Currently the renter ratio is over the 50% in the building, that makes buyers very difficult to get the mortgage, need bigger down payment, more income and there are not so many choices other than the approved private lenders in the building.

I think this is a good decision for the building as it will help the building to get a lower renter ration eventually and then more people could be able to get a loan to purchase in this building, then the building price should be able to go up.

There are 4 units from 400 E Randolph, 6 units from 222 columbus Dr, one unit from 155 Harbor and one unit from 195 Harbor. So we could see they are mostly belong to two buildings only, the 400 E Randolph and the 222 Columbus Dr. The price of the distressed properties are between $131,500 and $383,000. There are 36 units sold price is higher than the $383,000 and they are all regular sales.

There are currently 179 current listings, price ranging from $149,000 to $4,800,000.  Since within the last 6 months there were 75 units sold and pending, that will make our inventory age a little more than 14 months, that means to get all the 179 current listing sold, we need 14 months to do it,

All these numbers means the inventory are moving, especially in downtown Chicago. It’s the right time to buy now! Currently there are 14 active listings at the 222 Columbus Dr, the Park Millennium Plaza, from $179,900 to $409,000.

Currently there is a one plus den listed for foreclosure which I think is a good value, it is listed by Ayoub Rabah from Great Street Properties, Inc. for $174,900 which has around 850 square feet and nice view to the south, I predict this one will be gone in the next few weeks.

This will be the cheapest one bedroom in the new east side neighborhood!

Park Millennium has 480 units, the current rental rate is over 50% over the owner occupancy.

Currently there are 19 units for sale ranging between $169,900 and $300,000, so the list rate is around 4%.  10 of the 19 units are going for Shortsale or foreclosure.

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.

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.

Park Millennium has indoor lap pool, party room, terrace, gym, 24 hour doorman, on site managemen office works 5 days a week. Grocery store in the building and Pedway in the building.

The Park Millennium is located in a central location, linked to the Pedway system, so that being said, you do not even to get out of the building to go to the airport. There is a grocery store in the building, indoor lap swimming pool, nice gym, party room, sun deck, on-site management team weekly, 24 hour door man.