Is This a Deal? Avenue East 2 Bedroom Reduced Again: 160 E. Illinois
We last chattered about this 2-bedroom unit at Avenue East, at 160 E. Illinois, in Streeterville in April.
See our prior chatter here.
It is still on the market and has been reduced another $90,000.
The listing says it’s an “estate sale” and sold as is. It also says the seller will entertain all “reasonable” offers.
Is this now a deal at this price?
Tom Kelley at Prudential Preferred has the listing. See the pictures here.
Unit #1107: 2 bedrooms, 2 baths, 1100 square feet
- Sold in September 2007 for $542,400
- Originally listed in March 2009 for $459,900 (plus $35,000 for parking)
- Reduced
- Was listed in April 2009 for $445,000 (plus $45,000 for parking)
- Reduced
- Currently listed at $399,500 (including the parking)
- Assessments of $574 a month
- Taxes are “new”
- Bedroom #1: 18×12
- Bedroom #2: 12×10
“LAKE VIEWS”
LMAO! yeah that sliver between those buildings makes a great lake view…
If I stick my head easterly over my balcony and look down the street I can see the lake too! I’ll be sure to have my realtor put LAKE VIEWS on the listing when it comes time to sell!
Yeah, I love the “combo living room/dining room” clocking in at 14×15. I guess you could technically count my coffee table as a dining room table….
I have two lake views from my RN unit. Unfortunately they are only about an inch wide each when measuring using my thumb and fourth finger. Alas.
This is a good price for a new 2/2, right off Michigan Ave/Next to Intercontinental, and includes parking.
What’s up with “walk to NBC” as a selling feature. Is there something at that building that I should be going to?
“What’s up with “walk to NBC” as a selling feature. Is there something at that building that I should be going to?”
You haven’t been to the world’s hottest naked drunken women dancing shows they have there every night yet? Sounds like you need to get out more!
That “walk to NBC” thing is pretty hilarious. Maybe its a pitch to the folks that work there?
Oh I’m going to be so starstruck by being able to walk to NBC I’d be willing to overpay for a 2/2 condo.
For this location it might get some nibbles at 400k though. Smallish 2/2 and the $/sf sucks and so do assessments but potential market of NBCers and GSB i-bankers/hedgies moving from NYC and this would be cheap from their perspective.
^^^ also they could always rent it out to GSBers. I know a lot live in 340 OTP and thats not as close to the downtown campus as this–I’d have to believe this could rent for less.
399k w/ parking is a good deal imo, yes.
I predict this will sell at 389.
I saw this unit when I was looking for 2/2s a few months ago in Streeterville. I thought it was cheaper than $445K plus parking when I looked, but I can’t remember for sure.
I liked the unit ok, but my wife hated the columns. So much so that she didn’t even want to see the unit (I went without her the first time I saw it). The finishes were very nice inside and I remember really admiring the floors. The columns take a huge chunk of space out of the bedrooms. Also, at least one of the lots next to this unit was empty/had building ongoing. If I remember correctly this unit would lose its view of the NBC building once that building finished. It also looked like the new building would be right on top of this one.
I don’t remember a lake view at all, not even a sliver. It might have been so small that I don’t even remember it though.
Had the price been $400K with parking when I looked I would have tried harder to push my wife to look at it but I don’t think even the lower price would have made her want to buy the unit.
i say it is a good deal.
This is a good deal and will sell for around 390K with the parking. It is a nice building in a great location.
This is a good deal because it would totally F me over as a comp in the neighborhood.
I think it will sell at this price, or higher, as everything else in the area that is this nice is still living in 2008 pricing (hell, a unit exactly like mine in my building just came on the market for $30K more than I bought it for in late 2008!)
I have looked at numerous units in this building, as the location is convenient to the loop, lake and gold coast. This 2/2 should only be considered by someone looking for a 1 br, as the living room and kitchen are really one room. The model shows how it can be worked with a mini table, but don’t plan on any large crowds. All of the units for sale and especially the developer units are very negotiable, I believe. Watch out for the warping floors. Building amenities are very nice, by the way.
Focus on the “estate sale” part of the pitch. This is for real. Remember, this unit needs to be liquidated a.s.a.p. since it’s draining the estate with the monthly assessment payments and the pending property taxes.
This is a boutique building probably better touted for its great location. Being only 26 stories and just a step off Michigan Avenue it is definitely a location building. Because upper Illinois isn’t a throuh street it makes the building feel kind of exclusive because there aren’t the throngs of tourists walking past your front door like other addresses nearby. In all fairness, how much of a lake view does anyone expect from the 11th floor of any building four blocks from the lake? The 08 tier just next to this unit is the south east corner of the building and does have a great view on the floors in the mid-teens. The location really lends itself to walk to work for NMH and GSB. The social room is enormous, beautifully decorated and has a really cool view, especially for parties at night when you are eye level with uplit architecuture of the Trib building. Some view pics here: http://www.metacafe.com/watch/1720552/160_east_illinois_street_building_tour_avenue_east_condos/
What percentage of units in this building have not sold? I mentioned this listing to a friend who told me he heard of other possible problems on the horizon for the developer. Can anyone help me with any facts instead of the rumors I have been hearing?
I hope this helps:
Bldg floorplans:
8th fl 6 units
9-22 fl 8 units each
23-25 fl 5 units each
133 total units
118 sold to date by developer
52 of the units (44%) rented or offered for rent on MLS to date
15 units remain unsold by Developer:
1201 listed on MLS
1401
1901
906
1507 8/10/09 contract pending on MLS
1907
2007
1008 listed on MLS
1208
1408
1508
1608
1708
1908
2008
2 Resales to date:
1403 closed 9/25/2007 for $297,500
1403 closed 6/26/2009 for $249,000
24E closed 12/13/2007 for $1,613,000
24E closed 3/24/2009 for $1,600,000
UNDER CONTRACT
9% still owned by developer.