North McClurg Court

Observations and insights into real estate happenings along N. McClurg Ct. in downtown Chicago

East Randolph Street, Chicago

Helping Home Sellers See Their House Through The Trees

May 21st, 2012 · Uncategorized

Jeff Lichtenstein, an occasional contributor who used to live in downtown Chicago near Navy Pier, writes:

Last Thursday was Take Your Kid To Work Day, so my 8-year-old daughter, Jade, came with me. Other than the big breakfast of eggs, bacon, and rye toast with lots of butter, I asked Jade what she thought of the day. Jade said, “Dad, you work with a lot of stubborn people”. I laughed, as I never thought of it that way.

One example was a meeting we had with clients on an offer we had on their home. My reply to Jade was that the people were not stubborn, but it was my job to help them clarify the situation so they could make an intelligent decision. A home sale is a stressful event. Money is involved, people don’t know where they are going, etc. My worst fear is if they call me in a week to ask if the buyer is still interested, only for me to say that they purchased something else or felt it “wasn’t meant to be”. Clients end up regretting their initial ‘stubbornness’.

Helping Sellers See Their House Through The Trees

The offer on the house was lower then what my client wanted and their ‘bottom line number’ was not going to keep the negotiations alive. If they didn’t work out a deal, my clients would probably have to wait at least 6 months for another offer because their home was more of a seasonal buyer purchase. That becomes 6 months worth of taxes, insurance, cost of money, depreciation, HOA costs, and worry. I outlined those costs for them and asked them to fast forward a month into the future. Would they still be happy hanging onto the house, paying all of the costs, going through hurricane season, etc? They ended up countering at a number which ensured a better chance of a deal happening. Today the house went under contract! And thankfully there will be no regrets at having been too stubborn a month from now.

Jeff Lichtenstein specializes in luxury real estate in Juno Beach Condos and Palm Beach luxury real estate in South Florida. His website is at www.JeffRealty.com

I guess I owe Jade a referral on this one!

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Studios at the 512 McClurg, River East building

August 10th, 2011 · Uncategorized

I have helped two clients bought studios at the 512 McClurg this year, one bought a studio on a high floor foreclosure from the bank, the other one bought from a regular sale on a mid to high floor. The closing price is between $170k – $185k.

Both units are rental properties and we get to rent them out within 30 days after the closing. This building has very low maintenance fees compare to buildings around it. One of the reasons is it does not have a swimming pool, however, it does have Homes gym in the building which residents could join with a discount. In the gym, there is a great indoor pool.

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Large units under contract at the 415 north water and 445 north water

August 10th, 2011 · Uncategorized

I have noticed that there are quite a few units under contract at the 415 north water and 445 north water. At the 415 north water, there are 2 large units under contracts right now, they are both 3 bedroom and 3 bathroom units, with around 4700 square feet. The listing price was around $2.5m each.

At the 445 E north water there are currently 2 units under contracts, one is a large 2 bedroom 2 bathroom around 1,850 square feet and the other one is a 3 bedroom, 3 bathroom around 4,000 square feet. Their listing price is between $714K and $2.2M.

It is very interesting to see all the three bedroom units are under contracts in these two buildings. This is a very well maintained building, with indoor swimming pool, sun deck, work out room, 24 hour doorman, walking distance to the lakefront, the river, grocery stores and shopping.

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Special Pricing on 3 Bedroom Residence – 505 Mcclurg the parkview

September 30th, 2010 · Uncategorized

This is 3 bedrooms 2.5 bathrooms at the brand new building 505 mcclurg, the parkview, has reduced to $789,500 for unit 1203. The unit has around 1,800 square feet and features all Floor to ceiling windows, 42″ cabinets in granite/stainless steel kitchen, hardwood flooring, 9′ ceilings, and so much more! Club room, theater room, outdoor pool and spa. Deeded parking is $60k each. This is a great price for a new construction unit!

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Just contracted – top floor one bedroom at the 512 McClurg

April 27th, 2010 · Uncategorized

One of my clients like the 512 McClurg building very much, although we have been walking around the city and has seen some units in different buildings, his heart is in this building. I am glad that he finally get a contract on one of the units on the top floor. This unit has great views to the lake and city. One of the best units in the building. The 512 McClurg building is a full amenity building which has 24 hour doorman, a nice gym, a sun deck linked to a nice party room, on site Laundry. The building is located at the center of downtown, which has Walgreen’s in the building, AMC theater just downstairs, some grocery stores close by. Lots of nice restaurants and fast food places. Walking distant to the Michigan Avenue, the Navy Pier and the lake front. This building has the lowest assessment in the neighborhood, it is a very well maintained building. I am so happy for my client that he could move in to his dream place.

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Showing for One bedroom+den at the 240 Illinois unit 1707

April 14th, 2010 · Uncategorized

The 240 Illinois is located right above the Dominicks, this is one of my favorite buildings so far, the inter design must be #1 in the whole city. Each unit has 9 foot ceiling, nice marble counter, great cabinets, marble bath, although I am using the same words, but they really mean differently when you go to check them out, each detail is worth the dollar. Unit 1707 is facing south with the lake view and some of the city view.  This unit has an extra den that you could use is as a study. The listing price is $459,900.

One of my clients bought one unit at the beginning of this year, he has mentioned a few times that he has really enjoyed the unit and would like me to come to visit.

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One bedroom showing at the 512 McClurg

April 14th, 2010 · Uncategorized

I had a showing at the 512 McClurg for unit 4406 and unit 5806. They are both large one bedroom unit with around 965 square feet, they both facing southeast, so you have beautiful view of the lake and the south shore line. Unit 5806 is on the top floor, it has marble entry and woodfloor in the living room. The 4406 has some built in closet in the unit. They are both excellent unit with granite kitchen counters and SS appliances. Unit 5806 has nice paint on the bath room and shower door. They both has a large walk in closet in the bedroom.

The 512 McClurg is located in the heart of the city with AMC theater and Walgreens underneath the building,  Domicks is one block away, walk to Michigan Avenue, the busiest shopping street, walk to the lake front and Navy Pier. Lots of nice restaurants…

The building has a nice sun deck that you could do grill, a party room, just finished nice gym, most friendly doorman…

The 5806 is listed for $347,000 and the 4406 is listed for $349,000, this is the best price I have ever seen.

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Current listings at the 440 McClurg and 480 McClurg

March 26th, 2010 · Uncategorized

These two buildings are linked together, located next to the Chicago river. There are studios, one bedrooms and two bedrooms for sale right now starting from $129,900 (which is a short sale, a contract is pending on the unit) to $399,900. There is another unit going for short sale one bedroom unit listed for $229,900 which has a pending contract on the unit too. These two buildings were built in 1991, the assessment for two bedroom are over $600. The draw back of this building is no washer and dryer in the most of the units, but I understand that you could put them in. Also, since they are low buildings, there are not so much view in the unit. But if you want to live in the neighborhood, this is one of the cheapest buildings in the neighborhood. Walking distance to the AMC movie theater, the Dominick grocery store, tons of restaurants, the lakeshore path, the Navy Pier, the Michigan Ave…

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Studios are easy to be rented out at the 512 McClurg

March 26th, 2010 · Uncategorized

There are lots of studios built at the 512 McClurg, each floor has 4 units, but you will be amazed to find out that these units are so easy to be rented, the reason is the building is located in a great area, very close to the Northwestern hospital and the school, so lots of residents and students live here. The studios are quite large around 600 square feet with nice size kitchen and marble bathroom. I had a client who bought a studio last year and we have rented it out in the winter even within a month, this is very good in Chicago as we all know that not so many people would like to move in the winter here. Currently there is only one studio available for $1,250 per month which has views to the lake.

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Current listings at the 512 Mcclurg

February 28th, 2010 · Uncategorized

I have always like this building – 512 Mcclurg, great building, great amenities, party room, sun deck, 24 hour door man. The good part of this building is that it has very low assessment, the reason is it has a Holmes gym in the building which has a nice indoor pool, but in this case, the building owners do not need to pay assessment for maintain the swimming pool. Plus there is a great discount for people who live in the building to use the gym.

Currently there 27 listings, starting from studio $214,900 to three bedrooms unit asking for $989,000. There are quite a few activities in the building, the reason is the location if perfect. Very close to grocery stores, AMC theater, many restaurants, Navy Pier etc.

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