Flipper Alert: Flippers have “Visions” in the South Loop

Vision on State, a new mid-rise building at 1255 S. State designed by Pappageorge/Haymes in the South Loop, started closings over the summer but has recently picked up steam.

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The building was marketed as “affordable luxury” near the El stop at Roosevelt Road.

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The floorplans they offered were tailor made for flippers.  There were numerous floor plans:

  • 5 one bedroom plans ranging from 610 to 831 square feet
  • 1 plan with one bedroom plus den at 880 square feet
  • 3 two bedroom 1 bath plans ranging from 890 to 1079 square feet
  • Only 1 plan with 2/2 at 1068 square feet
  • And 1 plan with 3/1 at 1600 square feet

The statistics in the building so far (out of 253 units):

  • 23 units for sale
  • 14 units for rent

Flippers are asking, on average, $50,000 more than they paid (on the bigger units.)   Slightly less on the 1 bedroom units.

Here are some examples of what is going on in the building (it looks like the developer did a big dump of a bunch of the closings in November, so some might have technically closed over the summer but didn’t show up in public records until November):

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Unit #1116: 2 bedroom, 2 bath, 1068 square feet

  • Sold in November 2007 for $358,414
  • Currently listed for $384,000 plus $35,000 for parking
  • Assessments of $548 a month
  • ITown Realty has the listing

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Unit #1203: 2 bedroom, 1 bath, 995 square feet

  • Sold in November 2007 for $326,548
  • Currently listed for $348,900 plus $25,000 for parking
  • Assessment of $480 a month
  • Century 21 Pro-Team has the listing

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Unit #1103: 2 bedroom,  1 bath,  995 square feet

  • Sold in November 2007 for $282,097
  • Currently listed for $328,900 plus $39,000 for parking
  • Listing says it’s priced “way below market value”
  • Century 21 Pro-Team has the listing

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Unit #1004: 1 bedroom, 1 bath, 724 square feet

  • Sold in November 2007 for $235,900
  • Currently listed for $308,000 (includes the parking)
  • Assessment of $308 a month
  • Tenant occupied until August 2008
  • Acorn Realty has the listing

There is one flipper with a 1 bedroom that paid $204,900 and is asking $229,000.  At least that’s a little more realistic.  But it’s still sitting on the market.

Rentals range from $1450 for one bedrooms to $2400 for the 1068 square feet 2/2.

Maybe it’s just me, but for the same rental price of $2400, why wouldn’t I rent down the street in a bigger unit at The Columbian (with straight on lake views?)  But that’s just me.

Vision on State [website]

5 Responses to “Flipper Alert: Flippers have “Visions” in the South Loop”

  1. How much extra does a guy have to pay to get some hardware on the kitchen cabinets?

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  2. In 2004 during the pre-sales, their promotion was to give a free plasma screen with each unit. It looks like the unit owners either did not have them installed or removed them. Back 3 years ago a plasma was actually somewhat a big deal.

    Also the oak cabinets and black appliances need to be updated especially in this market.

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  3. saw a couple of units in this building this summer…….a lot of flippers here will get crushed. total disconnect with reality in terms of pricing, imho.

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  4. Me: I agree. Why would any buyer pay over $300,000 for a one bedroom in this building? Heck, even $250,000?

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