Flipper Alert: Prepare Yourself for the Deluge from The Marquee
The Marquee at 1454 S. Michigan in the South Loop is starting closings this month. Prepare yourself. The building was sold pre-construction at “affordable” prices.
The original price range was:
- 1 bedrooms from the high $100,000s
- 2 bedrooms from the high $200,000s
- 3 bedrooms from the high $300,000s
- Penthouse units from the high $600,000s
Already, several of the penthouses are being flipped.
- Unit #2405: 3 bedrooms, 2.5 baths, 2 car parking for $1.195 million
- Unit #2403: 3 bedrooms, 2.5 baths, 1950 square feet for $929,900
- Unit #2407: 2 bedrooms, 2.5 baths, 1800 square feet for $849,900
Sudler Sotheby’s has all of those listings.
Remember- these penthouses were originally sold “from the high $600,000s.” I don’t have closing prices yet.
More interesting are the other three bedroom units. These originally sold “from the high $300,000s.”
Unit #2201: 3 bedrooms, 2 baths
- Currently listed for $795,900 (not sure if the two parking spaces are included)
- Sudler Sotheby’s has the listing
But the developer is selling the same unit only a few floors down.
Unit #1801: 3 bedrooms, 2 baths
- Currently listed for $511,900 (plus $35,000 for parking)
- Koenig & Strey has the listing
The developer is still trying to sell some one bedrooms. Those are priced starting at $270,000 (without the parking.) Some of the two bedrooms from the developer are starting at $370,000 (without the parking.)
It’s going to be hard for flippers to flip for much more than what the developer is asking. The developer is also giving away a $25,000 furniture credit.
Here are some pictures of the model unit:
Stay tuned. This building is going to be mighty interesting.
The Marquee [website]
Visited this building….along with Glauhaus, 1400 Museum Park, etc. etc. etc…. And naturally I saw some of the same people at the sales centers and overheard the same flipper-talk in the background. As a whole they sounded pretty optimistic (mid-August).
This was among the more yawn-worthy places….along with terrazo (sp?)
It’s going to be hard to hold back my schadenfreude as the carnage will brew into the spring. Naturally, YMMV.
Anybody else feeling overwhelmed by all of this inventory? If the population of Chicago has not grown that much, who is going to buy all of these new units? It is impossible to narrow a choice with so much being unloaded at once.
Bu, but, but . . . those penthouses are listed by Chaz! Doesn’t everyone know that (a) selling real estate takes Chaz(!) and (b) Chaz is a HOT(!) Property? Chaz wouldn’t steer us wrong–those must be great prices for a buyer.
Most Millionaires already have homes.
Don’t worry joem, if the fed keeps trying to prop up the stupidity with rate cuts we will all be millionaires soon enough. Those lucky enough to still have jobs, that is.