Get a 1-Bedroom for $189,900 at 222 N. Columbus on the New Eastside
This 1-bedroom in the Park Millennium at 222 N. Columbus on the Near East Side came on the market in January 2022.
Park Millennium was built in 2002 and has 480 units and attached leased garage parking.
It’s a full amenity building with door staff, an indoor lap pool, fitness center, sauna, sundeck with outdoor grills, a dry cleaner and even a grocery store.
This unit has hardwood floors throughout and French doors that lead to the bedroom.
The kitchen has maple cabinets that the listing says are “ready to be painted” along with white appliances.
The unit has the features buyers look for including central air, washer/dryer in the unit and garage parking is available for lease for $260 a month.
The listing says the building has $2 million in reserves, no special assessments and is FHA approved.
Listed last March for $199,999, the listing was removed in September, before coming back on in 2022 reduced to $189,900.
The listing says “motivated sellers looking for offers ASAP.”
Is this a deal?
David Mishel at Compass has the listing. See the pictures and floor plan here.
Unit #702: 1 bedroom, 1 bath, 600 square feet
- Sold in December 2005 for $208,000
- Sold in March 2012 for $146,500
- Originally listed in March 2021 for $199,900
- Removed in September 2021
- Re-listed in January 2022 for $189,900
- Assessments of $442 a month (includes heat, a/c, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $3634
- Central Air
- Washer/dryer in the unit
- Garage parking is available for $260 a month
- Bedroom: 9×8
- Living room: 13×11
- Kitchen: 11×10
- Laundry: 6×5
This is a glorified convertible/studio w/ a door
Paint, get rid of the stupid mirrors, replace the kitchen appliances and solid surface countertop and you might have a chance selling
If you need parking, you can rent newer for near the same monthly nut and not be stuck at some point selling a dated, 600sf 1Br
Is it a palace? No of course not, it’s 190K. But it’s pretty damn nice for the price, with reasonable assessments for the location. Reface the cabinets, new countertops, appliances, paint and the place is transformed. I’m not in the market for a place like this but if I were I’d give it a serious look.
“Paint, get rid of the stupid mirrors, replace the kitchen appliances and solid surface countertop and you might have a chance selling”
Are you agreeing with Sabrina that upgrades are necessary to sell a (this particular) place?
adding…
I have serious doubts that anything much more than new appliances and a decently done paint job (look at the crap in the bath) would be worth it, given pricing for true 1 beds in the building, eg:
https://www.redfin.com/IL/Chicago/222-N-Columbus-Dr-60601/unit-912/home/12607492
“Are you agreeing with Sabrina that upgrades are necessary to sell a (this particular) place?”
At the ask – yes. As is, its $150k.
The unit you linked is 200+sf bigger, provides a reasonable WFH option and fluffed-n-buff’d (albeit poorly) and sold for $270/sf, Subject property is $315/sf.
Not saying its a good investment, but dropping $15k would probably get you in the ballkpark of ask
“At the ask – yes.”
Two peas and a pod, you and Sabrina! Need to reno/update to get top dollar.
I am curious if they rounded up to 600sqft? A 9′ x 8′ bedroom is very tight and would likely only fit a full size vs. queen bed.
I believe this building did a refresh of the hallways, lobby and common areas a few years ago, so it probably looks much better.
This was a one of those crappy condo conversions during height of the housing bust in 2008-2009. This building is ripe for a deconversion back to rental.
“Two peas and a pod, you and Sabrina! Need to reno/update to get top dollar.”
That hurts
Sabrina thinks as is at the ask is a deal.
I think put $20k into it and you could probably sell for $180k
“during height of the housing bust in 2008-2009”
More like close to the height of the bubble in ’05, but otherwise right on.
“Is this a deal?”
As everyone notes, no, not a deal.
“Deal” price = ~$250/sf, or $150k.
’05 price + CPI = $295k. As JU notes, it need about $20k in updates to cover deferred ‘maintenance’, but that’s still $275k. Ouch!
Last I heard (2011) building passed a rental cap of 20% and was significantly above that. Probably explains why the 2012 price was so low.
That’s an eye-popping low price considering location. But maybe not a deal, as others note. Wish a 1 bedroom would be that cheap in my building. I’d jump on it. But right now $300,000 seems to be the lowest for a 1 BR in Hancock, and that’s typically low floor/obstructed view, original kitchen and bath.
I checked out a Hancock high-floor 3 BR the other day. Asking just under 700,000 but needs total overhaul. I wonder what it will ultimately go for.
Agree with others that this building, 222 Columbus, makes more sense as a rental. Can’t imagine buying there. There’s something very un-cozy about that whole area east of Michigan, south of Wacker. I’ve never been to China, but it reminds me of those soulless skyscraper jungles you see in photos of Beijing.
“There’s something very un-cozy about that whole area east of Michigan, south of Wacker. I’ve never been to China, but it reminds me of those soulless skyscraper jungles you see in photos of Beijing.”
Lots of parks and things over there now Dan #2. When was the last time you were there? I think if it’s been 10 years or so then, yeah, it wasn’t that great back in the day. But today, plenty going on. They also created a new pass through from Lakeshore East directly to the River Walk for bikers and walkers which is fantastic.
But I get your sentiment that it doesn’t seem much like a “neighborhood” where people live.
Even though this place is small and definitely not luxury, it’s a very good deal for the money, and an excellent rent hedge for a single person, or retiree who wants to be close to downtown’s entertainment, shopping, and recreation.
The location is top, the communal amenities are great (especially the year-round pool), and the HOA is reasonable.
Sure, it needs upgrading, but many buyers might prefer to buy at a low price and select their own upgrades.
contingent
I’m not surprised the place is already under contract.
It’s hard to believe you can find anything like this for less than $225K in such a good location, especially with such nice communal amenities and reasonable HOA. A few thousand dollars spent on new countertops and paint will dress the place up nicely.
“I’m not surprised the place is already under contract.”
Great intown.