Reductions on Michigan Avenue Million Dollar Units
We’re starting to see some small reductions on some of the upper end properties that aren’t selling.
These two multi-million dollar condo units on South Michigan Avenue with Grant Park and lake views have both been reduced since we last chattered about them.
This full-floor unit at 1142 S. Michigan has been reduced $100k.
Unit #5: 2 bedrooms, 3 baths, 2 car parking, 2 home offices, a huge laundry room, 3 balconies
- Sold in June 2001 for $899,000
- Was listed in May 2008 for $2.1 million
- Reduced
- Currently listed for $2.0 million
- Assessments of $1,281 a month
- Taxes of $12,080
- Three wood burning fireplaces
- Re/Max Exclusive Properties has the listing
This second unit in The Columbian, at 1160 S. Michigan, was dubbed here “the best flip yet” back in December 2007 (due to the mark-up on the unit).
Since December, the seller has painted and staged the unit.
It’s been reduced by $280k.
Unit #4201: 3 bedrooms, 3.5 baths, 3480 square feet, direct lake views
- Sold in December 2007 for $1.6 million
- Original list price in December 2007 of $2,555,000
- Reduced
- Currently listed for $2,275,000
- Assessments of $1115 a month
- Taxes are “new”
- Two parking spaces included
- Coldwell Banker has the listing
I’d wager that the unit in the Columbian has appreciated, at the most, $0 since December. That truly was a miraculous sale for the previous owner.
I am always amazed by the small reductions in price (as the 100k on a 2 million dollar unit). If a unit were listed within 10% of its value, it would already have received offers…A 5% reduction in list is clearly not sufficient.
These two owners must not have access to the internet, papers or TV…Must be a great world they live in.
Sabrina, did you catch that NYT’s article linking cancer to granite counter tops? Crazy. When will the bad news stop?
http://www.nytimes.com/2008/07/24/garden/24granite.html?no_interstitial
“I’d wager that the unit in the Columbian has appreciated, at the most, $0 since December. That truly was a miraculous sale for the previous owner.”
Dave- there is no previous owner because this is new construction. The prior December sale was the closing price of this unit from the developer (what the seller bought it for originally.)
So the current listing is actually the real “first” sale of this property.
For 2 million bucks, I would want a better kitchen than the one in Columbian unit.
653/sq ft in south loop — they are hallucinating.
This unit has been on the market (after it closed in December from sale from the developer) for forever and probably will remain so because of the horrible furniture and art in the staging (what the?) and as another poster wrote, the kitchen.
This particularly agent is a very successful agent however she needs to update the staging…this isn’t 1995.