — thus the city life where you dont need a car and expect crowds & tourists.
If I wanted a country house, I would move to the subrubs but I hate the 5-10 min rides wherever I want to go and lack of people around(same idea!).
I’m someone who purchased a weekend city place in Streeterville this year. Yes, it is a luxury. Yes, it would be cheaper to stay in a four star hotel every weekend. But a hotel is NOTHING like having your own place.
My requirements were to get something that had one amenity that you can’t get in nearly ANY hotel (except possibly the W on LSD): a floor to ceiling, full-on Lake Michigan view. We ended up in one of the Mies van der Rohe buildings. Some may argue, “no in-unit laundry, no swimming pool, no central air, NO WAY.” But when you sit on your couch and gaze at the lake or watch the Saturday night fireworks from the comfort of your own space, those amenities — which very few people actually use in a weekend place — don’t really matter.
But one thing I will say, the northern part of Streeterville feels much different than the southern part. It’s more of a tucked away neighborhood IMO.
I can’t say that it was the wisest financial decision, but my significant other and I aren’t big “vacationers” so this is what we choose to do with our free time and money. If we make a buck or two when we sell 10 – 15 years from now, so be it. If not, we still enjoyed ourselves and the city.
So long story short, there will always be a market for in-towners and the right kind of property.
“…when you add all the costs of everything, I could stay in a suite at any 5 star hotel for less. Really, it sounds like such a wonderful thing (kind of like vacation time shares) until you actually get into one. Don’t make the same mistake I did!!!”
Weren’t you extolling the profound psychological virtues of the in-town a few weeks ago? You had a numbered list and everything. The one thing you listed that I agreed a lot with was sleeping in your own bed.
“You are not meant for the city then Clio!…Some people enjoy crowds, tourists, and difficulty getting around via car — thus the city life where you dont need a car and expect crowds & tourists. ”
I love city life but that doesn’t mean I like areas like Navy Pier or this part of S’ville. What part of “clueless annoying person from burbs/sticks whose kids have to act extra hyper because they’re in the big city” don’t you get?
well bob if you think those places are “deals” then I don’t feel so bad about my purchase
A deal in relation to this place. What I consider a deal is a moving target these days (moving lower with each new groundbreaking “deal”).
“Some people enjoy crowds, tourists, and difficulty getting around via car — thus the city life where you dont need a car and expect crowds & tourists”
no no no – don’t get me wrong. chicago is awesome and an intown is OK – but don’t get fooled by buying something so close to Michigan Avenue unless you want to deal with the constant crowds.
Bob, you are right.
If people don’t like the city crowds, they should move to the suburbs.
Dogs and people haters go to live in a retirement home.
I love the city, the noise, the life and being able to walk everywhere.
Do not forget, this is located 3 blocks from the lake.
“Weren’t you extolling the profound psychological virtues of the in-town a few weeks ago? You had a numbered list and everything. The one thing you listed that I agreed a lot with was sleeping in your own bed.”
no no no – I still like having an in-town and need to (you don’t want to drink and drive), but I am paying a HUGE price for it. If you can afford it and don’t mind the cost, it is great – but seriously be careful because those assessments/taxes and added expenses really add up fast!!
has someone hacked into clios crib chatter acct again?
“has someone hacked into clios crib chatter acct again?”
no – I’m just second guessing the in-town thing. I seriously use it 4-6 nights a month and, although I don’t have a mortgage, the monthly carrying costs are 2500/month. For me, it is not worth it. However, if you could use it during the week, had family that could use it, or used it EVERY weekend, it might make sense.
Seriously, for anyone thinking about an in-town, they should rent for a year and calculate how many times they actually use it. Then, go from there – or do a lease/option.
We’re close enough to N. Michigan to walk there in 15 minutes or so but not close enough to be bothered by tourists. We like being near it because of the shopping opportunities we don’t have at home. We do avoid Michigan Ave during holidays. We take the car to the nice new Jewel on Des Plaines or walk to the upscale one by the Weber Gill restaurant.
I like having people around. As Sonies can attest our area does have lots of clubs and I enjoy seeing the young people all dressed up on Saturday nights (at least the young women; how to they manage on those heels?) walking around. They are polite and generally well behaved (only saw vomit on the street once) and having people on the streets late into the night increases safety. If I didn’t want people around I would have bought a weekend place Up North in Wisconsin. G– forbid.
BTW, can some explain to me why tourists are attracted to Gino’s East, which is near us? It’s hard to tell which is worse, the service or the food.
Good advice actually!
We’re close enough to N. Michigan to walk there in 15 minutes or so but not close enough to be bothered by tourists. We like being near it because of the shopping opportunities we don’t have at home. We do avoid Michigan Ave during holidays. We take the car to the nice new Jewel on Des Plaines or walk to the upscale one by the Weber Gill restaurant.
I like having people around. As Sonies can attest our area does have lots of clubs and I enjoy seeing the young people all dressed up on Saturday nights (at least the young women; how to they manage on those heels?) walking around. They are polite and generally well behaved (only saw vomit on the street once) and having people on the streets late into the night increases safety. If I didn’t want people around I would have bought a weekend place Up North in Wisconsin. G– forbid.
BTW, can some explain to me why tourists are attracted to Gino’s East, which is near us? It’s hard to tell which is worse, the service or the food.
“#Groove77 on November 15th, 2010 at 10:27 am
“Groove77 on November 15th, 2010 at 8:48 am
i have always wanted a west face view of other buildings,
i can see why someone paid 510k for a this spectacular 1br and cool kitchen, at 279k its like robbing the bank. this should sell quickly.”
i had to step away for a bit, has this place sold yet?”
sorry took a long lunch this palce has to have sold by now?
lol even worse than Gino’s east (which at least has an edible pizza) is Ed Debevic’s… the place reaks of deep fryer grease every time I stroll past that place its disgusting
The 1/1s in this building suck — an awkward space, and definitely no room for a kitchen island. We rented an 06 at 600NF a few years back, and looked here when we were shopping around. They are (as of a year ago) trying to rent these things for 1950+, which is absurd.
Compared to 600NF, the finishes are meh, and it appears they cheaped out on the floors. Not a fan
“I’m just second guessing the in-town thing….For me, it is not worth it.”
I think your advice would be to just enjoy it. You can afford it, you deserve it, don’t worry about the cost. Think of how happy it is making everyone.
“although I don’t have a mortgage”
Surely you have an opportunity cost?
DZ is playing good cop bad cop in attempt to resuscitate the familiar clio.
“Seriously, for anyone thinking about an in-town, they should rent for a year and calculate how many times they actually use it. Then, go from there – or do a lease/option.
#
David on November 15th, 2010 at 2:42 pm
Good advice actually!
”
I agree – in fact, I think this is good advice for ANY neighborhood you haven’t lived in (even ones you think you know). I know there have a been a couple neighborhoods we have searched to buy, ended up renting, and realizing we didn’t want to live there long-term.
“DZ is playing good cop bad cop in attempt to resuscitate the familiar clio.:
No -it’s the same Clio – I am just realizing that you really have to examine your lifestyle/behavior when choosing a location AND building. I am having a lot of problems in my building because all of the snotty people want me out and are creating a lot of problems for me because of what they believe is disruptive behavior.
So- seriously if you are going to buy an intown to go out at night on the weekends and come back a little drunk and a little loud – do NOT buy in a snotty building. Also, if you are going to come back with random people, do NOT buy in a small building. Again, examine your lifestyle before making such a big commitment.
“all of the snotty people”
But do you realize all the kind, generous things they’ve done? They aren’t snotty, really.
how disruptive could you be 4 days a month? and is palmolive small.. kind of tall, no?
I sympathize though, had a friend who tried to pull you’re rental stunt in spite of the condo’s bylaws. they tortured him, it was cruel. (not implying this is why you are having issues on walton)
“But do you realize all the kind, generous things they’ve done? They aren’t snotty, really.”
No – the people I was referring to on past posts were the ones on ELSD – the true “quality people”. The people in my building (across from the Drake) are mean, nasty (? nouveau riche) people who tend to be a bit younger and more aggressive. Real snotty, abrasive, obnoxious people. What a difference~!!!!
“Real snotty, abrasive, obnoxious people. What a difference~!!!!”
That’s just because you don’t really know them–they are kind and generous with their friends–not snotty at all!!
“The people in my building (across from the Drake) are mean, nasty (? nouveau riche) people who tend to be a bit younger and more aggressive. Real snotty, abrasive, obnoxious people. What a difference~!!!!”
I will say this. You do earn your keep around here most days.
I know a number of people in the Palmolive, if that is what you are referring to, and they have been nice, kind, and funny in the elevators/lobby etc
“I know a number of people in the Palmolive, if that is what you are referring to, and they have been nice, kind, and funny in the elevators/lobby etc”
Buy my place then!
Haha, I wish I had that kind of money Clio! Some of my clients do, not me 🙂
Do you have one of the 1800+ sq ft 2/2.5s?
I think the biggest thing that throws people off is the modern style, you either like it or you don’t. I own a one bedroom unit in this building and what sold me was the style. I am so sick of people talking about the kitchen space of a one bedroom, come on, I looked at 50+ one bedrooms before finding this place and instantly wanting it, not one of them had a true cooks kitchen. If you want a real kitchen you have to have three bedrooms, it is that simple, the three bedrooms in 550 have amazing kitchens btw, with a huge island. As for the Euro style, well, this building is popular with Europeans and considering where the dollar is going, I will take my chances if I want to re-sell it in 5-7 years. Additionally, renting out a one bedroom for 1950+ is not absurd at all, one bedrooms at crappy all apartment buildings in the gold coast that have not been updated in years rent for 1350-1700. Paying an extra $200-$300 to be in a brand new building, with only 6 units in floor, which are nearly all owners is a trade off that many would like to take if they had the money.
Whoever said that the peninsula is a better option is full of it and probably hasn’t stayed at the peninsula long term. If your coming into town for one weekend, your bill is going to be $1,200+ (room, parking, taxes, food, spa, etc.). That is one weekend, make it two weekends and you have made your mortgage on this place. But by the looks of the demographic in 550 mortgages are neither here nor there as many people were cash buyers. If you are a cash buyer right now looking, 279 for this place is a steal, your annualized ROI will immediately be 8% if you want to rent and is only going to go higher as supply is sucked out of the market, which will happen as building has all but halted.
I had a broker tell me this is the IKEA building of 600 N Fairbanks – I agreed per viewing a few units. There really isn’t a comparison..
Why does the listing not have an agent’s phone number? Am I missing something? This unit is worth it… it can easily be rented for break-even with 20% down. Good investment.
>>>I had a broker tell me this is the IKEA building of 600 N Fairbanks – I agreed per viewing a few units. There really isn’t a comparison
Actually this building is definatly not IKEA. It has SubZero, Miele, Expensive Alno cabinetry, expensive manufactured hardwood floors that can be resanded multiple times, marble, granite, etc. The only thing cheap are perhaps the Kohler toilets.
As another poster said, you either love the modern design or hate it. It is definately a well designed building (David Brininstool) and the plans are better than 600 N. Fairbanks.