“Never Been Lived In” in the ParkView: 505 N. McClurg in Streeterville
There have been some investors trying to re-sell units in ParkView, the latest Streeterville high rise at 505 N. McClurg.
The listing for this 2-bedroom unit on the 32nd floor says it has “never been lived in.” At 1464 square feet it is one of the larger 2-bedroom floorplans in the building.
Unit #3202: 2 bedrooms, 2 baths, 1464 square feet
- Sold in July 2008 for $746,000
- Originally listed in February 2009 for $849,000
- Reduced
- Currently listed at $848,000 (parking is extra)
- Assessments of $714 a month
- Taxes are “new”
- Martin Fenton at Realatech Development has the listing. See the pictures here.
Or, there is Unit #2402 which has been on the market for 14 months and just reduced again.
Unit #2402: 2 bedrooms, 2 baths, 1464 square feet
- Sold in June 2008 for $795,000
- Originally listed in June 2008 for $869,000
- Reduced several times
- Currently listed for $759,000 (plus $60,000 for parking)
- Assessments of $661 a month
- Taxes are “new”
- Mark Ahmed at Coldwell Banker Leader Realty has the listing. See the pictures here.
Two units in the 02 tier have actually re-sold in 2009.
Unit #2902:
- Sold in June 2008 for $830,000
- Sold in June 2009 for $700,000
Unit #2102:
- Sold in May 2008 for $795,500
- Sold in July 2009 for $640,000
I don’t know if either of those transactions included parking spaces.
This is a nice building, but I don’t think this buyer exists right now. Greatly diminished demand for the luxury 2/2, I would say down 75%. the clodings at 20% or more off reflct the reality on the ground.
It looks like the first listing is off the market. The pricing of that place is a joke. First, we’ll try to make over $100,000 on the place in a shite market where others in the same building are LOSING over $100,000. Then, if that doesn’t work, we’ll knock of $1,000. That must have been the problem. Double duh.
As for 2402, it looks pretty unremarkable! And the realtor needs to stop with the exclamation points! Because this place doesn’t deserve them! All you have to do is look at the 2 previous sales Sabrina provided and it’s pretty clear these folks will be taking a bath.
Ceramic tile in the bathroom! Wow!!!
I love the shot of the hole where the Spire is supposed to go. “Live next to the largest mosquito breeding ground in the world!”
It wouldn’t surprise me to see these units going in the $500’s or lower. Nothing justifies a $750k 2/2 in Chicago outside of a few buildings. Absolutely nothing remotely about those units screams they are worth $750k.
As much as we try, this simply ain’t Manhattan… next.
Besides the view, 2402 is a total snoozer
Pass. I do not think that these 2/2 should be getting that much of a premium over other similar new construction streeter buildings. I’d like to submit a comparison with 600NF and note that those 2/2 are priced about 150-200K less.
the view is sweet, i love that navy pier is perfectly blocked by lake point tower!!!!!!
*personal preference*
I would rather take the 55 Erie for half $$
wait i am torn now, i like the galley style kitchen, it is a full amenity building, absent staging they did take good photo’s to optimize the views from each room.
wait i am back to 55 erie. 760k for a 2/2
This is a really terrific building. I think the downturn in prices and glut of availability right now especially in the mid to high end (e.g. Aqua and Trump Building) are giving people great steals. When prices start to go up these would also be good investments.
Eric
The assessments are also too high for new contruction, they will be $1,200 in 5 years.
Streeterville is overrated. This place is worth $550K max.
2902 & 2102 are telling the story of where this unit will end up!!!
The brilliant marketing move of reducing the price of 3202 will accomplish nothing but turn off the small bit of interest that the already tiny pool of buyers at this level might have!!! That reduction should have been accompanied by two additional zeros!!!
The fact the listing agent agreed to this reduction shows nothing but an odd combination of desperation and arrogance on both parts!!!
The photos and description for 2402 will not attract any buyers whatsoever so I figure this unit will not sell for another year!!!
Sad that this nice building has fallen to this level and will go even further down the ladder both on price and prestige!!!
Is there something I am missing? What makes the 2 BD units in this building worth such a premium over other units in the area? For 800k I could go to 1212 N Lake Shore or others, have a waterfront 1850 sq unit and not have to worry about a bunch of “investors” running out of money and short selling their condos.
Wow talk about an unremarkable place. It looks like its slightly higher quality than an invsco coversion and is about as cookie cutter as it gets, I hate those types of kitchens! I need space to cook! Wow decent quality diagonal wood floors… big whoop. You can install those yourself for probably $5k max. This place had better have a maid that comes and wipes your ass for you at this price.
I really like this building but think fear of view changes will slow sales in this building. There are currently 3 buildings that I am aware of with plans to go around this building. You have the Peshtigo, the Spire and something in the parking lot across from the movie theater on Illinois. Even if all 3 projects are currently cancelled or on the verge of cancellation, those locations are prime and developers will return to the sites when financing becomes available again.
The thing that baffles my mind with Chicago is that it is an awesome city with great housing, great office buildings, has land available for 21st century construction in the future and outstanding walk ability so you do not really need a car (huge cost savings). The Achilles heal would definitely be taxes…taxes…taxes. Rates seem to get raised almost every year and it is never enough. I was at the CVS recently at Michigan and Lake to pick up a couple small items and the bill had 25.75% of sales tax on it. I believe there was an error and the tax should only be 10.75% but that is still outrageous and it has turned Michigan avenue into a window shopping destination where you go home and buy the same products online for less.
An interesting side note is some new cell phones have bar code scanners that allow you to price check an item on the internet while you are in a store, which will put further pressure on retail pricing.
is this the building across from the one that is set diagonally? so it’s right by the movie theatre..the crowds from that will get annoying. Though you are close to a couple great bars. Lizzie McNeils and CnD gyros.
Yes, Chicago’s sales tax is nuts – and so are property taxes in Texas. Yes, you get a nice house for $200,000k, and then pay $5500 in property taxes. The govt makes up for it somewhere!
Tex has no state inc tax iirc. I suspect that makes net taxes lower compared to here.
There are ways for enterprising people to avoid the crazy property taxes in Texas. Its called the farm exemption. Pick up a couple animals like a chicken or cow and let the roam around your property to qualify for it and your property taxes goto next to nothing.
A ton of people do this and it really is the chicken that lays the golden egg.
speaking of out of control taxes, hey lets tax Halloween candy right before Halloween.
now my sunday football coca-cola binge will cost me more.
Oh mr. Quinn, Mr. Daley, Mr. Stroger you guys know the common man is going through rough times? why screw them on the little things that help them get by.
love Chicago dearly but its getting ridiculous, Wisconsin or Iowa is calling.
Wisconsin is a high tax state although probably not as high as IL. It is certainly higher than Virginia where I used to live. The Dane County and Madison city taxes are quite high. Very high.
Bought a pair of nice shoes in Milwaukee this weekend. 5% sales tax.
I just bought something online… 0% sales tax and free shipping. Booyah!
In addition to my “booyah”… SUCK IT DALEY!
I’m with Sonies most of my capital expenditures are bought online. I don’t mind the consumption taxes here though as it punishes spenders and not savers.
We absolutely need to get rid of this Quinn guy who noone voted for. He just hopefully committed political suicide trying to raise Illinois income taxes by 50%.
it pains me but I have been moving more to online shopping too.
I believe in the shop local thing and would preach it, i didnt mind paying a little extra to do so.
this past few years i have been shopping online a lot more, especially the baby stuff 85% of that stuff i get online.
sorry for rollin off topic again 🙂
If I were an enterprising developer, I would make a deal with NICTD and build a vertical shopping mall in the parking lot of the first train stop in Indiana (Hammond) and advertise the heck out of it in Chicago.
Well Groove77 if it makes you feel any better there are certain industries that just can’t be done online.
But I definitely seek out cheaper drink bars and utilize coupons like crazy on grocery shopping to help take the sting out of the taxes.
Every bureaucrat I can be partly responsible for them losing their six figure job and cushy pension by avoiding insane taxes makes me feel better.
if only you could buy cars online. found out the other day i’d save 300 in taxes by titling a new car in niles vs chicago. can only imagine how much that would grow if I could do it in wisc.
That first listing for the attempted flip is certainly entertaining. Either someone has not watched or read any news reports for the last 2 years or they are so delusional as to think their unit is so much better than all the other identical ones selling for less. Stories like this can at least provide us with enough amusement to get us through this recession/depression.
I bet bob is smart and also does his Christmas shopping online… I will never, ever go roam with the mouth breathing buffalo herds in the god awful Chicago winter doing my Christmas shopping ever again… thank you amazon!
No actually for X-mas typically I wait until the last day then you’ll find me in a panic at the local mall (which is NOT in Illinois though).
Bonsai tree at the mail kiosk next to the photo booth? I’ll take it!
I think it says a lot about how borring these condos are that most of the dialog on this one has been covering online shopping and taxes in Texas.
Cookie cutter that will have blocked views and diminished light 5 to 10 years from now due to increased development. I would rather buy an overpriced unit with sq ft., view and highest level of finishings (de Gulio kitchen) than an under priced, entry level luxury unit any day!
This is a $520,000 place. Ridculously overpriced. Beyond ridiculous.