Flipper Alert: Looking for the Big Bucks in Avenue East
As I talked about earlier, closings have begun at Avenue East, at 160 E. Illinois the new high rise right off of the Mag Mile in Streeterville. (It is much more completed than the picture above suggests.)
There isn’t much architecturally interesting about the building, but it has a great location right near the Mag Mile without actually being ON the Mag Mile with its crowds.
The building has 130 units, with 20 of them currently listed for re-sale. Most of the re-sales are through the developer. But flips are now appearing as well.
Unit #1102: 2 bedroom, 2 bath, 1508 square feet, terrace overlooks Michigan Avenue and South skyline, parking available
- Those familiar with the building tell me that this type of unit would have previously sold in the mid-$600,000 range.
- Currently listed for $810,000 plus $40,000 for parking
The flipper is looking for $537 per sq/ft. Will they get it? That is a very hefty flip for an average building that isn’t even sold out yet.
Stay tuned.
Marie Cabrera at Baird & Warner has the listing.