Within the last 6 months, there are 6 studios and one bedrooms closed at the 440 N McClurg and 480 N McClurg Ct, the closed price is between $137,500 and $245,000, with approximate square feet of 440 and 800 square feet, although some of them has included a parking space. 2 out of the 6 properties are foreclosures. Currently there are 5 studios and one bedrooms are either under attorney review or pending, their listing prices are between $139,000 and $334,900 respectively.
Not sure if it is the summer or the market is really picking up, but I do feel that the closed price are stabilized and even getting a little higher. For sure that there are quite a bit of investors came out to the market to grab the low cost with high return properties. Since studios and one bedroom are the cheapest priced, with lowest assessment and tax and comparatively high rent, these are the high target for the investors.
The 440 and 480 McClurg is also called City view, it has around 1.75m reserve, 35% renter to owner ratio. No rental cap for the moment, very easy to be rented out since it is located in the heart of downtown, close to the Navy Pier, the lakeshore drive, the Michigan Ave.
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