The Best Deal Near Millennium Park? 330 S. Michigan
Long before there was The Heritage, The Legacy or 340 On the Park there was 330 S. Michigan.
Among the first buildings converted into residential use on Michigan Avenue, this building is often forgotten by those who want to live near Millennium Park and Grant Park.
This 2-bedroom unit corner unit is priced under $300,000 (with the parking at $339,900).
But even with the parking included, that would make this 2-bedroom similar in price to many of the 1-bedroom units available in the area.
It has hardwood floors throughout, a recently rehabbed kitchen with maple cabinets, granite countertops and stainless steel appliances and updated bathrooms.
It is also listed for $94,100 under the 2008 purchase price.
Is this the best deal in the Millennium Park area?
Susan Dickman at Koenig & Strey has the listing. See more pictures here.
Unit #1813: 2 bedrooms, 2 baths, corner unit, no square footage listed
- Sold in March 2000 for $291,000
- Sold in May 2008 for $434,000
- Originally listed in April 2009 for $360,000 (included the parking)
- Reduced
- Currently listed at $299,900 (parking is $40,000 extra)
- Assessments of $490 a month (includes cable and doorman)
- Taxes of $3746
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 11×10
- Living room: 10×17
- Kitchen: 14×11
I wonder what the view is like. It isn’t included in any of the photos, so I imagine it isn’t great. I can’t imagine what else would keep the unit from selling for more, as this is a great price.
I don’t know. It doesn’t appear to have any views. Fairly far south on Michigan (if you are shopping at Nordstrom’s or 900 North for example).
What is the building like? Any amenities?
The unit is in the back of the building facing the CNA building. You can clearly pick out the red CNA building from the images of the bedroom, etc. A comparable 2 BR/2BA sold for around 384k in 2008. Not sure if it had parking but…if you add the 40k they want on this unit to the asking price of the unit, that puts this at 339K which is about 10% off the 2008 price of the comp (assuming the other unit included parking) — not that great of a deal…
I wonder how dark this unit gets when the sun is not over head and starts moving to the west.
Anyone know what comps around here rent for?
i am guessing you can get s loop 2BR in the $1600-1900 range.
David-
“Fairly far south on Michigan (if you are shopping at Nordstrom’s or 900 North for example).”
I think most people would shop on State Street if they lived in this building. Is there really a difference between Saks/Macys/Nordstrom? Plus theirs a Norstrom Rack there on State.
“The unit is in the back of the building facing the CNA building. You can clearly pick out the red CNA building from the images of the bedroom, etc.”
But it also pretty clearly has two exposures–the bedroom pic shows CNA to the right, while down the hall is a window in the living room. The building is U-shaped, so the big question is: is it in the south lobe, with south-facing windows on Van Buren, or in the north lobe, with (likely) three exposures, but facing the light well and Metro Tower?
Also, my count shows 18 floors in the building, so this is a top floor unit (won’t call it penthouse).
“I think most people would shop on State Street if they lived in this building.”
I think most people who shop at Nordstrom don’t do it sooo often that an extra half mile is a real impediment. Walk there and cab back with your 12 shopping bags, no? Or take the bus–I see plenty of the shopping set on the Mich Ave busses on those occassions I’m on them. Or, hell, drive–you have a parking spot and Nordstrom has a valet.
Oh, and I doubt that the likely buyer of this place–remember, no park view–is likely to be a regular at Spiaggia.
Pix 7 & 9 indicate a long hall of windows on the left, with CNA through the windows of the room terminating the hallway. So… Van Buren exposure?
I always wondered about this building since my office looks in on it from the Jackson side. It’s a pretty good location because of the new park (save the weeks of The Waste of Chicago or Lollapollooza), but there’s not much going on around here come 6:30 p.m. That said, it’s a pretty good price for the space and a 2/2. My guess is that this would be very attractive to an out-of-towner as well.
If its indeed a top floor unit this is a deal.
It’s not a top floor. Residences are on floors 5-23, “penthouses” on 24-30.
It’s not a top floor. Residences are on floors 5-23, “penthouses” on 24-30. I can’t quite fighure out which unit this one is, but this may help: http://www.themetropolitantower.com/home.asp
“It’s not a top floor. Residences are on floors 5-23, “penthouses” on 24-30.”
Um, that’s 310 S Michigan. This is the building next door to the south.
That explains why I couldn’t find it on the floor plan. Um, sorry.
Um, it’s still, um, not a penthouse.
http://www.dreamtown.com/buildings/residences-at-330.html
Look at recently sold – at least 20 floors.
Smashing good deal if this has a park view, if it doesn’t then maybe 299 with parking would be a good deal? This place is probably 1000-1100sqft?
plus;
*The place looks huge for a 2/2 in the loop
*layout looks sweet for entertaining and decorating
*parking
*neat chandelier
*walking distance to everything
*high floor
*Right on the park, museums, and lake front
minus;
*no veiw of the park, museums, and lake front
*Hollywood lights in the bathroom
*Loop is dead after 7pm
*dang tourists everywhere
have no clue;
*340k with parking but now view, what are the comps for no view 2/2’s?
*How are the amenities in the building?
I am still waiting for the sloop to come to reality and prices drop. I really want to rent a 2/2 with a killer view for a year as an “in-town” even though i am already in town. right now rental prices are still insane around there.
“Um, it’s still, um, not a penthouse.”
Well, as I said, I refuse to call it a penthouse in any case.
I counted the floors twice on Streetview, so it’s weird that, using the MSN birdseye, I count 20. Apparently I’m a little challenged today.
“I counted the floors twice on Streetview, so it’s weird that, using the MSN birdseye, I count 20. Apparently I’m a little challenged today.”
short bus running late today 🙂
I’m not sure about this unit, but I’m fairly certain that Saks and Macy’s are worlds apart. One sells lots of Armani, the other, Alfani.
“Armani, the other, Alfani”
But that’s only two letters difference. And L is practically M, so it’s really only 1 and a fraction. Who can tell the difference, really?
I prefer metropolitan tower but this isn’t that bad of a “deal”. My only concern with the loop and S loop is that there is no telling how low it will go. I know of so many people that shouldn’t have even been approved to finance a pack of gum let alone a condo and they all live in the loop or S loop in those low or no downpayment condo buildings. Too many young people live in that area. And since most young people bought big condos with small pockets, I see wave of foreclosures coming next year with all these job losses.
Completely off topic, but there is a HUGE difference between Macy’s and Nordstrom. One store understands quality merchandise and customer service, the other does not. I’ll leave it as an exercise to the reader to figure out which one that is.
GLS: “i am guessing you can get s loop 2BR in the $1600-1900 range.”
#1613 rented 9/09 for $1700. Parking was also available for $200, but it doesn’t appear to have been included.
BTW, #1613 listing states: “Many windows with lots of natural light (north, south, west exposure), but no view.”
“I counted the floors twice on Streetview, so it’s weird that, using the MSN birdseye, I count 20. Apparently I’m a little challenged today.”
Fear not for your sanity – there are 20 floors.
“Fear not for your sanity – there are 20 floors.”
You didn’t read far enough upthread–I counted 18–twice!–using streetview. I was even careful, if not (obviously) careful enough.
“#1613 listing states: “Many windows with lots of natural light (north, south, west exposure), ”
So, do we think (or, god forbid, know) whether this is on the north el (against Metro Tower) or the south el (along Vanburen)?
Unit is on the north lobe.
Lauren: :”I know of so many people that shouldn’t have even been approved to finance a pack of gum let alone a condo and they all live in the loop or S loop in those low or no downpayment condo buildings. Too many young people live in that area. And since most young people bought big condos with small pockets, I see wave of foreclosures coming next year with all these job losses.”
That statement is way to generalized to try and indicate that the loop is worse off than any other area in Chicago. Many young people live in River North and Streeterville also.
Over 10% of this building is listed for sale and the developer still has unsold inventory. This is not a quality building and the condos feel closed in and dark with small windows.
“Over 10% of this building is listed for sale and the developer still has unsold inventory.”
VB: You’re talking about Metropolitan Tower at 310 S. Michigan which is a completely different building than 330 S. Michigan.
330 S. Michigan was one of the first buildings on the block in 2000. Let’s hope the developer doesn’t still have units to sell!
“I think most people would shop on State Street if they lived in this building. Is there really a difference between Saks/Macys/Nordstrom? Plus theirs a Norstrom Rack there on State.”
Huge difference between Macy’s and Nordstrom. One’s all about low-cost knock off designers… the other is about world-class customer service with exclusive brands. You guess which one’s which!
The unit has a very narrow living room.
Hooray! This unit is going to me mine! My offer on this unit was just accepted.
I hope your renters are blind people
Thank you for setting a comp on the way down, chitowninvestor. I will buy you a drink, but only a drink, and no top shelf liquor, well only. You pay the tip.
“Thank you for setting a comp on the way down, chitowninvestor.”
So now we’re still “knife catchers” if we we buy in at 2000 prices, AND give owners no return on completely rehabbed kitchens.
Puh-lease.
Yup. The number of foreclosure units ‘in the pipeline’ is staggering and growing larger everyday. I see homeowners in units all over the city who haven’t made a mortgage payment in 18 months – and the foreclosure hasn’t even been filed yet! Ask for a loan mod and you get an unofficial 6 month grace period. Show up to court while in foreclosure and get continuances. The number of units is staggering.
If indeed we’re going back to pre-2000 housing prices in Chicagoland our economy is in much deeper shyt than it is now.
For the _same units_ (not new construction, not rehabbed) that maybe the case, but overall I don’t see pre-2000 pricing for the following: a lot of new housing stock and rehabs ($$$) went into real estate during the boom. This overall increased the quality of the median unit I suspect. So even if we go back to 2000 pricing (likely but after a few more years) the quality will be better.
I don’t foresee massive declines in Chicagoland RE from here on out until interest rates start to rise, whenever that may be. Instead look for yearly declines of ~3-5% or so is my prediction.