Daily Archives: September 5, 2012

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September 5, 2012

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Buying, South Loop

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Condos for Sale in the South Loop Chicago – Inventory Levels Drop!

The South Loop has long been known for its high inventory levels in the condo market. Developers built fast and in some instances built crap. However, I’ve recently represented several clients in the South Loop and I’m happy to say that inventory levels are extremely low at least in quality, well established buildings! Which buildings have seen drops in inventory in the South Loop? The answers might surprise you!

1400 S. Michigan: This is a building that had to auction off a handful of their units and saw a handful of short sales as well. However, there are only 4 units for sale in the building, one of which is under contract.

1250 S. Michigan: While this building has a handful on the market, most are under contract. There are only two available units in this building.

1305 S. Michigan: One of my clients loved this building due to its location and open space, but units kept going under contract! Right now there is nothing available, two units are currently under contract. In the past few months all units that came on the market in this building went under contract with in 30days.

1464 S. Michigan: This building had high inventory levels as little as 6 months ago! Currently there are 8 units for sale but 5 are under contract which means there are only 3 available units in the building!

1250 S. Indiana: This is a no frills building but one that has always been thought of as affordable. Currently there are only 3 units on the market, one which just came on this past week.

125 E. 13th Street: Three units on the market but TWO under contract which means only 1 is available!

Museum Park: Inventory levels in the newer buildings are relatively high but have come down in recent months. The older buildings in Museum Park have a few units available mostly at the higher price points (500k +).

100 E. 14th Street: 7 on the market but 5 Under contract! Only two are available.

 

Why is inventory low in the South Loop?

Don’t get me wrong, inventory is still higher than normal in the South Loop when we look at the entire area. However, for the quality buildings that don’t have extremely high rental percentages or buildings that don’t have financial issues, inventory is low. Location also factors into the mix. Buyers in the South Loop typically want to be walking distance to the Roosevelt train lines as well as walking distance to the restaurants that surround 13th and 14th street on Michigan Ave and Wabash Ave. This is one reason why I focused on inventory levels in the buildings I mentioned because they are walking distance to all these things.

 

Paul Blackburn is a licensed Illinois Realtor and Associate Broker with @ Properties in Chicago. He can be reached anytime via e-mail at Paul@PKBlackburn.com   You can also visit Paul’s website dedicated to condo buyers in Chicago’s market place. 

www.BuyingInChicago.com

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September 5, 2012

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Lake Shore East, Leasing

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Rentals in Lake Shore East – Chandler, Regatta, Lancaster, Aqua!

As summer is drawing to a close the rental market should start heating up as September and October are hot rental months. Rentals in the Lake Shore East neighborhood are abundant if you’re looking for a two bedroom especially in 420 E. Waterside (The Regatta) or 450 E. Waterside (The Chandler). Below is a list of pricing for the newest condo buildings in Lake Shore East. Keep in mind that each condo is individually owned so prices will vary depending on unit owner and of course the size and view of the unit.

The Regatta  420 E. Waterside

One Bedrooms in The Regatta for Rent: Currently there are only two 1 Bedroom units on the market priced at $2,100 and $2,500. The more expensive unit is a 1 bed + den

Two Bedrooms in The Regatta for Rent: There are a handful of 2 Bedroom units on the market priced between $2,950 and $4,950. Big price range! What makes them different? The cheapest unit is the smallest 2 Bed in the building at only 1182 square feet and is on a lower floor. The most expensive two bedroom is just under 1500sf but is fully furnished. For those of you wanting something in the middle there are plenty in the mid to high $3,000’s available.
The Chandler  450 E. Waterside

One Bedrooms in The Chandler for Rent: Only one available at $1,950 and it is already under application! One Beds however typically run from $2,000/mo to $2,600 in the building depending on size and view.

Two Bedrooms in The Chandler for Rent: There are two currently on the market at $3,000 and $3,800/mo and then a penthouse 2 Bedroom, fully furnished available for $6,000/mo.

The Lancaster   201 N. Westshore

One Bedrooms in The Lancaster for Rent: None currently available. Pricing will range from $1,800/mo for the smallest 1 beds up to $2,400 or so for the larger units.

Two Bedrooms in The Lancaster for Rent: None currently available. Pricing will range from right around $2,800/$3,000mo on up depending on size and view. Keep in mind there is a 1 Bedroom w/ den floorplan that many times agents will call a “2 Bedroom.” These will typically be priced around $2,500.

Three Bedrooms in The Lancaster for Rent: There is currently one available at $4,500/mo. This unit has a view of the park and has a very functional floorplan.

The Aqua  225 N. Columbus

One Bedrooms in The Aqua for Rent: There are a total of four 1 Bedrooms available in the condo portion of the Aqua. Two of them are priced low in the $2,500 to $3,000 range. The other two are more expensive as they are larger. The cheaper ones are 740 to 881sf respectively while the more expensive units are just over 1200sf. The larger one beds are priced for rent at $4,200 to $4,400 range with the more expensive unit coming fully furnished.

Two Bedrooms in The Aqua for Rent: There is only one 2 Bedroom on the market at the current time. This two bedroom is quite small in my opinion as it is a 2 Bed / 2 Bath and is only 1200sf (at least small for the price). It is listed at $4,200/mo.

 

Items of Note: All of the above buildings have basic cable, internet, gas, heat, and a/c included in the assessment that the owner pays which means it is included in the rent. You just pay electricity. All the buildings have pools, fitness centers, 24hr doorstaff, etc with the exception of the Lancaster which has all these things but no pool.

 

Paul Blackburn is a licensed Illinois Realtor & Associate Broker with @ Properties in Chicago. He can always be reached via e-mail at Paul@PKBlackburn.com with any questions or to learn more about rental availability in Lake Shore East or other parts of the city.