Experts, What are your thoughts on 235 Van Buren st building in Chicago 60607. Is that a good area and a good building to buy? Thanks,

Asked by chinmay1_6_86, Chicago, IL Fri Dec 28, 2012

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Tamara Vesna TV’s answer
Tamara Vesna…, Agent, Chicago, IL
Wed Jan 2, 2013
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0 votes
Mike Opyd, Agent, Chicago, IL
Fri Apr 19, 2013
Great area but this is a poor building to buy into, they have struggling sales and prices continue to fall to get the unsold units sold. I'd avoid it.
3 votes
Jill Dana, Agent, Highland Park, IL
Mon Jun 29, 2015
I had a client just move into one of the amazing penthouse units and he loves it. The views from the 12 and 6 tier are stunning (east, west and south).
0 votes
Brian Bleers, Agent, Chicago, IL
Tue Jun 17, 2014
The area is great but I am not a fan of the building. It's a classic example of a developer that sacrificed quality for quantity. The units are small and cramped with inefficient floor plans.
0 votes
Sara McMurray, Agent, Chicago, IL
Mon Jun 16, 2014
This question was asked 18 months ago, but is still relevant as there are several units for sale in the building. Prices in Chicago have stabilized. This building is a solid investment for an individual or couple looking for a location in the SW loop. Great access to EL and both METRA lines as well as AMTRAK and easy I94 and Eisenhower for drivers. All units have balconies. Some are small, but there is outdoor space! and the living/dining/kitchen spaces have floor-to-ceiling windows for lots of natural light, even in the units with lofted 2nd bedrooms.

The building has no amenities which helps keep assessments down. You want a health club? Join. Want to see a movie? Watch in your unit or go to the theater. 235 W Van Buren is pet-friendly with no size or breed limits, and a dog-friendly park just south of the building.

VIEWS from many units, esp higher floors, are outstanding. This is NOT an elegant, plush building. It is an opportunity to live in a convenient location at a reasonable cost.

If you want a relatively inexpensive condo in the loop this might be the place for you!
0 votes
sacece, Home Buyer, Chicago, IL
Mon Dec 9, 2013
This building seems to have been selling a lot of units in 2013. Is the market picking up for this? Worth a buy now or this is just a bubble given the lack of inventory?
0 votes
Jinyuan_li, Home Buyer, Chicago, IL
Fri Sep 6, 2013
it is a bad idea. if you buy from them, be ready to pay thousands of development fee, two months vacancy fee and two month reserving fee. what is more, you will be asked to pay high property tax. I made a mistake last year to buy one unit there.
0 votes
I am trying or buy a condo for investment in this building. Looks like I am struggling to get a regular financing since this building is considered by FMC as non-warrantable. There are more than 50% rentals in this building. As a current owner, do you see any issues still or you are now happy that you bought one. Appreciate your thoughts.
Flag Tue Dec 23, 2014
Josh Marks, Mortgage Broker Or Lender, Chicago, IL
Fri Apr 19, 2013
Please give me a call or email:

Email: Jmarks@wintrustmortgage.com
Direct: 773.303.0033
0 votes
Dave Kumskis, Agent, Hinsdale, IL
Tue Jan 1, 2013
The best thing this building has going for it is probably the location. Located on the southern edge of the Loop it is walking distance to anywhere downtown especially the Board of Trade building and financial district. Also, universities are nearby.

The building is very starck. Mostly concrete and glass. The units are quite small however some have pretty decent views. The building also has few ammenities. Parking is 35k but that can be negotiated.

Also, many renters in the building. As others have posted this may not be the best building in the Loop, however if you can negotiate a good price and you like the building and location it maybe an OK investment.
0 votes
JIM Michaels, Agent, Chicago, IL
Mon Dec 31, 2012
just showed them yesterday email me at jmichaels@remax.net and we can discuss
0 votes
Manuel Brown, Agent, Chicago, IL
Mon Dec 31, 2012
Dear Purchaser,

You are getting some real sound opinions form my fellow colleagues. Ultimately, you should team up with a Broker who is familiar with the market you want to buy in. Nothing beats the experience of broker that knows you area as well as can run comparables so you know what is what. Viewing condos, home, apartments, etc., is a beginning actually visiting the properties will let you know even more.

Best of Luck and Happy New Years,

Manuel Brown, Broker
iMove Chicago
0 votes
Bill J Delig…, Agent, Naperville, IL
Sat Dec 29, 2012
Huge Variability in Recent Sales

Last 6 months:

1br/1ba: 8 properties from $199,900 - $248,700

2br/2ba: 23 properties from $257,900 - $551,000
0 votes
JIM Michaels, Agent, Chicago, IL
Sat Dec 29, 2012
just showed the building email me at jmichaels@remax.net
0 votes
David Hanna, Agent, Chicago, IL
Fri Dec 28, 2012
There are many variables to be considered if you want a good answer. The questions are all about you, your intentions as an owner and what is your source of financing?
There are pro and cons to this building, like all others. There is no way to answer this without much more information.
0 votes
David, I am looking to occupy it myself. Long term (3-5) years once my family grows, I would like to sell it and move in suburbs. I definitely want the property to hold the equity and if possible appreciate within that time frame. Do you see potential for this property to grow in future 3-5 years from now on?
Flag Sat Dec 29, 2012
Sohail Salah…, Agent, Chicago, IL
Fri Dec 28, 2012
Hi,

This building has had many issues selling their units. The units are solid concrete and very bare boned with minimal features, building has little amenities. Units are small with very small rooms and not much living space. Good security, 24 hour doorman and decent location however there are many other buildings that offer more in this price range.



Sohail A. Salahuddin | Founder

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Extraordinary Service For Extraordinary Lives"
0 votes
Philip Sencer, Agent, Chicago, IL
Fri Dec 28, 2012
This is one of the many modern/glass buildings that were built at the peak of the BUBBLE and were mostly disasters. Many of the units are small and non functional for furniture placement and closet space. The ultra modern look is not appealing to many people. The developer is still trying to unload a bunch of them. They are trying to sell parking at 35K which is a joke. I am not keen on it at all.
0 votes
Cindy Wilson, Agent, Chicago, IL
Fri Dec 28, 2012
Have you visited the building? Some of the units are very small and aren't terribly appealing. As Matt said, the comps are terrible as prices have been slashed, and there is a very high number of renters. Unless there's a great reason why you want to be in that building, I'd look for a more solid investment elsewhere.
0 votes
Matt Laricy, Agent, Chicago, IL
Fri Dec 28, 2012
I wouldnt buy in there. We live and die by comps in Chicago. The developer has been slashing prices in here for years, which means you lose equity every time they do so. They havent sold out yet, and everyone that has bought in here has come to the table to close with a ton of cash. Annnd its not even close to selling out. Bad buy in my opinion.
0 votes
What do you mean by we live and die by comps in Chicago? When you say, everyone that has bought in here has come to the table to close with a ton of cash. Do you mean the entire building is bought by investors?
Flag Fri Dec 28, 2012
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