Flipper Alert: Another Price Reduction in 600 N. Fairbanks
There’s already been some price reductions on the one bedroom units at Helmut Jahn’s 600 N. Fairbanks in Streeterville.
But now price reductions are starting on the larger units as the weeks drag on without many re-sales.
I still haven’t seen any of the larger units re-sell in the building. Closings began the first week of November 2007.
Current statistics for the building (out of about 227 units):
- 37 for sale
- 15 for rent on the MLS but there may be more on Craigslist and the Reader
Closings also continue. It appears that they are about 2/3rds of the way done with the closings in the building. That would mean about 30% of the building is back up for sale.
Unit #1301: 3 bedrooms, 2.5 baths, 1746 square feet (lowest residential floor)
- Sold in November 2007 for $805,000
- Originally listed in January 2008 for $929,000 (plus $60k for parking)
- Reduced and now listed at $895,000 plus $60k for parking
- Assessments of $585 a month
- Koenig & Strey has the listing
That is stunningly badly staged. They’ve managed to make 1700 sq ft in one of the best new modernist buildings in the city look tiny, dingy, cluttered and tacky.
But I guess they’ve gotta cut back somewhere…
Have to agree that the staging is horrible. It probably would cost less than one of the monthly payments to get it properly staged with modern furniture that would attract the appropriate clients.
I love this building but the more and more I look at the units the more I get turned off. I think it’s all the concrete that makes the units look dingy. The concrete certainly makes them feel very dark for units with so much glass. Perhaps is just poor photography.
Poor cabinet color choice.
Truly a shame. Maybe some of the people on higher floors will be smart enough to cancel their contracts. At best resales in the future 1 year horizon will get offers of what they paid. Which translates into big losses for flippers once costs are factored in.
It seems some cancellations are going on at Park View condos already. A 2d line that was previously sold out per sales office just had 3 or so units listed on the mls. I wouldn’t be surprised to see the same here.
Do any of you know if the parking garage North East of 600 N Fairbanks was designed for a building to go on top eventually? The North facing units above floor 25 have a nice view but I wonder if a buyer can rely on the view to stay.
I somehow doubt that they would do anything to that garage, but you never know. I’ve been on high floors of the building, though, and if they put anything on top of the garage it wouldn’t have too much of an effect when it comes to the view.
D
Am I the only person that walks down Mich Ave. and looks up at this thing and thinks it’s an eyesore. Those drapes closed randomly thorough out the building, being able to see inside at peoples furniture.The critic for the Tribune that rated this so highly reminds me of Ellsworth Toohey from the Fountainhead. No one in this building can live without keeping their shades down 24/7.Just awful!
IB – I love this building and the way it looks from the street. I agree that it probably takes a certain personality type to purchase here and be willing to live in a bit of a fishbowl, but the buyers presumably knew what they were getting in to and presumably dont mind exposing themselves. I would not have a problem with it, to be honest and I love the floor to ceiling windows…although I would buy on a high floor.
Pete,
I love glass also, maybe my thoughts are that they could have used some sort of reflective glass that minimized the ability to see in. If they build in the parking lot next door you are going to have people looking directly in from 30-40 ft away. I go by in the day and don’t think people are enjoying the floor to ceiling windows since they all have the drapes down, nice drapes though.
All the best!
IB
I love the flr to ceiling windows… scary looking down… People keep them down south facing like me b.c. my place bakes in the day. It can be 0 outside but my place will be 70.
IB are you kidding?
If you don’t like the building that much, take a different route and don’t walk by it. That way you won’t have to look at the glass, the blinds or into people’s apartments.
I have been in this building for so many times now, looking at different 02 and 03 units in higher floors.. What do you guys of this building? Are the prices of the 02 tier pretty competitive now? Did anyone ever look at specifically 3403, 3402, and 2602 specifically? I am not a real estate professional, so I am looking for some guidance, maybe from some real residents there! 🙂
07 is out for me definitely .. The prices are awesome though for some units, but I am not sure I like the master shower! It’s a SUPER TINY corner shower!! Did you guys look at it ?? You could hardly fit in there, and I am pretty small framed myself and just simply can’t believe Helmut Jahn did the standing shower like that!
Thanks guys, Love this website; Continue posting!!!
Can anyone who lives in the building help him with some of his questions? Fairbanks or Deaconblue?
Sure Sabrina.
Little Boi, all of the units are overprice, which is why nothing is moving. If you do decide to bid make sure to ask at least 20% off the asking, if not more.
I’ve gotta say the condo association is a real pain in the ass so far. I’m in the process of moving in as a renter and have experienced nothing but headaches so far. The door staff is pretty rude to boot. Just throwing it out there. I am thinking of buying in this building depending on how my time as a renter goes and it’s not starting off well.
Elliott: I don’t think there IS a condo association yet in 600 NF as I don’t believe it’s been turned over yet by the developer.
So maybe it’s the developer’s staff that you’re dealing with.
Maybe they’re tired of all the renters moving in! (if you know what I mean.)
Door people and staff are lovely. Not sure who you are dealing with, Elliott, but I own an 05 unit and live in it and 2-1 bedroom rental properties and have had NO PROBLEMS.
I second that doorstaff for wolvin mgmt is great. There is not condo assoc. yet. It will be formed in May. Any policies in place are set by Schatz right now.
i third that the doorstaff is great. theyv’e been very polite, friendly and helpful.
Little Boi –
i saw 3402 this weekend and i think the price is pretty good based on some other units in the building. And the views from that unit are gorgeous. I also agree that the 07 units are horrible. yuck!
I live in an “05” tier on a lower floor. It mirrors the 02 floorplan and I love it. Word is still out of the doorstaff and management in my opinion. It will be interesting to see how the building develops once we have a board in place. The doorstaff has been very friendly, but I think they need to be off of their cell phones during work hours. In addition, with only one doorstaff person for the building it will be critical to set expectations for the doorpeople (are they to help unload cars? etc). Once that other door goes in before the elevator bank they will spend most of the day buzzing residents in! LOL! We will see what happens with prices, not much has resold so far.
Thanks Jeremy, Elliott, and others for the GREAT comments! I still think the prices there are overpriced, for all units. I am definitely taking my time EXTREMELY slowly, given I am already 100% pre-approved, my house is already sold and long gone, and renting on a month-to-month basis now. Friends told me I should wait until the summer or fall 2008 when the market completely bottoms?
Regarding 3402, yeah I’ve been up there too. I don’t like the POLL in that master bedroom, which somewhat takes space and you definitely can’t put a king-sized bed in there! The view.. Hmm.. yeah it’s nice, but still does not warrant a $705K base price at all. Look at 3302, the base price is only ~$630K … Why 3402 has a base price of $705K? The base price of 3402 should be AT MOST $640K, that’s ALREADY $10k additional per floor up, and usually it’s $5k per floor up, right?
Who can tell me here (realtors probably have access to this) why unit 3302 closed at $718,280 on 3/24/08, while the BASE purchase price was only $630,258? DID THEY BUY 2 PARKING SPOTS or what? Usually the ‘lift’ when a unit closes there is about ~$50K, which tells me that’s PARKING, because one parking spot in that building is about ~$50K-$55K on average, depending on where you are.
Thanks again, Love this thread! I am gonna check my other questions in different threads 😉
Little Boi
Parking ran anywhere from 50 to 65ish in the building, depending on the floor….there are 12 floors of parking so you paid a premium to be on a lower floor. Originally the units went up $5,000 per floor.
A lot of units have been hitting the market lately, unless they were “relisted.” Anyone have an update on resale availability figures. Definitely not looking good for this building.
Jeremy: As far as I can tell, no unit has been flipped since December.
Only two units have been flipped at all in the building since closings began last November:
#1802
#2307
They’re just about done with closings in that building, I believe.
The building has gone over 75% sold, but I know that the top 5 levels aren’t done yet. Little Boi, I would strongly recommend you look at the 05 tier instead of 02. I live in 05 so I may be biased, but the 02 doesn’t have too much more of a lake view and the south west view that you pick up in 05 is jaw-dropping. Here is a picture taken at night from the second bedroom (you won’t have this in an 02): http://farm4.static.flickr.com/3165/2355841587_78ec0edf21.jpg?v=0
I think its a much better view and the base price should be $10k lower, based on pre-construction prices.
Some people were able to buy second parking spots, but the extra spots were allocated based on square footage so their is no way an 02 unit would have been able to buy two spots from the developer.
As for the door people, I’ve found them great so far. There is definitely no condo board yet, you must be dealing with the developers who are probably stressed out.
D
I wouldn’t call that jaw drapping at all. But it is nice.
It is in person 🙂 Here is another one:
http://farm3.static.flickr.com/2301/2356703866_78e07aa819.jpg?v=0
Nope, still not jaw-dropping. But nice.
Do you enjoy going on anonymous message boards and being negative all the time?
Wow.. nice pictures Deaconblu.. I always like the 05 tier, as I think you get 3 views from the master bedroom – north, east, and west all at the same time! — I never paid attention to the 2nd bedroom view from the 05 tier, and indeed that is a nice city view there! What floor was the picture taken from the 2nd bedroom?
I’ve seen this view in person as well it is amazing.. I personally think like the city views over the lake views since they seem more dramatic.
UPDATE ON PRICING OF THIS UNIT:
http://chicago.craigslist.org/nwc/rfs/652239183.html
Now 839k
Anyone know what original purchase price was?
Sorry, if I hadn’t been so lazy I would have read Sabrina posted 805k. Did that include parking?
Hey, didn’t see this comment by DeaconBlue: “Do you enjoy going on anonymous message boards and being negative all the time?”
No, I enjoy going on anonymous message boards and being honest.
I could turn the question around: Do you enjoy going on anonymous message boards and overhyping your view?