Michigan Ave. Tower II, 1400 S. Michigan Ave., Chicago, Illinois
1400 S. Michigan Avenue is a 28-story building that
is located in the South Loop. It features incredible views of the
skyline, the lakefront, and Michigan Avenue. However, the parking lot
to the north of the building is for sale and the building north of that
parking lot is abandoned so it's only a matter of time before the north
view is obliterated - at least on some of the floors.
Environmentally friendly upgrades are available
forth green-minded, including formaldehyde-free 42"cabinets and an
electrostatic air filter system, while condos are furnished with luxury
touches like a 24-hour door staff, gourmet kitchens, and glass sliding
doors leading onto your own private terrace. There are a total of 257
units in the building, running the gamut from 2000+ square-foot 3
bedroom/2 bath units to 580-square-foot studios.
Units offer between 9' and 10' ceilings,with hardwood
floors in the entryway, kitchen, and living/dining areas. The kitchens
feature granite counter tops and stainless-steel appliances, while the
bathrooms boast ceramic tile, cultured marble vanity top, and a
luxurious soaking tub (in the master bath). Washer/dryer hookups are
available for in-unit laundry.
Monthly assessments run from $240 on the low end to
$770 on the high end, and include heat, water, gas, cable, trash
services, the aforementioned door staff, fitness center, clubroom,
outdoor pool/sundeck, gardens, a dog run, 24-hour maintenance, bicycle
storage, master insurance, and on-site management personnel. Indoor
heated parking is available at $35,000 per space, and storage is
available for $1000.
Originally the developer had sold 90% of the units in
the building but about 1/3 of those buyers were unable to close.
Consequently, the developer decided to auction off 41 units so that
they could turn the association over to the homeowners. Although few
efforts have been made to flip units in the building, investor owned
units are primarily being offered as rentals.
Closing data is difficult to obtain for the building but we have obtained the sample shown below:
|Close Date||Price||Unit||Sq Ft||Pkg Spaces||Cost/SqFt|
Many of the buyers under contract were unable to close so the developer decided to auction off 43 condos on November 15, 2009. On average these units sold at a 26% discount to the last list price. Within a few days after the auction the developer cut the prices on the remaining units.
information is deemed reliable but its accuracy is not guaranteed.The
cost per square foot is calculated assuming that the price paid
includes the number of parking spaces reported at a value of $35,000
Click to Chat with an Agent