600 N. Fairbanks in Streeterville: Is the Sizzle Still On?
We’ve chattered about 600 N. Fairbanks in Streeterville, the popular Helmut Jahn modern high rise, numerous times in the past 2 years.
When it first closed, architect buffs and modern fans gushed over the building and units seemed to sell quickly, even flipped units.
But public records show no sales yet in 2010.
There are also 17 units currently listed including this 1-bedroom on the 15th floor that has been on and off the market since April 2008.
At 926 square feet, it has the dark hardwood floors and exposed concrete walls. The ceilings are 10 feet.
The Snaidero cabinets in the kitchen along with the upgraded appliances by Subzero, Miele and Wolf were standard in the building.
This unit has been reduced numerous times since last June.
Has the sizzle worn off of 600 N. Fairbanks?
Francesca Rose at Prudential Rubloff has the listing. See the pictures here.
Unit #1508: 1 bedroom, 1 bath, 926 square feet
- Sold in December 2007 for $411,505 (included the parking) (per Redfin)
- Originally listed in April 2008
- Again listed in June 2009
- Was listed in November 2009 for $380,000
- Reduced numerous times
- Currently listed for $368,700
- Parking is $50,000 extra
- Total with parking $418,700
- Assessments of $359 a month (plus $41 a month if you buy the parking)
- Taxes of $5307
- In-unit washer/dryer
- Central Air
MLS shows a closing on 2/26/2010
Unit 2303
873 sq ft
$373,500
without parking I believe
Size and price per sqft for these units would be the problem. In the midwest, 1 person lives in a 1 bedroom and 2-3 people in a 2 bedroom. Why live in a 926 sqft 1 bedroom when you can live in a 650 sqft 1 bedroom and be comfortable? $400 per sqft X 250 sqft = $100,000 plus the associated property taxes, assessment and other expenses for the additional sqft. That said, I like this building but I am just bringing up a obvious question from new construction over the past 5 years (large 1 and 2 bedrooms).
I don’t get why people love this building so much, if you actually see it in person its a very boring building
Sonies, does it make you think of a hockey player with his teeth knocked out? Because it does to me.
The wall faucets in the bathroom feel like a public washroom. Nice finishes overall, but that balcony is big enough only to have a smoke or as a second bathroom.
a unit on the 31st floor recently sold too. Compared to other new buildings, at least this is not like all of the other boring / cheap traditional finishes that are offered.
“Parking is extra”… do you think they will actually sell the unit without the parking spot? I hate it when agents do this to get the unit into lower price searches.
Why don’t they also list the price of the unit without the bedroom? Or maybe I’ll offer $280,000 for the unit without the kitchen. Maybe they’ll sell the bathroom seperately as well. Anyone interested in the entry way closet? That will go for $3500.
The building already looks dated. It looks like it was built in 1982.
“Why live in a 926 sqft 1 bedroom when you can live in a 650 sqft 1 bedroom and be comfortable?”
Some people like more space. I’m fairly Spartan in general, but I don’t like to feel like I’m crammed into a shoebox.
The building’s finishes are just fine and a bit nicer than most new construction. However, they are NOT conducive to use (i.e. the limestone counters). What bummed me out about the building is the lack of an ability to pass a rental cap. I think when I left the building it was over 22% rented by investors.
I can see the appeal of exposed concrete in lower end buildings like the CMK properties, but just don’t get why people are gushing over this building.
The balcony looks like a phone booth. They could film another Bill and Ted’s Excellent Adventure here.
Is the bedroom wall also concrete?!! Ridiculous.
“Sonies, does it make you think of a hockey player with his teeth knocked out? Because it does to me.”
Its actually a very grey building I have no idea how the photographer got it to look so white. So it rather reminds me of a british persons smile 🙂
concrete bedroom wall? so warm and inviting.
The assessments in this building seem pretty reasonable considering the amenities. To me, having a “pool doorman” seems excessive though.
You can take an extended tour of the building with Francesca Rose at this YouTube playlist:
http://www.youtube.com/streetervillerose#g/c/0EB9A375E5B9584B
I like the building and the location. But for about 75k less, I could buy a 1BD in the area and give it that exact same modern jail cell look.
I spent my life working in industrial settings; powerhouses, steelmills, refineries and such. I sure as Hell don’t need to come home to one.
“Parking is extra”… do you think they will actually sell the unit without the parking spot? I hate it when agents do this to get the unit into lower price searches.
i’m an agent and i always put the price in the mls without the parking. yes, it then shows up in lower price point searches, but it also makes sense if buyers don’t want to buy parking. yes, it’s stupid to not buy the parking, but some buyers don’t want the parking space or cannot afford it. it’s always EASY to sell parking to another unit owner so what’s the big deal?
I don’t think there’s that many units owners at this point to sell that other space to. This could have to be converted to rental unless more units are sold soon.
Lookyloo — Provided the parking isn’t *required* to be purchased with the unit, you have a valid counterpoint. As long as the listing clearly states parking is extra, I don’t think it’s really that big of a deal.
However, this isn’t always the case — which makes the practice shady and deceptive.
There should be some rule added to the MLS stating that if parking is required as part of the purchase the total of both should be advertised in the MLS.
The practice of requiring the parking with the unit but not in the MLS list price has gotten very pervasive and it is ridiculous and adds an air of ingenuity to the MLS, in my view.
John999…but then again, most agents are shady and deceptive 😉
just kidding, you’re right. if the buyer is required to purchase the parking then the agent shouldn’t break out the pricing. however, off the top of my head, i can’t think of any building which prohibits selling the unit without the parking. (however there area many bldgs which won’t let an outsider purchase a space) a lot of buildings were built with a 1 car: 1 unit ratio and thus many people want to buy an extra parking space. whenever i list a unit in a building, you would be shocked at the number of notes slipped under the door by fellow unit owners asking to purchase the parking if the buyer doesn’t buy it.
Bob brings up an interesting point – how are additions to the MLS database created? It would seem to be an impediment to the good real estate agents that are out there with some of the current limitations, such as # of pictures attached, an apparent character limit to descriptions and everyone’s much loved automatic capitalization trick.
600NF isn’t for everybody… but I’ll take a little character over boring any day (duplex down anyone?).
“i can’t think of any building which prohibits selling the unit without the parking. (however there area many bldgs which won’t let an outsider purchase a space)”
While it is true that there are a number of buildings that won’t let an outsider buy a space, there are also a number of buildings where the parking is a “limited common element” that shares the same PIN number with the unit — and selling off that element is difficult if not impossible. I agree that there is alot of deception in the listings regarding parking. When you look at sales data, the final sale price almost always includes the parking, and especially in a buyers market it is basically included, despite sales efforts to market it as an add-on.
An easy way to deal with “parking extra” listings is to ignore it and put in whatever your offer would be anyway, parking included. Just pretend you didn’t even see the $50,000 extra. Paying extra for parking you know damn well was included with the unit is like paying sticker price for a car. The seller would be an idiot to turn down the offer entirely, as we are still very much in a buyer’s market.
I rent an #06 unit (1/1) here and love it — great staff, incredible roof; everything is solidly built and well-maintained.
Several things:
1. Many people have finished their interior walls.
2. #08/07 units are far preferable to #06s, as they are several feet wider. Makes a huge difference.
3. Utility bills are super-tiny. The windows are awesome insulators.
care to define your personal and idiosyncratic version of character?!! LOL!! Concrete walls and ceilings are character? Are you a shatz?
“but I’ll take a little character over boring any day”
Yes GX it is a nice rental…but the problem for the owners now is that there is not rental cap which may create problems for getting loans to close on units in the building. People didnt buy in the building to have 25% of the people rent. I am sure you are a responsible renter but many people are not. There is a lot of wear and tear on the building with all the move-ins and move-outs
“While it is true that there are a number of buildings that won’t let an outsider buy a space, there are also a number of buildings where the parking is a “limited common element” that shares the same PIN number with the unit — and selling off that element is difficult if not impossible. I agree that there is alot of deception in the listings regarding parking. When you look at sales data, the final sale price almost always includes the parking, and especially in a buyers market it is basically included, despite sales efforts to market it as an add-on.”
In my experience, the above description has not been the case. Even if the parking space is a LCE and is assigned to the unit, another unit owner can easily purchase the space and have it reassigned to the new unit. I’ve done exactly this. The only thing is that the new buyer must own a unit in the building, because the parking space has to be assigned to another PIN.
lookyloo – “it’s always EASY to sell parking to another unit owner so what’s the big deal?”
Are you serious? Yes you can sell anything if you lower the price enough, but to say it’s EASY? Come on. You really think the current sellers are indifferent as to whether the parking sells with the unit or not?
We are shopping this building as well as 505 McClurg. We have made offers on 2 units, even offering close to list price, only to find out that the sellers will not sell without parking. I think it is very deceiving the way the units are listed. I would be OK with agents listing the unit by itself, but they should mention in the description that parking must be purchased with the condo. The previous listings I spoke of stated parking is addition $, but did not state that the buyer had to purchase the parking.
AK49…..hmmm, I don’t know if we are talking about the same thing. In the vast majority of buildings in Chicago (where the developer is long gone) there is a market for parking spaces that never appears on the MLS. Yes, I’m being totally serious, in most cases it’s extremely easy to sell your space to another unit owner. Most sellers don’t want to do two transactions but if it means putting a deal together then pay the attorney an extra $250 for the paperwork. No, the sellers are not indifferent to selling the pkg separately, but I never said they were….I simply said it’s very easy to do so.
ANZ, i’d be up for buying another parking spot in 600NF… assuming it’s a good one, and i can get it for a really good price. How low was your seller willing to go on that part of the deal?
Most units in this building were only allowed to buy one spot, so I think it would be pretty easy to sell one.
There were 3 transactions in this building last week, all for about pre-con prices.
CLOSED!
3/31/10
Sold Price: $401,000
fairly certain the closing price includes parking
So this sold for below the pre-construction price then?
Correcto, Sabrina you seem to be losing it a bit
yes
Another transaction closed last week, but I don’t have the details.