Large Price Drop on Foreclosed Townhome in Streeterville

Posted on February 22, 2011 by Shivani
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This past Friday, we noticed a large price drop on a luxury townhouse we have been keeping an eye on for one of our clients.  The townhome at 403 E North Water had a price reduction of $199,000 – from $1,649,000 to $1,450,000.

While foreclosures and short sales are common these days throughout the Chicago area, Streeterville typically has seen fewer distressed properties than other neighborhoods in downtown Chicago. There are currently two foreclosures on the market and fifteen short sales or pre-foreclosures out of approximately 450 properties that are currently for sale in Streeterville.  Distressed properties currently make up about 3% of the listings available for sale in Streeterville.  For comparison purposes, almost 10% of the properties currently listed in the South Loop are distressed.

Here’s a closer look at the foreclosed townhome in Streeterville: Continue reading »

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New Restaurants & Retail Coming to Ontario Street

Posted on February 15, 2011 by Vikas
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While Ontario Street is already a hub for fast casual restaurants, Streeterville residents will soon be seeing more food options along the evolving Ontario Street retail corridor. Walking by the building at 237 E. Ontario, pedestrians will notice a sign marketing the conversion of the building to retail and restaurants.  According to Mid-American Group which is handling the marketing of the property, the street level space is already fully leased.

Ontario Street Retail Streeterville Chicago

The four tenants that will be occupying the space will include: Continue reading »

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Streeterville Apartment Rental Market Continues To Remain Strong

Posted on January 30, 2011 by Vikas
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As reported in Crain’s on January 19 – the apartment building at 400 N. McClurg Court is up for sale and could fetch a price tag of $100 million (a substantial increase from its sale price of $82 million about a year ago). The rental market in Streeterville (and in most other downtown neighborhoods) continues to maintain its strength.  Many believe that rents will increase in 2011 – as much as 10% in some cases.

Streeterville Apartment Building at 400 N McClurg Court

Just a few years ago, Continue Readingit was uncommon to find 1 bedrooms for more Continue reading »

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Top 10 Condo Sales in Streeterville in 2010

Posted on January 28, 2011 by Shivani
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Streeterville is among the most highly desirable neighborhoods in Chicago.  Despite the overall retreat in home values in the city over the last couple of years, Streeterville’s luxury condo market still commands top-dollar.  There is no question that this area attracts a wealth of affluent homebuyers. We decided to take a look at the top 10 co-op and condo sales in Streeterville in 2010.

Some interesting things we noted in our research:

  • The top 10 sales represented $29,262,500 in sales (approximately 12% of the total sales volume in Streeterville of $237,000,000 in 2010)
  • 3 of the top 10 sales were in the Palmolive Building – a favorite for buyers in the luxury condo category in Streeterville.  The Palmolive had the most expensive sale in 2010 at $5,250,000 and also in 2009 at $3,750,000
  • One building that did not make the top 10 list in 2010 was the Water Tower Residences at 180 E Pearson.  This was surprising because in 2009 – 4 of the top 10 sales were in this luxury condo building

More information and photos after the link. Continue reading »

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Streeterville Penthouse Sold at 600 North Fairbanks

Posted on January 4, 2011 by Vikas
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While most of the Chicago real estate market was taking a break over the Christmas and New Year holidays, one of the top sales in Streeterville closed on December 31, 2010. The property we are talking about was not just any property, it was one of the most prized penthouses in the Streeterville neighborhood at the architecturally acclaimed 600 North Faibanks condo high rise designed by Helmut Jahn.

600 north fairbanks penthouse

The approximately 3000 square foot property sold for $2,500,000 and was the sixth most expensive residential real estate sale in Streeterville during 2010.   Continue reading »

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