Flipper Alert: More Flips Appearing on the Market at MoMo
Closings continue at MoMo, at 8 E. Randolph, in the Loop. More units are coming back on the market as flips.
There are numerous listings either for sale or for rent on Craigslist. There are also several reductions on the rentals already on Craigslist- specifically on the one bedroom units.
Currently, I’ve found at least one of the 951 square foot one bedrooms listed for $1700 a month– that doesn’t include any parking.
Here are a couple of flips to give you an idea of what kind of mark-up the flippers are asking for:
Unit #2204: 2 bedrooms, 2 baths, 1446 square feet
- Currently listed for $555,000 (listing doesn’t say if parking is included or not)
- I don’t have an original sales price yet but probably somewhere in the high $400,000s
- Assessment of $623 a month
- Sudler Sotheby’s has the listing
Unit #1108: 2 bedroom, 2 bath, 1450 square feet
- Sold in February 2008 for $420,000
- Currently listed for $515,000 (also doesn’t say if parking is included)
- Assessments of $483 a month
- Berg Properties has the listing
Unit #1002: 1 bedroom, 1 bath, 951 square feet
- Sold in February 2008 for $300,000
- Currently listed for $349,000 (parking available for lease or purchase)
- Assessments of $348 a month
- Rubloff has the listing
Hi,
Is it just me or are the bathroom finishes really terrible? Sabrina, do you know if these are examples of the standard/included finishes or upgrades? Were there upgrades offered or was this building like the one on the park with the same finishes in every unit?
The basic white bathroom shown above was the “standard” bathroom, from what I understand.
The non-white bathroom would have been an upgrade- but I’m not sure there were many choices for upgrading.
Anyone else know more details?
This building wasn’t sold originally as “luxury.” I think part of the problem for some of the flippers will be trying to get “luxury” prices for a product that was never supposed to compete in that market.
The developer did not give the buyers any choices in the bathrooms except for the Master Bedroom bath in the two bedroom units. So for the one bedroom bath everyone is stuck with the white tiles.
The 2nd bathroom is horrendous. Honestly, I would have to gut it. Embarrassing to show to people.
Is 1002 a bowling alley? (or is it just the picture?)
Is MOMO a good building? I am looking to buy a one bedroom in the building.
Is there anything I should be awared of?
Thanks!
You might want to consider that you could rent a unit for less than the cost of buying. Prices will fall hard so there is added incentive to wait while you save by renting.
I am a first time buyer, so please pardon my question. How do we compare rent vs buy? From my calculation, it seems like if I hold the property for 3 years. $1800 rent is about the same as buy $300,000 with 20% down?
Where can we find out how much developer sell these units for 2-3 years ago?
JJ:
Click on the New York Times rent v own calculator on the Crib Chatter home page in the blogroll column (scroll down on the page.)
There- you can add in things like taxes and assessments and whatever else. (click on “advanced settings” to add in the assessment costs under the “buying” category.)
Thank you Sabrina. Do you know where can I find the original list price of 1 bedroom unit in MOMO?
The original LIST price or what it sold for? Two different things.
You can look in several places for sales information- including on the Chicago Tribune website (under the real estate section.) Also, if you have a PIN number, the city of chicago records deeds etc.