Is Now The Time To Be Listing? A 3-Bedroom In 550 N. St. Clair In Streeterville
This 3-bedroom in 550 N. St. Clair in Streeterville recently came on the market.
It has one of the preferred views- north and west- which overlooks Michigan Avenue.
This building was new construction in 2007.
It has concrete ceilings and a modern kitchen and baths.
The kitchen has Subzero and Bosch appliances and the larger bath has a spa/shower.
The pictures don’t tell us much else.
The unit is listed $67,500 under its 2008 purchase price.
Parking is included in the price.
But seeing those interior pictures made me wonder- has the market improved enough that just anything can be listed and there will be interest in it?
Gerald Clark at Caren Real Estate has the listing. It is agent owned. See the pictures here.
Unit #1508: 3 bedrooms, 2 baths, 1625 square feet
- Sold in March 2008 for $766,500 (parking included)
- Currently listed for $699,000 (parking included)
- Assessments of $674 a month (includes heat, a/c, doorman, pool)
- Taxes of $11,500
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 15×11
- Bedroom #3: 15×10
Photos are horrendous! They need to pack up, move it to storage, and stage the place!
I have done my best to steer clear of Michigan Ave for the past few years, but does anyone know if the bucket boys still play a lot on Michigan Ave? If so, would it be audible in this unit? Imagine coming home from brunch nursing a slight hangover and hearing that. Could be a smart move listing this in the fall/winter.
David – I think the Hoarders look is fine, it shows the versatility of the space.
“…has the market improved enough that just anything can be listed and there will be interest in it?”
As a buyer currently looking for our next place, if I saw a listing like this I would not be going to see it. IF this appeared to fit our criteria perfectly and was priced perfectly with such pictures, I wouldn’t go see it until my realtor had seen it first or had done some investigating to find if it is really worth the time to see.
With so many overpriced listings on the market and places that need significant work but are priced as if they are move-in ready I have ended up seeing so many houses that unless it seems next to perfect, I’m not willing to look at it any more. The price either has to be amazing or the pictures have to look great. I can’t spend all my life going from crappy listing to crappy listing to end up not finding the right house and having no time either.
PermaBear, you are cracking me up today!
I don’t think N is one of the preferred views as it looks directly into two buildings north. Also, I do not believe those room sizes. 15×12? Looks like 10×12 to me. Also, this building is absolutely terrible considering it is new(er) construction.
“I don’t think N is one of the preferred views as it looks directly into two buildings north.”
It’s north and west and as you can see from the pictures you have a direct view of Michigan Avenue which is a preferred view for this location.
FWIW I’ve some it both ways some amazing pictures that, when I see the house, must have been taken at the time of day with perfect lighting and/or later photoshopped. I’ve also seen pictures that were kinda “meh” and when I saw the home, was pleasantly surprised because the pics did not do the home justice.
“The price either has to be amazing or the pictures have to look great. I can’t spend all my life going from crappy listing to crappy listing to end up not finding the right house and having no time either.”
I’ve seen better pictures on $125,000 foreclosure listings. Second, you know any agent worth their salt is going to tell the sellers to declutter the place. $700k place and the pictures make it look like some Depaul roomie situation.
Keep in mind that this place is agent-owned. Not only are the pictures TERRIBLE, but it would seem that the agent was taking pictures of his own place.
The association board at this building should offer to pay for (i) a cleaning person, (ii) a stager, (iii) a small, temporary storage unit to place anything this seller isn’t willing to discard, and (iv) an actual real estate listing photographer. The nausea inducing state of the current listing is pulling down the values of every unit in the building, more so than the bucket boys/wildings/tourists.
Why do we need to see a photo of an open toilet? Is this what they’re trying to sell? Agree with everyone else here that the place looks horrible, but possibly could look better with decent staging.
I’ve looked at these units several times and I really like the feel and style of the units and the building. I would certainly be proud to live there. But, these pictures are horrible. There was certainly no pre-cleaning and de-cluttering before someone took out their cell phone and snapped a few quick pictures. I can’t believe how bad this is. The sloppiness of the pictures really is a distraction from the beauty of this building and this unit. Very unprofessional!
I hate the open toilet pictures too. Blech. On the other hand, if I were the photographer, I wouldn’t want to touch the toilet seat…judging by the rest of the pictures, this place hasn’t been cleaned in years. This place gives the impression that rich parents bought it for their drug addicted son.
Based on the quality of the pictures and lack of staging, I can tell that the sellers nor the agent truly think this unit will sell at this price. Unless someone can afford to waste money, 400 E Ohio and 401 E Ontario have larger 3 BDs, with better views and cost less so you can spruce them up a bit.
This apartment doesn’t deserve to sell.
Stage an occupied rental? Keep it vacant when attempting a sale? The joys of accidental landlords.
What a shithole. Asking $700k for a rental grade apartment in this area with a few nice(r) appliances is a joke… toss in the ridiculous listing photos and it starts getting offensive.
“Stage an occupied rental? Keep it vacant when attempting a sale? The joys of accidental landlords.”
Now everything makes perfect sense. (I guess?)
Lauren,
You are correct; however, I don’t think those buildings are good comps. Those building cannot be 400 E Ohio/401 E Ontario – Completely different age, style, no outdoor space, etc. This building should be lumped with 160 E Illinois, 240 E Illinois, 600 N Fairbanks, 505 N McClurg, and perhaps, 600 N LSD.
unsuccessful agent, still unsuccessful
“Keep in mind that this place is agent-owned. Not only are the pictures TERRIBLE, but it would seem that the agent was taking pictures of his own place.”
Appears like the agent gave up working and has sat home depressed, drinking too much wine, etc.
“This place gives the impression that rich parents bought it for their drug addicted son.”
That thought crossed my mind as well.
David,
I don’t think you can compare this building with 550 mcclurg or 600 lsd. Those are quality buildings. The best comparison, IMO, is 600 fairbanks since they both have the exposed concrete look (which is disgusting). The 400 ontario buildings are all 30 years old and have very low ceilings and extremely cheap finishes. 550 st clair does have some decent wood floors and bathroom finishes though the overall building is extremely depressing since it is grey everywhere (kitchen, wall, ceiling, etc).
What’s so bad about the guys playing on buckets, you guys? It’s so cool. They have amazing rhythm! If only they had break dancers too, now that would be something!
I’m with Lesko, I rather be in downtown Cary, where I can walk to see a Poison/Whitesnake cover band.
Break dancers and drumming? Sounds like the corner of Sheffield and Waveland after a game. Intensely annoying.
Also, as some of you know, this place is also pretty close to some of my faves: Eddie Bauer and Grand Lux Cafe! The problem is, if I wanted to afford the assessments I’d probably have to start playing the buckets for money too!
I work practically across the street from this building (not the 7-11 haha), haven’t seen or heard a bucket drummer in the past 2 years. Maybe they all come out of hiding when I’m out of town during summer weekends?
Photos and agent are a complete joke. I’ve seen gorgeous units in this building but this shit shack will drive down expectations of buyers who are looking at units in this building for the first time.
The massage table makes me think this place will have happy endings.
Bucket boys are gone for good. Thank Brandan Reily.
Why are the bucket boys gone but the annoying sax players still allowed? They are far worse than drumming. The windows are thin in this building providing little noise or temp protection. I know because I live there. Lots of noise from sirens and honking ambulances at Ohio and Mich, since the tourist drivers clogg the intersection as other tourists waddle across with the bags from one of a kind stores such as Gap and forever 21. Exotic I know!!