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Flipper Alert: New Downtown Buildings Still Closing

Just an update for those of you who are interested in the newly closing downtown buildings.  A lot can change in a few weeks!

There are now 29 units for sale and 21 for rent at 340 on the Park.  That is the  highest number of rentals and/or for sale units I have seen so far (and some of the rentals have rented.  New units continue to be listed however.)  Have any of the flipped units sold yet?  One or two was under contract a few weeks back.  The data is always delayed.  Realtors- please let me know.

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There are currently 12 units for sale at 600 N. Fairbanks, the Helmut Jahn building in Streeterville, which started closings yesterday.  There are several for sale on the 15th floor- which is conducting closings this week.  I’m most interested to watch the one bedroom units in this building because there were a lot of them and they’re already asking very high prices for the square footage.  One bedrooms are re-selling from $449,000 plus $55,000 for parking for only 873 square feet.

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The largest number of flippers (per the size of the building) seems to be in 160 E. Illinois, or Avenue East, probably due to its location right next to the Mag Mile.  Currently there are now 22 units for sale and/or 8 units for rent in the building- some of those are also from the developer.

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This entry was posted on Tuesday, November 6th, 2007 at 3:04 pm and is filed under Flips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Flipper Alert: New Downtown Buildings Still Closing”

  1. Units at 340 on the Park are selling well. Re-Sales have closed and new listings are being contracted at a great pace. Rentals are less successful.

    Prices are where they have been expected to be, which is slightly above those of the last units sold by the builder. Recent articles in The Tribune and Real Estate journals indicate that despite all the trouble in the market, the downtown Chicago condominium market is very strong.

    Victoria Carton, @properties Real Estate Consultant and 340 Resident
    (312) 731-2500

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  2. Victoria: What re-sales have closed? Can you provide prices?

    You said rentals are “less successful.” They’re just not renting as quickly? Or are owners having to lower prices in order to rent them out?

    Do you know if there will be a cap on the number of rentals allowed in the building?

    Sorry for all the questions, but since you live in the building AND are a realtor, I thought you’d be able to provide some inside information.

    Thanks!

    Sabrina

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