Flipper Alert: Some Flippers Win and Some Lose in 451 W. Huron
Some flippers have managed to sell their units at 451 W. Huron, the new construction mid-rise building in River North that started closings last year.
The last time we chattered about the building, two one-bedroom flips were under contract. Both have since closed.
Unit #503: 1 bedroom, 1 bath, around 770 square feet
- Sold in September 2007 for $280,000
- Was listed in December 2007 for $293,000 plus parking
- Was listed in February 2008 for $292,000 plus parking
- Sold in March 2008 for $315,000 (included the parking)
Unit #804: 1 bedroom, 1 bath, around 770 square feet
- Sold in September 2007 for $287,500
- Was listed in December 2007 for $294,900
- Was listed in February 2008 for $289,900
- Sold in April 2008 for $309,000 (included the parking)
Two 2-bedroom units were also available and had been reduced. One is still available.
The other one sold at a loss of $9,500.
Unit #501: 2 bedrooms, 2 baths, 1015 square feet
- Sold in September 2007 for $402,000
- Was listed in December 2007 for $419,900 plus $35,000 for parking
- Reduced
- Was listed in February 2008 at $409,900 plus extra for parking
- Reduced
- Was listed in March 2008 for $399,000 plus $35,000 extra for parking
- Sold in June 2008 for $392,500 (I believe this included the parking)
Unit #512 remains on the market.
Unit #512: 2 bedrooms, 2 baths, 1100 square feet
- Sold in September 2007 for $395,000
- Was listed in December 2007 for $484,000 plus $35,000 for parking
- Reduced
- Was listed in February 2008 for $449,000 plus the parking
- Reduced
- Currently listed at $439,000 plus $35k for parking
- Assessments of $238 a month
- Taxes are “new”
- Cityspace Realty has the listing
Is that outdoor space communal? They kind of ruined it with putting a bunch of rock down.
Think Japanese garden with an AC.
“Think Japanese garden with an AC.”
Yeah, a couple big rocks and a rake, you have a big zen garden.
10% appreciation on #512?
Low assessments though, that’s nice if sustainable.
Those assessments are in all likelihood not sustainable. Common trick. The developer is still running the association (I assume) and is keeping the assessments low to make the purchases attractive. Once the association takes over and decides to build the reserves guess what?
Thanks for pointing that out Gary. Assessments on new construction are always fairly low when the developer is still running the project. You’re right that they usually go up when the association takes over the board.
Yes, the assessments will double when the condo board takes over, but will still be in the ball park for this building. I’ve seen several units. The rock space is not communal; those are patios for the residents who live on the floor above the parking space. There are large tiles to mark off their patios and several have added to that space to make a very large outdoor area for their use. All the other (higher)units have balconies, instead.
Damn, if its not communal that is some SERIOUS space they have. I would remove all the rock and do something with it. Also, fence off that air conditioner.