Home Buying in Chicago>Question Details

Southbreezer, Home Buyer in Chicago, IL

Can I have your opinions on 512 n McClurg, 505 n mcclurg, 240 e illinois and 25 e superior? In the market for a 2/2 soon

Asked by Southbreezer, Chicago, IL Mon Jan 23, 2012

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Hi Southbreezer,

At the end of the day the critical component relates to what you want in terms of location and building. With respect to the buildings you have indicated my preference is The Fordham at 25 Superior. I never gained affinity for 512 McClurg - the lobby feels like an airport and while I am sure the building has a limit on rentals it has a rent-heavy feel. Both McClurg locations have an out of the way feel to my way of thinking, as does 240 Illinois even though it is a stones throw from Michigan Avenue.

Perhaps a good next step for you is to determine if any of the brokers who have responded to your question are of a type and caliber that seems capable of assisting you to sift through inventory to move ahead with your purchase. Once you identify a broker and establish a price parameter you can undertake a specific search that is rooted in the location you want respective of current inventory.

If I happen to be that broker, wonderful! If another agent is your preference, I bid you the best of luck toward your new home.

Tom McCarey
The Real Estate Lounge Chicago with @properties
Award-Winning Broker Since 2002
More than $160 Million in Personally Negotiated Transactions
Expertise in Luxury Home Marketing, Buyers' Representation, Contract Negotiation

My Blog is Organically Grown and Tops in Chicago
1 vote Thank Flag Link Mon Jan 23, 2012
I do not like any of the all glass new construction buildings built during the bubble years. They were poorly constructed, have bad floor plans and were purchased with mostly toxic loans that continue to create short sales/foreclosures so not sure about resale values. Some have special assessments already.
I also would not pay near 40K for parking.
I would tend to prefer 512 Mcclurg, but how about 505 LSD?
1 vote Thank Flag Link Mon Jan 23, 2012
Hi, My name is Cathleen Walker call me anytime on my mobile 312.264.1182 to discuss and then we can meet. I lived at McClurg Court so know it intimately and have knowledge of the others and very familiar with the area and amenities. thanks, also email me @ cpwalker@rubloff.com.
Web Reference: http://www.rubloff.com
0 votes Thank Flag Link Mon Jan 23, 2012
just sold a unit at 400 E Ohio for 600 K ish.. the owners have about 710K into it so we are looking at a 15% loss plus no appreciation for 4 years so all the payments are lost income. That being said the Streeterville area is better than most and a favorite of mine..convenient, safe, developed, and affordable for high earners. each of those buildings has legs for different reasons.. to say one is better than the other is clearly reflected in price points and obvious when you look at them.. they all have features and drawbacks. In the end..your investing in the right areas.. call me when your ready.. I have have clients and family who live right there..
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Mon Jan 23, 2012
Thanks all! Of course i plan to enlist an agent when I am ready to begin my search. Just looking for some opinions in the meantime. Appreciate the info.
0 votes Thank Flag Link Mon Jan 23, 2012
They all have excellent locations and were built within the last 10 yrs. If you have some flexibility with geography, then plenty of 2br/2ba condos out there that can be obtained at much better prices. Find a buyer's agent to represent your interests.
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Mon Jan 23, 2012
Hey Southbreezer,

I agree with Stacy in regards to 240 E. Illinois. The building and amenities are excellent, the homes have great layouts, good sqfootage and finishes.There are a mix of loft and non-loft homes in the building and I would highly recommend the non-loft homes. For resale, I feel this building will be much better than the rest as well.

If you are looking for a less expensive building 512 N. McClurg will be it. Built in 2002 the finishes and style of the homes generally aren't as nice as a building like 240 E. Illinois. Although some homes have been upgraded and the views can be awesome, it's just not as premier of a building - great for someone on a lower budget.

505 N. McClurg is another great building and will be some of the most expensive in your search. Newer construction building with great amenities, the homes have excellent sqfootage (over 1100 for a 1Bed) and the finishes are also great. The biggest issue could be that the developer still owns units in the building and I would be afraid they would lower prices to unload the last units.

You can't beat the location for 25 E. Superior. The building and homes are very nice but if in my opinion I just like the style of 505 McClurg and 240 Illinois better. May be the floor to ceiling windows!

Like others have said below, your first step is to get an official pre-approval from your bank or a lender (I can give you a referral). You also need a great Buyer's agent to work for you and I would love the chance to sit down and go over some options with you. I've worked in the neighborhood for years and have visited all of the buildings mentioned above!

Jeff Stewart
REALTOR®, @properties
212 E. Ohio, Suite 200, Chicago, IL 60611
309-269-3499 CELL
jeffstewart@atproperties.com
0 votes Thank Flag Link Mon Jan 23, 2012
Get a good buyers agent and have them set you up with an appointment to check them out! 512 McClurg is an ok building with layouts that are a little cookie cuttery. 240 Illinois I like the non loft units. 505 McClurg I dont really like the building at all. And 25 E Superior is just "ok." I personally feel for what you would pay for a 2/2 in these buildings, there are better options out there. I would be happy to discuss them!

Matt Laricy
Americorp Real Estate
Managing Broker/Partner, e-PRO
mlaricy@americorpre.com
708-250-2696
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Mon Jan 23, 2012
All are solid buildings and worth checking out. There are only a few 2bd units available in each, so it won't be hard to tour them all and get a feel for them. You'll want to find out the particulars for each building (i.e. reserves, recent or upcoming capital improvements, % of owner occupancy, etc), but more importantly, you'll get a feel for the overall character of each building and decide if it's for you. Let me know if I can help!
0 votes Thank Flag Link Mon Jan 23, 2012
My personal opinion of quality/$$$ per square foot is 240 Illinois. Of course view, upgrades and seller motivation will also impact the decision. I would be happy to help if you are looking for buyer representation.
Web Reference: http://Www.CONDOChicago.com
0 votes Thank Flag Link Mon Jan 23, 2012
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