1-Bedroom Returns As An “As-Is” Sale: 240 E. Illinois in Streeterville
We last chattered about this 1-bedroom unit in the Fairbanks at City Front Plaza at 240 E. Illinois in Streeterville in August 2008 when it appeared to be the first unit to have a lis pendens filed against it.
See our August 2008 chatter here.
Back in August 2008, we were still chattering about flips in this building which was completed in 2006. How quaint those days seem now.
Nearly two years later, that lis pendens has turned into a “as is” sale.
From the pictures, it appears the kitchen and bathroom are intact.
It has hardwood floors and in the kitchen there are stainless steel appliances and granite counter tops.
I cannot tell from the listing if it includes the parking or not. It appears that parking was bought with the unit in 2007.
While I couldn’t find an original sales price, given prices of similar units in the buiding, it would seem likely it sold for the low $400,000s in 2007.
If this unit does NOT include the parking space, is this price even much of a deal?
Ayoub Rabah at Great Street Properties has the listing. See the pictures here.
Unit #602: 1 bedroom, 1 bath, no square footage listed
- Sold in August 2007 (I couldn’t find a sales price)
- Lis pendens filed in August 2008
- Public records don’t indicate it is bank owned but it appears to be
- Currently listed for $348,900 (can’t tell if parking is included or not)
- Assessments of $538 a month (includes heat, a/c, doorman, pool, cable)
- Taxes of $5193
- Central Air
- Washer/Dryer in the unit
- Bedroom: 15×11
- Living room: 22×13
- Kitchen: 14×8
What is the attraction of this area of downtown?
I’m in this area very often for school, and I am amazed at the lack of vibrancy, street life, retail, around here. This is the part of Chicago that feels more like a museum than a city, and as home-sick east coaster, makes me miss the hodgepodge of downtowns that weren’t meticulously planned.
Not to trying to dump on Chicago, I just don’t understand what all these people who live in high rises in streeterville do when they’re not watching tv in their apartments?
haha
Yeah I really want to spend my $2900 a month to live in a one bedroom…
I live in this area & I can tell you exactly where my neighbors are:
95% still at work
5% hiding from tourists
I own one of these loft units.
I got to say it’s not looking good – I don’t think any of them have sold in the past 12 months and there are ~5-10 of them on the market.
Probably under water and should consider the “to default or not to default” question.
Just for the record it DOES include garage parking. This is a good deal compared to the rest of the units on the market in the building. Also, if you look at this price and compare it to the building next door (600 fairbanks) you are looking at about a 100k less. I have to say I like these units a lot, but I see these prices coming down to this asking price in the future. I just dont know how many people can afford to pay 450k (with parking) for a 900 sq/ft 1 bedroom anymore.
Joe, I agree with your opinion about this area, I wouldn’t live there for half of what I pay in lakeview. Although I also wouldn’t generalize this area to all of chicago
This place is a ghost town. Folks are either at work, hiding in their apartment watching tv, or taking a cab to lincoln park, downtown, river north, or the west loop. This place is imho, over 100k overpriced.
This building is one of the worst condos in Streeterville. It’s built on top of a public parking garage. Nothing like sharing the elevator with complete strangers.
Almost a cool G out of your pocket each month on the assessment & taxes alone and for ~350k you can get a 1br in Legacy or Aqua. This asking price is hilarious.
I still don’t know what compelled people to so GROSSLY overpay for these places when they were new. Did they think they could flip it for $500,000 in 2 years?
I use to live (rent, 2.5 yrs) in Streeterville and I must say, it’s actually pretty nice. You can easily walk to the lake and head to navy pier, north to north beach or south toward the museums, grant park, soldier, etc.. Shopping is great (Mich ave), food is pretty good (lots of chain restaurants though), easy access to LSD, the highway, but I definitely agree with the above that the people are at work more than home.
Tourism is worse in RN IMO.
Oh yeah…about the property…low floor makes for noisy condo.
Bob, please show me a link that Aqua is selling a 1 bedroom for ~350K
Who knows? The area is wind-blown and frigid 8 months of the year, and Michigan Ave. is a huge border/dividing line that many never cross, so they never experience real Chicago. Lake Point Tower is a wind-blown, frigid prison most of the year.
“I just don’t understand what all these people who live in high rises in streeterville do when they’re not watching tv in their apartments?”
I’ve always called this area the most overpriced area in the city. Anyone that though that this was headed to 500K in the short term was delusional.
I wouldn’t offer a dime over 299K WITH PARKING.
I can tell one thing there not doing. Wasting all their free time posting on cribchatter speculating how other people live their lives.
“I just don’t understand what all these people who live in high rises in streeterville do when they’re not watching tv in their apartments?”
Aqua does have some convertible units ranging in the mid to upper $300’s and 1/1 start at mid $400’s. Not the pick of the bunch either.
“Bob, please show me a link that Aqua is selling a 1 bedroom for ~350K”
Mike C why don’t you learn to search the MLS for yourself?
Unit 6809 in Aqua listed for 359k. MLS #: 07462259. The MLS is your friend.
Bob,
Unit 6809 is a 687 sq. ft. convertable not a 1 bedroom. I would not call this a comp. Maybe you should learn how to read the MLS
Unless I’m mistaken, this one doesn’t give the sf, but I’m not impressed by the room dimensions. There’s an Aqua 740-sf “comp” at $362 (#5311).
“HomeSteps is offering: 2-yr HomeProtect Home Warranty & Appliance Discount (up to 30% savings) for initial offers meeting seller requirements. Sold as-is”
Isn’t that kind of a contradiction — “as-is” with 2 year warranty?
And “appliance discount” — are the appliances in the pictures not included?
saw a dog driving a van in front of this place last year
http://i48.tinypic.com/34e3zic.jpg
This building was overpriced from the get-go,a nd this unit clearly needs some clean-up. The photos of the mold in the bathtub and a beat-up bathroom cabinet are not helpful. Note realtor: Pay $50 to a cleaning service before you take new pictures.
BTW: I live in Streeterville at RiverView. Like A-Fed pointed out, there a lots of reasons to live in this neighborhood. I rarely have to use my car; I can walk to my loop office; Fox & Obel is a block away; and Dominick’s, the AMC Theatres, Volare, Michgian Ave., etc. are only a few blocks away. More important for me, I can hit the running path on the lake very quickly (after working my 12+ hour days). Different strokes for different strokes.
Cool it Valasko, you are being nasty. Maybe Sabrina should do an update on your beloved Momo
David relax….. just being snarky, conversation here has really gotten stale.
Touchy, touchy Bob
I did search, but I couldn’t find a 1/1 in the price range you suggested…
Well pardon me for the stale commentary. I’m just trying to ask a straightforward question about an observation I have about downtown living in Chicago vs. East Coast cities that are more densly populated in general but that don’t have high rise neighborhoods as big as Streeterville. Namely, Center City Philadelphia comes to mind as a much smaller urban center with much more street life, locally owned restaurants, and retail packed in.
Proximity to the lake is obviously a plus for this neighborhood, but I personally prefer a more lively street atmosphere that goes along with traditional residential neighborhoods. What I am trying to figure out about Streeterville is why the obvious density of population that occurs with so many high rises doesn’t translate into a more organic neighborhood feel? Ie: with so many people living in this area why is the area still dominated by chain restaurants? I suppose it commercial success of the area can drive a lot of the mom and pop stuff out of the area, just curious about the history of this neighborhood really.
Joe: unlike most urban neighborhoods that developed over many decades, much of the Streeterville area was developed in the last 15-20 years. I lived in North Pier Tower in the early 90’s and most of the area consisted of surface parking lots. Much of the land was under the control of a couple of companies that were waiting to develop it, and I think some of it was tied up in litigation. As many of the newer high rises got built, it seems they attempted to include restaurants and some retail, but probably at prices that wouldn’t work for more neighborhood-type establishments, hence all of the chain restaurants.
“As many of the newer high rises got built, it seems they attempted to include restaurants and some retail, but probably at prices that wouldn’t work for more neighborhood-type establishments, hence all of the chain restaurants.”
Related to this, the cost of insurance for retailers in hi-rises went up dramatically after 9-11. It may have come down since, but I have a friend who had a major problem with this in ’02.
“MC on June 18th, 2010 at 5:25 pm
This building is one of the worst condos in Streeterville. It’s built on top of a public parking garage. Nothing like sharing the elevator with complete strangers.”
I must say, MC, you are a total f’ing idiot.
The lofts in this building have two elevators to themselves. So that’s 7 floors, 2 elevators, about 8 units per floor. So really, about 28 units per elevator. Which is a nice luxury.
I don’t like streeterville because its a giant boring chain restaurant, empty highrise infested wind tunnel… I mean I know my hood is a cement jungle but my god streeterville is something else, proximity to the beach is a plus, I guess… if you like gang fights, latin BBQ and drunken frat boys, I mean most of it isn’t even that close to an el line so you have to ride the most awful bus lines in the city or sit in gridlock 24/7 in your car. Streeterville to me is just like East lakeview without the neighborhood charm.
“Maybe you should learn how to read the MLS”
Guess what genius valasko, the one I posted isn’t listed as a convertible in the MLS. Its listed as a legit 1/1. So take it up with the idiot Realtard and the lack of quality control standards on the MLS.
this unit is in the lower part of the building which was built to be a parking garage. When the current developer bought the site, they converted the front half of the parking garage into “loft” condos. These units would be good for parking, but that is about it. No light and weird balconies. Check out the photo again… It’s a parking garage.
that is interesting. i remember when the original construction stalled out for what seemed like a really long time. if only the first developer had the foresight to turn parking spaces into gold he might have made it.
wow parking lot conversion, never noticed or seen that done before just checked it out on street view
“this unit is in the lower part of the building which was built to be a parking garage. When the current developer bought the site, they converted the front half of the parking garage into “loft” condos. These units would be good for parking, but that is about it. No light and weird balconies. Check out the photo again… It’s a parking garage.”
Not like anyone could ever realize that from these crappy photos, this place might as well be on the moon for all you can tell.
Seriously just look at these photos. Here is a poorly lit picture of a part of the kitchen. Here is a picture of another part of the kitchen. Here is a picture of a wall and some carpet. Here is a picture of a toilet and a sink. Here is the picture of the front of (ostensiby) the building this condo is in. Here is a picture of a bathtub. Here are some pictures of a view that may or may not belong to this unit.
I don’t think this exact location in streeterville is as desolate as people think. Granted, it’s not RN or lakeview, but it’s really only a few blocks from some bustle. Part of me might like a bit of demilitarization from passers-by.
That said, I would rather use nothing but public restrooms for the rest of my life than pay 350 for a fantastic 1 bedroom – let alone this underwhelming parcel.