Gut Renovated 1-Bedroom with 1200 Sq Ft Landscaped Patio in Streeterville: 240 E. Illinois
This corner 1-bedroom at Fairbanks at Cityfront Plaza at 240 E. Illinois in Streeterville came on the market in November 2021.
Built in 2006, the Fairbanks has 281 units and a parking garage. It’s a full amenity building with a pool, an exercise room, and door staff.
It’s also known as the building with the Whole Foods on the base floor.
The listing says this unit has had an “entire gut renovation to the studs in 2019.”
It 12 foot ceilings with floor to ceiling windows that have electronic black out shades.
The unit has new wide plank dark wood floors throughout and a custom designed dry bar with fridge.
The chef’s kitchen has modern custom cabinetry to the ceiling with integrated appliances, and quartz counters with a wood cantilevered island with seating for 4.
The bedroom has an en suite bath with a glass enclosed steam shower and linear drain, a floating vanity with double sinks, porcelain tile and black hardware.
There’s also a half bath.
The unit has central air, washer/dryer in the unit and it appears that one garage parking space is included in the price.
But the big selling point may be the 1200 square foot private landscaped patio and garden, which the listing says was created by Christy Webber.
It has a built-in grill area with canopy, benches with inset lighting, self-irrigating giant planters, a tree and city views.
This unit sold in 2018 for $675,000 and has come back on the market after the gut renovation for $995,000.
20 months after the pandemic began, are buyers still yearning for their own private outdoor space?
Sharon Gillman and Marissa Schaeler at Compass has the listing. See the pictures and floor plan here.
Unit #906: 1 bedroom, 1.5 baths, 1083 square feet
- Sold in March 2008 for $579,500
- Sold in June 2018 for $675,000 (included parking)
- Currently listed at $995,000 (appears to include the parking)
- Assessments of $968 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
- Taxes of $10,695
- Central Air
- Washer/dryer in the unit
- Bedroom: 13×12
- Foyer: 8×5
- Living/dining room: 25×15
- Kitchen: 16×10
Madness. It’s essentially a modern, upgraded 1 mid-sized 1 bed with a very nice, but fishbowl outdoor space.
If you are hosting friends/business events all summer long or are a hardcore gardener, perhaps this makes sense at $675K with parking… but for 3-4 months in the winter, the outdoor space is essentially unusable except to smoke a cigar, get some brisk air, or if you put a hottub in. As hinted, you have little privacy too, lots of other units with full windows just lurking over you.
I love my 75sqft balcony and give it lots of value, but this pricing it nuts. The assessments are actually lower than I’d expect for this valuation at $968 (as well as the $10,695 in taxes)
not a $1000 psf building.
A 2100 sf unit with a terrace sold for $1.285:
https://www.redfin.com/IL/Chicago/240-E-Illinois-St-60611/unit-1003/home/26815031
Which *might* support $750k for this one.
“for 3-4 months in the winter, the outdoor space is essentially unusable”
There are ways to make this outdoor space usable for much of the winter. I’d add a solo stove bonfire and a heat lamp or two. Remember when Chicago restaurants did outdoor dining all winter in 2020?
I aspire to be a hardcore gardener and would love to have a huge full-sun terrace, but I would not pay this much of a premium for the space.
The renovation ruins the condo for me. I hate the dark finishes, the lack of a bathtub, and the useless drink refrigerator. Do the owners of one bedrooms actually store so much stuff in their refrigerator that they would need a supplemental refrigerator? I could understand if it was outside.
Imagine dropping 200k then burning 5500/mo and still have to put your out of town guests up in a hotel. This ain’t Manhattan.
“ Do the owners of one bedrooms actually store so much stuff in their refrigerator that they would need a supplemental refrigerator?”
If you entertain frequently your fridge is going to fill up. This unit is made for entertaining.
“useless drink refrigerator”
Counter-depth refrigerators can be surprisingly small.
I’m guessing it is this one (but it could be a subzero): https://home.liebherr.com/en/usa/ncsa/residential-appliances/fully-integrated/details/ecbn-6156_72378.html
which is under 19 cf. Which makes it among the smallest 36″-width fridge on the market. If I had people over on the terrace a lot, I’d want the drinks fridge.
“This unit is made for entertaining.”
I can only imagine, or try to dream of what it must be like, to be one of the two lucky guests the occupant of this unit hosts at his or her legendary dinner parties. Just the unit occupant/host, the other lucky guest, and me, sitting at that generous three-top, dining with the confidence and comfort that only a nearby beverage fridge can provide.
Ouch – look at the taxes! I guess if you’re going to pay $675,000 for a one bedroom, what’s an extra $950 a month?
“look at the taxes!”
That’s low.
If the AMV for 2020 matched the $675 purchase price, they’d have been over $14k. 2020 tax rate–after HO exemption–in that ballpark of AV was 2.12%.
Sure, taxes are low if someone actually pays this much for the unit. But for a 1 bedroom in the area, they’re quite high.
I’m just saying you could save $3,000 or more a year (and a lot more on the asking price) by picking some other one bedroom nearby.
“ Do the owners of one bedrooms actually store so much stuff in their refrigerator that they would need a supplemental refrigerator?”
It’s a 24″ built in KitchenAid beverage/wine fridge. It has dual zone temps for either white or red wines.
They cost upwards of $2,400+.
Love them. Total luxury good and a must have.
“taxes are low if someone actually pays this much for the unit.”
I think you misread the numbers:
they are asking $995k.
They *already* paid $675k for it. Three years ago.
“cost upwards of $2,400+” Waste of money and space if you are not a chilled beverage drinker.
“Imagine dropping 200k then burning 5500/mo and still have to put your out of town guests up in a hotel. This ain’t Manhattan.”
The Tribune Tower and Vista are both selling for over $1000 a square foot, aren’t they?
“for 3-4 months in the winter, the outdoor space is essentially unusable”
Agreed with KK that many people use their outdoor space in the winter now. Last winter I celebrated the holidays with my extended family outside in December because my brother has a fire pit and we got lucky and it was 45. We all sat outside in our winter coats and drank hot chocolate. It was very pleasant. And he didn’t even have heat lamps.
Not everyone hates winter. And polar vortexes are actually rare.
I wonder how the wind is on this patio? It’s on a low floor so that would help and there is a barrier between the units.
Really want to like this as a P-A-T but the execution is poor.
I like winter and spend a lot of time outside in Elk Snout, In but picking an abnormally hot winter days as proof is stupid.
They would be lucky to get 700k for this. It’s a small unit with not much of a view. Plus this part of town is dead right now due to Covid and didn’t have much of a night life to begin with.
@Mike HH, when is the last time you were in Streeterville? Your post sounds like it is from a year ago. The city is popping, including this area
Streeterville popping? Not really. I live in RN and pass through fairly often… it’s nowhere near Hubbard, etc. Fairly dead aside from like the 2 pubs on gamedays (D4 & ToT). Might be some old people at hotel bars though? Gotta go west of Michigan or up to GC before things get remotely lively.
Anyways, regarding the mini fridge… that’s also nuts how expensive it is. I host people at my 900sqft place a lot and have plenty of space to store booze. I spent $630 on a triple tap kegerator that gets used a lot (sometimes with brewery bought kegs, sometimes my own brews).
I also use my ~75sqft balcony in the winter, mostly to smoke cigars and enjoy fresh air. I have a small table top fire lamp, but it provides minimal heat and is mostly for ambiance. The point is though, although I’m using it in the winter, it’s used at like 1/10th the utility during the warmer months (grilling, eating on the fold-down bar, gardening, ec.)
“Streeterville popping? Not really. I live in RN and pass through fairly often…”
All the hotels have reopened in Streeterville, haven’t they?
Seems like pre-pandemic everywhere north of the River. Yes, stores and restaurants have closed. But the energy and people are back. New places are going in.
Tomorrow, the international flights will start landing at O’Hare. I’m assuming we’ll see our fair share of visitors, especially during the holiday season. It can’t come too soon for the hospitality industry.
“didn’t have much of a night life to begin with.”
Isn’t this why people like it?
Because it isn’t River North. No nightclubs.
“Tomorrow, the international flights will start landing at O’Hare.”
Wha?? I’ve been watching the international flights all summer and fall.
“I spent $630 on a triple tap kegerator that gets used a lot (sometimes with brewery bought kegs, sometimes my own brews).”
sounds great for the bros but where are you putting all the champagne, rose and highnoons for the ladies.
“Wha?? I’ve been watching the international flights all summer and fall.”
Yep- essential travel only. Border closed to non-essential anon(tfo). Now those flights are completely full and the airlines are adding more. It’s a whole new ballgame. O’Hare will be back to full capacity sometime next year.
Gamechanger.
I saw some Brits heading out today when they lifted the ban and they were heading to Orlando (Disney) and NYC. But I’m sure some will choose Chicago as well.
“I saw some Brits heading out today”
You’re at Heathrow? Or Gatwick?
“sounds great for the bros but where are you putting all the champagne, rose and highnoons for the ladies.”
In the fridge. The amount of Truly consumed on our pool deck is insane. Had some champagne & a cigar last night after the RNRA Tao event. Good times.
“Isn’t this why people like it?”
Yup for some like my parents that don’t go out. I personally prefer to be very close to entertainment.
“Tomorrow, the international flights will start landing at O’Hare.”
Yup have some friends that already flew in from Ireland, glad travel is opening up again!
Back on the market at $890,000
Reduced & Relisted to 799!
My $750k call is looking better and better.
“My $750k call is looking better and better.”
Yes, indeed. They started too high and then missed out on the low mortgage rates. Ugh.
I think I would probably pull it from the market and relist in the spring so the listing will feel more “fresh.”
To update Nyet’s comment for interest rate moves: “Imagine locking up $160K, paying another $6K per month and having to put all of your out of town guests in a hotel…” LOL. I wonder what the most recent tax bill is looking like for this place…could very well cost well over $6K per month now. The taxes showing in the listing are BS low. My taxes are way higher and I could never get for my place what the seller paid for this place, let alone what they are currently asking. Our property tax system is utterly criminal
“The taxes showing in the listing are BS low. My taxes are way higher and I could never get for my place what the seller paid for this place, let alone what they are currently asking. Our property tax system is utterly criminal”
Because downtown condo prices have actually fallen the last few years, some buildings actually saw a decline in property taxes. Bigger gains were in the neighborhoods and single family homes.
But you are probably right, The Cat, that these taxes are from last year’s listing.
I think I would probably pull it from the market and relist in the spring so the listing will feel more “fresh.”
You might be right, but do those reindeer games even work anymore, now that anyone with a redfin or zillow account has easy access to the property history?
“You might be right, but do those reindeer games even work anymore, now that anyone with a redfin or zillow account has easy access to the property history?”
Only with chuds
sellers playing this game w/o a serious reduction are idiots and a PITA to deal with. Might as well put “NO LOWBALL OFFERS I KNOW WHAT I’VE GOT” in the description
“I wonder what the most recent tax bill is looking like for this place…could very well cost well over $6K per month now.”
Nope…assessment stayed flat ($480,250), so taxes went down:
2020 taxes = $10,695.81
2021 taxes = $9,657.01
AND there was an assessment appeal, after the first pass had AV of $533,610
I still think that if you appeal your taxes (resi OR commercial) that your property should be subject to purchase by ANYONE who is willing to pay XX% (I’d say 10%) more than the original AV–and you can refuse, but have to accept the new XX% higher AV for 3 years.
I also think that commercial properties should have an AV floor of the full mortgage amount, unless there is documentation of a default or forbearance or something. Willis Tower has something over $1.3B in mortgage debt (and likely some amount of mezz debt) but is only ‘worth $1,011,199,464?? Bullshit! Fritz’s first pass had it under the debt number ($1,239,012,724) and they still appealed and won. Bullshit!!!
“You might be right, but do those reindeer games even work anymore, now that anyone with a redfin or zillow account has easy access to the property history?”
Yes, it works. Buyers still get the “new listings” every day on their phone. You get most of the interest in a property the first week it is listed.
Back on market at 775
Should’ve listened to me 18 months ago.
Streeterville
HAWT(tm) or Not-HAWT(tm)?
“HAWT(tm) or Not-HAWT(tm)?”
A low inventory seller’s market doesn’t mean you can list for whatever you want to list for. Price still matters.
Just 326 properties currently listed for sale in Streeterville. Another 71 are under contract.
Sold 725K
Always wrong!!
“Always wrong!!”
We don’t know if you were wrong or right as it didn’t sell in 2021 when we chattered about it. Nor did it sell in 2022. Or 2023.
Now it’s okay to say you were “right” 2 1/2 years later when they relist it again in a totally different market?
But I think we can say you were right about it being listed too high in 2021. The downtown market was dead in 2021. That’s changed now but that doesn’t mean you still don’t have to price a property correctly.
Tell me you wernt sober when you typed that word salad
from above
“Always wrong!!”
SABRINA PERSONA says:
We don’t know if you were wrong or right as it didn’t sell in 2021 when we chattered about it. Nor did it sell in 2022. Or 2023.
Now it’s okay to say you were “right” 2 1/2 years later when they relist it again in a totally different market?
But I think we can say you were right about it being listed too high in 2021. The downtown market was dead in 2021. That’s changed now but that doesn’t mean you still don’t have to price a property correctly.
– – –
for reference
SABRINA PERSONA says
“Yep. Chatterati is always wrong. Always, always, always. This has been true since 2007.”
cite:
https://cribchatter.com/triplex-penthouse-with-a-relaxation-room-in-lincoln-park-2607-n-ashland/
As for the unit / property itself.
Units look alright
Personally this stretch of Illinois is not really pedestrian friendly and wouldn’t be where I would want to be.
“SABRINA PERSONA says”
What does this even mean? You all thought I was Joe Zekas for about a decade (RIP) but now that you know I’m not, you have to make up some other non-person that I’m supposed to be.
Give it a rest already. It’s been 16 years.
But, yes, the Chatterati IS always wrong. Have always underestimated what Chicago real estate would sell for and continue to do so in 2024. Some of the numbers thrown out these days are just laughable but I chalk that up to the fact that many of the posters moved away years ago and don’t really know what’s going on in the market today. Or think it’s similar to what is happening in their own home market, when it’s not.
And also that most posters here lean bearish (i.e. “Chicago is doomed” types). So they can never admit that the Chicago housing market, in 2024, is actually very strong and prices are going up.
“Personally this stretch of Illinois is not really pedestrian friendly and wouldn’t be where I would want to be.”
What does that mean? Because you have to walk up the stairs? Otherwise, that entire street over to Michigan Avenue is always crowded with pedestrians. In fact, the elevated street is actually extremely pedestrian friendly because it doesn’t go through so there are few cars.
“But, yes, the Chatterati IS always wrong. “
Lie.
Anyone doing even a cursory read of this blog would know that you are a tower of misinformation. Blathering on and on doesn’t change that fact
“Have always underestimated what Chicago real estate would sell for and continue to do so in 2024. Some of the numbers thrown out these days are just laughable but I chalk that up to the fact that many of the posters moved away years ago and don’t really know what’s going on in the market today. Or think it’s similar to what is happening in their own home market, when it’s not.”
More lies
“And also that most posters here lean bearish (i.e. “Chicago is doomed” types). So they can never admit that the Chicago housing market, in 2024, is actually very strong and prices are going up.”
Please define strong
I believe that you’ve stated that this is due to inventory constraints. Personally I wouldn’t consider this strong, sellers market, yes
But I’m sober and in NE FTW
“Have always underestimated what Chicago real estate would sell for and continue to do so in 2024.”
I called $750k in Nov-21
+CPI = $832k
+C-S Condos = $855k
It sold for $725k.
I *completely*, objectively, OVERestimated
” “Chicago is doomed” types”
List the ‘Chicago is Doomed’ types, please.
“I believe that you’ve stated that this is due to inventory constraints. Personally I wouldn’t consider this strong, sellers market, yes”
Having low supply and high demand is not a “strong” market?
Okay Jan.
“But I’m sober and in NE FTW”
You are the only person on this blog who brings up drinking. And you do so nearly every day.
I hope you get the help you need JohnnyU. It’s out there.
“Having low supply and high demand is not a “strong” market?
Okay Jan.”
Try reading it sober, Karen
“Try reading it sober, Karen”
The bullying is just getting really annoying again. It’s on almost every post. Stop the bullying JohnnyU. No one here wants to read that nonsense.
Quit being a Crybully
“Quit being a Crybully”
You continue to be abusive JohnnyU. Get help.