Flipper Alert: 600 N. Lake Shore Drive Gets Into the Game
Closings began in the last few months at 600 N. Lake Shore Drive, the first of Belgravia’s two high rise towers going up in Streeterville across from Ohio Street Beach.
A tipster told me that there was a clause in the contract that buyers couldn’t sell for a year after closing. Yet some flips are starting to appear on the MLS and some of them appear to be under distress. The seller of this listing for Unit #1704, a 3 bedroom, 2 bath unit with 2149 square feet, seems anxious.
It is listed at $1.2 million and the price includes two parking spaces. Baird and Warner has the listing.
BELGRAVIA’S LATEST DEVELOPMENT WITH LAKE SHORE DRIVE ADDRESS! LOCATED IN NORTH TOWER HAVING UNOBSTRUCTED NAVY PIER AND OHIO STREET BEACH VIEWS! CIRCUMSTANCES CHANGED, UNIT BEING SOLD BELOW DEVELOPERS PRICING. CONTRACT MUST BE REASSIGNED W/IN 45 DAYS, CAN CLOSE AT LATER DATE. CAN STILL CUSTOMIZE KITCHENS & BATHS. CLIENT OPTED NOT TO USE DEVELOPER’S FINISHES. PRICE INCLUDES 2 PKG SPACES.
One flip actually has pictures so we can get our first view of the actual units.
Unit #2201: 2 bedroom, 2.5 bath, 1621 square feet
- Sold in December 2007 for $768,500
- Currently listed for $850,000 (plus $60,000 for parking)
- Assessments of $492 a month
- Baird and Warner has the listing
There are 12 units on the MLS with the majority of them being from Belgravia, the developer. That’s probably due to the “no selling in the first year” clause. There are two rentals.
Unit #1905: 3 bedrooms, 3.5 baths, 2500 square feet
- Sold in November 2007 for $1.582 million
- Currently available to rent for $8900 a month (includes 2 parking spaces)
- Rubloff has the listing
The other rental is also on the high end- at $7000 a month. Perhaps those who can’t flip, will rent for a year and then try their luck at the game in 2009.
600 N. Lake Shore Drive [website]
Its interesting to see units in this price range when they are just raw empty space. Without the staging and professional photography, it looks not very much different than many other high rise units in the city. As a former San Franciscan, staging is a real science out there, and units in this price range would have their own websites with views that would be “enhanced” with summer clouds and light falling in through the windows (whether there is direct sun exposure or not). As someone who is searching to buy soon, it is nice to see units for what they are, and not have my emotions played with by some expensive staging.
anoncondoshopper,
Interestingly, since you note the lack of staging for this unit in the listing pictures.
Now the listing has been updated with new pics that show painted walls, light fixtures, curtains (to hide the big “W” from the hotel next door?), and furniture. The difference is amazing.
Check it out at the B&W listing ID# 06738751.
Maybe Sabrina knows how to lift some of the photos and do a before and after?
Thanks Wally. I’ve done the before and afters before (at 600 N. Fairbanks) but there IS a pretty dramatic difference once you add some paint and even just the most basic of furniture.
it would be a cool regular feature. 🙂
Beige? Ugh.
Beige appeals to the most buyers (or that’s what they say anyway.)
Sorry! ha!