Developer and Other Sellers Reduce in Streeterville’s 600 N. Fairbanks
We’ve chattered about Helmut Jahn’s 600 N. Fairbanks in Streeterville a half dozen times.
The building has seen some sales in 2009 with other units currently under contract.
However, as someone posted about in the comments recently, the developer has recently reduced prices on the remaining few units still available. Most of the reductions look to be around $50,000.
Some other sellers have also reduced.
Unit #1505, a 2-bedroom unit, recently reduced its price by $30,900, presumably because Unit #2105 also recently reduced (and is now under contract.)
Are economic realities now hitting 600 N. Fairbanks?
Here’s the history on Unit #1505 again:
Unit #1505: 2 bedrooms, 2 baths, 1253 square feet, (NW view)
- Sold in November 2007 for $584,000
- Listed in January 2009 for $629,900 (plus $55,000 for parking)
- Reduced
- Currently listed for $599,000 (plus $55,000 for parking)
- Assessments of $482 a month
- Taxes are “new”
- David Isquith at Keller Williams Gold Coast has the listing. See more pictures here.
$500/sqft?
Where do these people purchase their sporting equipment?
nice place. and i think the price is getting closer to where it should be. just too darn expensive for me though. but im a cheapass.
The lowest priced units ever sold were precon 1/1s and I think they sold in the low 300s (WITH parking). So that being said shouldn’t there be some savings in scaling up to a 2/2?
$550k WITH parking.
Sabrina must miss Turd/T2/DeaconBlue/etc.
Yes, they are still selling for more than you paid DB. We know.
$/sq ft is still way too high. I can buy a 1600 sq ft 2BD in SV for 450, spend $75k to give it that same -San Quentin cell meets modern minimalist- renovation and still come out cheaper. If this unit does sell soon, it will go to someone that can afford to not care about bang for the buck.
Here comes Fairbanks with his stupid claim that units in this building will never decrease in value! I can’t wait!
“Here comes Fairbanks with his stupid claim that units in this building will never decrease in value!”
I thought Fairbanks was a different person? Wasn’t that Turd/T2/DeaconBlue?
2306 closed yesterday-Resale $425,000 including parking
Previous Sale $404,982 04/01/2008
821 sq ft 1/1
Puts the going Price Per Square foot around $517.66 including parking
“Puts the going Price Per Square foot around $517.66 including parking”
No discount for a larger place? Maybe more like $510/ft for a 2/2, with parking?
“Puts the going Price Per Square foot ”
No, it puts the price this particular buyer paid.
units seem really small to me. and those bedrooms are hard to furnish with all those windows – seems like you’d have to spend a ton of money on high quality windows treatments for privacy and to block some light for sleeping.
otherwise – i reallly like the style and finishes. and this seller clearly gets the modern style – it’s nicely staged
What about #2703 which sold 4/15/09 for $427,500 w/pkg? That is a larger 1/1 at 873 sf with a better view (I think?) Previous sale 1/22/08 for $466,500.
That would be $490/sf but I think you have to be very careful when comparing $/sf with pkg included between units with many differences.
We’re in one of the 06 units, and furnishing it took some creativity (primarily due to lack of closets and narrow living room). The bigger 1/1s have about two extra feet of space in the living room, which makes all the difference in the world.
As for the windows, the building has custom window treatments that do a very nice job. They’re certainly not blackout curtains, but the rooms get plenty dark for me.
Regarding prices, I would imagine we see a dip. Most of the units on my floor are still unoccupied.
I consider 510 psf to be “around” 517 psf, and i also think 490 psf is around 517 psf.
real estate isn’t an efficient market, so plus or minus 5% seems like no big deal and is easily explainable by differences in view, etc.
“I consider 510 psf to be “around” 517 psf, and i also think 490 psf is around 517 psf.”
SR used 2 significant digits. “Around 517.66” is different from “around 517”.
No argument from me. ppsf becomes less reliable as differences between units increase. Add in the parking, and it is even less a point of comparison, mostly due to its distorted effect on units with significant size differences (as anon mentioned.)
The interesting thing to me about 2703 was the loss. Add in the transaction costs and it had to exceed $60K.
Out of all the buildings in chicago, I think this one is the nicest. It has the nicest finishes, the building is ran wonderfully, its looks modern and sleek, and the amenities are great. I also love the location. However, I currently cant afford to buy there.
At least units are selling/closing in the building. That is a HUGE plus in this market since things are VERY tough out there. It takes time for any building to set its price points. It seems that right now things are settling around 500/sq foot right now, but that does not mean it will continue. Things may get cheaper in the building you never know with real estate. All I know is I am glad I am in a building that is 96% sold and not in Trump Tower right now! LOL!
It can’t be said enough how great the staff in this building are. Annoying chores like waiting for the cable guy, furniture movers, etc have been eliminated.
Also the rooftop deck come summertime can’t be beat.
I love the building
@CC:
Agreed. On multiple occasions, I’ve asked Jamie if I can borrow a ladder or a dropcloth, and next thing I know he’s carting my Christmas tree downstairs or changing out my bathroom lights while I’m at work. Great people.
What is the siren noise going to be like in a place like this, given all the hospitals a block away?
This is a random question but does anyone know if there is a way to buy a unit direct from the developer? It appears that they have an agency unless I’m missing something…
The developer has 8 units left (out of 212) around 850K-1.2 million.
Sure, you can buy a unit from the developer. Just call Schatz
I live in the building and none of the windows have broken from structural integrity issues. Where are you getting your info?
Aren’t windows common elements that should be covered under the insurance WITHOUT paying $5,000? Damn, that would really suck…
Butt ugly building, average location with average views at best, and not worth $500 psf.
Alot of the above posts read like sales agents or the developer stacking the thread.
Anyone know what unit 2105 closed for?
The building itself seems nice, but there are just too many beggars lurking across the street. It would be really annoying to step out of my door and have some begging for money.
There’s a 2/2 in the Hancock for $500,000 (MLS ID #07142519). There’s also a 2/2 at 515 N. McClurg for $515,000 (plus $60k for parking).
Is the Fairbanks building really worth so much more than any of the other buildings that have condos selling for less?
I don’t see any beggars across the street where the emtpy parking lot is. You must be referring to 550 st. clair.
Also Hancock assessments must be a lot higher I bet since its an older building and has its own quirks for example a pain to get to the parking garage.
Assessment for the Hancock unit – $1040.00/month
“Assessment for the Hancock unit – $1040.00/month”
$560/month at 5.5% ~= $120k in purchase price.
But if you think that the assessment spread will remain the same for 15 years, I admire your optimism.
“the outside pane shattered”
Actually shattered, as in shards on the street, or shatterproof shattered, as in spiderweb of glass in place?
Regarding the Hancock.
No washer and dryer in unit.
Washer and dryer every three floors.
Incredible pool. I mean incredible.
You need to take two elevators to get to your place.
Garage parking is rental
I’m looking outside the building on all sides and I don’t see any broken windows. It would be obvious if it did. What flr did this happen on?
Oops! I must have confused this building with the one on St. Claire. Beggars are lot worse than an empty lot.
oh wow hope its a fluke and not bad design.
Actually, I think the $5K deductible is a good idea to protect all residents from people to accidently break their balcony window panes for example. I don’t want to pay for someone else mistake.
Hi, I am searching for a 1-bedroom condo in the Streeterville area as a primary residence and I am interested in this building. Does anyone know whether any construction is planned in front of the building (in the empty parking lot)? Also, I would appreciate any comments re: this building vs. 250 E Illinois building. I am mostly interested in south facing units. (currently only one unit available in 600 Fairbanks as far as I know) Thank you!
Gina:
Yes, there is a high rise hotel planned for the lot directly to the south of the building. But because of the economy, those plans have been scotched (for now.)
Others probably know more.
But you can assume any time there is an empty lot in the downtown, that someone will be building on it eventually.
Gina:
I believe you mean 240 E. Illinois. I live in the bldg. Looked at both 600 NF, regular units in 240 and the loft units. I chose the loft units as it had everything I wanted.
The 600 NF units were great in terms of staff and finishes. The dealbreakers for me were: Small balcony, total lack of closet space (and i’m a dude), high price per SqFt, and the empty lot to the south.
I think both buildings are great, but I ended up paying about $75K less at 240 E. Illinois, with parking, than I ever could have at 600 NF and I haven’t thought twice about my decision.
What sq. ft is your loft? When I looked at 1 br in 240 e, they tended to be more expensive that’s why I ask.
Also 240 e. illinois has a parking on the north and south side of it so views could become blocked eventually too.
Sq footage is about 930 inside, plus a large deck that is like 5 x 14 or so. Forgive me if measurements are slightly off – totally off the top of my head.
Parking lot to the north of 240 is the same parking lot south of 600 NF. So that point is moot in terms of comparing the two. Although the north facing units in 240 have about 30 feet of seperation and Grand street in between the lot, while the 600 NF units only have Ohio street seperating the two.
The south parking lot you speak of is right next to the NBC building, and I doubt them putting anything up there for the time being (plus there isn’t much space – i doubt anything could fit in that small space.
“The south parking lot you speak of is right next to the NBC building, and I doubt them putting anything up there for the time being”
Yeah, not anytime soon, but that lot was originally going to be the second tower of the NBC Tower before the late-80s real estate collapse. It would likely be something similar (i.e., sharing the lobby w/ NBC Tower) if ever built.
Don’t ever say never, if theres a lot something will eventually go up. What flrs are the lofts on? Units start at 13 in 600 fairbanks hence the price difference too. Even if a building goes up in the lot you still have views of shraton, sears tower, trump, and tribune.
Loft units are exclusive of the “tower” units at 240 and occupy floors 4-8. Totally different layout than 1 BR’s in the tower (which I felt were overpriced).
On the lines of “never say never”, how sure are you that whatever hotel is built on that vacant lot won’t be taller than 600 NF? If I had a south facing view at 600 NF, and paid what I did per sq ft, I’d be holding my breath right now….
the hotel will be taller than my building but with the hotel built i will still have a great view of sheraton 340 otp, tribune, trump and sears tower which i accept. i agree the tower units were overpriced.
“the hotel will be taller than my building but with the hotel built i will still have a great view of sheraton 340 otp, tribune, trump and sears tower which i accept”
600NF is right, if you look at the planned hotel (which won’t happen any time even remotely soon), it really wouldn’t hurt the south facing view much. The building is going to be wide from north-to-south and narrow from east-to-west, so it won’t have as much impact as you’d think. All it would really do is block the view of 240 E. Illinois (who cares) and maybe 2 Pru, but you’d still be able to see Tribune, Trump and Sears. I’m not sure what an 8th floor view from 240 E. Illinois is looking at, but you aren’t going to get much of a view from that level in ANY downtown building.
P.S. My unit still hasn’t gone down in value 😛
Yes, and with those clear glass windows I am sure it will show well on the South side facing 50′ from another building…
“600NF is right, if you look at the planned hotel (which won’t happen any time even remotely soon), it really wouldn’t hurt the south facing view much. The building is going to be wide from north-to-south and narrow from east-to-west, so it won’t have as much impact as you’d think. All it would really do is block the view of 240 E. Illinois (who cares) and maybe 2 Pru, but you’d still be able to see Tribune, Trump and Sears. I’m not sure what an 8th floor view from 240 E. Illinois is looking at, but you aren’t going to get much of a view from that level in ANY downtown building.”
Never said I had a great view, but I have a balcony that is 3-4x larger than anything at 600NF and any other new construction in that area and I can still see the lake, river, trump, etc. and have an amazing view of the Wrigley building.
I’ve seen the balconies at 240 and they are very nice. How many units are for sale in the building? Does the developer still have any?
33 for sale and rent in 240 IL
I agree 240 is a great building it just depends whats important. Balconies weren’t important to me since you can’t use them nov-april b/c of the weather but think overall its a well done building.
Just visited 240 E Illinois and was very impressed. The mere fact that they actually have a sales center was nice. Seems like most of the buildings in this city only have their sales offices open for 3 hours a day. The only drawback was that the sales manager said they were asking $470 per sqft, doesn’t seem like they have brought the prices down at all. What happened to the developer closeout sale. Does anyone know how negotiable “negotiable” means in this city? I am from Miami and negotiable usually means cut 50% off from what they print on the glossy sheets. Any insight would be appreciated. Thanks
240 has been a fairly successful building so probably not much room as compared to 550 st. clair. What flr and # brs are you looking at? Go ahead and try though since building s been done for 1-2 yrs now and developer wants to get rid of them.
Start at at least 30% off and “negotiate” to probably 20% and if they still won’t budge, threaten to walk away. Then they’ll start squirmin’!
600 N Fairbanks closed its sales center a long time ago. The building is more or less sold out, unlike most buildings in the city.
The developer has about 8 of 212 (I think that is the total) units left, so no need for a sales center. Of course there are resales, so just make an appointment and go see what you want.
Thanks all for replies!!
I visited 240 E Illinois building again to see their south facing units. This time I looked at both 1 and 2 bedrooms. Although beyond what I can afford, views from 2 bedrooms were amazing. But I realized that developer’s 1 bedroom unit (03 tier) and three 2-bedrooms on the upper floors of 03 tier are empty and at least three of them have been on the market for more than a year (forgive me if I am not correct). I wonder why that is.. would there be any reasons other than bad economy and the high price that these units are not sold for so long?
By the way, I have another question… Is there more room for negotiation with the developer or an individual seller (resale units)? Thanks again for your advice!
Gina:
New construction units are staying on the market for so long because there are thousands on the market and/or coming on the market in the next 6 months and not enough buyers. There is a glut of inventory that will last for years.
If prices come down (as they did in the Vetro, in the South Loop) then it brings in more buyers for obvious reasons.
In this market, there is always room for negotiation- with anyone. You’ll probably have more luck with the developer. They aren’t emotionally attached to the unit (usually).
Gina:
What did they quote the 1 bedroom unit at? I have a feeling the unit was either used as a model or had been rented out. If we are talking about the same 1 bedroom, which I think we are.
Sabrina: thank you for your tips! 🙂
Outofowner: they have 1-bedroom (unit 1503, 874sqft) $411,900
1-bedroom w/ den (07, 09 units) $529900+ (one of these was used as a model)
“Is there more room for negotiation with the developer or an individual seller (resale units)?”
You will have WAAAAY more room for negotiation with the developer than you will with some individual sellers.
I thought the same but it really depends, I have heard some great deals made through resellers. Most developers still seem to be stubborn or in fairyland. At least the reseller knows he has to sell when he has lost his job and doesn’t have any other choice but to take your low ball offer. I am done dealing with developers.
Sonies: thanks!
outoftowner: I agree. In some buildings, I found that the list price of resale units is lower than the price offered by the developer..
Gina,
Are you talking about 600 N Fairbanks or 240 IL in the last comment.
There is really no 1 bed plus den in 600 N Fairbanks. Also, the 07 tier is a 2/2.
http://www.600fairbanks.com/_floorplans/13to36_07.html
mconway,
2105 is pending. It should close any day. 2105 is a resale
Sonies said “You will have WAAAAY more room for negotiation with the developer than you will with some individual sellers.”
Not always the case.. when i was selling you would have had WAAAAY more room for negotiation with me than with the developer.
Before it went under contract I toured unit 2105 and I thought the original owner did a very good job in upgrading the unit.
1505 has been reduced to $579,900!
ah, looks like 1505 wants to be the next to sell…makes sense in today’s market
SR:
+ $75k for parking?
“Sonies said “You will have WAAAAY more room for negotiation with the developer than you will with some individual sellers.”
Not always the case.. when i was selling you would have had WAAAAY more room for negotiation with me than with the developer.”
That’s why i said SOME individual sellers. I’m sure there’s a few developers out there wanting to sell their last few properties at construction cost or slightly above. Depending on a lot of variables obviously, this will typically be less than an individual will be willing to sell at.
Nope, just checked MLS. Parking price was and still is 55K extra
“Nope, just checked MLS.”
That you had to check is further proof that the separate pricing of parking is completely out of control.
55k for a parking spot? Does it come with a bathroom or shower stall at least? Any electrical outlets?
I’ll take “rent that spot” for $200, Alex.
Pricing appears to be all over the place at 600NF for the 2/2s. As a data point, below lists all the currently listed non-penthouse 2/2s compared to the developer pre-construction price list (parking excluded). Of course, some units have upgrades, but this tells you how the developer valued each unit (ie apples to apples).
Unit List Pre-con Diff
1707 539,749 476,370 63,379
1505 579,900 498,694 81,206
2307 595,000 497,700 97,300
2705 599,000 543,802 55,198
1905 599,000 513,730 85,270
3607 645,000 596,055 48,945
3302 699,000 630,256 68,744
2602 699,500 571,132 128,368
3005 725,000 570,115 154,885
Does anyone know what 2105 sold for? I like this floorplan the best. Not that I can afford anything in this building..
“the separate pricing of parking is completely out of control.”
Why is it out of control? Parking in this building varied from $45k to $65k, so it makes sense to separate the two prices. If you don’t care about parking, perhaps you wouldn’t want to pay extra for an expensive spot. There are no shortage of people in this building who want a second spot, so the seller could sell the unit to one person and the spot to another.
mr Paid,
Your chart is incorrect. Those are NOT the original closing prices. Perhaps they are what the developer asked for pre construction
David: sorry, I was talking about 240 E. Illinois.
In the 600 N Fairbanks building, I was hoping that I could see 08 or 09 units but couldn’t find any..
Streeterville Realtor,
Correct, they are not original closing prices. They are initial pre-construction prices of each unit less parking and upgrades. People went to contract at different times before, during and after construction. Obviously, those who bought towards the end of constuction paid more than those who went to contract early (ie 2005). The chart is only a data point to compare how the developer valued each unit at the beginning of the project.
Turd:
Look at the context. Not the “pricing”, the “separate pricing”, that is, the games played w/ pkg price v. condo price.
I have no problem* with $55k as the going rate for parking there, it’s the insanity of “reducing” condo price while raising parking price.
*as in, I accept the reality. It is one of many things that would keep me from buying in the building, not that S’ville makes sense for me anyway.
But they won’t sell the underlying unit for 599k sans parking as the owner probably knows he couldn’t hope to get 55k for the parking spot.
Were there any transactions where a spot went for 55k independent of purchase? If so that would definitely be on the high-end of downtown parking spots. Then again I have seen as high as 90k in one building so not impossible.
Parking was around 42k on higher flrs and 62k for parking on 2-3.
P416 sold 5/20/08 for $58,000.
600NF Parking resales (sold independently):
10th Floor: $47K (6/2/08)
4th Floor: $58K (4/3/09)
Thanks for the clarification. Lends credence to TF’s post 5/6 5:15 post. Obviously some buildings are holding up much better than others.
Jill – 2105 is still pending and hasn’t closed yet.
You can’t sell the parking spots to anyone who doesn’t live in the building, so they can kind of charge whatever they want. I paid $65k for mine and frankly would have paid a lot more because what else are you going to do?
Turd,
is yours on the 2-3 flr?
yeah
Thats pretty much preconstruction pricing for the 2/3 flr so not bad
Will someone please update the site when 2105 closes?
the developer of the hotel across from 600nf backed-out.
How many developers does that make that have backed out? I thought I heard about a few others.
Makes sense too. I mean – where would they get the financing for any “mega” hotel, whenever you have literally two right across the street, the W is just two blocks away, and another 5-10 hotels are within a 5-10 minute walk?
Maybe in 2011 whenever everything should be back to normal – but not in 2009.
time to put Hot Diggity Dog back together again.
Have any of the units moved in this building recently? I noticed that same 8 units the developer had on the market a year ago are still for sale…
If the seller reduces, it’s selling.
One 2-bedroom recently closed (the first to close in 2009) and another is under contract.
But mostly- the units are renting. The building has a lot of rentals because of all the investors who bought originally and now can’t sell.
I’ll do an update on the building shortly.
These unit prices still seem too high. The million dollar question (pun intended) is what is a reasonable offer?
Any new developments on the lot across the street from 600 Fairbanks where the Hot Diggity Dog used to be? there’s been some activity there this week. They removed the fence around the lot. Anyone know is there are any new plans for this lot?
it’ll probably go back to a parking lot after the remediation. The Graves hotel/condo that was approved will be put on hold in this environment.
The lot on the southside of the building is not being developed for a long time. A couple of guys signed a lease to develop it as a street-level parking lot. D&K have been trying to sell the lot for a while ever since the Graves plans fell through.
the development is not happening according to Draper and Kramer…Graves pulled out.
parking lot is going back!
3302, 1707, 1805, 2105, 1603, 2306, 2703, and 2107 all closed in 2009…resales. Sabrina should post an update
oops, make that 1505 not 1805
bump
There is no market on this website for good news…
would be particularly interesting to see the activity in the building in light the the recent thread about 240 e illinois… wondering how 600nf is holding up compared to it’s neighbor.
Seems to be much more resale activity going on at 600 NF
Plenty of good news about the resales in 2009. Here are the nine resales in 2009 to date. The CAGR (or IRR assuming a steady trendline) was computed between sale dates after a 6% deduction from recent sale for transaction costs. Yes, I know the shills will argue “everyone doesn’t pay a commission” but the reality is that wonderful day is really not here yet. Don’t forget that transfer taxes alone will set the seller back 1.2% between their buy/sell transactions.
1503 CLSD 11/20/2007 $422,913 p812
1503 CLSD 2/17/2009 $390,000 no pkg
p812 CLSD 6/9/2009 $52,000 p812
1503 Total $442,000 p812 -1.41%
1505 Dev Pre-con $498,694 no pkg
1505 CLSD 11/6/2007 $0 p613
1505 CLSD 7/10/2009 $585,000 p613
1603 CLSD 12/4/2007 $403,751 p615
1603 CLSD 6/4/2009 $375,000 no pkg
p615 est MV $54,000 p615
1603 est Total $429,000 p615 -0.08%
1707 Dev Pre-con $476,370 no pkg
1707 CLSD 11/27/2007 $528,135 p113
1707 CLSD 7/14/2009 $530,000 p113 -3.52%
2105 CLSD 12/4/2007 $652,275 p817
2105 CLSD 6/5/2009 $612,500 p817 -7.97%
2107 CLSD 12/10/2007 $533,000 p105
2107 CLSD 2/5/2009 $500,000 no pkg
p105 CLSD 4/2/2009 $47,000 p105
2107 Total $547,000 p105 -3.06%
2306 CLSD 4/1/2008 $404,982 p48
2306 CLSD 4/22/2009 $425,000 p48 -1.28%
2703 CLSD 1/22/2008 $466,500 p621
2703 CLSD 4/15/2009 $427,500 p621 -11.43%
3302 Dev Pre-con $630,256 no pkg
3302 CLSD 3/24/2008 $718,280 p76
3302 CLSD 7/14/2009 $650,000 p76? -11.65%
p76 est MV $53,000 p76
3302 est Total $703,000 p76 -6.18%
Notes:
(1) “Dev Pre-con” is the developer’s original pre-construction (lowest) pricing, where available (thanks to mr pid.)
(2) Parking which did not sell with the unit and has not been sold seperately to date has an estimated value entered to estimate the return.
(3) Unit 3302 was too recent to verify if pkg was included. It sold for slightly over the last list price which is typically indicative of pkg included. However, return calculated both with and without pkg until it is fact.
(4) Unit 1503 has a $0 original sale price in public records.
Thanks G.
nice to see so many closings in june/july.
thanks for the details, g.