Is There a Bubble in the 1-Bedrooms in 600 N. Fairbanks in Streeterville?
This 1-bedroom in 600 N. Fairbanks in Streeterville just came on the market.
It is not one of the large one bedrooms you will see in some buildings with 1.5 baths and a “den”.
It is 821 square feet with just one bathroom.
It has 10 foot concrete ceilings and floor to ceiling windows.
The unit faces west and has a small balcony.
All the kitchens in the building were Snaidero and have luxury appliances like Subzero.
The bathroom is stone.
Here are the recent sales and pending prices of other 06-tier 1-bedrooms:
- #1506 sold in May 2013 for $410,100 with the parking
- #2806 sold in June 2013 for $415,000 with the parking
- #2406 is under contract priced at $459,000 with parking
- #3206 is under contract priced at $465,000 with the parking
- Now #2306 came on the market at $474,900 with the parking
They all have similar luxury finishes, same view, same 10 foot concrete ceilings.
Is a bubble forming in the 1-bedrooms in this building?
Joseph Siciliano at Coldwell Banker has the listing. See the pictures here.
Unit #2306: 1 bedroom, 1 bath, 821 square feet
- Sold in March 2008 for $400,000 (with the parking)
- Sold in April 2008 for $425,000 (with the parking)
- Currently listed at $474,900 (with the parking)
- Assessments of $431 a month (includes gas, doorman, cable, pool)
- Taxes of $5934
- Central Air
- Washer/Dryer in the unit
- Bedroom: 16×12
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This is what happens when no new condo buildings are coming onto the market. It will be 2 years before more new construction high rise condos are built and move in ready. There may be some rental tower conversions, but after living in two rental towers, I wouldn’t even consider moving into one since the walls are paper thin. The two condo buildings I’ve lived in are so much quieter.
It appears that this is another example of what Alan Greenspan called “Irrational exuberance”
When the new condos come into the market next year this will weigh down the gains of anyone after the June 13 buyer.
” The two condo buildings I’ve lived in are so much quieter”
FYI you were lucky. Most new condo buildings that are being constructed are not much better then the paper thin walled rental towers. They are constructed by the exact same firms, designed by the same architects, and developed with the same intention….. to make as high a return as possible!
These are not 1.5ba apts., but true 1/1s (lived there, so I know). Don’t understand why they continue to be marketed this way — the fact that they have an extra sink?
Anyway, it’s a very quiet building with thick walls, and a great place to live. That said, some of the other 1br/1ba units have been listed in the $350-400 range, which seems like a more reasonable price.
For the younger buyers: The bathroom design here is pretty thoughtful for entertaining guests since you can close off your sink/shower portion of the bathroom to only leave the toilet and a single sink exposed. However when Joe Schmoe has too many cocktails and decides to use your toilet seat cover as a backsplash, that’s unfortunately something you will have to share for the night.
Lots of siren noises can be heard in the units, but the sound isolation is better than most highrises in the area. The gym is tiny and worthless for anyone half serious about fitness (you’ll need a membership somewhere) and the ammenity floor needs an update, including the deck which sags in many areas… I decided against putting in a low 400 offer on an 06 unit (a view that’s blocked by new construction). I’d buy one on the spot for 350, anything higher just isn’t worth it.
FYI– There has never been any new construction in front of the west facing (06) unit tier – I went to look at a unit not too long ago — there’s nothing blocking views!
The Helmut Jahn building is absolutely the quietest building I have ever been in. This 600 Fairbanks building has unbelievable finishes. So … for peace and quiet and incredible upgrades I can see why people are willing to pay top dollar.