Flipper Alert: 550 St. Clair Flips Begin
After suffering through construction delays (it seems that the windows took forever to arrive), the St. Clair at 550 N. St. Clair in Streeterville is set to begin closings early in 2008.
The flippers have started appearing on Craigslist – no shock there. The building’s website says that it is only 80% sold. In addition, this building will join the mix of buildings located nearby that are also closing in the next few months- which should provide quite a bit of competition. Located just blocks from each other, 600 N. Fairbanks and Avenue East, will be closing at about the same time and in a similar price range. Which building will find more buyers for these flips?
Craigslist currently has two flips: the always popular one bedroom and a bigger 3 bedroom, 2 bath model.
3 bedroom, 2 bath unit: Doesn’t list what floor the unit is located on and which direction it faces. Nor does it list square footage. Here is the description:
Floor to ceiling windows with panoramic views,10’ ceiling, open floorplan, Walnut hardwood flooring,integrated ambient lighting,European designer cabinets,solid core and pocket doors,pre-wired for satellite TV and high-speed Internet,full-sized front loading washer/dryer in residence,Bosch appliances,Sub-Zero refrigerator with built-in icemaker,stainless sinks and granite countertops, GROHE faucets,marble bathrooms.
Ho-hum. Another building, more subzero appliances.
- Asking price $935,000 plus $50,000 for parking
- Anyone know what pre-construction prices would be on this type of unit?
- The builder is selling a three bedroom, three bath for $958,500 (again, no idea of floor or view or how they compare)
One bedroom unit: this listing has even fewer details than the bigger unit. Again, the floor is not listed, nor square footage. We know even less about it. From Craigslist:
Spectacular one-bedroom unit in the heart of Streterville. Floor to ceiling windows. Hardwood floors throughout. Beautiful terrace overlooking Michigan Avenue. Stainless steel appliances. Deeded parking included.
It’s impossible to judge what the “market” is with so little information.
- Asking price of $469,000 which includes the parking
- Ad claims that a similar unit on a lower floor from the developer is listed at $518,000
- Ad also says this is “pre-construction prices”
Anyone with any info on what these would have sold pre-construction? Unit #1002 is a one bedroom listed from the developer on the MLS for $416,000.