Way back in 2006, Yo reported on the condos for sale at the Flats on LaSalle, a 250-unit conversion by Metropolitan Development Enterprises. None of the tiny homes was larger than 400 square feet, and the low prices matched the small living areas.
Today, two years since the project first made our radar, the Flats on LaSalle is 65 percent sold. A number of floor plans are entirely sold out, according to Metropolitan’s Jim Wayman, including all the one-bedroom models. There’s still no parking, but the address (1140 N LaSalle St) is very close to the coveted Gold Coast.
That leaves the remaining condos – all studio or studio-plus layouts – about 45 days from delivery, but that’s only so the builder can install the latest furnishings for new buyers.
“We still have to go in and put in granite countertops, stainless-steel sinks,” says Wayman.
Floor plans 2 – 6, 10, 11 – 16, 18, 19, 20, 22, 24, 25, 28, 29 and 30 are still available.
Prices have edged up quite a bit since 2006, when Yo gleefully reported on the sub-$100,000 homes available at the conversion. Current prices range from the $120s to the $140s.
I wonder if REIC has bought any more units?
http://tinyurl.com/2otrl8
This conversion is such a joke. They’ve been 65% “sold” for nearly 2 years now, according to their sign out front. If you absolutely must own something in River North and can only afford $120,000, that would be about the only reason to buy here. I don’t see this as being an attractive building to investors or owner-occupants, for the most part.
Kurt, I can imagine an “investor” buying up a bunch of these units and renting them out to students or young workers in hopes of making a small profit. In fact I would guess that the primary demographic in this building now is about the same as it was pre-conversion, only the residents are now renting from individual condo owners rather than the apartment management.
Agreed…one of the dumber conversion projects of the new millennium so far.
I bought a condo in this development last year and placed an ad on Craigslist to find a renter. Within two hours, I had a dozen emails and it’s been rented out ever since. From what I understand, most – if not all – the units are rented out.
I don’t make a ton of dough, but when this market turns around and I sell – I guarantee you I will sell it for much more than $120K.
I am sorry prices have gone up, because I was considering buying a second unit.
Anon1,
Any reason for your posting under different names?
Doing so undermines the credibility of what you have to say.
I don’t want my tenant or others knowing my investments. It’s nothing nefarious – I don’t think it undermines the validity of the comment.
(BTW – Like the site, Joe!)
So the developers are raising prices as sales stagnate? Someone needs to explain the law of supply and demand to these people.
Stop picking on buyers. Why not pick on the City!!!!!!!
Coming up with a 1% buyers tax on Real Estate in this current market.
Actually, the prices haven’t gone up (from the developer that is) since Barry Pearce reported on this development nearly one year ago to the day.