Flipper Alert: The Columbian
Closings have begun at The Columbian, 1160 s. Michigan, the building that anchors the end of the row of highrises flanking the west side of Grant Park at Michigan and Roosevelt Road.
The building had a lower price point than some of the other new construction going up near Grant Park so the flippers are out in full-force.
For instance, the following one bedrooms are being flipped:
#1106: 1 bedroom, 1 bath, 760 square feet
- Originally sold for $262,000
- Currently listed for $399,000 including the parking
#1506: 1 bedroom, 1 bath, 760 square feet
- Originally sold for $268,000
- Currently listed for $385,000 plus $35,000 for the parking
#1806: 1 bedroom, 1 bath, 760 square feet
- Original sale price isn’t known, but probably around $271,000
- Currently listed for $425,000 with parking included
The “flipper premium” in the building, so far, seems to be about $140,000- $160,000.
Would you pay an extra $140,000 to live in a 760 square foot one bedroom with a so-so view?
Unit 1006 is still on the market through the developer for $336,700.
I’m also interested in people’s comments on the kitchens. Do these cabinets and granite seem like $425,000 type cabinets and granite to you? The pictures above are from Unit 1806.
There are several one bedroom and two bedroom rentals on Craigslist. You can rent a one bedroom for only $1800 (parking included.)
Apparently, some two bedroom flippers are trying to unload their units for less than what the developer is selling them for (as about 20% of the building was still available as of when the first closings began.) This is the listing for Unit #1301:
UNIQUE OPPORTUNITY–FIRST & ONLY RE-SALE IN THE NEW COLUMBIAN–AND PRICED UNDER MARKET! COMPARE! EXCEPTIONAL LAKE VIEWS(NAVY PIER, MUSEUM CAMPUS, ETC!) THAT WILL NEVER BE OBSTRUCTED!!! SE CORNER LOCATION–HUGE BALCONY
Unit #1301 is a 2 bedroom, 2.5 bath at 1571 square feet
- Originally sold for $675,000
- Currently listed for $784,000 with parking extra at $35,000
- The developer is currently trying to sell Unit #1401 for $788,500 and Unit #1001 for $770,500
Seems to me with all that competition in the building- these flippers are going to need all the help they can get.
It seems that they think suburbanish oak cabinets and thin granite is worth $500/sq foot these days. There is nothing remarkable about these units. The building has a pleasant location and SOME units will have great views but they cannot command higher prices than, let’s say, the Heritage which is further north.
No, there is nothing really unique or remarkable about them. I’m just wondering how many $400,000 to $500,000 square box one bedrooms they can sell in this market (as they are all over the downtown condo market now.) These don’t even have upscale finishes.