Feeling the pain: Owners unloading at Avenue East in Streeterville

Avenue East, 160 E Illinois St, Streeterville, ChicagoAvenue East, 160 E Illinois St, seemed to have a steady stream of homes coming back on the market last year, and saw about one sale a month during 2010.

Yesterday afternoon I looked up all the info I could find on the tower’s current listings, and found that everything with a sales history was going at a loss, and in all but a couple of cases, those losses are pretty significant — anywhere from 21% to 41% off original sale prices in 2007 (and in one case, a price from 2009).

It’s worth noting that these homes aren’t all lingering without takers; three of the seven homes I looked at are under contract, awaiting the resolution of contingencies.

The discounted resales include:

  • Unit #1803: Studio with 722 square feet; sold for $372,500, listed for $249,000 (short sale). Taxes, $4,297; assessments, $406. On the market 288 days.
  • Unit #1805: One-bedroom / 1.5-bath with 1,071 square feet; sold for $482,400, listed for $282,900. Taxes, $6,594. On the market 34 days; under contract.
  • Unit #1205: One-bedroom / 1.5-bath with 1,071 square feet; sold for $453,000, listed for $290,000 (short sale). Taxes, $6,315; assessments, $576. On the market 191 days; under contract.
  • Unit #1905: One-bedroom / 1.5-bath with 1,071 square feet; sold for $380,000, listed for $301,200. Assessments, $595. On the market one day.
  • Unit #1506: Two-bedroom / two-bath with 1,400 square feet; sold for $670,500, listed for $499,900 (short sale). Taxes, $9,008; assessments, $746. On the market 419 days; under contract.
  • Unit #1602: Two-bedroom / two-bath with 1,294 square feet; sold for $625,000, listed for $599,000. Taxes, $5,489; assessments, $704. On the market 14 days.
  • Unit #806: Three-bedroom / 2.5-bath with 2,142 square feet; sold for $1.08 million, listed for $995,000. Taxes, $12,103; assessments, $1,107. On the market 132 days.

In 2009, Mark Boyer stopped by Avenue East to get a look at the building’s model and amenities, and brought back this video:

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