The Best Deal on Millennium Park Sells for $121K Off 2008 Price: 330 S. Michigan

We last chattered about this 2 bedroom unit at 330 S. Michigan across from Millennium Park in October 2009.

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See our prior chatter and pictures here.

The unit did not have Millennium Park or lake views but it did have all the bells and whistles including 2 bathrooms, windows in the bedrooms, central air, and in-unit washer/dryer.

It sold for just $21,800 over the 2000 purchase price.

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Susan Dickman at Koenig & Strey had the listing.

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
  • Was listed in October 2009 at $299,900 (parking is $40,000 extra)
  • Sold in November 2009 for $312,800 (included the parking)
  • 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

17 Responses to “The Best Deal on Millennium Park Sells for $121K Off 2008 Price: 330 S. Michigan”

  1. Is the view of a building 15 feet from your window?

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  2. You don’t have to love this place or its views to appreciate that this was a pretty good deal for the buyer. The assessments aren’t crazy for a high rise and it includes parking. Not my thing (wouldn’t want to live 1 block from where I work), but a good deal for the buyer here.

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  3. Good deal. Now we’re talking.

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  4. What a great investment this was for the seller.

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  5. Damn. THat is cheap.

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  6. “Damn. THat is cheap.”

    $2250/mo at 5.5% cap. Not sooo cheap, but decent.

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  7. yes, it is cheap considering the location and that it includes parking. Not to mention this place is pretty large.

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  8. a very good deal no matter how you spin it. Plus they can use their Obama tax credit to re-do that bathroom. Or just stand in the shower to use the commode.

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  9. looks like they’re trying to rent it already

    http://chicago.craigslist.org/chc/apa/1535142467.html

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  10. “looks like they’re trying to rent it already”

    2075 w/ parking. Using the Stevo BotE calculator, that sez:

    12*(2075-490)-3746/.055/.8 = $347k

    Good deal, if your DP is assumed to be a zero return parking place, or

    12*(2075-490)-3746/.055 = $278k

    Still relying on appreciation, if your DP should be “earning” 5.5%.

    Since the truth is somewhere in the middle (and assuming low risk of Assessment Explosion), still say *decent* deal.

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  11. Re: math above

    Don’t forget that it’s 11 months of rent (per the CL ad) and 12 months of assessments. I think that changes things a bit for the worse.

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  12. If you add a 5% vacancy factor to the Stevo calc, it drops the proforma price by $10K. A 10% vacancy factor drops it by approx. $20K.

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  13. Amazing how investors ‘snap’ up most of the deals for rentals, and because there is so much competition, rents are headed downward, which in turn further drives down the rent/own price ratios.

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  14. Very reasonable.

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  15. Yea it rents at ask 100% of the time with no free month per lease. This is only a deal as it relates to past transaction prices. A poor investment & I smell an aspiring land baron not so good at math.

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  16. Maybe the buyer is renting it out for now, but planning on occupying the unit in the near term (2 – 3 years)

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  17. “chichow”

    That was my first thought also, that the buyer is a empty nester living in there naperville home waiting until the market is on the uptick then sell said naperville home. and live the retired city life.

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