Flipper Alert: Flippers Waiting to Sell in 550 N. St. Clair
550 N. St. Clair in Streeterville is a small, boutique building near the Mag Mile that was built with the modern aesthetic of open spaces and concrete ceilings.
Closings began in early February 2008. The current status on the building:
- Total number of units: 112
- Total units for sale: 21
- Total units for rent: at least 7
Closings are continuing.
In March, I chattered about this two bedroom unit. Since then, it has been reduced by $6,000.
Unit #1104: 2 bedrooms, 2 baths, no square footage given
- Sold in February 2008 for $603,500
- Was listed in March 2008 for $589,500 plus $45k for parking
- Reduced $6,000
- Currently listed for $583,500 plus the parking
- Assessments of $433 a month
- Coldwell Banker has the listing
Some of the bigger units are coming on the market. I don’t have an original closing price yet for this three bedroom.
You can see how the bathrooms are open to the rooms from these pictures.
Unit #2206: 3 bedrooms, 3 baths, almost 2100 square feet
- Currently listed for $1,138,000
- Assessments of $781 a month
- 41 foot private terrace
- 11 foot ceilings
- Sudler Sotheby’s has the listing
I’d buy this tomorrow… for half the price.
This building I think is nothing compared to the 600 North Fairbanks in terms quality of finish etc. The layout feels a little bit ‘closed out’ in my opinion, and the view is quite dull. I have been to the prefered tier which is they said the 08 or 06 tier (I believe I was in unit 1508 that is up for resale now, you can find it on MLS), it’s for sale for about $750K or something ridiculous like that, but the hallway is SO long, which reduces the space. Not well thought off… And what about the small island that’s turned sideway? I see the idea is to do that so you can put a dining table, but still I think it’s pretty stupid.
Does anyone have any knowledge about this building? They change layouts in certain floors, which is quite confusing, and what exposure is better than others? What tier? What price point?
so the bathroom, kitchen and living room are all essentially one room. why would anyone want their dishwasher in the living room? these will sell, for half the price.
From your mouth to god’s ears, paulj. (Or at least to the sellers’ ears!) I actually love the open layout.
600 N Fairbanks has the same island shape/size and layout in most units. Bathrooms are open to the bedrooms, not living rooms. Units are lovely with nice city views. Building is 1/2 the size of 600 N so more boutique.
the kitchen is small though
this makes fairbanks look good. at least the island in fairbanks is where one would expect. Also the 04 unit in fairbanks has an entry to the bathroom from both the bedroom and the hall. does anyone else think this developement is worse than fairbanks?
Say what you want, and I’m going based on just pictures here so I’m open to amendment, this building doesn’t look a whole heck of a lot different than 600 North Fairbanks from the inside. And to those complaining about the layouts, ahem, you have been in 600 North Fairbanks, right??
The one issue is that that one kitchen has no island. C’mon!!
But yeah, give me a ring when these puppies drop 30-40%
i’m just asking what folks thing about st clair vs. 600 n fairbanks?
Ha, 30-40% price drop—I don’t think anyone will be calling you…ever.
Why on Earth does anyone want a bathroom that’s open to the rest of the apartment?
I mean, I can see why some people want their kitchens in their living rooms, and I can sort of understand why some people like other wacky, incongruous things.
The whole aesthetic of the place may be way cool now, but in less than a decade, it will be considered laughable, and unlivable.
the photos seem to be a little misleading. look at the floor plan of 2206 as pictured above. the bathrooms arent as open as they appear.
http://550stclair.com/fp/1706-2206.html
if you had someone over for dinner and they needed to use your bathroom, wouldn’t you prefer them to use one off of a hallway or something vs. going in a bedroom? Sorry, but i’m not understanding.
The bathrooms aren’t open to the entire apartment but in the units I’ve been in in the building, some are open to the bedroom.
But they had a pocket door that closed off the toilet part of it.
Basically, if someone was in bed, they could see the other person brushing their teeth at the sink or hear them in the shower as that part of the bathroom is open to the rest of the room.
It’s definitely unique.
I have been in the two bedroom for sale on the 11th floor. I am dubious that none of the units list the square footage. The agent there kept comparing the unit to 600F and said it feels “more spacious”. At least both buildings are a bit different. It would be boring if all buildings had cherry Brookhaven cabinets, granite and low-end stainless appliances.
Don’t be so confident they won’t drop 30% from asking (which is what I meant). Especially the larger units.
And I believe the 2bd line without island was around 1100sqft. I looked at floorplans awhile ago. It seems places in the area are heading back to 400/squareft.
Very Euro-trash.
Personally, I like 600 N Fairbanks better. However, I also like the St. Clair. If you are looking for a “modern” looking unit in Streeterville, you have a lot of options these days and can negotiate.
600 N Fairbanks
550 St. Clair
240 E Illinois (Fairbanks at CityFront Plaza)
Foreclosures cause woes for property associations
http://www.heraldtribune.com/article/20080418/REALESTATE/804180677/1537
The layouts in these units is already laughable and unlivable. the kitchen is all smashed up against the wall like a Home Depot display. RD569 is just like this disaster. You have to put several units together to make these work.
why are you posting FL’s condo HOA problems on Chicago’s site?
Is that a tub inside of a shower? Please tell me I’m seeing things.
Yes, Jeremy, that is a tub inside a shower. I’ve seen this type of arrangement in other places featured on this site. It looks like a way for the developer to cheap out and avoid providing a dedicated shower stall, by presenting this arrangement as cutting edge.
The current fad for raw interiors complete with unfinished ceilings, exposed ductwork, and lack of doors or dividing walls dovetails nicely with the developers’ ongoing drive to reduce costs.
“Edgy” stuff like this is going to date very quickly, and the value of these units will not keep up with more conventianal dwellings.
The Spire has that same set up with the tub in the shower in many of their units as well. Dont really get it. Every time you shower, the tub is sure to get dirty as well.
wren on April 19th, 2008 at 11:40 am
why are you posting FL’s condo HOA problems on Chicago’s site?
Crib Chatter often blogs about foreclosures. Chicago does not exist in a vacuum. It would be wise and prudent to think a couple steps again of the game. The ramifications of people not paying bills are the same from one state to another. If we can be observant and watch what happens to other markets perhaps we can adjust our own attitudes before problems hit home.
stuckinthecity,
point well made. People buying into condo buildings need to study the association reserves VERY carefully. Especially for newer buildings with large percentage of flippers. As foreclosures mount, an association can be saddled with serious debts and a lien on the building is a serious detriment on resale ability.
It is interesting to compare the interiors of these units to some of the interiors/finishes that you are seeing in NY, LA and other places that are more apt to set trends than Chicago. I love Chicago, and I believe it compares very favorably to both NY and LA in many, respects. However, the housing is rather traditional for the most part (and to me, boring), and I enjoy seeing developers offering a product that is not mainstream here. There are reasons I would not buy a unit here, but the developer’s deviation from the norm is not one of them.
Concrete walls (per 600nf) and ceilings are not typical in Manhattan condos. In lofts concrete flooring was trendy for a bit.
I have to agree, not plastering the ceilings and not dropping them to allow recessed lighting is a way to claim “trendy” while really just cutting costs.
Open bathrooms as you see were also trendy, but not very common. I’ve seen things like a bathroom off the master with the entire wall all glass – so you could see right into it. It will definitely appeal to some, but not in mass droves.
Hate to say it, but this concrete trend will near its end soon and it will be tough moving these kinds of units. Cool, perhaps – functional, nope.
Is it even possible to drop these to create a drywall ceiling with recessed lighting? I would think it would interfere with the sprinklers, and so would be some kind of code violation. The sprinklers look to be only six inches from the ceilings.
Does anyone know about unit 2203 in 550 N. St. Clair? I just saw it as NEW listing, selling for $599K. What’s the story on this? I see that this unit has the same floor plan as the currently selling 1104 (posted above), but for about same price you get to be on the 22nd floor!
Am I correct on my statement above on the SAME floorplan? Who knows about this building? Appreciate the insights!
How much did they pay originally for unit 2203?
I am also looking for the same info for unit 1601 that’s sold by the owner! Go check out craigslist. There’s a listing for it.
I agree this building’s layout and more importantly, finishes, are awful. Nothing compared to its neighbor – the beloved Mr. Jahn’s puppy – 😉
Actually, the floorplans are extremely well-designed, especially when compared to 600NF. The architect is Brininstool + Lynch. The units are modern and they definately DO appeal to a certain type of person. They are not for everybody though. Views are great and the location is much better than 600 N. Fairbanks.
I have been looking at buying a 2 bedroom and 600 NF and 550 St Clair are both high up on my list. You CANNOT compare the two buildings without being in the spaces. The units in 550 flow far better than 600NF with beautifully detailed pocket doors and some really nice frosted glass into the bathroom. You will also notice that at 550 there is a soffit around the entire perimeter of the unit which is actually more expensive to build out than just skim coating the ceiling contrary to what people have been posting. Plus it hides window shades, allows for some really nice up lighting thats hard to see in pictures and allows for wiring to easily be run for whatever additional lighting you may want – try doing that in 600NF. You can add in an island, but I think they were smart to make it optional – people using these as in town units do little more than use the kitchen to heat up their leftovers from going out to eat…
Does anyone know how this building is doing? Are prices still sky high?
Also, What is the going price per sq ft in this area- Streeterville?
Lake Effect on November 9th, 2008:
“Also, What is the going price per sq ft in this area- Streeterville?”
LE: Prices seem to be holding in Streeterville because not much is selling. Sellers are being stubborn- even in buildings where there are massive numbers of units for sale.
How long can they hold on?
Or- how long are they going to be willing to “rent it out”- most likely at a loss?
Many sellers seem to think that next spring will be a much better market.
I’ve actually seen prices coming down much more in River North (especially in the older buildings- as everyone wants “new.”)
Sabrina- what would you consider a fair price per sq ft?
I look at the rental prices. If you look at those, the price per square foot has to drop sharply.
And building will matter (new, old, popular etc.) Price per square foot will drop sharply in a building like Avenue East, where they still can’t sell units, compared with 600 NF which is sold out.
Next year, we’ll start seeing a lot more foreclosures in the new construction buildings. What will this do to prices?
There is WAY too much inventory. Many buildings remain only half sold- a year after closings started. And new buildings continue to go up all over the downtown.
Hey Sabrina,
Any intel on 600 LSD? As I recall, one building nearly sold (or did sell) out from the developer, but the second building was hurting badly.
“Next year, we’ll start seeing a lot more foreclosures in the new construction buildings. What will this do to prices? ”
Does anyone know how many units are left in the new construction buildings such as 550 St. Clair, Parkview, Avenue East, Cityfront Plaza?
About 600 N LSD:
The first building sold well. There are still units available in the second tower.
We haven’t seen flips in here (yet) because Belgravia had an anti-flipping clause in the contract (for at least a year.) But I’ll check in on the buildings and see if I can find out anything.
“Does anyone know how many units are left in the new construction buildings such as 550 St. Clair, Parkview, Avenue East, Cityfront Plaza?”
An agent can pull the listings but I can tell you there are dozens of units that are unsold (it depends on the building.) Dozens more rented out by flippers as well.