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Flipper Alert: 600 N. Fairbanks Flips are Heating Up

Closings have begun at Helmut Jahn’s modern highrise at 600 N. Fairbanks in Streeterville.

From what I can tell, with only a few floors closed, there are about 15 units now for sale in the building (out of 227 total units) and about 5 rentals.

The rentals are a good deal (compared with the cost of buying the same unit):

  • 1 bedroom, 1 bath of 753 square feet for $2000 a month (parking extra) [Craigslist]
  • 1 bedroom, 1 bath 873 square feet for $2200 a month (parking an extra $275 a month) [Craigslist]
  • 3 bedroom, 2.5 baths for $4950 a month (parking included) [Craigslist]
  • 3 bedroom, 2.5 baths for $5500 a month (parking included) [Craigslist]

There are several one bedroom flips on the market.  It appears that 1 bedroom flippers are trying to make about $100,000 to $125,000 from the flips.  None have re-sold yet.

A tipster reported on a three bedroom flip:

Unit 1501: 3 bedrooms, 2.5 baths, 1736 square feet

  • Originally sold for $806,000
  • Currently listed for $1.1 million plus $70,000 for parking
  • Jameson Realty has the listing

Yep- they’re trying to make $300,000 from this flip. 

There are now some good pictures of the interior of this building including the walls of exposed concrete and the true floor to ceiling windows (not broken up by windows.)  This is a Northeast corner unit that has recently come on the market.

600-n-fairbanks-_2002-livingroom.jpg

600-n-fairbanks-_2002-kitchen.jpg

600-n-fairbanks-_2002-dining-area.jpg

600-n-fairbanks-_2002-bedroom.jpg

600-n-fairbanks-_2002-bathroom.jpg

600-n-fairbanks-_2002-bathroom-_2.jpg

Unit #2002: 2 bedroom, 2 baths, 1258 square feet

  • Currently listed for $650,000 plus $50,000 for parking
  • This unit hasn’t closed yet
  • Koenig & Strey has the listing

I’ll be watching this building for re-sales.

This entry was posted on Friday, November 16th, 2007 at 11:30 am and is filed under Flips, Streeterville. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Responses to “Flipper Alert: 600 N. Fairbanks Flips are Heating Up”

  1. Streeterville Realtor on November 16th, 2007 at 12:03 pm

    There must be a typo in your post or in the CL ad. There are no 753 sq ft 1 beds in the building. The smallest were in the 800-875 range. Check floor plans on http://www.600northfairbanks.com website

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  2. Love the blog very informative!

    The first Helmut Jahn rental has the sq. ft incorrectly listed 753 sq. ft. The building has 821 873 or 921 sq. ft for one br I believe.

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  3. Maybe they’re not including the balcony?

    Either way- it’s $2000 a month for a pretty standard size one bedroom. (As 800 square feet isn’t exactly a “big” one bedroom- but the 875 square foot one should feel a bit roomier.)

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  4. Thanks Neil. I’m glad you’re liking the blog.

    Thanks for posting the square footages of the 1 bedrooms. Sometimes the agents or new owners don’t get them right when they’re posting on craigslist probably because they’re new units.

    Has anyone been inside this building? It looks extremely modern in the units. Do the hallways look similar? The lobby fits the building- with the modern furniture scheme and the brown concrete walls.

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  5. Streeterville Realtor on November 16th, 2007 at 3:51 pm

    I have been in there a number of times. The hallways do have exposed concrete. The individual unit doors are a light oak and a green/beige carpet on the floors (fairly standard for new highrises).

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  6. Sabrina,
    Check out http://www.skyscrapercity.com/showthread.php?t=175880&page=14
    for some good interior shots.
    D

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