160 E. ILLINOIS – AVENUE EAST

160 E. Illinois is located in Streeterville just east of Michigan Avenue off upper Illinois. 160 E. Illinois is a boutique building that was completed in 2007. 160 E. Illinois is comprised of Junior 1 Bedrooms, One Bedrooms, Two Bedrooms, Three Bedrooms and Penthouse units. 160 E. Illinois, also known as “Avenue East” has 24hr door staff, fitness center, rooftop sundeck, and party room. Most units have parking in the building but note that some of the smaller One Bedrooms do not have parking.

Avenue East, 160 E. Illinois in Streeterville

Avenue East, 160 E. Illinois in Streeterville

What I like most about 160 E. Illinois

160 E. Illinois has two great assets: It’s location and it’s boutique feel. The building has only 130 units but feels like a more intimate 90 unit building or less. The location of 160 E. Illinois is quite ideal. It is right off Michigan avenue on upper Illinois so you have the convenience of everything along Michigan Avenue but the few hundred feet you are off Michigan allows you to be on a quite street with practically no traffic.

The door staff in 160 E. Illinois is excellent. As Realtor’s we get to know the door staff in different buildings and we all have our favorites as well as the ones we dread dealing with. 160 E. Illinois has some of the friendliest door people in the city and they’ve been there since the building was built. Keep in mind that when buying a condo you are not just buying the unit but buying into a building; buying into a way of life. Therefore everything from the staff to the cleanliness of the hallways and common areas should be a factor in your decision.

What I don’t like about 160 E. Illinois

Unlike most Realtor’s I’m not going to say every building in Chicago is wonderful. Each building has their own set of flaws and so does 160 E. Illinois. My first complaint about the building is not so much of a complaint but more of a statement. The build quality is average. It is not bad by any means but it is one step under the higher end Class A condo buildings in Chicago.

My last complaint are the views. This is not a view building. Some of the higher floors enjoy some decent city views but most of the views in the building are obstructed which can cause some units in the building to have low light. Specifically the “07” tier has recently lost its gorgeous lake and east city views as a new rental building has been built directly to the east of 160 Illinois.

Condos for Sale in 160 E. Illinois

Pricing has shifted greatly in 160 E. Illinois over the past two years. We’ve seen some foreclosures and short sales in the building a year ago, however, those units sold within days. While they left the building with bad comps it has been long enough since a “low closed price” so appraisers will not longer consider these when appraising a unit. Inventory levels in the building are currently low. There are a couple “07” tier 2 Bedrooms cheaply priced in the mid $400’s but keep in mind these units have their view completely blocked by the new rental apartment building next door.

Prices throughout the building can range from the $300’s on up to over $1 Million for the penthouse units.

505 N. McClurg – The Park View Condos in Streeterville

The Parkview 505 N. McClurg

The Parkview located at 505 N. McClurg is in Streeterville. It is easy to spot as it is the only new building in Streeterville with yellow balconies. For those of you who still cannot place it, the Parkview is located across the street from Fox & Obel and just east of River East AMC Theaters. The building was built in 2008 so it is relatively new. 505 N. McClurg features One Bedrooms, Two Bedrooms, Three Bedrooms as well as a couple Penthouse units. It also features duplex “townhome style” units at the base of the building which over look the park that runs between Illinois and Grand streets.

What do condos sell for at The Parkview 505 N. McClurg?

One Bedrooms have recently been selling from the high $300’s (some of these short sales and foreclosures) on up. There are two different style One Bedrooms. The higher floor One Beds definitely achieve higher selling prices into the low to mid $400’s. One Bedroom units are great size, 921sf and larger.

Two Bedrooms have recently been selling from the very high $500’s to low/mid $600’s on up depending on the specific tier, floor height, etc. Two Bedroom condos at the Parkview are 1370sf or larger.

Three Bedroom condos have been selling from the low $700’s for very low floor units on up to the high $800’s. Three Bedrooms are 1803sf.

I’d like to add that while the square footages are not “huge” the architect made great use of the space. Therefore 921sf for a 1 Bedroom does feel much larger. There is very little wasted space in this building.

The Parkview 505 N. McClurg Amenities

The Parkview features 24hr door staff along with an on-site building manger, fitness center, outdoor pool, party room and theater room.

Other Building Details

The building has weathered the real estate crash of 08/09 fairly well in comparison to other buildings. Currently there are only a couple units available for sale in the building. Assessments are average for a new construction building and include all amenities plus heat/ac, water and basic cable. There is a total of 268units in the building.

Paul Blackburn is an Illinois licensed Realtor and Broker with @ Properties in Chicago. For more information about the Parkview (505 N. McClurg) or other buildings in the area please do not hesitate to contact Paul at Paul@PKBlackburn.comĀ  For basic information about buying condos in Chicago you can visit Paul’s educational website www.BuyingInChicago.com