Flipper Alert: First Look at 1 E. 8th in the South Loop
It looks like closings have begun in 1 E. 8th, the 91-unit mid-rise building in the South Loop near the Printers Row neighborhood.
One 2-bedroom unit, Unit #708, has already come on the market. Here’s the listing:
New Construction END UNIT! Largest floor plan in a prime South Loop location! Split 2 bed/2bath condo highly upgraded! Floor-to-ceiling windows & high ceilings. Granite, S/S Appls, maple cabs, hardwd floors, Washer/dryer hook-ups, large private balcony w/ DAZZLING CITY VIEWS!
Steps to CTA, Loop, Lake, Target, Jewel, shopping & dining. Bldg Features- Xport Fitness, green roof, storage & low assessments! Parking $35K
Real-Tek Realty has the listing. See more pictures here (including the views of the Sears Tower.)
Unit #708: 2 bedrooms, 2 baths, 1100 square feet
- I don’t have the original closing price yet
- Currently listed for $395,000 plus $35k for parking
- Assessments of $350 a month
- Taxes are “new”
Whoa… $359/sq foot in the south loop.
Anyone know how good a job they did on the soundproofing & dampening? It looks like the building backs to the el?
This seller is living in la la land.
Max. bid $270,000
Really ugly wood floor.
And, look honey, they shrunk the island – although they didn’t do anything to hide the very ugly white outlet that some misguided contractor stuck right in the middle of it!
Really cheap bathroom fixtures.
What’s that gray box on the living room wall, please tell me it isn’t a motel-style ac unit!
Next.
“What’s that gray box on the living room wall, please tell me it isn’t a motel-style ac unit!”
It’s not a motel-style unit, it’s luxury temperature control!
Give it up flippers! It’s not 2005 anymore. You will NOT make more than you bought it for. Nobody is fooled anymore by the extra charge for parking; we know damn well you got it with the unit. You are not entitled to a profit and won’t be getting one.
Buy this unit with parking for $430k or rent a slightly smaller unit in the same building for $2,000…with parking (per craigslist). Which is the better deal? Maybe I should convince my parents to invest in this unit via a large downpayment….Mom, Dad….can I borrow $86,000? We can split the appreciation pro rata when I sell!!
This fugly overpriced unit of questionable quality is precisely the reason the South Loop will be THE hardest hit Chicago neighborhood in the downturn.
Who wants this when you can now get a 2/2 on a high floor in Wells Street Tower for 280k? Oops is that listing another south loop COMPKILLA?
Not to say that one is better than the other, but Wells Street Tower has higher assmnts – I think there is a $200 difference. That translates into $40k – 45K mortgage via differences in payment.
I went to see that unit in Well Street Tower. For the price, it’s a lot better than the unit shown here.
There is no way the assesments will remain at $350 a month… Developer ALWAYS lowball assesments to sell a unit, then when the board takes control, reality comes in to play and the assesments rise 20% or more…. (Or in my case, they nearly doubled.)
Does anyone know why the faucet to the bathtub is not centered? Is that for handicapped purposes?