Flipper Alert: 30% of Avenue East now back up for sale
The lists of units for sale in Avenue East at 160 E. Illinois continues to grow.
The current sales statistics for the building (out of 133 units):
- 40 units for sale (or 30% of the building)
- 17 units for rent
From what I can tell, no flips have sold in the building. Some flippers put their units on the market last summer – even though closings began only three months ago.
There is currently one price reduction. I love it when agents “lower” the price $100 or $1,000 just to get the “price change” designation on the listing.
Lame!
Unit #2005: 1 bedroom, 1.5 bath, 1070 square feet
- Sold this fall for $494,900
- Originally listed for $555,627
- Currently listed for $554,627 (I can’t tell from the listing if this includes the parking spot or not.)
- Jefferson Realty has the listing
Some analysts of the Chicago market believed that investors made up at least 30% of the buyers in the downtown condo market. The closings on these new buildings (that started selling units during the “peak” of the condo market in 2004 and 2005) should give us an indication as to how accurate that number was.