Michigan Avenue - Niche Media - Michigan Avenue magazine is a luxury lifestyle magazine centered around Chicago’s finest people, events, fashion, health & beauty, fine dining & more!
Issue link: http://www.ifoldsflip.com/i/85092
REAL ESTATE NEWS southern exposure THREE BUILDINGS ON SOUTH MICHIGAN AVENUE EACH HAVE A STORY TO TELL—AND ARE PRICED TO SELL. BY LISA SKOLNIK Intimate Downtown Digs L iving at the edge of the office-heavy Loop in a seven-story building wedged between two much taller neighbors hardly sounds like an inviting experience. But it can be at the just- delivered Richelieu Flats, an adaptive reuse of the once-renowned luxury hotel of the same name and The Devil in the White City fame. A gut-rehab slimmed down the deep, dark floor plates and made it possible. "We demolished the back two-thirds of the building to create spacious, light-filled apartments with over- size windows front and back," explains developer Louis D'Angelo of Metropolitan Properties. "And it's 52 feet wide, so that means a lot of windows." The exquisitely renovated offerings include four 2,650-square-foot full-floor residences for $1.35 million to $1.45 million and a 4,300-square-foot duplex pent- house on the seventh floor with a 1,000-square-foot terrace for $2.3 million unfinished (sales by Baird & Warner broker Millie Rosenbloom, Done by star interior designer Kara Mann, the a hot model is definitely worth a look. As an added bonus, have eatery it will from Restaurants America (Prime- bar and One North) on the first two floors. Southern Re-Exposure F arther Avenue, south on Michigan there are some sweet deals to be had at The Columbian (1160 South Michigan Avenue), a 46-story luxury building that delivered in 2008 at the height of the bust. "The apartments are probably the best value on Grant Park," notes Garry Benson, CEO of Garrison Partners (312-341- 0000). "They've been reduced to $300 to $400 per square foot com- pared to $500 to $700 at the Park Monroe [55 East Monroe Street] or 122 MICHIGANAVEMAG.COM 1720 South Michigan Avenue In fact, the latest to sell (unit 601) was originally listed a year earlier for $459,000. There are five very reasonably priced units for sale in the building right now, notes Harper, including one more three bedroom (unit Millie Rosenbloom Interior of Richelieu Flats 312-980-1517). glamorous $800 per square foot at The Legacy [60 East Monroe Street]." All range from $329,900 to $679,900. But the real steals may be the Penthouse Collection on the top seven floors. Out of 16 units, the remaining nine have been newly refurbished with sliding glass doors to cre- ate extra sleeping areas or media rooms and are priced from $799,999 for a 1,803-square-foot two- bedroom, two-bathroom unit to $1,899,900 for a 3,690-square-foot three bedroom, three-and-a- half bathroom. Prices per square foot range from $443 to $515. The Comeback Kid A Richelieu Flats buildings new survey of 65 large downtown condo by Appraisal Research Counselors showed that resale prices on a square-foot basis fell 18 percent on average from 2008 to 2012. Not surprisingly, losses were lowest in the always-tony Gold The Columbian Coast at 11 percent, and highest, with a 30 percent drop, in the bur- geoning South Loop—where the worst performer of all was 1720 South Michigan Avenue, a sleek, glass-wrapped 33-story stunner from the venerated design team of Brininstool and Lynch. There, prices have fallen 40 percent since 2008, and 23 out of 25 sales in 2012 have been distressed proper- ties. The stats might make it a great place to buy while the price is right. "Four three-bedroom, two-bathroom units sold between $295,000 and $367,500 there this year. Where else can you find a nice three bedroom for under $400,000?" notes South Loop spe- cialist and @properties broker Colleen Harper (312-617-3456). 1001). Asking price is $393,000, but we're bet- ting that's negotiable. MA