Crib Chatter

I’ve chattered about The Columbian several times in the past. It is the new construction highrise on Grant Park at 1160 S. Michigan on the corner of Michigan and Roosevelt Road in the South Loop.

The East facing units have lovely views of the park and the lake but the West facing units are also very pleasant with city and Sears Tower views.

The building was only 70% sold when closings began. Flippers have been trying to flip in the building with little success.

The current state of the building is not encouraging (out of 220 units):

• 57 listings for sale
• At least 4 for rent

Some sellers are showing signs of the strain with the first foreclosure appearing in the building which only began closings in late summer 2007.

Unit #2505: Two bedrooms, two baths, 1479 square feet, unit faces Northwest

• Sold in September 2007 for $550,500
• I believe that includes a parking space
• Foreclosure auction price of $406,320
• Not yet back on the market

There are several “05” tier units currently for sale from sellers other than the developer:

#3105:

• Currently listed for $575,000 plus $35k for parking
• Reduced from $599,000 in February 2008
• It sold for $540,000 in October 2007
• Assessments of $371 a month
• Sudler Sotheby’s has the listing

#2205:

• Currently listed for $575,000 plus $35,000 for the parking
• Same price as in February 2008
• Sold in December 2007 for $507,500
• Assessments of $356 a month
• Baird & Warner has the listing

#1905:

• Currently listed for $539,999 plus parking
• I couldn’t find a prior sales price
• Assessments of $395 a month
• Coldwell Banker has the listing

Stay tuned.