Flipper Alert: First Flips Appear in ParkView at 505 N. McClurg
Despite the flipping market being dead right now, flippers continue to close on contracts in new buildings.
The flipping (and renting) attempts have begun at ParkView, at 505 N. McClurg, MCL’s latest highrise in Streeterville.
Unit #1803, a three bedroom unit, just came on the market as a rental. It is NOT also for sale (which is interesting.) I’m not sure if these pictures are all for the unit – as the same pictures are also listed for a one bedroom unit in the building.
Either way- it’s pictures of the interior.
Unit #1803: 3 bedrooms, 2.5 baths
- Rental price of $4500 a month plus $300 for parking
- Livingroom: 15 x 15
- Kitchen: 15 x 7
- Bedroom #1: 14 x 13
- Bedroom #2: 12 x 13
- Bedroom #3: 10 x 14
- Chirex has the listing
There are several sizes for the one bedroom units. Some units with 925 square feet are on the market from the developer. There are also 1100 square foot one bedrooms.
Here is one from Craigslist that is available to rent on June 1 for $2100. Notice how the investor is comparing the price to that of The Streeter, the luxury apartment building about two blocks away.
THIS STUNNING, NEW CONSTRUCTION DELUXE ONE BEDROOM WITH BALCONY IS NOW AVAILABLE FOR LEASE IN THE NEW PARKVIEW BUILDING ACROSS FOX & OBEL. UNIT FEATURES FLOOR TO CEILING GLASS WINDOWS, CORNER VIEWS OF LAKE AND CHICAGO RIVER, W/D IN UNIT, HARDWD FLRS THRUOUT, GRANITE AND STAINLESS KITCHEN, AND HUGE WALK-IN CLOSETS. ENJOY THE SUN SET ON YOUR OWN BALCONY.
DONT MISS THE OPPORTUNITY TO LIVE IN STREETERVILLE, IN NEW CONSTRUCTION, WITH RARELY AVAILABLE OUTDOOR SPACE AT THE FRACTION OF THE PRICE. SAME UNIT ACROSS STREET AT THE NEW STREETER BUILDING IS 2550/MONTH FOR SAME SQ FOOTAGE AND SMALLER BALCONY.
Stay tuned for more action in this building- which I’m sure will be coming. The closings have only just begun.
Oh it gets much better. I’ve seen a 3bd listed for 1.3mm or so. Will try to dig it up.
I’m honestly afraid of what the fallout of this building will incur on surrounding developments.
Here you go: The prices top out at 1.95mm for #4701
http://www.urbanrealestate.com/property/505-N-Mcclurg-Ct-Unit-3003-CHICAGO-IL-60611-IUB33RS3CS2ZS.html
the pics don’t look bad.. what do people think of the layouts?
Nicer than I expected! Go Parkview!
Somebody needs to clue these flippers in to the reality that you can’t expect to cover your entire mortgage payment in monthly rental rates (in most cases). Rental rates are WAY below mortgage payments on just about anything bought in the last few years. $2500/month to rent a one bedroom is simply absurd. $2100 would be a big stretch.
As more flippers fail to get their asking price and rent their units out “until the market comes back”, what will this do to rental rates?
$2500 a month for a one bedroom is nuts – that closer to what you could charge in NYC…and sorry, the location is good but streeterville is not, nor ever will be as good of a location as SoHo or the village!
someone needs to smack these flippers upside the head and bring them back to reality….a 700-800 sqft apt. should rent for (on the high end) no more the $1500-1600. even that is nuts unless it includes ALL utilites and some nice amenities in the building.
I partially agree but 2500 in nyc only gets u 600 sq. ft tops…
the phone number provided on this is NYC so obviously an investor that planned to flip the lower priced chicago mkt