Flipper Alert: The Flipping Game is On at 600 N. Fairbanks
The flippers are coming out of the woodwork at Helmut Jahn’s new high rise in Streeterville. Just last week the first flips were listed. Two more have appeared on Craigslist for higher floors, both by these by the same flipper/owner.
Can the prices get any more outrageous?
The flipper is asking $529,000 for a one bedroom on the 25th floor (remember, the one bedrooms in this building are around 875 square feet) that faces north.
The Craigslist ad doesn’t say anything about parking (which would be $40,000 or more extra.)
Would you pay $575,000 for a one bedroom condo that is less than 900 square feet in Streeterville?
Neither would I. Don’t make me laugh. The greed is incredible.
You can find the one bedroom here. There is also a two bedroom listed for an outrageous price of $749,000. Both will be available this spring.
I don’t think $750,000 is outrageous. It’s a lot, but many of the higher floors were priced around $600+ initially. They all went up about $50k once 40% of the building was sold. I also know that $30-$40k on upgrades in this building is pretty typical. That means if the investor bought into the building later in the cycle and put upgrades in, they may have a cost basis of $675k or more. I don’t think that they will get $750k, but it’s not out of the question.
D