Museum Park Tower IV at 1235 S. Prairie in the South Loop closed on units in 2006. The building is 286 units on 36 floors.
This two bedroom southeast corner unit is currently bank-owned:
Unit #1004: 2 bedrooms, 2 baths, 1533 square feet
If you walk north up Sheridan, you can’t help but notice the sales signs at 2930 N. Sheridan in Lakeview.
The developer has been selling this conversion for a little over a year now.
This is a bigger building than 3033 N. Sheridan which just started marketing about two blocks to the north.
But the difference is palpable. No big crowds at this sales center.
The building is apparently about 50% sold. The units are similar sized to those at 3033 N. Sheridan.
There are no balconies. A washer/dryer is included in the units. Parking is available starting at $19,000 but goes up from there.
Again, because it’s a conversion, there are no square footages available.
In this building, the basic upgrade is included. The ad says “new restoration package @ $25,000 savings.”
What’s available:
One Bedroom, One Bath: these are normal sized one bedrooms
Two Bedrooms, One Bath: Not corner units, second bedroom has no window
Two Bedroom, Two Bath: Some of these are corner units with windows in both bedrooms
This building has tiny bathrooms. They are all this size.
The developer has been giving $5,000 closing credit for the last six months. It can be cash back or used to upgrade the units (for instance, the sales agent told me that the cost to remove the popcorn ceilings is about $3,000.)
The developer, Robert Kroupa, is developing both 2930 N. Sheridan and 3033 N. Sheridan. He bought both buildings for $70 million in 2007. You can read more in Crain’s.
This is what he said in January 2007:
The slowdown in condo sales hasn’t been a problem for Mr. Kroupa in the trendy North Side neighborhood, he says, where his new units will be priced from about $220,000 to $290,000.
“I did a conversion in April last year that was 95% sold out in 10 days, and people were saying it was a bad market then,” says Mr. Kroupa, speaking on his cell phone while attending the Sundance festival in Park City, Utah. “Interest rates are low, gas prices are low and unemployment is down. There’s no reason for it to be slow.”
@Properties is handling the sales office.
2930 N. Sheridan [website]
Several of you have e-mailed me recently asking about the new conversion building at 3033 N. Sheridan in East Lakeview.
The building had its “opening” weekend last weekend and couldn’t have picked better weather to launch a new development.
The building was built in 1968, is 16 stories and 143 units, and, from the outside, is nothing much to look at.
The developer is repairing the front circular drive and has already re-done the lobby with slate flooring. The hallways are also being re-done.
There is no outdoor space with the units but the developer is adding a rooftop deck.
There is a bike room, storage lockers and parking available.
There are parking spots for half the units in the building. Outdoor deeded parking is $35,000. Indoor is $40,000. Currently, the developer is not selling spaces with the junior one-bedrooms but a sales agent said that may change at a later date.
I went to the grand opening over the weekend and it was a feeding frenzy. It’s been awhile since I’ve seen so many people looking in one location at real estate. There were literally dozens of people at any one time looking at the units. And they were serious lookers (as several had agents with them.)
Can you really get a two bedroom unit for $215,000?
Yes- and no.
The developer sold 20% of the units prior to the grand launch. Most of those were the cheapest junior one bedrooms and the cheapest 2 bedroom/1 bath units.
The junior one bedrooms were selling like hotcakes. A majority of the 20% sold were those units.
The developer, as is common in conversions now, doesn’t list any square footages with the units.
What’s Available:
Junior One Bedrooms: the bedroom has a partial wall and a window. These are very cute.
There’s a one bedroom tier, but this didn’t seem popular and the developer is converting most of those into two bedroom units.
Two bedroom, 1 bath: Non-corner units with the small second bedroom without a window
Two bedroom, 1 bath: Corner units, second bedoom has a window
Three bedroom, two bath: These are corner units- most will have lakeviews of some sort, all bedrooms have windows
Some Caveats:
These prices are the “As-Is” sales price- before there are any upgrades. The developer is selling two different packages:
I was pleasantly surprised to see that you could get marble in the bathrooms at these price points.
One sales agent told me that you could put in the hardwood floors and some of the other stuff for cheaper than the $40,000 if you just bought the standard package and did it yourself.
Another said the developer was aware that people want the hardwood so it’s possible you could buy the standard and then pay extra to just have the developer put in the hardwood as well.
The units will have w/d hook-ups but it will be the Euro style units (washer/dryer combo.)
The “as-is” units have popcorn ceilings. It is an upgrade to have them removed. They left some of the models in “as-is” condition so you can see what you get if you don’t upgrade.
As with any conversion- do your homework. The building was an apartment building for decades. You can read renters reviews on various apartment websites.
The developer is not redoing the windows. The sales agent said they were replaced in 1999. The developer is also not redoing the roof. The sales agent said it was replace in 2000.
Is this a deal?
Buyers seemed to think so. The upgraded units were very pleasant. The developer is replacing all the interior doors and putting in crown molding along the baseboard which makes it feel “classier.” The units get good light.
There is concrete in-between the floors so you likely won’t hear much noise from your neighbors above or below you (but, again, review the apartment review websites for more info on that.)
In this market, there appears to be pent up demand for anything that is “affordable”- especially in key locations like Lincoln Park and Lakeview.
At one point during the weekend, here was a breakdown of some of the pre-sales (with a caveat that things appeared to be selling even while I was touring the models):
The sales agents were also telling us that the junior one bedrooms would make an excellent “investment.” They used to rent for about $1000 a month as apartments. Feel free to do the math on that one.
Dream Town Realty is handling sales.
3033 N. Sheridan [website]
Did you look at properties this weekend?
Post your observations.
Were the Open Houses crowded? Or sparse?
Any insights from the agents? Or from mortgage brokers?
With the beautiful weather, there could be some big crowds. I know it was actually pretty active last weekend- and the weather wasn’t nearly as nice.
It’s still possible to find lofts that aren’t cookie-cutter.
This one bedroom at 411 S. Sangamon in the West Loop appears to have the whole package: a washer/dryer in the unit, parking included and a massive open space that is what people think of when they say they want a “loft.”
The building is brick and timber.
Question is: what do you really do with all that open space?
Unit #7E: 1 bedroom, 1 bath, 1500 square feet
Listing states there is an “antique walk-in vault.”
Private rooftop terraces are popular- especially in highrise buildings.
33 W. Delaware in the Gold Coast was built in 1988 and converted to condominiums in 2003.
This one bedroom unit has two outdoor spaces: a normal sized 25 x 4 terrace and a large 20 x 20 rooftop deck.
Unit #24A: 1 bedroom, 1.5 bath, 815 square feet
I last chattered about 33 W. Delaware in November 2007 when a seller was trying to auction off a studio on eBay.
For market comparison, I talked about Unit #21C, a studio on the market for $177,900, that was touting itself as perfect for investors.
Six months later it’s still on the market and listed for the same price.
And the listing still states it’s a “good investment option.”
124 W. Polk is on the fringe of Printer’s Row but is one of the original loft buildings in the area. It was built in 1910 and has 63 units. Eight years ago, it was surrounded by parking lots and now there is development all around it (for good and bad.)
The building has authentic New York style concrete lofts with some exposed brick features.
This loft is the most expensive currently for sale in the building. The listing says it was “designed by one of Nate Berkus’ lead designers.”
Unit #1004: 2 bedrooms, 2 baths, 2500 square feet
The listing says there are two parking spots but the building has no parking garage. I don’t know if that is rental parking or if there are deeded spots in another building/location.
More foreclosures have appeared recently in Millenium Centre, 33 W. Ontario, in River North. Foreclosures and short sales have been appearing regularly in the massive building over the last six months.
I don’t have any pictures of the interiors on these- sorry.
Unit #22H: 2 bedrooms, 2 baths, 1200 square feet
Unit #34C: 1 bedroom, 1 bath (no square footage given but it’s small)
Since we were talking about 540 N. Lake Shore Drive so much the other day, I decided to revisit the units I had last chattered about in September 2007.
At the time, numerous units were on the market including one, Unit #625, where the seller was trying to double his/her money after owning for only about two years.
Well, that unit is still on the market and has been reduced.
From the listing:
HIGH END FINISHES – OAK FLRS, EXPOSED BRICK. KITCHEN W/SLATE FLOORS, SNAIDERO CABINETS, SS APPLIANCES, LAKE VIEWS! BATHROOM WITH CARRERA MARBLE, DOUBLE VESSEL SINKS, GROHE FIXTURES, RAINSHOWER.
Unit #625: 1 bedroom, 1 bath, 1165 square feet
Out of the other five units I talked about, only one has sold.
Unit #324: 2 bedroom, 1 bath, 1052 square feet, stainless, granite in the kitchen
I can’t find any sales record for these and they are not currently on the market.
Anyone with any more info on these units?
With nothing re-selling at 600 N. Fairbanks in Streeterville over the last few months, at least one seller is getting aggressive with price reductions.
I chattered about Unit #1301 about three weeks ago- when it had its first price reduction.
It has been reduced again.
Unit #1301: 3 bedrooms, 2.5 baths, 1746 square feet
That’s about a 10% reduction off the original list price.
The thirteenth floor is the lowest residential floor in the building. But several other 01 tier units are also on the market on similarly low floors:
There have been no flips of 01 tier units yet.
Current building statistics:
Some units are both for sale and/or rent.
Stay tuned.