Flipper Alert: More Flips on the Market at 600 N. Fairbanks
With closings coming up in the next few weeks on the lower floors at 600 N. Fairbanks, investors are trying to get a leg up on flipping their units in the building over other investors. Right now, there are about 10 flips on the market with some of them on the MLS and some of on Craigslist. There are 227 units in the building.
Flippers are trying to net at about $150,000 to $200,000 in the bigger two and three bedroom flips. There are a lot of one bedroom units in the building, so I’m assuming we will see quite a few of the one bedrooms put on the market in the next few months.
Right now, the flippers are pricing the lower floored one bedrooms at about $500,000 (including the parking) for about 830 square feet. Someone named Ved Gupta, presumably an investor in the building, is on Craigslist trying to flip a two bedroom and also a one bedroom. According to Craigslist, he has a one bedroom unit on the 25th floor for $499,000 plus $55,000 for parking. That price is for less than 1000 square feet as the largest one bedrooms in the building are only around 925 square feet. (His listing did not give the square footage.) Compare that with the normal one bedroom luxury condo unit in Streeterville or Millennium Park. 1000 square feet or larger is usually the standard size one bedroom in a “luxury” building such as 250 E Pearson or 340 on the Park.
600 N. Fairbanks is considerably more expensive. Who will be buying at these prices? Stay tuned.
It seems there is now a 873 sq foot one bedroom (north facing) for rent for 2,400 plus parking.
In addition, the developer has control of the last four/five units for original sale. It seems they have increased prices on those units to well in excess on $500/sq foot. Walk throughs are beginning and we will see if there is turnover in the building at these lofty prices.
Fairbanks: Have closings started already? A lot of the flipped units say November. Is that the official start of the closings?
The first people are moving in on November 6th!
D
Pearson and 340 are totally different types of buildings IMHO. 600 N Fairbanks is very contemporary, has a great location, 10′ ceilings and a star architect. I’m not sure that they will get these prices, but there is certainly a segment of the market that values the things only 600 NF can deliver.
D
Thanks for the update on when closings begin in the building, Deaconblue.
I’ll be watching to see how many of those come on the market. There are lots of one bedrooms in that building.
I also agree that the units have a unique feel. I’ve seen some of the pictures buyers are posting on Skyscraper City of the interiors. Buyers will either really love the concrete walls and ceilings, or they’ll hate it. But CMK, which designs its interiors in a similar minimalist style, seems very popular with buyers as well.
It’s nice to see a slightly different product tried in Streeterville. I’ll be interested to see 550 N. St. Clair- which is also going for the modern style.