City Living at its Best in this Luxury 1-Bedroom: 505 N. McClurg in Streeterville
This 1-bedroom in the Parkview Condominiums at 505 N. McClurg in Streeterville just came on the market.
It doesn’t get any more “middle of the city” than this.
The corner unit has several city views including from its balcony.
At 1053 square feet, this unit is oversized compared to most 1-bedrooms so there is room for a dining room table.
It has an open kitchen with granite counter tops, stainless steel appliances and cherry cabinets.
It’s a full-service building with an outdoor pool, exercise room and doorman.
The unit has central air, washer/dryer in the unit and parking is available for rent or $50,000 extra.
Santiago Valdez at Re/Max Signature has the listing. See the pictures here.
Or you can see it in person at the Open House on Sunday, September 29 from 1- 3 PM.
Unit #1906: 1 bedroom, 1 bath, 1053 square feet
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- Sold in July 2008 for $448,000
- Currently listed for $459,900 (parking is $50,000 extra)
- Assessments of $421 a month (includes heat, gas, doorman, cable, pool)
- Taxes of $6202
- Central Air
- Washer/Dryer in the unit
- Bedroom: 14×12
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Very nice place, although I have no idea whether the price is decent. I’m surprised at how reasonable the assessments are for a downtown high rise with nice amenities.
Not bad for a 1bd/1ba. I can’t afford it by myself so I can’t comment on the price.
I get annoyed when they call the bedroom without an attached bath a “Master”. There is only one bedroom. To me, a master is the largest bedroom, out more than one, and it has an attached bath that is only accessible from that master bedroom.
Will probably sell for 450k with parking. The assessments are really low and will give it a leg up on other large 1 bedrooms for sale in the area. This building is beautiful too. Much better looking than your average post 2000 glass and concrete skyscraper.
The assessments and property tax do not include those of the parking space. When parking is sold separately, people always forget that it comes with it’s own assessment and property tax and has to be added to the bottom line even if the price of parking can be negotiated in and the whole thing sells for $450,000, as Mike predicts
If its anything like mine, tack on another ~10% of whatever the current assessments are for the parking space, ~15-20% for taxes
Nowhere in Chicago are one bedroom condos worth nearly a half million dollars, no matter now nice they are. The prices will not hold.
“Nowhere in Chicago are one bedroom condos worth nearly a half million dollars, no matter now nice they are. The prices will not hold.”
Pete: These are selling like hotcakes all over downtown. $500,000-$700,000 for a 1-bedroom. Even in older buildings. You can blame the Fed and its reflation plan- which is working.
“You can blame the Fed and its reflation plan- which is working.”
I thought real estate only had one way to go, which was down? Which is it?
“You can blame the Fed and its reflation plan- which is working.”
You’re kidding right? While the Fed is pumping billions into the economy? Why do you think the global stock markets and real estate markets are on fire?
When the stimulus goes away (which it must)- it will be nasty. But the Fed has no guts. Looks like it will be some event or shock to the system that will finally make them stop the madness. When that will be- I have no idea.
Yeah you’re right, all this money they are printing will just disappear and velocity will stop, everyone will just stuff it in their mattress. LOL!
“I have no idea.”
That part I agree with.
“There is a massive misconception about where the Bernanke Fed’s stimulus landed. Although the Bernanke Fed has disbursed $2.284 trillion in new money (the monetary base) since August 1, 2008, one month before the 2008 financial crisis, 81.5 percent now sits idle as excess reserves in private banks.
This 81.5 percent explosion in idle excess reserves means that the Bernanke Fed’s new money issues of $85 billion each month have never been a big stimulus. Approximately 81.5 percent (or $69.27 billion) is either bought by banks or deposited into banks where it sits idle as excess reserves. The rest of the $85 billion, approximately 18.5 percent (or $15.72 billion) continues to circulate or is held as required reserves on banks’ deposit accounts (unlike unrequired excess reserves).”
“This 81.5 percent explosion in idle excess reserves means that the Bernanke Fed’s new money issues of $85 billion each month have never been a big stimulus.”
I agree 100%. All of the Fed’s own studies have shown it is doing NOTHING.
That’s why it is devastating to the economy. It is massive debt being piled onto massive debt. And it must be unwound. Heck, by the end of the year the Fed will be the only buyer of mortgage backed securities. Who buys then when the Fed stops? What a joke.
QE has never been unwound in the country that is the world’s reserve currency. The distortions it (and other central bank stimulus like the Japanese injection) has been massive. We already saw the bond market correction on the taper talk. Where will bonds be after it is withdrawn? Or CAN it ever be withdrawn??? So far the Fed has answered that with “no” it cannot. Because the housing market will crash again.
In case anyone hasn’t noticed, the Chicago housing market has slowed considerably since July. It hasn’t fallen off a cliff, but if you needed to sell you should have done it last spring. Things are already different and we’re not even at 5% mortgage rates yet (which we will likely see early next year.)