Flipper Alert: The Odyssey Lofts in Greektown Coming On-Line Soon
It seems like The Odyssey Lofts at 775 W. Jackson in Greektown have taken forever to be built.
They were originally marketed years ago. Anyone have any idea why it took them years to convert and then construct on top of that building? It is only 60 units.
It’s a nice residential addition to Greektown.
The building is currently 60% sold which doesn’t bode well for flippers. But I suspect that many of the original buyers in the building bought three years or more ago and had no idea they’d be waiting this long for the building to be completed.
This post on Craigslist is the first listing I’ve seen by someone trying to sell in the building:
This seller is trying to sell his contract for $351,500.
1,225 sq ft, 2 bed, 2 bath, exposed brick, beams, with skyline views off 2 separate balconies (6th floor) 42″ cherry cabinets, 1 1/4″ granite countertops, stainless steel appliances, walnut hardwood throughout main areas with carpeted bathrooms. Walk to loop plus all the bars and restaurants in Greek town, close to blue line, metra, and all major expressways.
I am under contract in this development with an expected delivery date of the unit in April/May. I am hoping to transfer this contract to a new buyer as my living needs have changed. I went under contract awhile back so my price is well under market. There are only a couple 2 bedroom, 2 bath units left in the development.
Two similar units 1 floor below are selling for $375,900 while a corner 2 bedroom down the hall is listed for $409,900 and those are without the upgrades in my unit. Figure at a minimum $24,500 in equity at closing. Plus I have an option on a parking spot for $24,900 while spots are now selling for $29,900.
There are currently 22 units for sale. Those units are listed from the developer. Stay tuned.
The Odyssey Lofts [website]
I love how these people state that similar units “are going for” a certain amount. I have a friend who is trying to get her client out of a similar contract, claiming that similar units in the building are worth $50K more than thier asking price.
Problem is, they are going for anything. None have them have sold.
“carpet in the bathroom” = instant no.
I assume he meant carpeted bedrooms…..it’s not the 1970’s
When I moved into my current co-op unit in 1997, they had put orange and green (yes, at the same time) shag carpeting over beautiful wooden oak floors which, when I pulled it up, were revealed to be in perfect condition. They had also put burnt orange indoor-outdoor carpet in the kitchen. The bathrooms, thankfully, still had the original 1920’s mosaic tile exposed.
Funny how aesthetics change… it makes me wonder how well this granite-SS-Italian cabinets thing is going to hold up. Frankly, I’m already pretty damn bored with it.
Agreed. I did marble when I remodeled but yes, SS
The building looks lovely, but there is an SRO hotel directly across the street from the the entrance that looks scary.