This Developer Owned 3-Bedroom Has Been Reduced 18% Since 2009: 505 N. McClurg in Streeterville
A bunch of the developer owned units in the ParkView at 505 N. McClurg in Streeterville were reduced last week.
This 3-bedroom, Unit #1203, was among them.
Originally listed on the market in February 2009 for $918,500, it has been reduced about 18% to $750,000.
It has a southeast corner view of the park and the city.
The listing says it has a lake view, but that is about to change as construction begins on the new 45-story rental high rise at 500 N. Lake Shore Drive that at one time was going to be the Peshtigo condominiums (which was cancelled during the great recession.)
You can read more about that new building at YoChicago– which has a picture where you can actually see the ParkView behind the new building.
There is a park separating the two buildings, however, so no ParkView units will be directly blocked.
The unit has all the finishes of newer construction with floor to ceiling windows, hardwood floors, and a kitchen with granite counter tops and stainless steel appliances.
At 1803 square feet, is this unit a deal for the location?
Corly Fines at MCL Chicago Homes has the listing. See the pictures here.
Unit #1203: 3 bedrooms, 2.5 baths, 1803 square feet
- New construction
- Originally listed in February 2009 for $918,500
- Reduced numerous times
- Currently listed at $750,000 (parking is $60,000 extra)
- Assessments of $826 a month (includes heat, a/c, gas, doorman, cable, pool)
- Taxes are “new”
- Central Air
- Washer/Dryer hook-up in the unit
- Bedroom #1: 15×13
- Bedroom #2: 10×15
- Bedroom #3: 14×12
I don’t follow this area or this building, but this seems at least a little overpriced to me without parking. Assessments seems reasonable for what you get. The pictures suck and it needs to be staged. Finishes look crappy and standard. Bathrooms probably suck.
Recent sales suggest people are paying a premium for the high floor 3BR units, but this doesn’t appear to be too far off from what something down on the 12th floor might go for. $700,000? The 11th floor unit is on the market at an asking price of $730,000, so you can “save” $20,000 with basically no change in view.
It also probably doesn’t help with 5 of the exact same units for sale at the same time.
$700K seems overpriced to me even with parking.
i wouldn’t feel right on it for anything more than $650K as you are getting nothing more than cookie cutter with views/location and i question any sizable location premium for Streeterville over other cheaper areas in the Loop vicinity.
so what’s that view worth? and how much MORE is that view worth than a great city/non-lake view?
i’d see some value around $650K for everything. above that i don’t see any long term value.
Buying a condo for yourself (non-investment) in chicago just doesn’t seem to make any sense at all to me. I mean, I can understand if you are buying a house in the burbs and putting down roots or if you are buying a spectacular or unique condo/coop – but these run-of-the-mill dime-a-dozen condos don’t make sense. Why not just rent? Even if you are shelling out a few extra hundred a month, the flexibility and lack of headaches is more than worth it.
A developer-owned penthouse has been reduced by over $800K. You can see the details and some of our prior videos from ParkView (a former client) and part of my interview with the developer (an old friend) in this post from earlier today:
http://yochicago.com/price-chops-of-over-800k-on-parkview-penthouse/24023/
I’d say it sells a little over 700. I personally don’t like this location becuase it get congested in the summer and I’m talking about this particular location on Illinois.
I like Steeterville becuase it’s what “living in the city” is all about. I’d rather be a little further north or west.
Lot’s of foreigners buy in this location, probably becuase they visit Chicago, love Navy Pier and think it would be a great place to own.
Never seems wise to me to pay a premium for views when they can be lost: construction cranes are east of this building so I suspect some people will not maintain “lake views”. That in my book would take 150K off the price of this rather non-special unit.
And I would not pay extra for parking- such a ridiculous marketing/ selling ploy in this economy
I’ve looked at this unit, both during the day and evening. Great views to the south that are very unlikely to ever be blocked and even with the new apartment building going up on Peshtigo I don’t think the views will be significantly degraded. The unit has a very livable floor plan with nicely appointed bathrooms and kitchen and just feels “high quality”.
So sad that renters get a lake view but owners don’t. Goes to show that owning doesn’t pay.
Why would anyone buy a luxury condo without a view? Thats sooooo stupid and the equivalent of buying a Ferrari with a Hyundai 4 cylinder engine in it! The view is what makes a nice condo, nice! You can live in a place without a view and thats nice anywhere!
“So sad that renters get a lake view but owners don’t. Goes to show that owning doesn’t pay.”
Huh, what does this mean?
“Huh, what does this mean?”
He’s just being sarcastic about people suggesting it’s unwise to buy a condo with a view that might go away, and suggesting to rent instead.
Does anyone know how many developer units are stil left? They have been trying to sell out this building for many years.
Aww looks like their banker giving them continuances on their construction loan ad infinitum isn’t working out so well for Mr. Banker.
Why would you buy this if the penthouse which is nearly 900 sq ft. more with better views is only $120k more? I would think since they reduced the penthouse to $870k this needs to come down another 80k or so.
“Why would you buy this if the penthouse which is nearly 900 sq ft. more with better views is only $120k more?”
This one comes with a toilet and interior walls, and the penthouse doesn’t
people that buy penthouses aren’t concerned with such practical considerations as those
Oops, perhaps I should read more of JZ posts before I go spouting off. Anyways, most people are into removing interior walls these days, so maybe that just saves money…
“So sad that renters get a lake view but owners don’t. Goes to show that owning doesn’t pay.”
He means that the renters at “the new 45-story rental high rise at 500 N. Lake Shore Drive that at one time was going to be the Peshtigo condominiums” will have better views than the owners of the subject condos.
“will have better views than the owners of the subject condos.”
It depends on what your view is of “better”- right?
I don’t understand people who want to stare into the blackness that is Lake Michigan every evening- but hey- whatever floats your boat.
I’m one of those that prefers the city views. There’s nothing like seeing a skyline of buildings lit up at night. That’s what makes the views at either end of Grant or Lincoln Park just spectacular. SoNo also has quite nice views- if you like looking on the city landscape.
I am a city view person too, but in fairness people who like lake views think of day time when on a sunny day rays of lights reflect back from the vast blue of the lake. It is a beautiful sight to wake up to.
“I don’t understand people who want to stare into the blackness that is Lake Michigan every evening-”
Some people feel some kind of spiritual connection with what is basically a massive cold, and young body of water. Geologically the lakes are a blip.
But some people love looking out into some interior glacial sea that has no waves. Although in terms of purity the water can’t be beat–but you don’t need to live next to it to drink it 🙂
But you should take some pics MM when it gets real cold and it starts to look purple. It’s those kind of shots that remind me why I never want to live on the lake.
“I don’t understand people who want to stare into the blackness that is Lake Michigan every evening-”
I dont’ either, but there is a difference between a nicely framed city view and staring across at your neighbors in their living room. Many streeterville and RN condos are too close to the other highrises and the city view is not that great. Some of the best views frankly are in the west part of River North looking toward the loop or toward Michigan Avenue because they are far enough away to have the urban landscape framed nicely in their windows.
That’s why a south facing lincoln park highrise is ideal. You get both a lake and city view. Pefect day and night views.
I prefer a city view to a lake view too, to me it’s part of the charm of city living. But even when I did have that, I didn’t spend hours looking at it. So long as you don’t have someone across the street reading your newspaper over your shoulder, you’re good.
If I was looking at this unit I’d probably be more inclined to just take the unit below and save $30k, what difference does one floor really make? I’m always surprised at how little living space these 3 bedroom units seem to have – if it’s just 1 or 2 people living there then sure you don’t need more living space, but a 3-bed usually suggests more than 2 residents.
Miumu,
Back 10 years ago when we lived high up in a northwest corner condo in 2626 N. Lakeview, we had the best of both worlds. Lake views from our living room, and views northwest, west and southwest from the living room and other rooms. We could see boats on the lake, Wrigley Field, planes taking off from O’Hare, the streets going straight west to the horizon, and, if you craned your head a bit, the Sears Tower. Only bad thing was that 2650 Lakeview cut off views to the northeast.
I sure miss that place.
Sold on 12/27/2011
$730,000