Flipper Alert: Avenue East now at 40% flips
The number of flippers keeps growing larger at Avenue East at 160 E. Illinois in Streeterville.
The building has not completed closings yet.
There are only 133 units. So far:
- 43 units are for sale
- At least 18 units are for rent
- 53 units are either for sale or for rent
That means 40% of the building is owned by investors or the developer (so far.) And the number is actually higher, because a half a dozen units have actually already rented.
The rent versus owning ratios are pretty striking in the building already.
Unit #1302: 2 bedrooms, 2 baths, 1508 square feet
- Currently listed for $850,000 (with parking available for at least $50k)
- Assessments of $604 a month
- Koenig & Strey has the listing
Or you can rent it for: $4200 a month
Unit #24A: 2 bedroom, 2.5 bath, 1482 square feet penthouse unit
- Currently listed for $798,000 (parking is available for $50k)
- Assessment of $685 a month
- Baird and Warner has the listing
Or you can rent it for $3950 a month.
The most radical rental is Unit #23C. I wish I had some pictures of it.
Unit #23C: 1 bedroom, 1 bath, 907 square feet
- Currently listed for $590,000 (parking is available for $50k)
- Assessment of $399 a month
- Baird and Warner has the listing
Or you can rent it for $2100 a month.
From what I can tell, nothing has flipped yet in the building even though closings began over 6 months ago. Several have rented.
I guess this means no Europeans are strolling into the building off the Mag Mile, shopping bags in hand, to buy condos.
unit 23c at 590k for 900 sq. ft. seems outrageous.. Its nothing special
Can someone more familiar with Steeterville and Lake Shore East areas explain to me why this building is asking so much? Is it really better than, say, 340 on the Park or 600 N Fairbanks?
I agree ja, I think that this building is a stinker compared to 600 NF and 550 St. Clair nearby. It’s got a great location, but I think this building was a missed opportunity.
D
We aren’t in agreement on anything. I merely asked questions as I am not as knowledgeable as others on this site regarding the Chicago market. When I have no facts or arguments to back up a certain view, I don’t take a position but try to learn more and get other people’s views.
You might learn a lesson from that kind of behavior.
This building is worth every penny. It is one of kind, basically on Michigan avenue, only 3 block west of Navy Pier. Fantastic views, and the quality of the units are spectacular. I spent alot of time investigating and comparing other condos in the area and this is by far the best building I had walked through. Great for living, and for investment purposes. Good luck.
Is there a moratorium on flippers selling their properties? It seems that solely developers units are for sale. It looks like nothing has been sold here, except maybe 2 units, penthouse and one other, in the last 9-12 months. Why slow-to-no sales ?
Lar: I can honestly say that the market just isn’t there for flipping these units. Some owners tried, in the beginning, and quickly gave up.
Most have simply rented out their units and are “waiting it out.”
It isn’t helping the flippers that the developers have a bunch they still need to sell either.
But with it going on 2 years since this building began closings, a lot of investors have to still be looking for an exit strategy. I’ll be watching this building this summer.