Flipper Alert: Re-sales and Rentals Appearing in Aqua: 225 N. Columbus in Lakeshore East
It’s rare that I get to do a flipper alert these days.
But several new condo units for sale by investors have appeared on Craigslist and the MLS for the 83-story Aqua, at 225 N. Columbus, the latest high rise in Lakeshore East.
Additionally, a couple are also already available for rent.
Of course, there are also several hundred apartments in the same building that are available for rent underneath the condominium floors.
This 1-bedroom listed on Craigslist says it’s for sale at pre-construction prices:
“Take advantage of a UNIQUE opportunity! For a limited time, you can still buy a 1-bedroom condo at pre-construction price at AQUA – the most exciting new building in Chicago selected as one of the Top 9 UNIQUE Structures in the World! You get stunning views of the Lake and Millennium Park from the UNIQUE balcony of the unit. Inside, you get luxury designer finishes: bamboo floor, snaidero cabinets, quartz countertops, stainless steel appliances, washer/dryer in unit, walk-in closets and floor-to-ceiling windows (even the window washing equipment is UNIQUE!)”
See the ad for the $358,000 1-bedroom here (no pictures yet- as closings apparently began last week on the condo portion of the building.)
Here is a listing on the MLS for a 687 square foot 1-bedroom unit on the 73rd floor that is contingent on closing.
The listing says the unit has Kitchen Aid stainless steel appliances, granite and floor to ceiling windows.
Charles Rutenberg Realty has the listing. See the listing here.
Unit #7309: 1 bedroom, 1 bath, 687 square feet
- Currently listed for $367,600
- Assessments of $358 a month
- Taxes are “new”
- Bedroom: 14×9
- Living room: 12×11
- Kitchen: 8×8
- Parking is extra
$500 /sq. ft.????
14 x 9 bedroom?
Having a hard time seeing how location, location, location can compensate for that…
While I agree the unit is slightly over priced (especially for the 9ft wide bedroom), this building is absolutely ridiculous! Check out the photos of the “garden” floor.
http://magellansells.com/aqua/
If you click on some of the units listed (7106) and view the photos you can see that the entertainment room is pretty damn sweet – complete with a poker table.
UNIQUE is an acronym here, of course…
the aqua has some sweet amenities, watched a few video’s over on yo chicago, they have i think every amenity someone could want almost down to a sexy maid service with “extras”.
few people in other post have mentioned the rental grade finishings and feel here.
would like to see some one who bought here clear this up.
not a fan of “lake shore east” too sterile and suburban feel for me. during weeknights it seems empty like its a in-town village or something.
“during weeknights [LsE] seems empty”
Isn’t that because, mostly, it is?
I also want to hear from someone else who has been in one of the condos (no dis to Morgan) for a review of the finishes. Although, at $500/ft, I would expect more than appears to have been installed.
I love the design (of the outside) of this building and that’s about it, there’s no way in a million years I’d pay that much for a studio sized 1 bedroom.
Also from those pictures it doesn’t look like the views are from unit 7309 which I would assume is on the 73rd floor? Looks more like the 30th floor… And why do listing agents take pictures of the pool and other crap and not the unit? Oh wait, I know!
“Also from those pictures it doesn’t look like the views are from unit 7309 which I would assume is on the 73rd floor? Looks more like the 30th floor”
Defintely from lower down. The condos start on 53 or something, so, unless they mocked up one in the vacant hotel space (doubtful), color me confused, as that doesn’t even appear to be 50+ stories high.
Also, if those photos are actually indicative of the standard condo finishes, I’m totally of Morgan’s view–other than the cabinets and the (cheap) SS appliances, looks very aapratment-grade, albeit “luxury” apartment-grade.
73rd floor and you’ve still got people looking in your windows?
The appeal of living that high is that you can walk around naked and never be seen. Pass.
Pass… junior one bedroom. Might as well rent if that is all you are going to get for that kind of loot.
Take advantage of a UNIQUE opportunity! For a limited time, you can still buy a 1-bedroom condo at pre-construction price”
Or pre-bubble bursting price…Depending on how you look at it.
The 09 tier was sold as a studio from the developer. The interior photos are of the rental model unit, the finishes in the condos are typical Magellan finishes. Also, I heard the rental portion is 60% occupied. Not sure how true it is but that is what the leasing agents are saying.
I just watched the You Tube video “View from the top” and the views are ridiculous.
“the finishes in the condos are typical Magellan finishes”
Is this good, or bad, at $500+ psf?
I’m sorry, but this building is butt frickin’ ugly on the outside. Those ‘balconies’ are hideously designed.
Yet another building that looked better in the renderings than it does in reality. Does anyone else think that the white-painted concrete slab balconies (curved, etc.) produce the “aqua” effect that the computer rendering or marketing material did?
Yea, all the pics out there that I’ve seen of the interior were the rentals, which indeed suck…
Now, I’d love to see the interior of this unit:
http://yochicago.com/aquas-last-penthouse-a-home-with-a-three-state-view/9108/
Check out the video for the view.
LSE is pretty chill, very quiet, great relaxed vibe for residential, but still just steps away from from excitement when you want it.
“Now, I’d love to see the interior of this unit [Aqua PH on Yo]”
WTF did they put the double oven right next to the refrigerator for? Can *no one* adequately layout a kitchen to avoid overtaxing the refrigerator? Stupid, stupid, stupid.
That said, the rest of the floorplan looks awesome.
“steps away from from excitement when you want it”
dude have you walked it yet, its a fricken wind tunnel in the fall, and in the winter its a long haul to get to anything!!!
well, they opened a cvs over there. if they carry booze you wont have to walk that far for something.
i have a friend who put down a deposite on a 2 bedroom back in spring of 06. not sure what he is going to do when it comes time to close but with a 18mo old and another kid due next month, I suspect he wont be moving in.
this is a wannabe-architecturally-significant building. instead it’s more like a lame gimmick.
looks like a gaudi building vomited.
This is pretty much a studio. It should be priced as such.
“dude have you walked it yet, its a fricken wind tunnel in the fall, and in the winter its a long haul to get to anything!!!”
I did downtown high rise living back in the days (and now south loop), the wind tunnels never bothered me much, and when I say “steps” I mean within a mile. Even in the winter that’s a trivial walk to me, but everyone is different in that regard.
“I mean within a mile. Even in the winter that’s a trivial walk to me, but everyone is different in that regard”
very true, now being car dependent, a mile walk in high winds and snow seems like an arctic trek form me 🙂
i will stand by the statement lakeshore east has some serious wind tunneling going on, worse than anywhere else i have experienced in the city.
it’s less than a mile when the take your car to the pound. unless they go to the one on sacremento, which i wouldnt put past those bastards.
Try walking a mile, in the February winter, on a slippery and ice solid sidewalk, wearing dress shoes, a suit and trench coat, walking distance takes on a completely different meaning.
I was “allowed” in one of the two bedroom units and was completely underwhelmed. After visiting 340otp, I was expecting similar finishes in the kitchen and bathrooms but instead found rental unit finishes that were no better than less expensive condos. This building sells itself as an opportunity to live in a unique world class design, but while the exterior is dynamic, the interior is boring. What Aqua does have is some nice fitness/pool/spa type areas, but I heard they lost their hotel tenant again, is this true? I also heard that future hotel guests would be able to use the gym/spa/pools etc. so one can plan on these being very busy in the summer.
As for LSE, I agree the location is not as convenient as neighborhoods to the north, but the security is very good, and some people like the nightime quiet.
The only reason to pay to top dollar to live at Aqua is if you have a crazy jaw dropping view. This unit’s vieew is awful. i wouldnt pay 200k to live in that sardine can.
“I also financed the construction of this building and while it is beautiful and the amenities are amazing, it will not be immune to the significant price drops that have plagued other high-rise buildings in Chicago. The developer will be faced with some tough problems when the debt matures, apt rentals lag, contracts walk and the hotel space sits vacant….”
There is some interest in the Hotel space (Stays hotel, different brand)
they should put in a HoJo. the one on lasalle is pretty worn
I only looked at the rentals, but the interior is really underwhelming, not remotely close to 340 OTP level. The pictures of this unit show that the condos may not be that much better, which is consistent with Morgan’s observation.
The amenities are really good but when I visisted during a nice summer weekend, the outdoor common area is packed with Frat types, and looked like a cheezy springbreak resort. I was really disappointed.
“well, they opened a cvs over there. if they carry booze you wont have to walk that far for something.”
Booze was always available in the little store built on the loading dock at the east end of lowest Randolph St. It catered to the local “residents” of the lower streets/drives before there was a Lakeshore East. I don’t believe they carry more than pints, though.
I haven’t been down there for a couple of years so it might be gone now. It has/had to be the oddest liquor store in Chicago.
For $500 per sq ft I will gladly wait for post-construction liquidation prices. Even that might not be enough. Who cares about amentities? Do you really think it’s a deal or unique when hundreds of renters get to use the exact same facilities? Guess who will be paying that butcher bill after things get worn out?
“Try walking a mile, in the February winter, on a slippery and ice solid sidewalk, wearing dress shoes, a suit and trench coat, walking distance takes on a completely different meaning.”
boo fricken hoo. put your work shoes in a bag and put on sneakers and a jacket. This is the midwest for godsake. Since when did everyone here become such a wuss?
You can see more than 2 dozen videos from Aqua at this YouTube playlist:
http://www.youtube.com/view_play_list?p=E068AB0A14772635
Don’t miss the views from the roof and the penthouse level. For all of you who agonize over the purchase decision – watch some of my interviews with randomly-selected buyers to see how quickly they made their decision, and how satisfied they are with it.
The developer tells us that they’re down to the last dozen for-sale units – so don’t hold your breath for liquidation prices.
Who cares if the renters get to use the amenities, at least they are young, fit and good-looking. They will add overall activity to the building. Is there an outdoor pool scene? fitness center? They will for sure benefit from having young renters there.
Renters are basically good looking by definition. Bob can confirm.
“Renters are basically good looking by definition. Bob can confirm.”
Only financially these days. Physicalitywise these days its probably a toss up.
The list of amenities always cracks me up. The more stuff you offer (Movie room, poker table, etc), the more it starts to feel like a nice college dorm and the less exclusive it becomes. I’ve never understood the market for this. Do people really want to drop a million bucks on a 2 bed/2,5 bath and then go swim and play pool with 26 year old renters? It sounds great to me, except I’d be the renting demographic, not the one dishing out cash.
Joe Zekas – If the units are really selling themselves and flying off the shelves, why are you wasting your time on cribchatter defending the building and talking up prices?
Ned Flanders: newsflash for the goofs – Chicago weather is notoriously crappy. It has nothing to do with being a wuss. Do you even live here?
“Chicago weather is notoriously crappy.”
No, Chicagoans are notorious for talking up the crappiness of the weather.
It ain’t California, but the only complaint I have about the weather (having lived several places with notably worse weather) is that “spring” sux b/c of the giant ice block of Lake Michigan.
“I haven’t been down there for a couple of years so it might be gone now. It has/had to be the oddest liquor store in Chicago.”
now i am curious, I will try to find it on my way home this afternoon.
Joe Zekas,
good job on the video’s, always top notch! one thing i noticed about the people you interviewed were that all of them were buying an in-town weekend place. which helps my statement the lake shore east looks dead during weeknights.
ak49,
now that you said it about college dorms and amenities, it flipped my view of condo living in a full ammenity building.
why should i buy here, when i could rent for less?
“Chicagoans are notorious for talking up the crappiness of the weather”
after the past two winters shoveling, no snow blower, i have every right to whine about the weather 🙂
i’m not looking for liquidation from developer necessarily. i’m looking for flippers and distressed sellers.
but really i’m not because i’m too old to live in a college dorm. two thumbs down. maybe if i get divorced and have a mid-life crisis.
I don’t agree with the negative posts about this building, and the one about the attractiveness of the renters…the entertainment value of that comment! If that is what is keeping renters from becoming owners at this building…nothing more needs to be said!
In RE, it does take a lot to impress me and with this building, I am very impressed. I have been in a few units and have spoken extensively with reps over the past year. RE: the rental finishes in the condos…you do have the opp to upgrade to a number of options so that should not be an issue. Even the standard issue finishes are higher than other building’s standard finishes.
I don’t think they will need to do any type of post construction price reduction to move the few remaining units. I have followed this place for a year and they seemed to be moving at a good rate.
I am still interested in the building for a variety of reasons and recently spoke to them regarding the remaining few high floor units. The highest floor availabilities are 7106 SE corner, 2/2.5 1218 sq ft @ $805k and S facing 7108, 2/2.5 + den 1512 sq ft @ $759k.
The one that I am really, really wanting is on the 65th floor. Two units can be combined, 6505 and 6506 for 3200 sq ft, N, E & S views @ asking price of $2,079,000. $1,299,000 for 1982 sf and $780k for 1218 sf. I am almost at the point of going for it as it would be one fantastic place when completed. One great thing is that the builder will work with me to integrate ideas for the combination. Man the plan I could come up with!!!
All that said, I just do not see any reason to go with a flipper to get a place here…well other than if one of the penthouses became available at a reasonable price. I still kick my butt for not jumping on that last unit a few months ago! The possibilities were endless for decorating that place.
I have about a week to decide if I want to place an offer.
Oh that’s right the weather is Chicago is great. My bad. When I’m walking through 2 feet of snow in -2 degree weather in February with a windchill of -15 I’ll just pretend the snow is really sand and the cold wind is really just a warm pacific breeze. They say that hypothermia causes people to hallucinate …
Two feet of snow? What are you walking on the curb where plows made a huge pile?
I don’t think i’ve ever seen two feet of snow in chicago ever. And it rarely gets below zero near the lake, maybe what, 5 days a year?
Boo hoo wah wah
Embrace the suckyness of the weather!
Chicago has all the crappiness of winter and none of the benefits, like mountains, skiing, or snowmobiling anywhere within a 100 mile radius (absent some crappy trail in dupuge).
I once lived somewhere that didn’t get any colder than 40 during the winter and wow, that was the life. You’ve gotten so used to the cold crappy siberian and arctic blasts that you don’t even realize most people think we’re crazy to live here.
Yes, maybe Inuvik or Fargo is colder. Feel free to move there to brag how you can withstand bad weather like a man. I’ll be retiring somewhere in the sunbelt.
Discussions of and complaining regarding weather are 2 very common symptoms of uneventful, boring lives. Just sayin.
“When I’m walking through 2 feet of snow”
When it snows two feet, the courts shut down. If you’re out in that much snow, HD, it’s by choice.
You want to complain about how the city manages the streets when it snows, that’s a fair point. But if you’re just going to complain* about the concept of winter, move to Florida. I bet WL has a house he’d rent to you.
*See, it’s the complaining that’s the big deal, not winter itself.
“I’ll be retiring somewhere in the sunbelt.”
Dude, move there now, if it’s that much of a burden. You’ll make yourself miserable delaying everything until you can “afford” it. What happens if you slip on the ice this winter and get run over by an out of control taxi?
This topic started when the issue was how far of a walk something was in the wind tunnel of the south loop. To which I mentioned a mile is not necessarily walking distance in the winter with snow/wind, to which I’m now the wuss. My point is still valid yet the topic went off on a tangent.
I cannot find any photos of the interiors. Are they THAT bad?
I looked at the rental units at the Aqua. They were happy to show me their “large” 1 bedroom. A question I came away with was, how did those balconies pass city code? All too easy to see some drunk accept the challenge to climb over the railing and get to the next unit. Technically a possibility. Just wondering.
“I cannot find any photos of the interiors. Are they THAT bad?”
Apparently just started closings, which means they aren’t all finished, and that any flippers didn’t have pre-closing access to their units.
“I bet WL has a house he’d rent to you.”
Actually I am all good on rentals in Florida. Leases usually are renewed September/October and all of my tenants are staying put this season.
I do however have 6 houses on the market. Nothing like winters in sunny Miami!!
“I cannot find any photos of the interiors. Are they THAT bad?”
Make an appointment to visit their sales center and you’ll find the places to be rather nice, esp the upgraded ones.
“rather nice, esp the upgraded ones”
What’s the ballpark on the upgrade package for a “typical” unit?
I really couldn’t tell you the cost for an upgrade package in a typical unit as I primarily am/was interested in the penthouse levels or other high floor units that had the option of being combined.
If I were to purchase two or more units to combine (I still may go with 6505/06, have to decide by this weekend) I would by pass their upgrades and do them myself. In speaking with them, I would be allowed to bring in my own finishes and do the labor myself after the main interior walls were erected and the basics were finished. I really appreciate the fact they are more than eager to work with me to come up with a floorplan that would suit my needs.
I am assuming their packages are priced similar to how they priced the units, very reasonable for what you receive. When you compare Aqua to similar buildings, esp in this area, Aqua would definately get you more value and style (and stupendous views) for your $$$.
For $500/sf I want higher then 8 1/2′ ceiling heights. On top of that, I’m sure the ceilings are skim coat and not drywalled therefor you couldn’t add recessed lights in the living areas without dropping the ceiling another 6″ or so.
The little store is there – in the 400 E. Randolph Bld. There is a separate entrance from the “lowest” level of Wacker. It is a grocery store as well and they also rent movies. Dated, low selection and needs to be remodeled, but nice if you need something quick on the way home. You can also get in through main entrance of the 400 E. Randolph building by signing in at the front door. There is also a restaurant/bar in level 7 of 400 E. Randolph, but it has the atmosphere of a bowling alley.
As an alternative, I would recommend the store in the basement of the most southerly Harbor Drive building, where you can get just about anything (wine, liq, decent beer, dairy, produce, etc).
For the most part, I love living here (lake view, great park, etc), and accessibility has been much better since they opened the stairs/elevators at the west end of the park. But there is a serious lack of food/drink options. We’ve been venturing down to the Gage en route from work and sometimes I stop at Tavern at the Park when its bitterly cold, but I want something without conventioners and no more than a block away. Someone would make a killing if they would put a little bar/restaurant into one of the commercial spaces in the Aqua facing the park.
Meagan,
I heard last week that a good restaurant is signing a lease for the market area on the park. Currently, Roundy’s signed for 55000 s.f. and 5/3 bank also signed. Someone from Titan Commercial told me that once the restaurant signs they will have their construction loan and building will begin. I think that will be a tremendous asset to the residents. Hopefully the tourists will not be able to find the restaurant and it will become a local hangout.
I think this one bedroom was sold as a studio by the developer as all the one bedrooms should be more than 900 square feet. In that case it is not cheap for this small one bedroom unit.
Again, my point was wouldn’t it be better to be an older, empty nester owner and share the amenities with young people who rent the lower floors? rather than be in a stuffy building like 55 E. Erie where everyone is alike?? If I’m some empty-nester, and moving back into the city (for action the burbs don’t offer), then I want to see some babes poolside, and have some youth to inspire me in the gym to workout. It’s like this at GrandPlaza.
PS the wrought iron balconies on this building do not look sturdy enough, esp at 80+ floors.