How Hard Is It To Sell Once You Remove One of the Bedrooms? 240 E. Illinois in Streeterville
This 2-bedroom loft at the Fairbanks of Cityfront Plaza at 240 E. Illinois in Streeterville recently came on the market.
It is a short sale.
The listing says it is a 2-bedroom converted to a large 1-bedroom measuring 1314 square feet.
This loft is located in the base of the building and has hardwood floors and concrete ceilings.
Built in 2007, it has all the new construction amenities like in-unit washer/dryer and central air.
There aren’t any pictures of the kitchen (strangely enough) but you can see that it’s there in the reflection in the mirror in the picture of the bar area.
This loft is listed $104,000 under the 2007 purchase price.
But with only one bedroom, will someone even bite with the price of $440,000?
Can buyers “envision” the unit with two bedrooms, if the seller has taken down the walls?
Shai Wolkowicki at Shai Town Realty has the listing. See the pictures here.
Unit #306: 2 bedrooms, 2 baths, 1314 square feet
- Sold in July 2007 for $544,000
- Lis pendens foreclosure filed in April 2011
- Currently listed as a “short sale” for $440,000 (parking included)
- Assessments of $746 a month (includes heat, ac, gas, doorman, pool)
- Taxes of $7593
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 11×14
- Bedroom #2: 14×11
Put the wall back up
Agree…put the wall back up. Unit looks kind of dark. Must be b/c lower floor.
Weren’t these loft units built into the parking garage base? The regular units in the tower look different on the inside.
By the way- I almost did only 2 posts for today because the Olympics are distracting me! I get sucked into watching them for hours every night. ha! ha!
But never fear. I rallied late last night. There WILL be three posts today so you all aren’t bored on a Friday. 🙂
The problem is that it is listed as a 2 bedroom and a lot of people who are looking for a 2 bedroom expect 2 bedrooms – imagine that! So they don’t want to fool around with recreating that 2nd bedroom before they can move in. The seller needs to put it back now.
This place looks depressing and overpriced and if it is built into a parking garage it is even more fitting.
I’d rather scrounge up twice the money and buy the Addison place or save $300k+ and be in the MUCH larger grey stone from yesterday. (really the second…but I know others here are scared of the south side so I included both options. 🙂 )
“BOASTS A 150 SQUARE FOOT BALCONY THAT OVERLOOKS NBC, TRIBUNE TOWERS AND WRIGLEY BLDG”
Love that they BOAST about this balcony, yet fail to have a picture of what a 3rd floor view actually looks like.
Hmmmmm… maybe because – IT SUCKS!
And by “OVERLOOKS” the Realtor really means, “OVERSHADOWED”…
“But never fear. I rallied late last night. There WILL be three posts today so you all aren’t bored on a Friday. ”
Thanks Sabrina, you should be a shoo-in to win the gold medal from the umteenth blogiverseal games of the internetiad
” yet fail to have a picture of what a 3rd floor view actually looks like”
What’s pic 11 then?
And pic 1 is what the view actually looks like if you stand in the right spot and use binoculars.
“I’d rather scrounge up twice the money and buy the Addison place or save $300k+ and be in the MUCH larger grey stone from yesterday.”
We’ve found him!!– the only buyer simultaneously considering Wrigleyville, Streeterville, and Bronzeville.
P.s. Are the ceilings here even 9′?? (At the concrete low point?)
Lofts should not have low ceilings; neither should “lofts”.
is it unusual that a newer modern looking hi-rise would have loft style apts? or maybe this is part of the garage level tier Sabrina mentioned
This is absolutely a parking garage turned condo. Look at the distance between the support beams in the living room.
E is correct… wow why didn’t they just bulldoze that parking garage or leave it as its intended use… this unit is so dark and depressing wow
having parked in the garage here I can say with authority I would not like to live in it
“This is absolutely a parking garage turned condo. Look at the distance between the support beams in the living room.”
Bingo, Ray Chin was the orginal developer of the project and there was suppose to be a atrium hotel like embassy suites (across the street) built. Ray went belly up and Centrum Properties purchased the site- and the parking podium wa allready constructed. Centrum redesigned the project to what it is today. The highrise is actually a steel structure and there were all kinds of structural gymnastics to build it. For cash flow reasons Centrum decided to turn part of the parking to loft condos in order to generate income earlier in the process.
“[Ray Chin]”
Grand Pier Center. Article:
http://articles.chicagotribune.com/2001-06-01/business/0106010234_1_amec-plc-financial-dispute-real-estate-research
Note that in *June 2001* “The entire real estate industry [was] watching every project for signs of a downturn”.
I recall thinking it was the end of the real estate run. that and skybridge which I believe also stalled. but it was just the beginning
Yes, this was a garage that was built, then left empty for a year or more, and then turned into lofts when the tower was built above it.
“What’s pic 11 then?”
I’d consider it a pic OF the balcony, not of the view when standing on the balcony.
If touting the VIEW, they should actually show it, IMO.
“If touting the VIEW”
Overlooks was a poor word choice. “Looks out at” suits it better. “Looks out at building entrance and parking lot on lower Illinois” suits it even better, but would have used too many characters.
This building has not aged well and the units are overpriced! Yesterday, I viewed a high floor, 2 bed/2 bath condo in the tower with my real estate agent. The finish on the “upgraded” kitchen cabinets had worn off, the hall carpet was looking a little worn, and the views were marred by new construction to the north. What’s more, the “amenity” floor consists of a small exercise room and a dismal-looking business center.
I will never understand how developers were able to sell unfinished concrete (unpainted, no drywall) ceilings with hanging ductwork as “luxury” I bet the communist block buildings in Warsaw had more expensive ceiling. So they laid down some think wood-floor planks, put in a kitchen and baths, and sold it as luxury. Amazing. Suckers. I think that Schatz/Helmut Jahn building suckered buyers in the same way. The developer of the blue window building competed straight up for buyers, but he was putting in canned lights and real ceilings.
Oh snap blue windows! I can’t wait to pay $300+/sqft for this!
Afterall with my meager downpayment its mostly the banks money anyway!
There was one day ago a homicide in RN on LaSalle Street, smack dab in the middle of “RN no-man’s-land”. I knew it. Right again.
The incident happened at the gas station. Sounds like no one was from the neighborhood.
http://chicago.cbslocal.com/2012/08/05/man-20-stabbed-to-death-in-river-north-area/
idiot gangbangers once again