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Avenue East 2-Bedroom Listed $52K Under 2007 Price: 160 E. Illinois

The developer, and other sellers, are still trying to sell units at Avenue East, the 2007 construction high rise at 160 E. Illinois in Streeterville. The building is not even half a block off of the Mag Mile.

Three units have sold in 2009 (according to public records.)

This 2-bedroom unit recently came on the market and is now listed $52,400 under the 2007 purchase price.

The listing says it is “priced to sell.”

It is only 1100 square feet but it has all the new construction bells and whistles: hardwood floors, dark kitchen cabinets, granite and stainless steel.

Is this a deal at this price and location?

Tom Kelley at Prudential Preferred has the listing. See the pictures here.

Unit #1107: 2 bedrooms, 2 baths, 1100 square feet

  • Sold in September 2007 for $542,400
  • Originally listed in March 2009 for $459,900 (plus $35,000 for parking)
  • Reduced
  • Currently listed for $445,000 (plus $45,000 for parking)
  • Assessments of $574 a month
  • Taxes are “new”
  • Bedroom #1: 18×12
  • Bedroom #2: 12×10
  • Listing says sold “as-is”

This entry was posted on Thursday, April 30th, 2009 at 4:35 am and is filed under Streeterville. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

17 Responses to “Avenue East 2-Bedroom Listed $52K Under 2007 Price: 160 E. Illinois”

  1. Streeterville Realtor on April 30th, 2009 at 6:05 am

    The developer still owns a decent number of units. This building is in a great location. However, the finishes are NOT nearly as nice as 240 E Illinois, 600 N Fairbanks, and 505 McClurg.

    Why would a developer in this price point think he could get away with the outdated “hollywood” lights in the bathrooms and a single sink in the master???

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  2. Why?

    The developer is smarter than you. Otherwise, you’d be the developer. They, along with their banker (ex?) friends, are the smartest in the room.

    Obviously.

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  3. I agree with the statement above, I’ve looked at 505 N McClurg and 240 E IL, both have better finishes and are a little farther east. I’d rather wait for their prices to come crashing down.

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  4. The $4K price reduction from March will definitely cause a line out the door to purchase this “priced to sell” condo.

    Nothing says DEAL like a 1% reduction!

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  5. I visited Avenue East last month to look at the model. Here are some photos, and here‘s a video with the agent. Last I checked, the developer still had 19 available units.

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  6. “Nothing says DEAL like a 1% reduction!”

    Well, the March pricing was stupid. Why would you ever (in this kind of market) set your price 9,900 *over* a $50k mark? It’s like they’re completely unaware of how people look for real estate.

    Especially true when they are *already* shamelessly separate-pricing the parking. Stupi, stupid, stupid.

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  7. anon(tfo),

    I agree. IMO they should cut the price to 399k, but increase the price of parking to 91k and note that they should be sold together.

    Whats hilarious are these stuck condo-owners thinking they can dictate the price of a parking spot downtown. Sorry but if it costs $200/month to rent its ain’t worth 45k.

    I guess they were dumb enough to believe that rent equivalence doesn’t apply to their residence so I guess its natural from thier point of view this extends to parking as well. Too bad for them people don’t brag to their friends about “owning” a parking spot, lol.

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  8. What a POS. I hate when they have those big ugly cement caisson pillars in the all window corners. Why bother with windows if there’s gonna be a giant ugly pillar in the way? Great location but I still LOL at gold coast pricing. This one is priced NOT to sell that’s for sure.

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  9. is this the building that blocked the whales mural?

    and now I know what “hollywood” lights are thanks to SR.

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  10. LOL. My $735/month apartment has those same style Hollywood lights and my bathroom, too, has only one sink. If you have half a million to blow and want to live like cheap Bob buy this unit.

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  11. “Sorry but if it costs $200/month to rent its ain’t worth 45k. ”

    Odd… As long as you don’t borrow on it, I like the return on parking more than the apartments… 5.5% a yr ain’t bad these days.. Oh wait… parking has association fees also. This real estate thing is a bitch…

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  12. And taxes too…

    “Oh wait… parking has association fees also. This real estate thing is a bitch…”

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  13. LOL I have hollywood lights in my bathrooms and I hate them! Im surprised to see them on a half a million dollar proerty! Just goes to show you can’t teach good taste to developers, its all about the benjamins.

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  14. Also that 2nd bedroom is only 12×10 but its got a giant fricking 2′ pillar taking up a large amount of space in there. This is more like a 1+den and at 500k is a joke.

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  15. I have looked at a half dozen units at this building, on several occasions. Although the location off of Michigan Avenue is convenient — you can easily go in any direction and be where the action is — the building is actually kind of depressing. The windows are small, the 07 tier has the living room immediately adjacent to the kitchen so there is absolutely no dining area, and the quality of the finishes is mediocre, in my opinion. It’s a shame, for the common areas are nice and the building is well-built. Due to the number of available units, the unsold units are likely to fall another 25%. Lookout for the floors too – I think they are warping.

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  16. ” Lookout for the floors too – I think they are warping.”

    I take it that is what the sold as is means?
    Nice location, but the interior seems to be a Florida style dorm. Not good for half a mil.

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