1400 S MICHIGAN, TOWER II

1400 S Michigan Ave, Chicago, IL 60605

Condos Currently For Sale In 1400 S Michigan, Tower II

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.

Unit Information and Floor Plans

Floor
Plate
Floor
Group
Unit
Number
BedroomsBathroomsSq. Ft.Floor
Plan
400Studio1580Floor Plan
40111873Floor Plan
40211869Floor Plan
40311741Floor Plan
40511826Floor Plan
40711751Floor Plan
40911933Floor Plan
5-600Studio1580Floor Plan
5-60111873Floor Plan
5-60211869Floor Plan
5-60311741Floor Plan
5-60511826Floor Plan
5-60711751Floor Plan
50911933Floor Plan
60911933Floor Plan
Floor Plate70111751Floor Plan
70211751Floor Plan
703221260Floor Plan
704221260Floor Plan
70511826Floor Plan
70711751Floor Plan
70811751Floor Plan
709221027Floor Plan
710221027Floor Plan
71111692Floor Plan
71211692Floor Plan
Floor Plate8-240111751Floor Plan
8-240211751Floor Plan
8-2503221260Floor Plan
8-2504221260Floor Plan
8-250511826Floor Plan
8-250611783Floor Plan
8-250711751Floor Plan
8-250811751Floor Plan
8-2509221027Floor Plan
8-2510221027Floor Plan
8-251111692Floor Plan
8-251211692Floor Plan
1203332086Floor Plan
2010331719Floor Plan
2501221503Floor Plan
2601221425Floor Plan
26-2702321540Floor Plan
26-2703321540Floor Plan
26-2704221100Floor Plan
26-2705221144Floor Plan
26-2706221259Floor Plan
26-2707221259Floor Plan
26-270811736Floor Plan
2701221425Floor Plan
2802221115Floor Plan
2804321451Floor Plan

Closing data is difficult to obtain for the building but we have obtained the sample shown below:

Close DatePriceUnitSq FtPkg SpacesCost/SqFt
8/5/2009$251,0007126921$312
8/5/2008$270,5009126921$340
8/5/2008$241,50012126920$349
8/5/2008$289,0007017511$338
8/5/2009$295,0008087511$346
8/12/2009$250,0009087510$333
9/9/2009$260,00018077510$346
10/5/2009$269,00019087511$312
9/18/2009$290,00022027511$340
8/28/2009$240,00015067831$262
9/2/2008$308,50016058260$373
9/2/2009$360,000160910270$351
10/31/2008$411,500221010271$367
5/12/2009$393,000100412601$284
6/24/2009$410,000150312600$325
9/18/2009$414,000160312601$301
6/1/2009$437,000170312600$347
8/31/2009$470,000190312602$317
5/15/2009$421,000190412601$306
11/1/2008$450,500230312601$330
11/1/2008$540,500240312602$373
7/9/2009$499,000250312601$368
11/1/2008$535,135250412601$397
12/17/2008$656,5002111???2
11/1/2008$1,270,0002410???2
12/1/2008$1,081,0002803???2
12/10/2008$685,0002804???2

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.

This 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 each.