East Randolph Street – Call Kristine 312-933-1894

Observations and insights into real estate happenings along E. Randolph St. in downtown Chicago

East Randolph Street, Chicago

8 units closed at the 222 Columbus Dr in the last 6 months

September 21st, 2010 · No Comments · Uncategorized

I am surprised to see that there are 8 units closed at the 222 Columbus Dr, the park Millennium in the last 6 months. There are three one bedroom units, three two bedrooms units and two three bedrooms units. The prices are ranging from $225K to $675K, the square feet is between 700 to 1,850 square feet. There are two two bedrooms units are foreclosures, the price was $$290K and $340K.

The Park Millennium was built in 2003 and it is located at the new eastside, next to the lakeshore east development, the building has full amenity and it is a well managed building. It has indoor pool, nice gym, party room and Internet room, sun deck, grills, also it is linked to the Chicago Pedway, this is very convenient for the Chicago cold winter weather.

For investors, if you have cash, this is a good place to purchase as it is so easy to find renters with pretty good prices. But if you do need finance, that will be a different story as the renter to owner percentage is over 53%, so no conventional renters. Only private lenders, but most of them would like to loan to owners with more than 25% down payment.

Each unit feature washer and dryer, nice bathroom size and kitchen, the living room and bedroom is OK, sometimes we would say they are a little small.

Currently there are 15 units for sale ranging from $184,500 to $339,770.

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