“Incredible New Price Below Market”: A 2-Bedroom at 160 E. Illinois in Streeterville
This 2-bedroom in Avenue East at 160 E. Illinois in Streeterville came on the market in January 2021.
Built in 2007, at the height of the of the housing boom, Avenue East is 130 units and has an attached garage.
The building has a doorman, an exercise room and a party room.
It sits just off of Michigan Avenue, across from the Tribune Tower, which is currently being renovated into condos.
This unit is a southeast corner unit which the listing describes as the most “coveted tier” in the building.
It has Brazilian hardwood floors, crown moldings and wainscoting in the family room that is off the kitchen.
The kitchen has dark wood cabinets, granite counter tops, stainless steel appliances and a breakfast bar.
It has a balcony.
The unit has the features that buyers look for including central air, side-by-side washer/dryer in the unit and garage parking is included.
This unit sold in 2009 for $740,000 and then sold again in 2015 for $687,000.
It has come on the market in 2021 at an even lower price, at $648,000.
The listing describes it as an “incredible new price below market.”
At 1716 square feet, is this a deal?
Here’s an old listing where you can see different pictures and unit description: see it here.
Lisa McGuirt at Baird & Warner has the current listing. See the pictures here (sorry, no floor plan).
Unit #1108: 2 bedrooms, 2.5 bathrooms, 1716 square feet
- Sold in March 2009 for $740,000
- Sold in March 2015 for $687,000
- Originally listed in January 2021 for $648,000
- Currently still listed at $648,000 (includes garage parking space)
- Assessments of $1228 a month (includes heat, a/c, gas, doorman, cable, exercise room, scavengers, snow removal)
- Garage assessment is $40 a month
- Taxes of $14,879
- Central Air
- Washer/dryer in the unit
- Fireplace
- Bedroom #1: 15×13
- Bedroom #2: 11×10
- Living room: 24×14
- Dining room: 12×11
- Family room: 13×8
- Kitchen: 10×9
- Laundry room: 5×4
- Balcony
So hawt it burns!
“Fabulous boutique building.”
That’s a fancy way of saying too big to be self-managed, and too small for any attractive onsite amenities, with HOAs that are disproportionately high compared to similar units in larger buildings.
So the new marketing speak is “price below market” because they are selling for less than 13 years ago. Ok. Maybe someone just bought too high? But remember buy now or lose out forever.
Zero wow factor for nearly 5k per month. Sorry, but if I’m spending that much on a condo in Chicago, it better be at least somewhat impressive.
The owner is going to need all that booze in the dining room, and then some.
If this is the “most coveted tier” I’d hate to one that’s not coveted. Seriously, why pay this much to stare directly at other buildings?
I know I’m a broken record and it’s not a truly fair comparison, but this unit with incredible views is $150,000 less (I know, I live in the building so I’m biased):
https://www.urbanrealestate.com/property/175-E-Delaware-Unit-6704-Chicago-IL-60611-6W3TkpPFjp3o.html
The unit I posted is 200 SF less, but feels bigger because of the expansive views (I’ve been in it). It has a huge “wow” factor, and the building is packed with amenities (not a “boutique” with none). Despite that, HOA fees are barely any higher than the 160 E. Illinois unit being discussed here.
“Zero wow factor”
Whaat?
I had a wow reaction to the pix:
“Wow, that’s beige! Like, wow!, *everywhere*!”
also: floorplan can be found here:
https://www.dreamtown.com/buildings/avenue-east
Meh. especially for the price Extra-Meh.
Since most offices are starting to require folks back in the office by August, maybe this will sell?
Dan #2,
No balcony, no w/d, and leased parking is what kills the building formerly known as Hancock for me. I know some units do have w/d.
180 E Illinois probably had decent views when it was built. It will only get worse if the new Tribune Tower is ever built. Also, when the parking lot across from yesterday’s condo is developed.
No balcony is definitely a drawback, I admit. Lack of outdoor space is a negative, especially when you have to take two elevators and go through two lobbies to get downstairs.
The W/D situation isn’t really that big a deal. There are laundry rooms on every other floor, and the one on my floor is literally steps away. Plenty of machines. It does suck to have to pay. But it’s not so bad if you don’t have a big family, which I assume no one looking at a 2/2 would have.
Does the breakfast bar have only #1 pendant, or does the photo crop out the others?
Not only is the place totally unimpressive, the bad photographs are certainly not helping the marketing efforts.
Since the place has not not been repainted in 14 years, perhaps a fresh coat of paint might be a starting point for the owner.
Is it just me or the taxes seem a bit high? 11k would seem right.
WP,
The last two years I went to the chosen few were some humid sweat through your underwear days. I don’t recall 40,000 plus at attendance but it might have grown to that the years I didn’t go.
“Is it just me or the taxes seem a bit high?”
AV was $774,850 before Fritz’s covid reduction. So, yeah, a bit high.
I simply cannot believe what people have paid for this place. This also *has* to be renter occupied – – toiletries and booze and crap everywhere….an arcade game in the far end of the living room? It’s like a man-child lives here….or someone with really poor judgement given what they paid for this craptastic shoebox.
“I simply cannot believe what people have paid for this place. This also *has* to be renter occupied – – toiletries and booze and crap everywhere….an arcade game in the far end of the living room? It’s like a man-child lives here….or someone with really poor judgement given what they paid for this craptastic shoebox.”
Not Toiletries, Cigars (Tupperware is a substitute for a Humidor) and a terrible choice in liquor.
YOLO nerd ballin
I always wanted a Wall a HVAC vent as a focal point of my Dining room.
This place is going to continue its death spiral – Thats HAWT ™
“AV was $774,850 before Fritz’s covid reduction. So, yeah, a bit high.”
Any thoughts as how hard the city particularly “green zones” get socked in the re-assessment? I assume homeowners and condo’s will bear the brunt as residential and especially commercial landlords cry poor from the pandemic. On top of this Fritz is trying to “equalize” the playing field between the green and non-green zones which is good and there is the automatic property tax increase tied to I believe CPI that the city council passed as part of the budget.
Given where the housing market has been since the 2H of 2020 it looks like a recipe for higher hikes than expected unless the property tax appeals board comes to their rescue.
Looks like it may be tenant occupied. According to the zillow link, it was listed for rent Jan 2019 for $4100.
Excellent curtain over the bathtub.
Wow – – @Lauren, can you imagine shelling out $2K a month for *your half* for the “privilege” of living here?? Head-scratcher. Hopefully the owner is reducing their tax liability with the depreciation since they are also renting it out at a loss (!!)
“shelling out $2K a month for *your half* for the “privilege” of living here?”
How about putting $600k+ *cash* into it, and still paying $2500+ month for it?
Can’t you rent a similar sized place in a building with hella more amenities for about $5k??