Love Views? 39th Floor 2/2 with Lake Views in Streeterville: 505 N. McClurg
This corner 2-bedroom in Park View at 505 N. McClurg in Streeterville came on the market in May 2021.
Park View was built in 2008 and has 268 units and garage parking.
It’s a full amenity building with a 24-hour doorman, an outdoor pool, exercise room, bike room, hot tub and club room.
The listing says it has a 4 pipe heating and cooling system.
This corner unit has floor to ceiling windows on the 39th floor with north and direct views east of Lake Michigan.
It has new wide plank flooring in the living/dining area and “new upgraded” carpet in the bedrooms.
The listing says it has new motorized blinds.
The kitchen has dark wood cabinets, granite counter tops, a gas cook top and stainless steel appliances along with a breakfast bar.
It has a split floor plan.
The primary bedroom faces east for sunrise views along with an en suite bathroom with a double vanity, whirlpool tub and separate shower stall and a walk-in-closet.
It has the features buyers look for including central air, washer/dryer in the unit and garage parking is $50,000 extra.
In 2019, according to Redfin, this unit “sold before print.”
This unit is listed at $815,000, with the parking, which is $20,000 above the 2019 price of $795,000.
Will it sell quickly like it did in 2019?
Gail Spreen at Jameson Sotheby’s has the listing. See the pictures and floor plan here.
Unit #3902: 2 bedrooms, 2 baths, 1464 square feet
- Sold in June 2008 for $850,000 (included the parking)
- Sold in July 2019 for $795,000 (included the parking)
- Originally listed in May 2021 for $765,000 (plus $50,000 for parking)
- Currently still listed at $765,000 (plus $50,000 for parking)
- Assessments of $1102 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, Internet)
- Taxes of $16,726
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 13×10
- Living/dining combo: 16×17
- Kitchen: 12×8
- Laundry room: 3×3
- Balcony
The only question is why would you put >$150k down and spend $5600/mo Vs renting?
$5600/mo would get you into something newer and more on trend
As for this place its staged well. The 4 pipe is a bonus, but its also dependent on when they start & shut down the boiler. The kitchen blows (Credit for not calling it a “Chefs Kitchen”) and the bar is a joke. I didnt see a TV and it would completely change the vibe of the place.
Its a 13 YO building, that got a fluff and buff.
This is absolutely nuts. Save $200K for a much better view, 10x bigger balcony, more sqft, WAY better amenities, and even location in my building. This has nicer finishes and is a bit more prestigious, but damn it’s overpriced.
TV is opposite the couch and coffee table. You can see the stand and part of the silver leg of the TV.
Rental grade finishes (other than the flooring) . Wow solid appreciation over 13 years. Must be from Chicago’s booming tech scene:
https://www.chicagobusiness.com/technology/chicago-losing-tech-workers
This is a bagholder special. When rates go up we’ll have a whole new wave of 2021 permabaggies.
Overpriced for the current market. If sells like a unit in building did, it will be closer to $700k. In 2018, the condo across the hall from me sold for $1.09MM and just sold in May for $950k.
Four pipes is nice. I have never had a problem of air conditioning not being available when I want it.
Finishes seem attractive, and it’s very bright and sunny. The balcony is a plus. Assessments seem reasonable. And the floor plan isn’t cookie cutter.
The price is what you’d expect in this neighborhood. Not sure how great the building amenities are, but I’m sure it has all the usual ones.
If there’s a problem with this, it’s the location. I find this part of Streeterville has turned into as skyscraper jungle of mostly anonymous buildings over the last 20 years or so. It’s not that great an area to walk around. Not much charm or architectural distinction nearby, but you could always walk a block or two to the lake or toward Michigan Avenue for that.
If someone’s looking for a 2 BR in this area, I’ve seen worse for the price.
“TV is opposite the couch and coffee table. You can see the stand and part of the silver leg of the TV.”
Good eye – Missed it
“Overpriced for the current market. If sells like a unit in building did, it will be closer to $700k. In 2018, the condo across the hall from me sold for $1.09MM and just sold in May for $950k.”
Even at $700k w/ parking its still $140k down and $5k/mo.
Looking at whats available in the area for rent, you’re either very high or trying to launder money
“a fluff and buff”
Should have fluffed and/or buffed the closet sometime in 13 years, no?
I know–from experience–that you can’t really have that version of closetmaid rack fully loaded with clothes w/o serious risk of it detaching from the wall.
That was shitty closet racking in 1998 in a $800/month rental. It’s unconscionable in a $800k condo.
“Should have fluffed and/or buffed the closet sometime in 13 years, no?”
I didn’t say it was a good one
For the chump that buys this, it totally acceptable
Quick story about the 4-pipe system in this building. When it was being built, the mechanical contractor forgot to anchor the pipes to the actual building. So when it first cycled through a period of expansion and contraction the pipes “fell” and caused a bunch of leaks throughout the building.
“Looking at whats available in the area for rent, you’re either very high or trying to launder money”
In the neighborhood in luxury apartment towers, you’re paying $5,000 to $8,000 a month for a 2/2 with this square footage. But that is at the very high end buildings.
“Rental grade finishes (other than the flooring) . Wow solid appreciation over 13 years. Must be from Chicago’s booming tech scene:”
You bears are hilarious.
I intentionally am profiling the downtown properties, many of which ARE selling for depressed prices because it’s the hardest hit part of the city.
Perhaps I should be profiling all the Fulton Market/West Loop properties that have doubled in the last 10 years? Or the single family homes in Bronzeville that have done the same? Or the condos in Logan Square that are up 40% in the last 5 years and are selling with multiple offers after just 3 days on the market?
Instead, you bitter nellies come on this blog and continue to say Chicago is doomed.
“ In the neighborhood in luxury apartment towers, you’re paying $5,000 to $8,000 a month for a 2/2 with this square footage. But that is at the very high end buildings.}
Do you consider this a “High end building”?
“ Perhaps I should be profiling all the Fulton Market/West Loop properties that have doubled in the last 10 years? Or the single family homes in Bronzeville that have done the same? Or the condos in Logan Square that are up 40% in the last 5 years and are selling with multiple offers after just 3 days on the market?”
Sure and please note how much was spent on remodeling
Fulton mkt has seen true pricing strength