Flipper Alert: First Pictures from Inside 550 St. Clair
Closings are beginning at 550 St. Clair in Streeterville.
These are the first pictures I have seen of the interiors of the units.
These are from the developer. And yes, the kitchen is still missing some appliances. They are of an 800 square foot one bedroom, one bath that is listed for $423,000. The unit faces west towards the Mag Mile.
There are a few rentals on Craigslist. (Sorry, no pictures on the Craigslist ads yet.)
You can apparently rent a studio for $1300 a month (parking an extra $250 a month.)
OR
You can buy it for $319,500 plus $45,000 for the parking. “Call Now! Won’t Last!”
There is also a one bedroom available for $1600 a month. The ad doesn’t say anything about parking.
Stay tuned.
Well, the finishes look nice. I visited the sales center and models years ago and they did make good use of the smaller unit sizes.
I think the building is nice overall. Yes, there will be flipping 50% of the building (or more) but when all is said and done, it is a nice product in a great location.
No counter space though in that unit but you probably had an option to have an island. In this size unit, an island would eat into the limited living room space.
Is the refrigerator hidden behind the panels there on the right side? It looks like it would be a half-size refrigerator.
The bottom drawers are part of the refrigerator–possibly both freezer, possible a vegetable drawer and a freezer. The DW is behind the panel right next to it. This is not a kithcen for anyone who actually cooks–more like re-heating leftover takeout. There just isn’t enough storage, never mind the lack of counter space. I’d get a rolling prep table of one sort or another and park it against the wall in order to have someplace to do some prep work, if I were actaully going to use that kitchen.
It looks really cool, tho. And would be really easy to keep looking neat (or impossible to leave messy, b/c then you couldn’t use the kithcen at all).
Are rents in this city falling? $1,600 seems cheap for a one bedroom in a new building like this.
Rental rate declines are commonly associated with bursting real estate bubbles.
There will be increasing downward pressure on rents. Buildings appear to be closing with around 30% stuck flippers, most of whom make very desperate accidental landlords.
Don’t forget about the new rental buildings under construction as well as the coming failed condo buildings converting to rental apartments. Oh yeah, an economy in recession should also contribute to the decline.
LOVE the balcony! And I love all the hidden appliances (though I’m a big cook and wouldn’t want a kitchen that tiny.) Did 550 St Clair have a first-year-no-sell clause? Or are we about to see about 30 of these on mls?
Are kitchens totally out of fashion now? I’m used to seeing this setup in cheap weekly hotels, and it’s kind of surprising to find it in high-end condo units.
These units are even smaller than 600 Fairbanks and the kitchens are not as nice. The balconies ARE a great feature though.
I will be curious to see what develops in this building.
prices are cheaper on $ per sq. ft aren’t they than fairbanks?
no bathtub
G be nice! Where ever did old DeaconBlue go, the guy who keeps telling us no recession is looming. Every day it seems more and more likely.