Wednesday, May 24, 2017

Marina City condo sales: 300 N State in downtown Chicago

The unmistakable Marina City, 300 N State Street. The condos are often referred to as Marina Towers. All photos Eric Rojas and Bob DePalma, Brokers, Kale Realty

We have clients looking at two and three bedrooms Loop condos up to one million ($1,000,000) for their next home. It's a fun, bustling area where they walk to work and take in any number of cultural events any day of the week! We checked out Marina City for a renovation project. Although smaller and low in the price-point the great balconies are a big draw for our buyers.

MLS listings at iconic Marina City condo towers suggest their are 896 total condo units in the towers.  The past 12 months show 37 closed deals and over the past 24 months we see 88 closed deals on our MLS (MREDLLC).

Photo Eric Rojas, Bob DePalma - Kale Realty

However, only 5  two bedroom, two baths units have closed in the past 24 months ranging from $360,000 to most recently $565,000 for a completely remodeled unit on a high floor. The $565,000 was by far the biggest sale number by far for the building for some time.

In the last 12 months (5/24/16 to 5/24/17) 37 units have closed on our MLS.
  • Five studio apartments sold with a median price of about $162,500.
  • Thirty one bedroom units sold with a median price of about $248,000
  • Only one two bedroom unit sold in the past 12 moths for $565,000.  The home was purchased, renovated and resold (flipped, if you will...) to a happy new buyer.
One bedroom condos have a monthly assessment of about $450.00 and cover in part: Water, Common Insurance, Security, Doorman, TV/Cable, Exercise Facilities, Exterior Maintenance, Scavenger, Snow Removal. Coin laundry is on site as are several restaurants, cleaners and other amenities.
.Photo Eric Rojas, Bob DePalma - Kale Realty
Currently nine units are for sale with a median price of about $240,000.  There is a 57th floor two bedrooms unit on sale for $465,000.  57th floor! No way I get out on that balcony!

Learn more about Marina City HERE.  For a great downtown local news source check out Loop North News.

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