Selling One Year Later in The Columbian: 1160 S. Michigan in the South Loop
We’ve chattered about The Columbian, at 1160 S. Michigan, many times over the last few years.
The building has not sold out even though closings began in 2007.
Recently, there were price cuts on some of the remaining units.
This 2-bedroom on the 27th floor, Unit #2702, is the cheapest 2 bedroom currently on the market in the building but it is not from the developer.
Bought just a year ago, it is now listed $12,500 under the 2009 purchase price.
The unit does not have lake views.
The kitchen has all the newer construction finishes including granite counter tops and stainless steel appliances.
9 units have sold in The Columbian in 2010, including two other “02” tier units.
- Unit #2602: Sold in February 2010 for $415,000
- Unit #2402: Sold in May 2010 for $390,000
Christine Hancock at Prudential Rubloff has the listing. See the pictures here.
Unit #2702: 2 bedrooms, 2 baths, 1230 square feet
- Sold in August 2009 for $410,000
- Originally listed in June 2010 for $380,000 (parking extra)
- Reduced
- Currently listed for $367,500 (parking $30,000 extra)
- Assessments of $497 a month (includes heat, air conditioning, doorman, cable)
- Taxes of $3869
- Bedroom #1: 16×12
- Bedroom #2: 13×10
Ugly, overpriced, cookie cutter condo with a view that will probably be blocked out once development starts up again. But hey, good news is that wont happen for 15 years.
Did they ever end up making “2005 South Loopers, where are they now” episode?
Where does one sit down to eat dinner?
what truly amazes me is that units 2402 and 2602 sold THIS year for 400k. With all of the choices out there, I am surprised that buyers chose a building in this location.
THIS location? short walking distance to park/lake/loop/public transportation/restaurants/grocery store/museums
oh,and BTW, clio, why did everyone think you were a chick? (maybe the similarity of your ‘name’ with…. )
“THIS location? short walking distance to park/lake/loop/public transportation/restaurants/grocery store/museums”
Have you been in this area at night? It is desolate and terrifying. Not a fun/friendly environment at all.
“Have you been in this area at night? It is desolate and terrifying. Not a fun/friendly environment at all.”
This has to be one of the most ridiculous things I’ve heard. I live right down the road from this building and the area is anything but desolate and terrifying. Grant Park isn’t fun/friendly?
Please do everyone a favor and stop spewing such blatant misinformation.
“Have you been in this area at night? It is desolate and terrifying. Not a fun/friendly environment at all.”
Yea, you’re wrong. As far as sloop goes it’s a great location.
Wouldn’t buy in this though. The investment group owning the building has said they’ll reevaluate their pricing again next year, depending on how much interest the current price cuts get. I haven’t seen much sell here, so my guess is they’ll cut prices further in the future.
The weird floor plans also don’t help. Positioning of balconies especially seems like an after thought, although some of the larger floor plans on the higher floors are pretty nice. Higher floors also get nicer finishes and appliances, etc…
The only terrifying part of this area of town is the Green/Orange/Red line station… bunch of freaks hang out there 24/7
“oh,and BTW, clio, why did everyone think you were a chick? (maybe the similarity of your ‘name’ with…. )”
I think it has to do with that Haitian psychic that was on T.V. a few years ago (ms. cleo). My online moniker, is actually an abbreviation of a compound I helped modify at Harvard in the 90s (Cross Linked Iron Oxide).
Clio, portrayed as a female, is the muse of history.
“Have you been in this area at night? It is desolate and terrifying. Not a fun/friendly environment at all.”
Have you? Talk about a creditability cluster bomb.
“Have you? Talk about a creditability cluster bomb.”
Actually, I have. Walking around the south loop neighborhood (near the Hilton) after dark is a lot scarier than walking around north michigan avenue (around the Park Hyatt/Drake/water tower place). I know that there are far worse and scarier neighborhoods in Chicago, but I am using North Michigan Avenue as my comparison – sorry, I should have qualified that statement.
OK, comparing Roosevelt and Michigan with some of the highest priced real estate in the entire city I would say reflects pretty well on the South Loop, Clio.
BTW, I was at the GSD in the early 90’s… don’t remember seeing you around campus…
“BTW, I was at the GSD in the early 90’s… don’t remember seeing you around campus”
1. Harvard Medical School is on the Brookline border (south of the Charles) – not in Cambridge where Harvard’s “art” school is.
2. How would you even know what I look like?
3. Even if you did know what I looked like, the artsy folk in the design school were “very different” from the members in the conservative medical/scientific community – i’m sure our paths would never cross.
“BTW, I was at the GSD in the early 90’s… don’t remember seeing you around campus…”
If he’s legit, he spent most of his time on the other side of the Charles, so you wouldn’t have seen him ‘around campus’.
So, I calculate that between assessments ($5,964), taxes, interest on the loan, realtor commissions, and of course the capital loss, these twelve hundred feet cost the owners around $5,500/month over the last year. Wow.
I didn’t go to Harvard but I sure love wearing my Harvard tie!
Dropping the ‘H’ bomb…
If I lived here I think I’d install my bed in the foyer so when I immediately passed out from overwhelming boredom when entering my McCondo I’d have a nice, restful sleep
hey, clio, I was kidding about ‘seeing you’… lighten up
this building kind of reminds me of the park hyatt. I will always root against it though after reading about the avenue motel’s demise.
http://articles.chicagotribune.com/1998-09-26/news/9809260031_1_youth-hostel-gateway-lasalle-national-bank
“this building kind of reminds me of the park hyatt.”
you have got to be kidding….. different leagues, my friend… different leagues
it has nothing to do with leagues, lamboclio. he’s talking about how the actual physical appearance of how the building looks compared to the park hyatt.
did you say you made your “money” in rehabbing/leasing/owning/flipping properties or did you invent tryglicyeride polybicarbonate for post-its or both?
because you don’t seem to know anything about a.) architecture b.) location c.) target markets d.) landlord-ing e.) any of the above
the more i read about your posts, the more i realize that sabrina is about 10 times smarter than you re: chicago real estate and yet you post about 10 times as often as she does. and she isn’t even IN the business other than this blog, right?
“the more i read about your posts, the more i realize that sabrina is about 10 times smarter than you”
Make sure to clean off your nose before you go to sleep tonight……
yeah. i once saw a pic of this and thought it was the park hyatt for a moment. though, at least it is legitimately on mich ave unlike the p.h.’s bullshit address thanks to pritzker connections (according to anon)
there was that scary beating of a woman last year outside the jewel on roosevelt. a homeless couple messed her up bad. anecdotal evidence in support of lamboclio.
Lamboclio is an awesome name. I hope it sticks.
“there was that scary beating of a woman last year outside the jewel on roosevelt. a homeless couple messed her up bad.”
yeah, but there was also that horrific beating of those two girls with a bat in bucktown a few months back… or the violent beatings of those people in lincoln park last fall that got mugged..
unfortunately it’s even in the the neighborhoods with “safe” reputations.
unfortunate – but shouldnt categorize the neighborhood by one crime.
id rather clean off my nose from that rather than the white powder you’ve been snorting at underground. muuuhahaha.
ok, that was my last non-relevant comment. for today, at least.
“unfortunately it’s even in the the neighborhoods with “safe” reputations. unfortunate – but shouldnt categorize the neighborhood by one crime’
I absolutely agree w/ you whitecity. Last weekend, someone actually threw a water bottle at me after I chastised them for not making room for me and my dogs on the sidewalk – and this was right outside my building at Walton/Michigan.
The corner of Michigan and Roosevelt is not an attractive sight when you exit out of your 1/2 million dollar condo at the Columbian, very busy intersection, (yet dead in late eve) .. Way overpriced condo’s and funky galley kitchens in 02 tier
As opposed to what other intersection in the loop or on the park?
‘this building kind of reminds me of the park hyatt. I will always root against it though after reading about the avenue motel’s demise.”
Original design (c. 1999) was to have terra cotta cladding, which would have made it look even more like the PH. Was also supposed to tie into the building at Wabash & Roosevelt (the Sam’s space) for some loft units and a common roof area. That got nixed at the planning dept level, supposedly on direct order from da mayor–even tho the developer/owner (at that time, at least) was connected–which of course is why the Avenue Motel wasn’t going to get anything other than roadblock from the city.
Indiana and South Prairie are more residential and quiet and offer same access to Grant Park. Much better than walking out your lobby and having a busy intersection of Roosevelt & Michigan nudged right up to your front door.
Any idea what’s going on with resales in the two new Museum Park buildings (MP West and MP 1)?
The buildings look very dark at night – I’m assuming investors are holding a lot of bags of units, but I don’t ever see any resales anywhere. Is something odd going on?
They’re empty and many units never closed. Lots of litigation over the initial deposits. And handful of them came through my office.