Flipper Alert: More Units Being Flipped at Avenue East
Avenue East, at 160 E. Illinois, is one of the smaller new construction buildings to start closings in Streeterville in the past few months. It only has 133 units.
So far, though, it’s among the most active in the flipping game.
There are currently 32 units for sale. Another 15 units are available to rent (some units may be both for sale AND for rent.)
I don’t think closings have finished in the building.
As far as I can tell, not a single unit has re-sold despite the fact that at least one investor has had a higher floor two bedroom listed since the summer.
The location is great, but the finishes aren’t up to par for these price points. 600 N. Fairbanks has far superior finishes including upgraded cabinets and marble in the bathrooms. Also, the single strand of lights across the full sized mirror in the bathrooms went out of style in 1998.
The flipping prices range from:
- 1 bedrooms starting at $349,900 plus $50,000 for parking
- Penthouse units with 3 bedrooms, 4.5 baths at $1,450,000 plus $62,000 per parking space
The inventory in this area and this price range is growing. Several new buildings are in the process of closing and more units are coming on the market weekly. Right now, I’m counting at least 20 units in the $400,000 to $600,000 price range on the market at just Avenue East, 600 N. Fairbanks, 240 E. Illinois and 600 N. Lake Shore Drive.
There will be lots of competition to sell (and rent) these units in the coming months.