Flipper Alert: 15% of Avenue East on the Market
Units continue to be listed at Avenue East, at 160 E. Illinois in Streeterville, as closings continue in the building.
Currently, there are 20 units for sale, out of 130 units in the building, or 15% of the building. At least half of those are still from the developer. The others are flips. Any idea if some buyers are reneging on closing? There are a number of two bedroom units available from the developer- which seems odd to me as those are usually pretty popular with buyers (especially flippers.)
The cheapest unit for sale:
Unit #1503: studio with probably about 600 square feet
- Currently listed for $349,000 plus $50,000 for the parking
- Listing says it’s a 1 bedroom, 1 bath and that “dining room can easily be converted into a bedroom.” Really? It’s a studio, then. (But there does appear to be a closet in the “dining room.”
- Dawn Venit at Coldwell Banker has the listing.
Here is the floorplan (sorry that it’s small and hard to read) The dining room/bedroom is 10 x 12:
For $50,000 more you actually can get a “real” 1 bedroom, 1 bath:
Unit #1604: 1 bedroom, 1 bath, 805 square feet
- Currently listed for $399,000 plus $50,000 for parking‘
- Dream Town Realty has the listing
I don’t yet have the original pricing on these units. But their re-sale prices are pretty darn steep. Unit #1604 is also available with a “lease to purchase” option at $2250 a month.