Flipper Alert: Closings to Begin in Printers Corner in November
The “investors” are alive and well in Printers Corner, at 170 W. Polk (on the corner of Polk and Wells) in the South Loop/Printers Row area. The 11 floor building is about to begin closings and already the investors are appearing on Craigslist to try and re-sell or rent out units.
Rentals are appearing for the one bedrooms, like this one asking $1750 for a 743 square foot one bedroom.
Then there are some trying to re-sell their units such as this one on Craigslist. He is asking $410,000 for a 2 bedroom, 2 bath unit.
One of the unique features of this building is that every corner unit had two bedrooms, two baths and both bedrooms have windows. They were on the smaller side- less than 1200 square feet- but the prices weren’t too outrageous when they were first marketed.
It seems like this owner isn’t going to make much money off of a flip in this building- as I don’t remember them being much cheaper than the $410,000 he has listed (maybe $385,000 or so.)
Anyone know what they were listed for pre-construction?
The building is not yet sold out.
The earliest e-mail I have, from 1/2/06 states :
“The two bedrooms are around 1150 square feet and start at
$320,000”
Now that wasn’t including parking which at the time was going for 32,000. So depending on finishes, if the parking is included, and how early the unit was purchased, he could possibly be looking at 90K or so.
SSDD
Jeff: Thanks for the info. I remember them being pretty reasonably priced. I’m sure it depends on the floor/finishes (as you said.) But even still, he’s looking to try and make at least $50,000 (if not more.)
Is that obtainable in a building that is not even yet sold out? And in an area where you can get a two bedroom, two bath for nearly $100,000 cheaper? (in Wells Street Tower?) We shall soon see.