16 Months After Slashing Prices, Developer Still Trying to Closeout: 550 N. St. Clair in Streeterville
In November 2008, we chattered about the developer at 550 N. St. Clair in Streeterville slashing prices on units.
See our prior chatter on the price cuts here.
16 months later, this 2-bedroom is still on the market and is now listed as a “developer closeout.”
The building, which is located just a block east of the Mag Mile, originally started closings in February 2008.
The building is modern in style, with floor to ceiling windows, concrete ceilings in the units and bathrooms that open directly into some of the bedrooms.
The unit has luxury finishes like Subzero and Bosch appliances and Alno kitchen cabinets.
There are also real hardwood floors.
Louisa Azizi at Weichert Realtors has the listing. See the pictures here.
Unit #1004: 2 bedrooms, 2 baths, no square footage listed
- Originally listed in March 2008
- On and off the market since then
- Currently listed for $545,000 (parking is $50,000 extra)
- Assessments of $416 a month (includes doorman, pool, air conditioning)
- Taxes aren’t listed
- Bedroom #1: 15×12
- Bedroom #2: 12×10
Any idea what pre-con pricing was?
Hrm must be a mistake. It shows as only being on Redfin 34 days. LOL!
600k for a 2/2….epic fail. But lets wait for Jay-Zee to tell us otherwise.
that kitchen is tragic! tragic! i had more counter space in the studio apartment i rented in the late 1990’s.
Who cares, your butler is likely grabbing chinese takeout for you anyway
“your butler is likely grabbing chinese takeout ”
Going to C’town? Or is there hidden RN Chinese takeaway that doesn’t suk?
“Who cares, your butler is likely grabbing chinese takeout for you anyway”
This place is far from butler-rich.
I’ve seen these units. The square footage, while not listed, is small. Even so, some of the square footage is wasted on the narrow perimeter hallways that are good for light but not much else. As mentioned above, the kitchen is pathetic, it’s like they installed appliances in a closet then removed the doors. Tenth floor gets a lot of street noise, too. Who knows what the appropriate price for something like this is these days, but I would guess it’s at least $150K less than what they are asking, especially if you include parking.
“Going to C’town? Or is there hidden RN Chinese takeaway that doesn’t suk?”
If you have a butler, I suppose he might as well go to Chinatown. Szechuan East used to be halfway decent if you chose wisely but I think they’re closed now. Shanghai Terrace in the Peninsula is good but very pricey (I’m sure they would do takeout if you asked), but if you can afford a butler…
Bob,
You’ve hardly ever seen me express a price opinion.
And when I do I’ll have been in the unit / building, have some detailed familiarity with the market, and some knowledge of the preferences / values of actual buyers.
I’m not going into CribChatter mode – where most price opinions are based on a witches’ brew of attitude, a few pictures, an inability to afford the home in question, and lack of contact with people who can afford it.
“Going to C’town? Or is there hidden RN Chinese takeaway that doesn’t suk?”
Yu Choy is pretty good for the price (in RN)
Stay far, far away from Yu Shan(t) on Ohio. Worst takeout I’ve ever had.
Toured this building and a few 2/2s back in late 2008. NOT IMPRESSED. Unites feel small and prison like. The building itself seems bland and the amenities were lacking. The pool is a joke.
More important than the loud street noise, at night the building across the street casts a red hue on the north side of this condo (I think it is a Marriott). It reminds me of that Seinfeld episode with the Kenny Rogers chicken place that caused Kramers apartment to glow red…
Hey it’s the Kitchen Wall! I remember this chatter. Upon second viewing I wonder if I could design a rolling wall that hid the kitchen completely, like a reverse murphy bed. Maybe with a button on the wall and a Star Trek noise with the reveal.
The developer has rented a large number of the unsold units in the building. Does anyone know how many of the units have actually sold to date?
Personally, I think the lackluster sales at 550 are partially due to the sales team — very weak — in my opinion. The sales team lets potential buyers walk through 15+ unlocked unfurnished units unaccompanied as they talk to their friends and file their nails in the sales office. There was no follow-up from the sales office either. It’s no wonder two years later they are still trying to sell these units. One would think the developer would have replaced the sales staff in 2009!
“design a rolling wall that hid the kitchen completely, like a reverse murphy bed. Maybe with a button on the wall and a Star Trek noise with the reveal.”
The only thing that makes that “kitchen” at all practical.
Hahaha Joe, every time you write your opinion you show us what an arrogant, and ignorant, naive fool you really are. Keep it up, I enjoy a good laugh every now and then!
“I’m not going into CribChatter mode – where most price opinions are based on a witches’ brew of attitude, a few pictures, an inability to afford the home in question, and lack of contact with people who can afford it.”
Am I the only one who thinks those association dues are in for some serious adjustment? Doorman, heat, AC, gas, water, pool, exercise room, etc. for $419/mo?
homedelete,
There’s reason to doubt that you’ve ever enjoyed a good laugh – or much of anything else.
I’m laughing at you Joe. You’re a clown, a bozo, a goof. You’re a foolish guy who says ridiculous things like “[Cribchatters have] an inability to afford the home in question, and lack of contact with people who can afford it.” The funny thing is that you actually believe this drivel.
“Joe Zekas on March 17th, 2010 at 4:26 pm
homedelete,
There’s reason to doubt that you’ve ever enjoyed a good laugh – or much of anything else.”
I do agree that Joe does indeed refrain from discussing pricing on most new units.
It is not a blanket blackout, however, when the rare new unit has rental parity using a myriad of assumptions he does jump right in.
homedelete,
Still deranged over the fact that I spent 5 years at a Biglaw firm and your personal best is pretending to be a bottom-feeder at a fourth-tier one?
Did we ever get around to making that series, “South Loop 2006”, where are they now?
Watch out Joe, you are starting to sound like a troll.
Funny how Joe makes massive generalizations about ALL Cribchatterers while criticizing us for generalizing buyers or sellers. According to Joe’s logic, one must never criticize a seller for overpricing since we don’t know the whole situation, but it is entirely OK to assume that every last poster on Cribchatter is just a broke and jealous renter.
I like you Pete, you always have an apropos comment to post at the end of the day. You’re not one of the 9-5 posters but come 9:30 pm you’ll have an insightful comment.
Funny how Pete continues to distort – claiming I said “ALL” when I clearly said “most.”
I never inferred “broke and jealous renter,” and my generaization about most of the commenters here is more than amply supported by their own words. They admit they haven’t seen the properties, don’t know the nieghborhoods, expressly state they can’t afford what they’re commenting on and know few, if any, people who can.
Joe, my opinion of Crib Chatter is slightly different than yours, and I’ve even had a share of sarcastic comments thrown my way. Most of the posts from people who express ignorance on a particular neighborhood tend to be asking for input or advice from the others that do. I believe it is fair to state that most here have not seen the properties in person; however that would be the case for most buyers and sellers as well. Hell appraisers don’t walk through each comp to set pricing estimates either, and they are the professionals!
I’ll take you at your word that you didn’t mean to infer ‘broke & jealous renter’ – however I also got that impression from your postings. The upper bracket is a tough one for us hoi polloi to appreciate and price, and I’d say that’s true across all luxury items. The main opinion is that a much greater percentage of our housing stock should be considered priced as a luxury rather than inline with historical income levels.
The counter point to that has always been that Chicago is a much better value compared to nearly any other major city world wide. Two differing viewpoints, hence the always entertaining banter here.
Cribchatter is fun. It’s a blog everyone, so relax
“….Chicago is a much better value compared to nearly any other major city world wide.”
I can’t agree with this statement, at this time. I have been coming across so many properties that I would consider good value and in the Miami area.
New construction buildings are finally moving after receiving, in most cases, a 50% price chop.
I am currently closing on a number of units in one of the top shelf buildings, Icon Brickell, and am looking at several other buildings. I didn’t think I would ever buy in new construction buildings for investment purposes (rentals) but with the current pricing situation, I would be a fool not to.
The reason I bring this up (I know there is no reason to compare the two markets) is I think this is the route most developers need to take over the next year or two, esp in a city like Chicago. Sure the developers will get raped doing so, but what other option do they have?
The last two rehabs I sold I took major losses on, but to finally be rid of them was a huge relief. If I had not chopped so severely, I would have been sitting on them for years.
Do you all see this type of thing happening in Chicago…25-60% price chops? As a buyer, I think this will be the ONLY way the over supply of units is depleted.
“I like you Pete, you always have an apropos comment to post at the end of the day. You’re not one of the 9-5 posters but come 9:30 pm you’ll have an insightful comment.”
True post and I agree 100%.
I always looked forward to reading Pete’s comments as they put things in perspective after the properties were torn apart by the day posters.
Seriously Joe, why such harsh statements?
Westloopelo: Interesting perspective, as I’ve only really looked at housing in cities I’ve thought to live in: London, Hong Kong, Tokyo, SF, NYC, Chicago. Not surprisingly, the reasons for these places are personally based on a) industries myself & the wife are in, b) friends, c) lifestyle. Miami didn’t hit the list as a place to live & work.
I am completely uncertain as to future pricing in Chicago of real estate, for all the reasons that regulars here post (employment, tax credits, employment, interest rates, employment, underwater debtors not turning over).
Outside of the winter music conference what else happens in Miami? (I kid!)
The developers have an awful lot in common with cribchatters. Very few people have seen their properties, they overbuilt in the neighborhoods they claim to know, they charge prices too high for their potential customers to afford and they know few, if any, people who actually want to buy their product. I guess that’s why so many developers have product sitting vacant on the precipice of default/foreclosure.
“They admit they haven’t seen the properties, don’t know the nieghborhoods, expressly state they can’t afford what they’re commenting on and know few, if any, people who can.”
I agree Wicker, So Fla is not for everyone. I hear the cliche’ “Fine for a vacation, but I wouldn’t want to live here” so often when I am meeting new people.
I am still drawn to all the things Miami holds and now as a (for the most part) retired renovator/investor, I am planning on living full time in this area. The first rehab I completed (it’s still in my family) was in Lauderdale so there is an emotional attachment to the area. Not really a water/beach guy (basic black attired NYer) so I often wonder what draws me to the area so strongly.
Anyway, I browse listings from all over the country just out of curiousity and to compare what is going on in the different markets. Out of all the places hit severely by the economy, Miami seems to be the only area headed in the right direction by making the move and taking such drastic price cuts on new construction buildings. I think Chicago would do well to follow suit…esp in the S Loop area.
Hopefully lessons were learned from having all those units sitting empty….just hope history does not repeat itself once life stabilizes and people are able to invest in RE for more than shelter.
“I never inferred “broke and jealous renter,””
You implied. Others inferred. No one implied that you inferred that from your own statements.
I do think that it was a reasonable (but certainly not required) inference from: “most price opinions are based on a witches’ brew of attitude, a few pictures, an inability to afford the home in question, and lack of contact with people who can afford it”, whether that was what you intended to imply or not.
In full disclosure I purchased a unit in this building at the end of 2008 on a day when the financial system looked like it was coming to an end; in fact I believe both Goldman and Morgan Stanley’s stock prices where respectively down double digit percentages the day I made my offer. Personally I think I got a great deal and at the bottom. My rationale was simple; the world was either going to end as we know it within the next week of my purchase or it was the bottom. To backup that up if the government was going to pull us out of the mess we were in at the time they were going to have to take drastic measures and pump so much money into the system that inflationary and possibly a hyper-inflationary environment would be certain. Couple that with the fact that no condo buildings are going to be built or financed until the current supply is worked through and I felt my downside risk was pretty low with pretty decent upside.
Here are several take aways regarding the building:
1) Phenomenal Location – People will argue this but location is subjective to personal preference. I stay at my place several times a month when I need to work late and don’t want to make the trek back to the suburbs. My office is in the heart of the loop and it literally takes my 6.5 door to door. (Take Lower Wacker and you come out right by Building). A place anywhere else in the north side would not allow this short of a commute.
This is also a great location for Doctors with Northwestern being located two blocks away. I would also add in-towners to the list. This is centrally located, close to the EL and easy to catch a cab. You can be to the North Side in 10 minutes and to the loop in 5-6 minutes. Not to mention it is less than a 10 minute to phenomenal restaurants.
I will add one more point to the location. I also looked at 600 N. Fairbanks. While these two buildings are located in close proximity to one and other, I hated the location of 600 N. Fairbanks. Something about 600 N. Fairbanks location feels completely isolated.
2) Amenities – People will argue that the amenities are lacking. In my opinion it is just the right amount of Amenities. The workout room is simple; two treadmills, elliptical, bike with some free weight equipment. However, I have never had a problem getting a machine and in my opinion the view is decent, with views of Michigan Avenue. Somebody commented that the pool was lame, I could not disagree more. The utility of the pool is perfect, two laps, sleek modern design, perfect for early morning or late evening swims. Is it the peninsula? No. Is it clean and useful, yes. The sauna is also a nice amenity as well.
Overall the amenities are useful and have nice taste. Perhaps they are not as great or abundant as other buildings, but this helps keep association costs down. What happens at 600 N. Fairbanks in 5-7 years when the tenants want the lobby redecorated? People want all the bells and whistles and then very rarely use them.
3) Quiet Building – The owners and tenants of the building are polite, respectful and for the most part keep to themselves. I like this. I think I am the only non-doctor on my floor and as such I see my neighbors in passing but have had zero issues with noise complaints or loud partying.
4) Interior of Units – I hear allot of complaints regarding the kitchens and small feel of the units. Personally, I could care less about the kitchen and have always loved the “euro” style. I was looking for a place that was modern and sleek and this place is exactly that. If that’s not your style than don’t bother, everyone has their own personal preferences. With respect to the space it is not lacking. I looked at between 50-75 units before moving on this one. This unit had the best closet space out of any unit I have seen and the pocket doors are a huge kicker in adding to the space. The 12 ft. + ceilings with floor to ceiling windows and abundant natural light make my place feel huge in my opinion.
I have always found the kitchen argument to be a bit overplayed when discussing condos to be honest with you. Condos are rarely occupied by families and if they are they aren’t looking for a 2/2. So really is the kitchen space that much of an issue when you are most likely cooking for yourself and one other individual most nights and perhaps hosting a monthly dinner party?
Overall, this place has suited my needs perfectly and I am fairly certain I won’t be disappointed when I go to sell it in 10 years.
“So Fla is not for everyone”
True that. To me, it combines the least appealing aspects of LA and NYC and puts them in a swamp. The beach is beautiful. South Beach and the clubs are great if that’s your thing (and you have the $$). But I can’t imagine living there, even if I could afford to turn Fisher back into a private island.
I like this place and I don’t really find it negative or troll-y, for the most part. People have to exaggerate their personalities a bit to get recognized.
You know why I like this place? I like real estate, even when I’m not looking to sell or buy AND I’ve learned a hell of lot from you folks. I also like that you’re willing to help random strangers who come here looking for advice. So, nyah, nyah, nyah Joe Zekas, whoever you are.
I’ve seen a lot of condos with the exposed concrete look, especially on the ceiling. What can be done with that other than leaving it? Has anyone ever seen the ceilings painted, treating with some decor element or do people ever finish it with drywall?
Shiphouse: great summary of your buying decision, and details all the nuances of how people end up where they are.
I’d still look into the Star Trek wall for your kitchen though. Seriously awesome.
Wicker – Thanks. I often times looked at my kitchen and just thought that it would be better served as a bar area. I have not used the microwave or stove once since I purchased the place as I either go out to eat or get carry out.
By the time I go to sell this place whoever buys it is going to want to re-do the kithen anyway.
I should also mention that their is serious closet space in these units (for the one bedrooms anyway) and in-unit washer dryers.
This part of town is loud and lacks a neighborhood feel. Too many hotels/hospitals etc… If I wanted downtown modern, I do 30 W. Oak and, if I could not afford that, then the Montgomery or Domain Lofts in west RN. At least the west side of RN is close to a nice park (Erie Park), close to the new Whole Foods, and is quiet. Not as many everyday food options (Japonais and the restuarants on W. Ontario are a bit pricey for everyday food) but at least there is quiet and a neighborhood feel…strollers, moms, and locals. Even with what is left of Cabrini…the buildings are better quality (not built in the recession where developers cut quality)and the neighborhood will only get better. Streeterville is only going to get more institutional, loud, and touristy as Children’s Hospital takes over.
A Local – I don’t disagree with you that the Streetervill area lacks a neighborhood feel. However, that is not what everybody is looking for. Again it comes down to personal preferences. As an in-town Unit 550. St. Clair is great. Not to mention I would argue that it is probably the best location in the entire city for getting to I-90 and other major tollways quickly via the use of lower wacker which makes its use an in-town unit even better.
Prior to moving to the suburbs I lived in the heart of Lincoln Park for along time. Trying to drive to get anywhere outside of the city was a nightmare with the worst part of the commute trying to get to the tollway.
Never in a million years would I say that this is an ideal spot for families, but it is an ideal spot for busy professionals who are rarely at their place. Which is a huge demographic for this price point.
I would further argue your comment about quality. I think this argument is overplayed with regarding allot of the developments (ex-south loop). The recession had very little to do with the quality of materials being used in these buildings as plans were set into motion long before the recession was ever a glimmer in the eye of the developers.
In my opinion the recession turned out to be a great thing for me personally, I got what I feel was an incredible deal and there will a zero to limited amount of new buildings developed over the course of the next five to seven years. By that time 2008 will be a distant memory to most and we will be another raging bull/bubble market and quite possibly have high inflation. At that point in time I will either dump the unit or rent it for a stupid price.
P.S.
Who are we kidding are any of those other areas you mentioned really family centric?? Really???
“quickly via the use of lower wacker ”
Be prepared to find alternate routes thru 2012/13. N-S portion is going to be reconstructed, starting soon-ish. Prelim work has already begun.
Wicker,
Check out these listings for the best example of your hide-a-kitchen idea. A large beautiful wood wall slides into place hiding the main part of the kitchen leaving only an island visible.
This is the only building in the current crop of starchitecture buildings that sold out 100% prior to opening.
Either Dolce or Gabanna of said design house purchased the last remaining penthouse for $17.5 mil. This building is SO cool in that each apt has it’s own en suite garage reached via the automobile elevator.
200 Eleventh Avenue NY, NY
I think the buildings website had been deleted once it sold out.
http://www.prudentialelliman.com/MainSite/NHD/NHDInfo.aspx?id=205&loc=0&PageName=residences&nhdproptype=
http://www.chicagobreakingnews.com/2010/01/wacker-drive-overhaul-project-announced.html
Shiphouse – any comment on the red light coming from accross the street? Is that annoying?
Seems like some posters here have some self-esteem issues that they allow to guide their rhetoric.
If you don’t like an opinion, attack it, not the person behind it.
Shiphouse,
Thank you for your informative and intelligent post. I too am a suburbanite and I’ve recently bought an intown, after looking at even more locations than you indicated. I totally agree — alot of what is discussed here is a matter of personal preference. I looked at 550 St. Clair several times. I felt that the view, location and amenities were all marginal. The kitchens with laminate cabinets were basically within the living rooms. The pros in my opinion were that ceiling heights are great and light good, and I thought the construction quality was very good. Variety is the spice of life, and your rational and clear explanation was refreshing, especially in light of all of the venom being spewed in this thread.
DeSteve – Thanks for the comments. I am sure you found a place you liked if you looked at more than I did. As I kind of indicated in my previous post the kitchen was not as big of a deal to me and honestly speaking I truly like the cabinets. It is just more of a style preference more than anything. My house in the suburbs has dark custom made hardwood cabinets and I wanted a different feel for the city. The views are what actually sold me on my particular unit, I have a decent lake view and wonderful view buildings that at night makes me realize why love Chicago so much.
Jason – The light has never been an issue for me. Whoever made that post either does not live in the building or does not have quality blinds in their unit. In my bedroom I have blackout blinds (i.e. when they are closed no light comes through) and in my living room they are less dense so their is no glare during the day but you do some natural light comes through. So yes at night there is some light in the living room, but it is not annoying it is the city and you are around other high-rises. To me it is appealing and makes me feel in tune with the city. Personally, I feel if you don’t want this you shouldn’t be in a high rise. Again that is just a personal preference. I have lived in buildins in the past where I was literally above the top height of all other buildins in the city. While it provided great views, it made me feel isolated. I lean on the woods of Wisconsin and Canada for my isolation, I don’t need to feel that way in the city.
RL – you’ve missed all the previous Joe posts from earlier threads. he’s a troll.
“The recession had very little to do with the quality of materials being used in these buildings as plans were set into motion long before the recession was ever a glimmer in the eye of the developers.”
It is very common for developers to replace their original materials between the time the plans are drawn up and the actual construction begins. Long before the recession was made ‘official’, many in this industry had the foresight to see that unless they cut corners significantly, they would not realize the profit they had originally projected.
“In my opinion the recession turned out to be a great thing for me personally, I got what I feel was an incredible deal and there will a zero to limited amount of new buildings developed over the course of the next five to seven years. By that time 2008 will be a distant memory to most and we will be another raging bull/bubble market and quite possibly have high inflation. At that point in time I will either dump the unit or rent it for a stupid price.”
I think there are many people who are in the same boat with you in regards to using this economic downturn to capture some great deals, myself being one of them. As hard as it was for me to accept the sizable profit I would be losing with the projects I was in the midst of completing when disaster struck my industry, I quickly forgot about that fact when I started purchasing the vastly reduced units in S Fla.
It goes without saying there will be zero new construction projects happening in Chicago in the foreseeable future…with the exception of NYC, this holds true for the entire country. With the vast oversupply the city has now and without major price chops, it will be years…decades before any other projects enter planning stage. However, I highly doubt this RE disaster will ever be regarded as a distant memory to those who lost everything.
The scale of this mess and the vast number of Americans it affected served to greatly minimalize the effects of the depression…there will never be anything as devastating as this downturn. As quick as Americans are to forget past financial downturns, this one is one for the record books!
As far as being able to ‘dump’ this property or rent it for a stupid price 5-7 years down the road, I think you will be very hard pressed to do either. I think anyone who buys now at this slightly discounted pricepoint (still expecting at least a 50% price chop) will be stuck with their purchase for years…so good luck with that idea!
Overall, I have enjoyed your very candid views regarding this building. As mean and hateful as Zekas’ comments were, there is a tiny bit of truth to them. It is very seldom that buyers come on CC to tell their tales to those who have not purchased property in Chicago. It has been refreshing to hear solid facts rather than merely opinions of what a place should/would/could be.
Good Job!!
westloopelo: I remember the adverts for that place when it was getting built, and thought the car lift was a brilliant bit to get people to purchase. A unique amenity.
And while I was joking, a bit, about the kitchen wall idea – they’ve executed it quite well here! Really cleans up the room, but I like modern / contemporary.
westloopelo – You make some valid points and I enjoy your comments.
With respect to another 50% price drop I think it is all relative. If prices dropped 50% from the price I purchased my unit at then this economy has not only gone into a double dip recession but blown through recession into depression. On my part it was probably careless to use the word “stupid” for a rental price. However, I don’t see rental prices moving down from where they are at now for multiple reasons and if I decided to rent my place today I would be happy with the ROI.
However, it is without question that there are many units in the city that have not paid the piper yet so to speak. I would be really nervous right now if I owned a unit in one of these gigantic (“communist block” as some describe) buildings and needed to sell.
For those that bought between 2005 – 2007/early 2008 the only way out is to either rent your place, short sale, or foreclose. Unless of course you have the cash to make up the difference.
200 Eleventh Avenue NY, NY …I think the buildings website had been deleted once it sold out.
developer website here:
http://www.200eleventh.com/
btw, read some funny comments here about US selling Manhattan to pay off sovereign debt.
http://seekingalpha.com/article/194519-sovereign-debt-resolution-so-will-the-u-s-sell-manhattan?source=hp_wc
Lep,
Yes to pretty much all of that. In the Parc Chestnut I’ve seen units with painted ceilings, they look great. I have done some research about it, it’s possible to spray with a paint that drys quickly and turns to dust as it falls, so you just have to collect the dust instead of worrying about getting paint drips everywhere. The highly upgraded 3bed/penthouses have finished drywall ceilings from what I can tell. I’ve seen a unit in 700 Larrabee that still had construction chalk writing on the ceiling.
Shiphouse,
Would it be bad to buy in a building with 200+ units (not a high rise), assuming that is what qualifies as a communist block building. You’re right, the price drop is relative.
Westloopeo – Do you have any suggestions on where to buy in the Miami area right now? I had looked into but was rather frightened by the high vacancy rates. It appears that allot of those buildings have some first class amentities and I have no idea how they or the common areas are getting paid for with nobody in the buildings. Perhaps this has changed. Your insight would be appreciated.
Shiphouse.
Jason- RE: the red light at 550 St. Clair. You have to actually SEE it at night. It’s not bad at all and many people actually LOVE that veiw of the Chicago Inn sign. Here is an article that was just run which interviews buyers who bought a unit that directly faces the sign and that was one of the things they fell in love with:
http://www.chicagobusiness.com/cgi-bin/mag/article.pl?articleId=33170
I actually work for the developer of this building so my comments should be taken with a grain of something, but to respond to some other posted comments….the pool, it’s a LAP pool. It is not for playing Marco/Polo but for swimming laps. Not a joke at all. The kitchens at 550 N. St. Clair are German-made… Alno. Very expensive and one could argue about finish choices or size but there was no “cheaping-out here” except arguably the lack of an island in this unit. These units were well-thought out. The floorplans and finishes are definately not for everybody but they do appeal to a certian buyer and to those buyers have been very happy. The price cuts have definately spurred bueyrs. Sales have picked up as of late and we’ve even had some cash-buyers of large penthouse units so some people do feel that there is value there.
Plus location. We are 1/2 block from the Mag Mile and St. Clair is about as neighborhoody as you can get in that location.
I recently took a tour through 550 St. Clair and I was thoroughly impressed. The units were highly upgraded with beautiful views. And my salesperson was very knowledgable and helpful. If I didn’t have a home to sell first, I would purchase a unit today. 5 stars in my opinion.
Shiphouse, I wish i lived on your floor. Every night in this building I hear pounding bass noise from both of my neighbors, on both sides of me, (usually around 10pm to midnight) who have not responded to my requests to turn it down. The walls in this building seem to be exceptionally thin to me. I would recommend that anyone that likes peace and quiet not move here. I am renting and cannot wait to move to get some peace and quiet. Also the garage is really scary to drive in, very narrow, and its hard to see if someone is coming the opposite direction. I agree there is definitely not enough kitchen space here.
FYI- 550 St. Clair is having a 10% off sale on all developer owned units. AND also giving 10% AND a SMART car with 2 and 3 bedroom units. May 14th and 15th only.
It will be interesting to see how many of their remaining units they sold. How long has the developer been trying to sell units here? Five years?
10%? I get 10 off my Target purchase with a coupon and my Redcard. You’re going to have to do better than thatA
Beautiful units! I recently toured the units both during the day and in the evening. Frankly, I like the red glow of the Inn of Chicago sign that you can see from the penthouse units. In my eyes, it’s art. The quality of the kitchen and bathroom fixtures and cabinets appears top notch. The hardwood floors look and feel as if they are real hardwood, not an engineered wood. I’d like to purchase a Penthouse unit in this building, but at prices over $1M, it probably will not be doable. I can only dream!