For those who dream of brushing elbows with the denizens of the tony Gold Coast but fear they can’t produce the cash for a condo in the neighborhood, Metropolitan Development Enterprises might have a solution. The Flats on LaSalle, Metropolitan’s 250-unit conversion at 1140 N LaSalle Drive, offers studio condos just outside the Gold Coast starting at $121,900. For that bargain basement price, buyers get a whole 250 to 375 square feet.
So who’s buying these tiny studios? When we last posted about the project, some Yo readers speculated on its appeal to investor-buyers. Cindy Cornelsen, a sales agent for The Flats, says many of the buyers are investors. The building has also been popular with suburbanites looking for a weekend outpost in the city and first-time buyers looking for way to get into the condo game, she says.
The project is 60 percent sold, according to Cornelsen.