North Harbor Drive

Observations and insights into real estate happenings along N. Harbor Dr. in downtown Chicago

East Randolph Street, Chicago

450 Waterside – Chandler sold units within the last 12 months

September 30th, 2011 · Uncategorized

There are totally 14 units sold at the Chandler – 450 E Waterside, located at the Lakeshore East neighborhood. There are 9 one bedroom units, and 5 two bedroom units, sold price is between $244,000 and $855,000. Unit 405 sold by owner priced at the $244,000 with a parking space included. One short sale unit 906 closed at the $292,000.  One short sale one plus den unit closed at the $340K and one short sale two bedroom unit closed at $430K. So the distressed property closed percentage over the regular sales is 21%. Since all the distressed properties are short sales not foreclosures, then we learned that buyers like to buy at this building as the units get to close before the foreclosure processed. This would help to keep the price at a better level for the building.

Currently there are 6 units for sale, from one bedroom to three bedroom units, priced at $349,000 and $999,900. One of the current units for sale is a short sale unit, which is a two plus den.

Chandler has a renter ratio of 42%, which is getting higher if you want to get a mortgage. But it is workable for most lenders no matter you are an investor or homeowner, just need to put down around 15%.

→ No CommentsTags: ··

2 bedroom 2 bathroom at the Parkshore for rent – 195 N Harbor Dr

September 28th, 2011 · Uncategorized

This is a two bedroom, two bathroom unit with very nice view to the lake Michigan, the Navy Pier and the Chicago River, at night, the skyline is so beautiful with all the buildings and the lights. Unit features granite counter tops, marble baths, wood floor in the second bedroom and the hall way, the kitchen. This unit has around 1,140 square feet.

Parkshore is a full amenity building with two party rooms, roof deck, roof top swimming pool, gym, grocery store onsite, bike room, onsite management, 24 hour doorman, tennis court and grill.

This unit is listed for $2,100 per month with $200 for parking fees.

→ No CommentsTags: ·····

One bedroom plus den at the Parkshore 195 N Harbor Dr, has been rented on one day

September 23rd, 2011 · Uncategorized

I have got this listing last Tuesday, it is a one plus den on a high floor with beautiful view to the Navy Pier and the lake, the Chicago River and the north skyline. The unit features granite counter tops, new and high end appliances, new bathrooms, wood floor in living room and tile in the kichen. We had a showing on Wed and then it got rented on the same day. I did not even get a chance to take photos yet!

Parkshore is a very well maintained building with two party rooms, 24 hour doorman, grocery store on site, bike room, tennis court, sun deck and grill. Parkshore is located at the New eastside neighborhood, which has three parks and the lake front sounding it. The new lakeshore east park, the grand park and the millennium park. Since the new grocery store is coming soon, this will help with the neighborhood a lot too!

→ No CommentsTags: ···

Three bedroom foreclosure unit at the 420 E Waterside is under contract

September 23rd, 2011 · Uncategorized

There is a three bedroom unit, unit 4114 at the 420 E Waterside listed for $757,350 with two deeded parking spots included on Sep 1st, 2011. I showed to a client and the inside looks new and not been used before, the view is pretty from all rooms, since it is on a high floor, it cleared the views of Chandler overlooking the lake, you do see the air conditioner on top of the Chandler though in the bedroom, but from the living room and other bedroom, you have perfect views to the Navy Pier and the lake. This is a three bedroom and three bathroom unit with around 1,887 square feet.

This unit went under contract on Sep 19th. We need to wait about 30-45 days to find out the closing price for this unit. Currently there are no new investors are allowed to rent out their new purchases in this building. That means you can live there or use as a second home but you can’t purchase and rent it out any more. Since the building has a 43% renter ratio and it will allow new renters when the ratio going down below the 20% range.

→ No CommentsTags: ···

North Harbor Tower current availabe units list – 175 N Harbor Tower

September 13th, 2011 · Uncategorized

24 Hour Look and Lease Special
$300.00 Administrative Fee
$35.00 Application Fee
Save $165

Pets
1 Dog: 40 lbs. and under
$300.00 Fee & $20.00 Monthly
1-2 Cat(s): $250.00 Fee per cat

Studio

#2310 DOG FLOOR!   $1380 9/23/11

Convertible
#1904 DOG FLOOR! 530 North View $1430 10/7/11

One Bedroom
#706 DOG FLOOR! $1695

#2315 DOG FLOOR! $1,600
#3001 + Den HUGE Floor Plan $1,710

 

Two Bedroom
#1013 DOG FLOOR! $2,355
#1713                            $2,390
#511 DOG FLOOR!    $2,330

Three Bedroom
#2607 DOG FLOOR! GRANITE COUNTER TOPS $3370 10/7/11

→ No CommentsTags: ····

Foreclosure one bedroom at the 155 Harbor is under contract

August 10th, 2011 · Uncategorized

This is a large one bedroom unit at the 155 N Harbor Dr, facing north east, you could see the lake from the unit, it is around 824 square feet. It was listed in May for 209,900 and reduced to $208,900 on May 31, 2011 and then reduced to $208,500 on June 22nd, 2011, then it went under contract on July 27th, 2011.

This property needs to do some upgrades, such as new carpet, new kitchen, new bathroom, there is a similiar property was listed for $229,770 which is around 10 floors lower than the foreclosure property.

I am not representing either the buyer or the seller of the property, but I would assume the purchase price be around $200K.

→ No CommentsTags: ·

One bedroom plus den unit 3404 at the 155 N Harbor rented in one day

August 5th, 2011 · Uncategorized

This is a large one plus den unit with around 1,000 square feet with one and a half bathroom. Very beautiful view to the city and lake, navy pier, you can see twice fireworks per week in the summer in this unit.

This unit was rented for $1,600 for the last two years, since the rental price went up this year, I have recommended the owner to increase the price to $1,800 per month. Right after we have posted it on the Internet, I have got 5 calls regarding showings. Got 2 applications in the first day of the showing. The unit was rented for $1,825 per month. 

Since the rental market is so hot, I would recommend you to take the application with you and the checks to secure the apartment as soon as you see it.

→ No CommentsTags: ····

One bedroom facing south at the 450 Waterside is under contract

July 6th, 2011 · Uncategorized

This one bedroom facing south is on a lower floor at the 450 waterside – the Chandler, very nicely upgrade in the unit and very well protected. It was listed on June 20th and then contracted on July 5th. The listing price is $289K with parking additional $40K.
From here we can tell that the market is really doing better as this price is just slightly cheaper than other units, then it is under contract within 2 weeks. So that means the listing agent has priced it right.

→ No CommentsTags: ··

Some buildings in the New Eastside (including Lakeshore east) post new rules for investors

June 13th, 2011 · Uncategorized

I have noticed that there are two new buildings in the New Eastside neighborhood that have passed rules to prevent new investors from renting out their units. One building is the Regatta, 420 E Waterside. The Regatta just passed a new rule that no new investors are allowed to rent out their units anymore. The other building very close to passing the same rule is 222 N Columbus Dr, the Park Millennium. The Park Millennium only needs one more vote from a unit owner to pass, that means they would have more than 75% of the owners who voted for no new investors. They would have a meeting on July 15th and after that, if the new rule is passed, new buyers would no longer be able to rent out their units.

The reason for these two buildings passing the rules are due to the renter ratio getting too high. The Park Millennium is around 53% and the Regatta is around 40%. Since the current financial regulation says that the renter ratio should be lower than 30%, that means for people who want to get a mortgage, they have to go to the private lenders only, then the interest rate might be higher or they need to put down more money for the down payment. This will limit lots of people who are interested in the building but could not afford to buy it.

After the new rule, the renter ratio should be going down, this will help the building price to stabilize or go up.

→ No CommentsTags: ····

Short sale and foreclosure units in the New Eastside Neighborhood

June 13th, 2011 · Uncategorized

There was a short sale listing for a one bedroom unit facing south with a balcony on the market May 17, 2011 and then it went into under contract May 23rd, 2011. The reason that the unit came back on the market is that the lender wanted a little more money, therefore, the listing agent has increased the listing price for this unit by $20k. Even then, it went to under contract within a week.

I informed a couple of my clients that this unit came back on the market, and then when they were ready to see it, it was already under contract again. Goes to show that for short sale deals, not only do you need to act fast to see it first, but also, you need to have cash and preapproval letter ready. In addition, short sales are not so negotiable, the reason is that otherwise the listing agent would like to list at a lower price to attract more buyers. The short sale needs to be approved by the lender and the seller does not get any profit from the deal. The seller does not really care of the listing price, it is the lender who has a bottom line to approve the short sale. For Some short sales, if the seller still has some funds in his/her bank account, then the lender might ask the seller to contribute some at the closing.

→ No CommentsTags: ···