Are Some Sellers Getting Too Optimistic? A 2-Bedroom at 535 N. Michigan in Streeterville
This 2-bedroom at 535 N. Michigan right on the Mag Mile in Streeterville recently came on the market.
It is a rare 2-bedroom unit (as the building has more 1-bedrooms.)
At 1000 square feet, it is a southwest corner unit with views of the Wrigley Building.
The building was built in 1962 and is a full amenity building with a doorman, rental parking, an indoor pool and an exercise room with city views.
The listing says the kitchen and bath have been “remodeled.”
The kitchen has white appliances and tile kitchen counters.
There is no washer/dryer in the unit (coin laundry only) but there is central air.
No dogs are allowed.
This unit, at 1000 square feet, is currently the most expensive for sale in the building at $329 a square foot.
Have some sellers read the bullish headlines and gotten too optimistic?
Or is the market hot enough to support rising prices in the GZ?
Gail Spreen at Streeterville Properties has the listing. See the pictures and a floorplan here.
Unit #2501: 2 bedrooms, 1 bath, 1000 square feet
- Sold in December 1988 for $71,000
- Sold in June 1991 for $105,000
- Sold in May 1997 for $128,000
- Currently listed for $329,000
- Assessments of $750 a month (includes heat, a/c, doorman, cable, pool, exercise room)
- Taxes of $3737
- Central Air
- No in-unit washer/dryer
- Parking is rental for $245 a month in the building
- Bedroom #1: 13×14
- Bedroom #2: 12×14
I have a hard time believing the kitchen or bath have been remodled since the last purchase in 1997, and if it was since then it was immediately after the purchase I would think. Also, when there are far more pictures of the common areas and views than the actual unit, I assume the unit is pretty sad to look at.
Either way, over $300k without a second bathroom or granite or a nice bath is really a stretch. Good luck on that one!
I love picture #6 the best, realtor/photog too stupid to figure out how to either remove the timestamp from the photos, or change the date on the timestamp, and why show a zoomed up picture of the wrigley building clock? its at least a few blocks away!
anymore – doesn’t corner unit imply windows on at least two sides? how is this a corner unit, other than it happens to be the last unit down the hallway? – there don’t appear to be windows on the south side??
even so – piece of crap. $99K outta do it.
what a pipe dream of a price.
I almost bought a 1 bedroom here 2 years ago for around 100 grand. Granted, it needed to be gutted but it was not much smaller than this. Two bedrooms were going for 150-200K.
My fav is photo number eight with the zoom close up of the garbage can and unwashed bath mat. I think the current owners (maybe even their renters) took theses photos and just emailed them to their lazy as heck agent.
sharpie, I think the floorplan shows a window in the master bedroom which would give it windows on two sides. Too bad there is no picture to prove it though….
Another ‘on the market but not really for sale’ property I’m guessing, going by the price and the photos…at least I hope that these owners didn’t actually think this agent was going to sell their place for them at this price and with that listing.
“sharpie, I think the floorplan shows a window in the master bedroom which would give it windows on two sides. Too bad there is no picture to prove it though….”
good eyes benjamon9 – guess you are better at reading 1962 floor plans faxed over to the realtor than I am.
so yeah – a corner unit — but I’m sure it’s still not getting close to $329k.
But look at the side windows in the photo of the building – not sure I’d want that in my bedroom.
WOOF! No dogs in this building except the units themselves. All kinds of fail.
Personally, I luv the 1988 price for this dump.
Locationlocationlocation – southern tip of Mag Mile…
The ONLY thing this building has going for it is location. If it were located anywhere more than 1 mile inland from the lake, it would all be section 8 housing by now.
Oh I get it now, the real estate agent is subliminally saying that this listing sucks clock!
“The ONLY thing this building has going for it is location. If it were located anywhere more than 1 mile inland from the lake, it would all be section 8 housing by now.”
Good call;
I’d go so far as to say this building is a blight on the Michigan Ave. strip…
I think this would make a good rental. There are a lot of Northwester, Depaul downtown, and new-to-chicago students around this Streeterville/Mag Mile location. I think you could get $1900-$2000 as a rental. Thoughts? That being said it may not be that bad should it sell for $260K or something. I have NOT been in the market for a while so I’m not up to speed with all the prices. but may be worth the rental. People rent 1 bedrooms for $1450-$1550… so 2bd can get $1900. Buy for $250K pay the $750 ast may be okay investment. I personally LOVE my tiny 1bd in lincoln park. Bought for $200 pay only $125 ast and rent for $1395/month. Low ast, great investment. NOTHING beats a low-rise for investments. Still waiting to see any hi-rise that comes close to even an “okay” investment in a low rise.
I don’t find anything desirable about this location. The unit is in dire need of a update and 1000 square feet is not big at all not to mention it only has one bathroom. These people are dreaming – my guess is $220 – $230k.
“so 2bd can get $1900. Buy for $250K pay the $750 ast may be okay investment”
Harhar. With those T&A, and $1900 as target rent, I’d think more like *1*50,000, especially given dated condition. At least as an investment prop.