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

Showing of the one bedroom for rent at the Joffery Tower – 8 E Randolph

August 5th, 2010 · Uncategorized

I just showed a large one bedroom unit at the Joffery Tower – 8 E Randolph St, it is on the north of Macy’s. The unit is facing east so there is a great view of the lake ,you could see the Millennium park opera struction from the unit, there is a large balcony facing east too. The one bedroom facing east in this building is slightly bigger than the one bedroom unit facing west. Washer and dryer in the unit, lots of closet spaces. Wood floor in the kitchen and the living room. Nice marble bath. The rental listing price is $1,600 per month. Since this is the lowest listed one bedroom in the building, the listing agent told us that there are 4 offers as of yesterday.

This means that the market is getting better as this kind of unit rented for the same amount in the last winter. I will post later with the final rent price which I would think higher than the listing price.

→ No CommentsTags: ····

FAMILY FUN- Tues, 8-3-10, Columbus and Jackson, 5-9pm

August 3rd, 2010 · Uncategorized

Free Community Policing  family activity – – a short walk into Grant Park at Columbus and Jackson – just behind Petrillo Band Shell.
Tuesday, August 3rd…5pm to 9pm…
Pony Rides, Food, Special Guests, Giveaways, Raffles, DJ, and Kid’s Band.

→ No CommentsTags: ··

Two new rental buildings at the streeterville, the streeter and the streeter place

August 3rd, 2010 · Uncategorized

There are two brand new rental buildings located at the streeterville. The older one is called the Streeter, which has one bedroom available for $1,800 and up, the one bedroom either has 819 square feet with a large walk in closet or has a balcony with 779 square feet. All SS appliances, the most important is washer and dryer in the unit. If you want to have wood floor in the unit, you need to pay additional $150 per month. They do have separate floors for pet owners so you do not need to worry about dog bark if you do not own a pet:-)

The Streeter Palace is brand new, just built, that’s why the price is higher, the convertible is around $1,800 per month with 708 square feet, the one bedroom is around $2,450 with around 1,010 square feet. Only the one bedroom has a balcony.

Both buildings would require a $350 non refundable deposit and a $50 credit check, but the good part is that you do not need to pay the security deposit which is quite a lot for some people.

→ No CommentsTags: ·····

1 bedroom rental showing at the 222 Columbus Dr and 130 Garland

August 3rd, 2010 · Uncategorized

I had a couple of showings for 1 bedroom for rent at the lakeshore east and the new eastside neighborhood. Compare the one plus den at the 222 Columbus dr and the 1 bedroom for rent at the 130 garland, my client prefers the 222 Columbus as it is larger and has better view, plus it is cheaper. But she does like the bathroom at the 130 Garland.

These two buildings both have pedways which will be very convenient in the winter for people to avoid the cold wind and snow. The amenities are similar as they both has indoor pool, sun deck, gym, meeting room etc.

→ No CommentsTags: ·····

Four bedrooms foreclosure at the 400 E Randolph is under Attorney Review

July 28th, 2010 · Uncategorized

So after reducing the price from $399,000 to $374,900 in four days, the four bedrooms at the 400 E Randolph went under attorney review yesterday. I have been showing this unit to potential investors, but since they were not really ready, still in the thinking mood, we did not get a chance to offer this property.

The unit needs lots of work for sure but I think if you would like to spend around $75,000, this can be a very nice two units, I think it is better to split them and them to rent them out. As the rental income can be around $2,200 per two bedrooms unit in the building, that means you could get around $4,400 each month cash inflow. The assessment is around $1,700 and the tax would be around $600 per month, that means you will get a good cash inflow without calculating the mortgage, this means the tenants are helping with $2,100 each month with your mortgage payment.

I think no matter who bought it has got a great deal!

→ No CommentsTags: ··

Two bedrooms for rent at the 8 E Randolph, unit 2705

July 23rd, 2010 · Uncategorized

This is a high floor large two bedrooms unit, it has around 1,446 square feet. The kitchen is very nice has granite counters, very nice cabinets and appliances. Wood floor in the living room, and the kitchen area. Large walk in closet in the master bedroom. Nice floor to ceiling windows. Marble bathrooms. large washer and dryer in the unit.

The Joffery Tower is located at the prime locating, walking distance to the trains, Macy’s. block 37 and the Millennium park.

It has nice city and river view, the listing price is $2,500 per month which includes basic cable and Internet. It can be rented furnished for $3,000 per month. Available immediately.

→ No CommentsTags: ··

Rental showings at the new eastside

July 22nd, 2010 · Uncategorized

I showed some one bedrooms units at the new eastside yesterday. My client is really interested in the Park Millennium building, the one bedrooms unit are the cheapest in the neighborhood, plus, they do have good appliances, some of them have a balcony.

We went to the North Harbor Tower too, the room size is nice, the only draw back the washer and dryer in unit, they do have a one bedrooms comes out for $1,390 and most of other one bedrooms are asking $1,510. They do not need security deposit but need to get employment verification to show that you make 3 times of the rent, otherwise you need to give them a bank statement to show that you have that amount of money in the bank.

→ No CommentsTags: ····

Foreclosure response time

July 22nd, 2010 · Uncategorized

I had three clients are bidding on foreclosures right now, all of them are located in Chicago downtown. We have submitted offers for 2 of the three properties in the beginning of June, and since our offer price is less than 90% of the listing price, we have not even hear a word from the sellers. The third offer we have submitted last week, but since we were offering a full listed price, we got their response within 5 business days.

From the above we could tell that the banks do not like to give counter offers, so if you are bidding on foreclosures, should bid close to the listing price, otherwise, should just wait until they drop the price, otherwise, it is a really waste of time for all parties.

→ No CommentsTags: ··

Cheapest one plus den on the mid floor for rent at the Parkshore – 195 N Harbor

July 21st, 2010 · Uncategorized

There is a one plus den for rent at the 195 N Harbor on the mid floor, it has wood floor in the living room and den, granite counter tops, newer appliances. This will be prefect for a couple or an individual. The asking rent price is $2,000 which includes a parking space. It would be available after 8/1/10.

The Parkshore is a full amenity building with 24 hour doorman, management office on site 5 days a week, nice gym, roof top swimming pool, grocery store on site.

The unit has great view to the lake Michigan, the Chicago River, the Navy Pier etc. This is the best deal in the building!

→ No CommentsTags: ··

New three bedrooms for sale on a high floor at the Parkshore – 195 N Harbor Dr

July 21st, 2010 · Uncategorized

There is a new three bedrooms for sale on a high floor at the Parkshore, I have seen the unit, it has open granite kitchen, with the breakfast bar, washer and dryer has been moved to the old storage unit space. All Bosch appliances, except the stove is Wolf, all the appliances are new or just 3-4 years old. Maple floor in living room and den. The half bathroom has been converted to a nice study with built in cabinets and table.

Every room has built in closets. Both bathrooms are marble, the guest bathroom has bamboo floor, very nice granite counter and beautiful tiles. The master bathroom has a Jacuzzi, it is all marble throughout from the walls to the floor. The old tub has been converted to a marble shower. Modern venity with a glass sink bowl, medicine cabinets and mirror.

All the lights are on dimmer, customized curtains in the bedrooms. Nice design and finished balcony. The balcony is private between the master bedroom and the living room with entrance from the living room.

The unit is over looking the Chicago Lake, the Navy Pier and the south shore line. It has permanent views.

This is a must see, so many details in the entire unit, very beautifully done, the asking price is $905,000 with a self parking space included. Please contact me if you have more questions.

→ No CommentsTags: ···

The New Retail center is breaking ground at the lakeshore east

July 20th, 2010 · Uncategorized

According to the Magellan Development Group, the new retail center at the lakeshore east is going to be around 105,000 square feet, which includes a 55,000 square feet bi-level supermarket. I am sure all the neighbors here are looking forward to it’s opening, which I heard it’s going to be after 1 year of construction. They do have parking spaces built around the supermarket, so I am not sure how busy the park would be. But for sure it will be a lot easier for us to shop at the new Roundy’s then to go shop at the Dominick’s and Trader Joe’s. Thanks to Magellan who makes our life easier and better!

→ 1 CommentTags:

The foreclosure 4 bedrooms unit at the 400 Randolph has just reduced price to $374,900

July 20th, 2010 · Uncategorized

This is a combined 4 bedrooms unit, two two bedrooms unit, unit 820 and unit 920 combined, there is a staircase link the two units. I do not think they would allow to link two units like this again, this has been done years ago. I have showed this unit to a potential buyer, right now there is no kitchen, used to have two kitchens, some work needs to be done in the bathrooms, the floor, the walls and the balconies. It does have two balconies. As for the square footage, it has around 2,400 square feet, so this is around $156 per square feet, I believe it is the cheapest unit in the new eastside neighborhood! The 400 E Randolph building has just finished remodeling of its gym, the pool, the piping system, all the special assessment has been paid for. The outer drive east building has full amenities, which is not limited to the 24 hour doorman, the party room, the gym and nice swimming pool, whirl pool, but they also provide shuttle bus to the city, restaurant on the 7th floor, library, kids’ play room etc.

The unit is overlooking at the sun deck and the swimming pool, the new designer lakeshore East Park. So the view is great, lots of green plus you do not look at other people’s windows. So if you are good at getting a contractor to do some remodeling, this is not a bad deal!

→ No CommentsTags: ····

Showing of the 4 bedrooms foreclosure at the 400 E Randolph

July 14th, 2010 · Uncategorized

I had a showing of the 4 bedrooms foreclosure at the 400 E Randolph, this is two two bedrooms units combined, the square feet is large around 2,400 square feet. There is no kitchens, bathrooms need work. The floor needs work too, so we were thinking maybe minimum around $50 – $75K for remodeling of this unit, the listing price is around $399,000, normally they would give an incentive for the kitchen and bathrooms, I see about 3.5% of the purchase price, so I would think for an offer of $350K might be able to get it. Then even you spend $100K, it is still a very nice unit, however, you need to find the right people to do the remodeling job.

→ No CommentsTags: ··

Two plus den sold at the ParkShore – 195 N Harbor in the last 6 months

July 13th, 2010 · Uncategorized

Since we own a two plus den unit at the ParkShore, I am always very interested to see what’s going on with the similar units in the building. In the last 6 months, there are four two plus den closed in the 06 tier, starting from $465,000 to $485,000, the price includes a parking space. We have bought our unit at the top price in 2007 for $527,000 including a parking space, so if we use the average closed price of $470,000, that means we lost $57,000, that is 11% of our purchase price in three years.

Let’s assume that we did not buy at the high market and we have rent a similar unit, which is around $2,300 per month, using 36 months, the total would be $82,800, which is $25,800 more than the price drop for the unit. Plus we have paid 3 years of our loans and we have got tax deductions. From this calculation, I learned that the earlier you own an unit, the better, but of course you have to purchase the right unit as some the condo prices in downtown has dropped 50% percent from 2007. ParkShore is a great place to buy.

Currently there are three two plus den in the 08 tier for sale, the asking price is between $549,000 to $589,000, the price includes a parking space. The 08 tier has better views then the 06 tier right now and might be for the next 10 years as there is an empty lot right in front of the unit, so the developer is saying that they are not going to build until after 10 years. But nobody could predict the future. So that’s the reason of the 08 tier is a little more than the 06 tier. I am thinking after the buildings are being built, then the prices should be similar.

→ No CommentsTags: ···

4 Bedrooms foreclosure combined unit at the 400 E Randolph

July 11th, 2010 · Uncategorized

This four bedrooms unit is a combined two bedrooms unit facing the new designer lakeshore east park. There is one unit underneath the other unit. There are around 2,400 square feet, with two large balconies, 4 full bathrooms, the asking price is $399,000. This means each two bedrooms is only $200,000 which is the price of a one bedroom in the neighborhood. Although I noticed the assessment is quite high, but if you have a big family or investment purpose to change it back to two two bedrooms unit, it is a quite good deal!

→ No CommentsTags:

New development in downtown Chicago

July 5th, 2010 · Uncategorized

I just read an article from the Chicago Tribune, it talks about there are not going to be any new development in the city of Chicago in 2011 except a very high end Ritz- Carlton condo. That being said, if you want to look at the new develop only, then there will be very limited ones due to the current economy as only in this way, the developer could charge more for their new development, they are going to hold as long as possible right now.

Also, I do here people asking about the big empty place next to the lakeshore Dr. Between the new Regatta building and the Parkshore. On the developer’s map, it is going to have three buildings there, and a small version of the lakeshore east park. After according to Magellan,  the developer of the lakeshore east neighborhood, they are not going to built anything there within the next 10 years.

As a Realtor we do hear people talking about the market differently these days. They tends to care more about it is the bottom of the market other than the market is so bad, that means people are getting back to the purchasing mood, at least that’s what we see here in downtown Chicago.

→ No CommentsTags: ···

Last three months sold at the Parkshore – 195 N Harbor Dr.

June 29th, 2010 · Uncategorized

I am amazed to see that there were 9 units sold and 2 units under contract in the last month at the Parkshore, the 195 N Harbor Dr. The sold units includes two 1 bedroom units, 6 two bedrooms and two plus dens, one three bedrooms unit, the closed price is ranging between $220,000 to $820,000. The two pending sales are one two plus den unit and one three bedroom unit.

I am very excited to see these numbers as that means this building is still sit very strong, the price is still higher than the price in the 04 and 05 price. Which you do not see so many in the city.

Also, I heard that our building has been assessed a little less than the market value, means that our price is still hold up pretty strong too.

→ No CommentsTags: ·····

Showing 1+Den and 2 bedrooms at the Parkshore – 195 N Harbor Dr

June 29th, 2010 · Uncategorized

I was showing three units at the 195 N Harbor Dr yesterday. They all facing north and have great views to the Navy Pier, the lake and the Chicago River. They are all on the mid floors from the high teens to the mid 30s. There are different upgrades in the units, one has opened the kitchen a little bit, it made a huge different by comparing to the closed kitchens. The asking price is from $445K to $479K, they all have a parking spot included, so that means the condo price is around $405K to $439K. My client is interested in the one with the open kitchen which is priced the highest within the three listed.

→ No CommentsTags: ····