Flipper Alert: First Flip Appears in the Elysian at 11 E. Walton
You thought the Elysian hotel/condo flippers at 11 E. Walton in the Gold Coast would wait until it got closer to closings to begin to try and flip?
This 1-bedroom unit just appeared on Craigslist and the MLS. The listing says it’s “below developer pricing” and that it’s scheduled to close in mid-2009.
Will Elysian flippers have any better luck than Trump Tower flippers?
The Craigslist ad describes the Charlie Trotter-run restaurants and that children can “enjoy” the multilingual childcare staff which will provide a range of activities, including their first spa treatment. A Marc Jacobs boutique has also signed on to the retail segment of the building.
No interior pictures yet as the building is still under construction, but you can see a floorplan on the Craigslist ad. (Which, by the way, has the WRONG picture of the building.)
See the building under construction here.
Unit #1009: 1 bedroom, 1.5 baths, 1264 square feet
- Currently listed at $789,900
- Sam Powell at Keller Williams West Loop has the listing.
“Will Elysian flippers have any better luck than Trump Tower flippers?”
What were the original prices from the developer? Trump raised prices so much that it has given flippers who bought early a lot of room to undercut him (a nice ‘discount illusion’). Both remain ridiculously overpriced IMO (obvious to me as they are selling NOTHING at arms length), but Trump flippers may have more room to cut prices.
John
So, “the grand hotels of the 1920’s” were made of “concrete and glass”, were they??
No, but they were similarly made of crushing debt.
Isn’t that building topped out? Ya think the realtor would be smart enough to put up a recent picture… Then again we’re talking about major sales people here.
$789k for a one bedroom. There ain’t enough granite, stainless steel, and hardwood floors made to justify that kind of price for a one bedroom in Chicago. I just don’t get it. I don’t care if it is an uber lux condotel building.
Watching all the condotel units crash and burn is going to be a sight. Very little condotel financing available these days without HUGE downpayments and Soprano like interest-rates.
I would bet upwards of 50% or more of the pre-construction borrowers don’t even qualify to get financing for their closing on these developments anymore.
Edumaked, good thing you don’t value granite and stainless steel appliances… because there aren’t any. Your kitchen in this 789K suite is a microwave oven. For reals.
is the microwave stainless steel?
it’d be nice if people who can afford close to 800K for a 1/1 would buy a reasonable 500K 1/1 in the same area and donate 300K to the homeless.
I also like how on the craigslist ad, they have HOA fees as $0 a month… hahaha
800k for a 1/1 and they are pitching the fact that the nannystaff are Mexicans as a bonus?
Sorry but if I can afford an 800k place I’d like to think I could afford an anglo nanny for my kids.
Bring on the noise PC police, I mop up the overly sensitive on Monday mornings.
The irony is that there really isn’t anyone who can afford an $800k one bedroom w/microwave who would actually purchase one. This building sounds like option arm flipper heaven.
Hey Bob, “multilingual” could mean Polish or Russian too… ya never know!
For potential buyers of a place like this it would be the 4th or 5th home, more of a weekend getaway than anything else…similar to the Palmolive building.
They aren’t concerned about the 800k, so long as it has the fringe benefits like Trotters and Marc Jacobs 🙂
For potential buyers of a place like this it would be the 4th or 5th home, more of a weekend getaway than anything else…similar to the Palmolive building.
They aren’t concerned about the 800k, so long as it has the fringe benefits like Trotters and Marc Jacobs 🙂
Those people can also live next door or across the street in a condo for 1/2 the price and enjoy the benefits.
They could own and completely rehab a 1×1.5 with all brand new stuff on a high floor in the Hancock tower for waaaaay less than 800k
sonies. i saw a craiglist posting for a 2/2 on the 60th floor of the Hancock for $400k.
http://chicago.craigslist.org/chc/reb/964825757.html
hmmm 1/1 for 800K or 2/2 brand new rehab w/ custom finishes around 600K in the hancock.
hmmmmmm
Oh yeah, and this place that’s 800k is only on the 10th floor, I wonder if the sun even shines into your place on that floor in that particular area?
The demographic looking to buy here is not really worried about pinching pennies. They are looking for amenities, convenience and service. They will not get that by going across the street to any one of those condo buildings. In addition if this is say a purchasers; third, fourth or fifth home it is most likely a cash purchase as stated above. These people are paying for a lifestyle and to be surrounded by likeminded people.
Maybe the “demographic” looking to buy here fits your description. But are there any actual humans in that demographic?
The price is certainly out of my reach, obviously I’m not their target demographic. Nevertheless, I’m excited about the building as it’s taken the place of a parking lot and a 7-Eleven.
Aside from the condo/hotel factor, I don’t think there’s going to be any comparison between this building and Trump. I suspect The Elysian appeals to a completely different type of buyer.
Yes, you can buy for less in the immediate area, but that’s comparing apples and oranges. I live in the neighborhood, in what I lovingly refer to as the trailer park of the Gold Coast. Sure, it’s literally the same location, but the building is what it is. That’s not going to change. If I had the money, I’d much rather be at the Elysian or on east LSD.