$280K Reduction and Finally A Sale at 160 E. Illinois in Streeterville
We last chattered about this 1-bedroom unit in Avenue East, the newer construction high rise at 160 E. Illinois in Streeterville/Mag Mile, in April 2008.
Back then, it had been reduced $110,100 from its prior sales price.
See that chatter (and some pictures of the model unit in the building) here.
Flash forward 15 months and a tipster tells me that Unit #23C just closed.
Total amount of the reductions from the original list price: $280,000.
Completed in 2007, the developer is still trying to sell units in the 133-unit building. Several have apparently sold in recent weeks.
Will price cuts finally move the remaining units?
Unit #23C: 1 bedroom, 1 bath, 907 square feet
- I couldn’t find an original sales price- I believe this was a developer unit
- Was listed in January 2008 for $590,000 (parking available for $50k)
- Was listed in April 2008 for $479,900 (plus parking)
- Sold in July 2009 for $360,000 (included the parking)
- Assessment of $399 a month
- Taxes are “new”
400/sf is a good price in that location.
44% price reduction is steep. now if only all the other places would follow suit from their respective original prices.
That’s what the unit should have been priced at all along. I don’t see what made this unit special enough to deserve a 590k price tag.
It doesn’t belong in the 300’s either but the coming winter of capitulation will correct will fix these probs.
Looks like an east facing view, on a relatively high floor, and parking is included (assume $45K “worth”). More like $350 / sq. ft.
I wouldn’t call this one a steal (I live nearby), but it seems like a good value for the buyer.
“I don’t see what made this unit special enough to deserve a 590k price tag.”
It doesn’t take anything ‘special’ to deserve a 590k ask price other than a wishful, disconnected from reality, idealistic owner praying for a big fool.
Remember its free to list your property for any price you like. In a stable market it might make sense to put a wishful price out there and hope for a greater fool. In a declining market, however, time equals a lot of money, so they live in fantasy land at their own peril.
I’m gonna go list my property on the MLS for 2 million dollars and see how many hits I get 8)
360 does seem like a very good price though. Thought this bldg was a bit dark pressed between the Tribune and Intercontinental, but the location IMO is just excellent.
What did comparables units sell for in the past?
This is a high end building. Fair price for that unit imo.
What is Unit #23C? It shows up as the parking space or something on the recorder’s office. It is 2302?
seems like the real story is that they listed a one bedroom for close to 600k in the first place.
Also this is the building that covered up the whale mural…bad karma.
Bad Karma? Your idea of bad karma is far different than mine. Its not like they defaced the whale mural for kicks.
Fair-ish price and the original price must’ve been just a ploy.
best thing about this building was covering up that whale mural. Thing was an eyesore.
hey! maybe you get to see whales all the time south of the border but in chicago they are pretty much an endangered species.
CH… No shortage of whales in Chicago, they are often seen walking/carting down Michigan Ave holding 1.9 liter big gulps and Hershey store bags.
One in four in IL is obese according to the trib today so there are plenty of whales to go around.
I can believe it. Its no longer fun to take public transportation anymore without the fear of some fatty sitting on you.
nicely played. i realized i had set myself up for just that response.
though I will defend the women of the loop. once you cross the river heading south, the ladies get exponentially hotter.
Its not a bad price at all.
Older stock at McClurg court or 211 E Ohio go for 220-270k depending on size and parking.
Figure 25-30k for parking.
But like any building, that assessment is just going to go up and up. Its at 400 already and with only 120 units any increase is really going to be felt by each unit.
That’s because most of the loop women actually work and don’t sit around the house all day eating bonbons and doritos while watching Oprah.
I have looked at various units in this building, as the location is great. But the windows are small, the views mediocre at best, and the finishes not well-chosen. Be careful that some of the wood floors in the remaining developer units appear to be warping. The prices here still have a bit to fall.
CCRD for 17-16-107-037-1263 (confirmed by assessor’s office) shows a cash sale in 2005 and then a construction(?) loan for $1,000,000 in 2007.
oops
How does this building compare to 240 E. Illinois, should you expect similar pricing? Are the buildings comparables?
Anything going on currently at 160 E. Illinois? Looking in the neighborhood….