The $600,000 1-Bedroom in Streeterville: 240 E. Illinois
Before you start hyperventilating at the prospect of a $600,000 1-bedroom in Streeterville, please keep in mind that there are actual comps behind the listing of this large 1-bedroom unit in 240 E. Illinois, the Fairbanks at Cityfront Plaza.
Unit #2810 is, according to the listing, an east facing unit. It also has “upgraded” kitchen and baths.
Here are some recent comps:
Unit #3110:
- Sold in May 2008 for $574,500
- Re-sold again in August 2008 for $580,000
Unit #3010:
- Sold in May 2008 for $584,500
I don’t know if these sales included the parking or not (I’m assuming they did.)
Sophia Klopas at Koenig & Strey has the listing. See more pictures and the listing here.
Unit #2810: 1 bedroom, 1.5 baths, 1050 square feet
- Sold in May 2008 for $554,500
- Currently listed for $600,000 plus $55,000 for parking
- Assessments of $450 a month
- Taxes are “new”
Renting a 1 bed/1.5 bath at 600 n. fairbanks for $2150 sounds like a much better deal to me: http://chicago.craigslist.org/chc/apa/996526881.html
There’s also a 2bd/2ba + den for rent in the same building for 4K/month + 300 for parking. Isn’t that a better deal as well? http://chicago.craigslist.org/chc/apa/1000180490.html
I just don’t get people paying nearly $600k for a one bedroom. I don’t care how good the views are and how upgraded the unit may be or how exclusive the building. This ain’t New York or San Fran and it isn’t like we have a shortage of decent housing. You can get a hell of a place here for $600k and it shouldn’t be a 1 bedroom.
There are 4 other ones that are 2bed/2bth on the market right now in this building for under 600K. This is a very, very nice building. However, paying 600K for a 1bed/1.5bth is nuts. There is a 2bed/2bth for 519K! I know the argument, that this one is on the highest floor, but its just too high of a pice.
I am well familiar with this building and the 1 b.r. units. They are very spacious, with nice views, though in my opinion the northwest is a much better view than the northeast. This price, with $55k for parking, will yield a very nice profit in this market for the seller. A buyer can do MUCH better than $655, including parking — i.e., say $500 including parking. Or if you still want to overpay without getting totally screwed, look at a high floor brand new one b.r. unit with lake view at Parkview, with parking, which runs about $570k!
Clearly the market is fine, 8.5% appreciation in 7 months is normal in this market right?
Is a flipper at work here or what?
The finished ceilings with recessed lights make this unit seem so much nicer then 600NF. That being said, there’s no way is this unit worth $620/sf (incl. parking).
Oh and I forgot, with this unit you get a fabulous view of the Time Life Building. You can see your own relection in the gold-mirrored windows!
bonus that the Dominicks is beneath you. I’d be pissed at the microwave (or is that an oven?). I don’t want to lean over for microwave use. A double sink in the kitchen should prob. have been standard.
Some Euro dude will prob. buy this without even stepping foot in there. $600K w/ parking from what comps seem to indicate. although way over priced
Just 2 months ago an entry titled “Steals and Deals: 550 N. St. Clair Slashing Prices on All Units” was made on this site. Prices just a block away from this location (in an arguably comparable building) were “slashed” over 20%. Can you not get a better price down the street? Was the “slashing” so successful that all units in that building are gone? The comps listed above all seem a bit high relative to others in the area.
I’m with ChiGuy. Right when I saw the microwave/stove layout I went noooooo!
This price is laughable..you can buy a bigger one unit at The Pearson (where I used to own) for less and it is bigger. In addition, the units at the Palmolive are 650,000, larger and done much more nicely. That being said, people have paid over 700,000 in 340 OTP and also pay in the 700/800s in the Belvedere
I prefer the micro where it is. Where would you rather have it? Act as a microwave/vent over the range? My guess is that the micro-hood combo cant produce enough ventilation to be placed over that gas range. At this price point I want a seperate hood.
I don’t doubt that there are a few idiots who would buy this place at this price and could actually afford it, but there are far more overpriced condos in this city than there are buyers for them. The flipper might get lucky and find the perfect buyer with lots of money and little brains, but if I were a developer that had to sell a few dozen of these things to pay back a monster construction loan I’d be pretty nervous.
I don’t think someone is necessarily stupid for buying a 600k 1 bedroom in Chicago. Heck I’ve considered 300k ones of similar size to this. Its just that there are so few people for who this would make sense.
The single trader/banker/lawyer in his 30s I suppose. The problem is we know what is going on with the demand curve for the first two.
I’d put this place at 400k these days though, oh and that includes parking. The nitwit tack 30-60k on for parking game is over, in case any remaining developers or flippers didn’t get the memo.
I wouldn’t say someone is stupid, but I don’t see the logic or reasoning behind needing to pay so much for a one bedroom condo in a city where very similar properties can be had for half the cost all day long. Is “exclusivity” and address really worth an additional $300k? Heck, we all like to show our status in society and that you have “made it”, but these type of properties seem to be borderline absurd to me.
I agree, there is not a lot of prestige in many of the new buildings that are trying to charge a pricepoint normally reserved for premier A tier buildings with A+ location. It’s pretty funny to see how many new construction buildings are pretenders.
Keep in mind that the loft units, garage and other elements have been occupied at least since 2006, so the “brand new” attributes of this building are waning.
I wouldn’t live in streeterville ever, and certainly wouldn’t pay a premium to live there since the public transit there is pretty much non-existant, and there isn’t a ton of commercial space within walking distance, and parking and traffic there is a nightmare if you have a car! But to each their own.
I take it the target buyers for a 600k 1 BD are the young, single, 350k+/year traders-I bankers and hedge fund associates that care more about the bragging right of a pimped out 600k 1 BD than bang for the buck. Only issue is that those guys’ high paying jobs have dissapeared and the ones that are left, took a paycut. And even if they can afford it, why pay 6oo there, when I can take my money to 600 N Lake Shore and have a 2 BD/2BA with view of the lake for 525? Or get a 3 BD in an older building. 600k goes very far in a weak condo market, they might want to adjust their price to reflect that.
“I don’t doubt that there are a few idiots who would buy this place at this price and could actually afford it”
If someone could afford it, is he/she truly an idiot? (that person is making a nice living somehow and probably smarter than me)
“why pay 6oo there, when I can take my money to 600 N Lake Shore and have a 2 BD/2BA with view of the lake for 525? Or get a 3 BD in an older building”
I guess they want to save money on their heating and A/C bills 🙂
“If someone could afford it, is he/she truly an idiot?”
I’ve got a case of (really special) water to sell for $5 a bottle. It’s got a pretty label. Sure, you can get basically the same thing elsewhere for less, but since you can afford it, why not?
No transit in Streeterville? My office is closer than the red line stop was in the Gold Coast & instead of walking 5 blocks to get to one train line, I walk 5-7 block to be at State or Clark & Lake and all the different lines. Or 2-3 blocks for a host of bus routes. Maybe getting Metra is inconvenient?
“…why pay 6oo there, when I can take my money to 600 N Lake Shore and have a 2 BD/2BA with view of the lake for 525?”
What unit at 600 N LSD are you thinking of? I’d be super interested in a 2/2 for $525k.
I was just curious how the numbers added up on this one. It looks like if you get it for 550 and put 20% down (110) then you will pay $3500 a month at the best mortgage rates w/ taxes (assumed 6k for that since they are still “new”) + ASM. Than, add $250 per month for the opportunity cost of your 110k down payment not earning a tiny amount of interest in some safe low-rate CD or similar. So, it’s *really* $3750 a month in a flat-to-declining market. So, you will never see that $3750 again…each month. The tax write off might lower this around $4-700 a month but still… why anyone would buy this & not rent really has to be explained to me. This isn’t the kind of place you keep for 10 years either. How is there a market for this at this price?
Don’t forget assessments, the cash-flow killer in a condo building. And no way will they stay at only $450/mo.
I wouldn’t consider walking nearly a mile to get to a freakin EL train being “convenient” to public transit. And that’s if you’re even close to state St. Terrible if you live on Fairbanks or McClurg… Have you lived here in the winter time before? I’d kill myself if I had to walk 7 blocks in the snow (not to mention the extra wind from all the nearby highrises) just to get to a train to go to work. Bus lines are great, but compared to a lot of other areas in the city streeterville suuuucks for public transit.
“why pay 6oo there, when I can take my money to 600 N Lake Shore and have a 2 BD/2BA with view of the lake for 525”
You can buy a one bedroom at 600 LSD for $525, not a two bedroom. The one bedrooms are priced between $410-$503 + parking and the only lake view is if you stick your head out the window. There is a two bedroom asking $645 + parking and again that is not considered a lake view by Chicago standards. But $600 for a one bedroom at 240 is not even close to realistic. There is nothing special about the building and they are building a rental on the sight next to it that will destroy any of the views the higher floors have.
So who else could afford this place? Someone w/o money who inherited a windfall – they’d probably want something bigger I’d guess. If you can afford this, you can probably afford maid service or a housekeeper and then a bigger place would be no issue for keeping clean, neat and tidy, so what’s the attraction?
Also, the developer is offering this same unit on the 18th floor for $455,900 + parking. The unit is on the NE corner and there is not a $150,000 advantage to the 28th floor.
@sonies:
I live in the northern end of streeterville and I must say you are incorrect about public transit in the area. I live 6 blocks from the chicago red line stop and 2 blocks from all the buses that go up and down michigan, on top of that cabs roam the northern end without pause should you need a very quick ride anywhere in the city. In the winter the buildings do a good job of keeping the sidewalks clean, snow is rarely an issue. The real issue is the wind in the neighborhood and at an average of 15 mph (guesstimate) in the winter; I can understand your concern in that regard.
In my opinion streeterville is the absolute best neighborhood for convenience to work (5 min to loop) and vicinity to restaurants/shopping (especially closer to walton/delaware/e lake shore) than any neighborhood in the city, with the possible of exception of some areas of river north. The tradeoff with river north is of course safety, as some parts of river north are still dicey whereas streeterville is very very safe.
That being said does the neighborhood warrant 600k 1 bedrooms, no way, no neighborhood or building in chicago does with the exception of the palmolive.
I think this the floor plan. They claim it’s 1025 square feet. I guess they are including the insides of the walls & balconies.
http://www.cityfrontplaza.com/images/plan_P_1br_0210.gif
“Office niche” LOLOL! Man there were some STOOPID floorplans during this boom. That must be a nice office niche for the unemployed. You couldn’t fit a any sort of computer desk in there. Not only that the chair would backs out into and block the hallway.
Sounds like the architectural firm should’ve done more drug testing of its candidates to me.
“Office niche” means useless space, except for maybe a desk or table, or it would become useful if you slapped some doors on it and made it a pantry, since, you know… its right next to the freaking kitchen.
Yes, this person is an idiot. Paris Hilton has lots of money, more money than all of us combined (except John in Miami) and we all know she is a complete idiot. Please don’t equate money with intelligence.
“MADFLY on January 21st, 2009 at 3:25 pm
“I don’t doubt that there are a few idiots who would buy this place at this price and could actually afford it”
If someone could afford it, is he/she truly an idiot? (that person is making a nice living somehow and probably smarter than me)”
Paris Hilton has a GED and she can afford this place. She also has herpes, a DUI conviction, a chihuahua and a job that consists primarily of being in the tabloids. The fact that her sex tape catapulted her to celebrity status does not equal intelligence or smarts, it means paying a good publicist to get you into the right clubs with the right people.
This unit wasn’t built for the purpose of living in, it was built for flippers to flip.
I went to 600 N LSD in May of 08 and toured a 2BD/2BA for 525. It wasn’t a direct lake facing unit nor was it the nicer 2BD but it was still more bang for the buck. I believe it was the 02 tier. To each its own, but I would’ve bought a cheaper, larger unit and just given it the exact same facelift you see in those pictures. Never to rich to save money! Speaking of Belgravia, I do have a question regarding their anti-flip policy and how it affects property values. We all know that flippers drag down property values but so do units that don’t sell and have to be sold in a closeout. But what is the difference between a Belgravia unit taking an extra 2 years to sell to a genuine home buyer and a flipper buying it preconstruction and now it’s marinating on the market? Aren’t both cases going to pull on other buyers’ property values?
I agree with the sentiments about the useless “office niche” at 240. I have seen several of the 1 b.r.’s in this building, and maybe you could put a bean bag chair in the niche. However one thing very nice about these units that you won’t find in too many other one b.r.’s is the TON of glass, with several different exposures. Very nice, though not worth ~ $150k.
Speaking of niches, the even-higher price 21 E. Huron one bedrooms have “niches” off the living room that have doors – it is essentially a closet being marketed as actual living space.
I think you guys are a little harsh regarding the “office niche.” Maybe they should have called it something else. This is a 1 BR apartment. Everyone has a computer. Where would you want your desk and computer? In the bedroom? No. Along the glass? No. It’s pretty practical in my eyes.
I agree with marco. Add some shelves above the desk for storage. I’d prefer the niche to an office armoire taking up wall space and depth in any other room. Good home office alternative to a 2-bedroom at a 1-bedroom pricepoint.
I can see my office building out the living room window, in fact if the windows weren’t tinted I could probably see my desk. Not a nice to view to me.
However there are about 6 bus lines that stop at my building alone so public transit isn’t terrible in this location.
The most similar floorplan to this I can recall is one at Vetro, its almost half the price at 318k for unit 1604. It has two walls of exposures, a real “office niche”, a second bath, half the price:
http://www.vetrochicago.com/pdfs/804-2904.pdf
IMO you can’t fit any sort of desk in the “office niche” of this featured property unless you’re a midget with a smartphone.
While I realize vetro is south loop and a whole 1.7 miles away from the “river north” designation, in my view paying double for less makes this property at this pricepoint an epic fail.
True. There are alot of intelligent people who are dirt poor, as this board demonstrates.
This price is wishful thinking, since when do one bedrooms in SV get $600/square foot? This exposure is not a great view either, looking northwest is much, much better. This doesn’t even have much of a lake view. Anyways, this is a better building than 600 N. LSD, which has really inferior finishes. As for public transport, this building is a 5 minute walk to the red line, two blocks to all the buses in Michigan Ave and as someone else mentioned, a whole bunch of buses come right to the corner outside. SV is a bit farther from the El then some would like, but to say it’s not good for transit is a stretch.
I don’t know where the $584,500 for 3010 came from. The person buying that unit was unable to close and it came back to the developer who sold it (no parking) for $504,900 with a $5,000 credit at close (it was listed at $519,900) in mid-2008 (around September).
Must just be another realtor who didn’t go to college after high-school.
I followed this building last summer since I once thought of buying there. To me one of the best spots in the city. Crappy construction and views were not what they made you think you would get though. I think over 30 properties went for sale. Many times same tier crossed prices severely (higher floor being cheaper) and i heard about 3 apartments sold and huge amount of rentals. This one will be fun to watch.
In case anyone is interested, here’s the direct link to the interactive floorplan of this listing: http://www.smartfloorplan.com/il/v290012