Developer Reducing Some Prices in The Columbian: 1160 S. Michigan
There are still plenty of units to choose from in The Columbian, the 2007 new construction high rise at 1160 S. Michigan in the South Loop that sits at the corner of Grant Park and Roosevelt Road.
Current stats on the building (out of 220 units):
- 64 for sale
- 7 for rent
Remember, some units may both be for rent AND for sale.
It appears the developer is reducing prices on some of the units and throwing in free parking.
Unit #1702 is now the cheapest 2/2 in the building. The listing says it’s a “developer’s special” and that it “won’t last long.” Parking is also included at this reduced price.
Equity Brokerage Services has the listing. See the pictures here.
Unit #1702: 2 bedrooms, 2 baths, 1230 square feet, looks to be west facing
- Originally listed in November 2007 for $460,900 (parking probably extra)
- Reduced several times
- Currently listed at $399,900 (parking included)
- Assessments of $434 a month
- Taxes are “new”
this building reminds me of the park hyatt. (the developers are free to use that quote)
More proof positive that developers will just hang on to the very end and declare BK at the last minute instead of recognizing losses and trying to move units now.
My bet is that the market stays depressed far longer than almost all developers can stay in business.
“developers will just hang on to the very end and declare BK at the last minute instead of recognizing losses and trying to move units now”
Whether they can reduce prices enough does depend on (1) Lender co-operation, and (2) their entity structure. Not every developer actually could “pull a Vetro”, unless they get consent from a lender group *and* their limited partners, all of whom are probably some combo of pissed off and scared.
In general, what do people think of this building? Are there issues w/ regard to the board and/or assessments because it’s not sold out?
We have some friends who live here and their unit seemed nice, and as we think about buying this location could be convenient for work/school for myself and my wife. At that price, we’re starting to get into our possible ballpark.
For a new building, the finishes look dated. Cheap/ugly cabinetry and the granite in the kitchen looks very thin.
400k for this place is a freakin rip off!
This is one of the worst buildings that went up in the last 5 years in downtown Chicago…few are going to argue that this is not the case. I remember going to the sales center and thought even back then, what on Earth are they thinking…they were charging a huge premium several years ago during the boom. So many people in that building are screwed. Every unit in the building is losing value as we speak.
But we should recognize that this building got the good location! All the interior deco is cheap, I agree. But they can be upgraded easily.
If I hadn’t bought a condo already, I would definitely think of getting 1702. It met many of my criteria: facing south, around 1200sqft, 2bd both with windows, good location.
Benjy — I live in this building and absolutely love it. The location is phenomenal. The building amenities and staff are excellent and everyone I meet here genuinely loves living here. Had I waited two years and been smart enough to grab this unit at $400k including parking I would have been a tad happier, but according to the staff it is already under contract, along with another higher up.
I would be a little scared of any high rise built during this era… My first thought is that cheap construction means I can hear my neighbors. Then, I wonder about major structural flaws and utilities like HVAC. An inspector will not find any of this.
I looked at about 7 or 9 high rises built after 2000 and a few of them seemed to have obvious corners cut. The bathroom is sort of an example, though also partly just a superficial detail that doesn’t bother me that much when you compare it to structural issues that a building put up in the boom years might have. Some of these buildings (not this one, that i know of) have had major leaks, extensive tuckpointing, major HVAC repair, plumbing problems – and minor things like having to plane all of the doors after the building settles, re-strething carpet that was poorly installed, re-finishing wood floors that were never done properly, etc…
When you add up 20 cut corners, you get a big bill. Maybe this place is a palace, but I’d go with a team of people to inspect it.
Looking at the room sizes I think 1200+ sf is exaggerating. There must be one helluva hall
Benjy — I live in this building and absolutely love it. The location is phenomenal. The building amenities and staff are excellent and everyone I meet here genuinely loves living here. Had I waited two years and been smart enough to grab this unit at $400k including parking I would have been a tad happier, but according to the staff it is already under contract, along with another higher up.
I hate this bldg simply for the fact that it went up right next to a really cool smaller bldg that had full floor residences, & ruined its view because of it.
I used to live next door to this place and thought it was such a disappointment considering the amazing location. One of the ugliest buildings built in the last 10 years over 20 stories.
If you want to buy on this block, move to One Museum Park or the One Museum Park West.
was there an old 50’s style hotel on this corner…demolished mid 90s? what was the name of that place?
400k for south loop is an idiots price. Buyer or seller. And just let everything go into bankruptcy, so the banks can offer them for half the price. I still see a few river north 1br foreclosures for 199k.
papu: beauty, of course, is in the eye of the beholder (IMO, the Museum Park buildings are a couple of the ugliest in the skyline)…having said that, can you purchase a 2/2 in One Museum Park anywhere near 400K w/ parking?
CH: It was the “Avenue Motel”
Thanks Jack! I spent 20 min last night trying to figure that out with no luck. Now I can look for the article about the city forcing the owners out in the name of progress (iirc)
found it
https://securesite.chireader.com/cgi-bin/Archive/abridged2.bat?path=1998/980904/NABES&search=%22avenue%20motel%22
400K to a family is no big deal.
I don’t see it that expensive, especially for the location columbian has.
I stopped by the Sales Office to this building this week and they have dropped the price of some one bedrooms to $279,000 and a few two bedrooms to $379,000. Seemed like a really good deal compared to everything else I have looked at in the area.