2-Bedroom in the South Loop Returns To Try Again: 1515 S. Prairie

We last chattered about this 2-bedroom at 1515 S. Prairie in the South Loop in November 2009.

1515-s-prairie-approved.jpg

See our prior chatter here.

Listed at $375,000 at that time, most of you thought it was overpriced for a newer construction unit in that location.

It was available for sale or for rent.

Withdrawn from the market in March 2010, it was recently re-listed in May of 2011.

The asking price has been reduced $25,000.

And it is also again available to rent. Whereas in 2009 it was apparently listed for rent for $2200 (that included the parking)- it it now listed for $2350 a month.

The unit has newer construction finishes including hardwood floors, maple cabinets, granite counter tops and stainless steel appliances in the kitchen and granite in the bathrooms.

It is the only 2-bedroom currently listed for sale in the building.

What will be the outcome for this unit this time around?

1515-s-prairie-_802-living-room-approved.jpg

1515-s-prairie-_802-kitchen-approved.jpg

1515-s-prairie-_802-bathroom-approved.jpg

Ricardo Jimenez at Keller Williams Lincoln Square has the listing. See more pictures here.

Unit #802: 2 bedrooms, 2 baths, no square footage listed

  • Sold in December 2003 for $335,000 (included the parking)
  • Originally listed in September 2009 for $375,000 (parking $30,000 extra)
  • Reduced
  • Was listed in November 2009 for $345,000 (parking $30,000 extra and must be sold with the unit)
  • Or for rent for $2200 a month (included the parking)
  • Withdrawn in March 2010
  • Re-listed in May 2011
  • Was listed in June 2011 for $350,000 (included the parking)
  • Re-listed
  • Currently listed for $320,000 (but parking is now extra for $30,000)
  • OR you can rent it for $2350 a month (includes parking, a/c, heat, gas and cable)
  • Assessments of $471 a month (includes cable, a/c, heat, doorman)
  • Taxes of $4075
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×11
  • Bedroom #2: 11×12
  • Living room: 12×18
  • Kitchen: 11×12

67 Responses to “2-Bedroom in the South Loop Returns To Try Again: 1515 S. Prairie”

  1. Maybe $310, with the parking. Like it better at $299, with parking.

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  2. Bob 2 (Not Bob) on June 27th, 2011 at 10:37 am

    No way this turd is fetching that kinda rent. What an awkward layout and cheapo finishes.

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  3. SoPoCo Lurker on June 27th, 2011 at 10:47 am

    Kill me now.

    $204,999

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  4. Bedrooms looks kinda sad but this isn’t a bad place, although in the south loop good luck trying to fetch $300 a sqft

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  5. 2 bed 2 bath with parking in this part of the south loop isn’t unheard of for renting 2200..i’d say 1800 or 1900 tops with parking is more realistic though.

    no way it’s getting more than 300k, parking included, and that is being optimistic.

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  6. “deeded pkg $30K must be purchased”

    How isn’t it misrepresentation of price if this is the case, and it’s not included in the list price?

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  7. Bob 2 (Not Bob) on June 27th, 2011 at 11:30 am

    “How isn’t it misrepresentation of price if this is the case, and it’s not included in the list price?”

    Because including a deeded spot just makes it harder to cross shop with everyone else (no one includes parking, it’s only fucked up if the parking is way over priced, but 30k is normal for garage parking in sloop). You could just resell it or rent it out if you really have no use for it anyways…

    “i’d say 1800″

    Yea that’s my guess too

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  8. The ask seems ridiculous on this. This looks like it is only about 1000 sq. ft., no? 260-270.

    A bigger (maybe?) 2/2 sold for 287 w/ parking in April – http://www.redfin.com/IL/Chicago/1515-S-Prairie-Ave-60605/unit-715/home/12679815

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  9. This is a beautiful building and great location at the end of a tree-lined street in Museum Park.

    I’d say $2100 would rent it.

    The deal breaker: no dogs allowed.

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  10. No way this turd is fetching that kinda rent. What an awkward layout and cheapo finishes.

    Bob – on occasion you are your own worst enemy. You often rant on about how people speak out on CC about subjects that they are not knowledgeable about and/or can not be backed up by numbers or facts. On this one you are the turd.

    Just rented a 1 bedroom within two blocks from this unit. It is older, smaller, and offered no parking. My wife had run ads for the space at 1600 then 1400 and had minimal response.

    Last week I ran a new ad that received strong response and worked! We signed a two year lease at $1500 for the first year, $1450 for the second year, and $1400 should choose to stay for the third year. After the weekend showings it is likely we left some money on the table but in return we appear to have found a very responsible three year tenant. To us that is more important than a few hundred extra bucks per year. My compliments to someone from CC (might have been you Bob) who mentioned that each year the landlord should actually lower the rent for a returning tenant. It is worth it not to have to endure the aggravation of finding a new tenant etc.

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  11. He is Bob 2 not the original Bob who remains bearish on housing.

    There is zero job creation in Illinois and our government is raising taxes on businesses. Its going to get ugly just like every other deep blue state as they respond predictably by increasing taxes and hindering job creation via red tape.

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  12. “My compliments to someone from CC (might have been you Bob) who mentioned that each year the landlord should actually lower the rent for a returning tenant. ”

    Wasn’t me as most landlords won’t go for this strategy although I did successfully renegotiate my renewal lease lower when the market tanked.

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  13. Sorry Bob (original Bob not Bob 2) as I misread the code name. I thought that it was unusual for you to come to such a strong opinion with the wrong facts.

    Good job renegotiating the lease lower. How much (as a percentage) did you get the landlord down? Was it in exchange for a one year or longer renewal? Were there other empty units in the building?

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  14. “My compliments to someone from CC (might have been you Bob) who mentioned that each year the landlord should actually lower the rent for a returning tenant. It is worth it not to have to endure the aggravation of finding a new tenant etc.”

    You could argue the rent should be raised b/c it would be worth it for the tenant not to have to find a new place.

    It’s true that all else equal, I’d rather get more money earlier than later, but I’m not sure as a landlord I’d want a tenant to feel like rents should decrease over time or negotiate a new lease with a low final year rent (I realize it’s all psychological).

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  15. Bob 2 (Not Bob) on June 27th, 2011 at 12:18 pm

    “Just rented a 1 bedroom within two blocks from this unit. It is older, smaller, and offered no parking. My wife had run ads for the space at 1600 then 1400 and had minimal response.”

    Maybe I just have the greatest rental deal in the sloop then? I pay 2100 for a unit that is far superior in every way.

    Do you have proof to show that this type of unit does go for around their asking price? (and this place is still a turd, just look at the pics and room sizes, my standards are too high to live in this even for free.)

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  16. “my standards are too high to live in this even for free.)”

    oh please get over yourself

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  17. Bob 2 (Not Bob) on June 27th, 2011 at 12:43 pm

    “oh please get over yourself”

    If I’d be happy with shit I wouldn’t be going to work every day. Nothing to get over.

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  18. “my standards are too high to live in this even for free.)”
    “oh please get over yourself”

    ??

    “you couldn’t pay me to live here”

    http://cribchatter.com/?p=10843#comment-166738

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  19. “It’s true that all else equal, I’d rather get more money earlier than later, but I’m not sure as a landlord I’d want a tenant to feel like rents should decrease over time or negotiate a new lease with a low final year rent (I realize it’s all psychological”

    Good point DZ however I suspect that the typical tenant of this particular unit is on a 3 year cycle. If it were a 2 bedroom perhaps longer but people renting seem to outgrow the space and look for a different option about every 3 or 4 years. In addition marriage, job changes, and many other factors seem to make it a higher chance of being higher turnover space.

    We seek to minimize the changeover and have had previous long term renters. To me having a constant is added value and worth extra dollars. After the third year if they want to renew the rent will reset to a new market rate with a potential for us to offer a two or three year fixed cap.

    Sure it’s all psychological however I’d rather have a tenant that thinks they have an awesome deal and fair landlord any day.

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  20. BOB- What do mean???
    There is zero job creation in Illinois and our government is raising taxes on businesses. Its going to get ugly just like every other deep blue state as they respond predictably by increasing taxes and hindering job creation via red tape.

    Right now I temporarily live in an Always is and Always will be RED state…ONE OF THE POOREST STATES. If you look at the 3 poorest states…ALL RED STATES. Believe me, they are doing worst than everyone.

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  21. DZ – Nice catch on Sonies comment.
    Bob2

    I’d suspect that you are likely taking the crown for the

    “dumb comment of the day”

    For free….. really. That is pretty serious smack talk. I’d bet that you could spend at least two 3 day weekends per month at the Peninsula for $2200 per month. I would learn to suffer for the other 24 days. By the time I get home and eat dinner on Mon to Thurs is it really that hard to sleep there. MAybe if you work from home I could see your point but for free you are lying to yourself.

    Where do you live? What is so special about your place. I’m also very particular about where we live but if it were free I’d sign up for a year, up my travel budget, and use that added cash to take some great weekend trips every month!

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  22. I doubt this will rent at $2200. my friends rented a much nicer and bet bigger place including parking in a full amenity building in museum park for $2300. albeit they decided to move in jan. and had 1 month to rent the place out so they were not being greedy with the price.

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  23. haha ohhhh busted!

    but seriously this place is at least 100x more liveable than that POS in wrigleyville where I couldn’t even fit my frickin bed in the bedroom!

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  24. From first glance, this building looks like a great place for a Bears fan, but there is no easy to way to get to Soldier Field – 20 minute walk. So close, yet so far.

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  25. Bob 2 (Not Bob) on June 27th, 2011 at 1:45 pm

    “I’d bet that you could spend at least two 3 day weekends per month at the Peninsula for $2200 per month.”

    Not my style, don’t care to live like a traveler. I only stay at hotels if I have to, would never voluntarily do so just for fun. Home is just more comfy psychologically.

    “but for free you are lying to yourself.”

    Really not, and my wife would veto a place like this anyways.

    “What is so special about your place”

    Primarily the view, it’s the best I’ve seen so far, but other than that it’s nothing all that special. It does have a far more sensible layout, much bigger rooms and feels plenty spacious due to floor to ceiling windows and being a corner unit. It’s on the cheaper end of things finish wise, but tastefully done and my master bath vanity actually has 2 sinks and are even under mount (unlike this wtf master bath). Primarily I think the $2350 rental asking price is insane and I’m shocked there’s people here that think it would rent for 2k+.

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  26. I like it, but it seems over priced. I would say $275,000 with the parking.

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  27. Wouldn’t this be a better deal? http://www.redfin.com/IL/Chicago/1521-S-Indiana-Ave-60605/unit-P/home/14083476 It comes with a 2-car garage and lower assessments.

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  28. I don’t know EB that place is pretty ugly too : )
    how about something like this one? (i know the kitchen is hideous)
    http://www.redfin.com/IL/Chicago/1322-S-Prairie-Ave-60605/unit-1413/home/12694380

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  29. Miumiu – Wow that was a good comp for the hood. A 1200 sq ft 2 bedroom closing in May for 341K was optimistic for that area. Kudos to the seller!

    Bob2 – At times you sound like a grumpy old man. I can understand that living like a traveller is not fun. Did that for years and it got really old at times but travelling for fun when and where you want to is one of our (wife & I) favorite things.

    Nothing beats seeing new places and staying in a great 5 star hotel. Considering how picky you are about your surroundings I’d highly suggest that you start sampling a few higher end hotels. I’ll be at one of my favorites again next week. Check it out.

    http://www.skyloftsmgmgrand.com/flash.html

    If you want a truly decadent experience in Las Vegas stay here for a few nights. It is an awesome cool loft with incredible electronics including a Crestron system and Bang and Olufsen sound system! You will arrive in a Maybach and depart relaxed feeling like a rock star. There are not many other hotel rooms like this for the money. Summer special thru AMEX for $510 per night. Truly an incredible value for the money. The same room often rents out for $3000 per night when there is an event in town.

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  30. The only downside of staying in 5 star hotels is that I end up coming home and wanting to upgrade my loft to the standards of those designer suites.

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  31. @jp3chicago

    Regarding Las Vegas – two points

    #1 Summer rates are traditionally lower in Las Vegas (desert heat)

    #2 Although Skylofts is nice eventually you are in the MGM which isn’t at the same level as other Vegas strip properties. So its great if you are holed up in the room the entire time, but once you are out of the room – bleh.

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  32. “If you look at the 3 poorest states…ALL RED STATES. Believe me, they are doing worst than everyone.”

    No. Texas and Florida are actually creating jobs (R govs). Illinois, New York & California are creating more food stamp recipients (D govs).

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  33. “You could argue the rent should be raised b/c it would be worth it for the tenant not to have to find a new place. ”

    I would never spring for this. Sounds like the landlord is trying to take advantage of tenant inconvenience to push through a price increase. You could attempt it, but I would never let the tenant know the rationale.

    Also if you’re renting other units tenants can check those prices on craigslist (at least with buildings with a lot of units). We tenants don’t seem to want to pay more when ask rents we find on the internet for comparable units are higher, though :D

    What I do as a tenant when I find a place I like is find out the ask price and if it’s ballpark and I know the area I offer ~10% less with a two year lease commitment.

    Also to get the best possible rent moving in the winter is the way to go. In the summer there are tons of transients/foreign exchange/students in town and it’s far more pleasant to move so everyone does it but in the winter landlords really have to bargain to get a tenant in there. You can get much better deals.

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  34. “If you want a truly decadent experience in Las Vegas stay here for a few nights. It is an awesome cool loft with incredible electronics including a Crestron system and Bang and Olufsen sound system!”

    I love Vegas because I am frugal and Vegas way overbuilt during the boom. It means you can stay at a really nice hotel off peak (like Aria) for under $90/night or even an older hotel room downtown basically almost free.

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  35. i’m sure you’re a real hit with the ladies there, bob

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  36. “i’m sure you’re a real hit with the ladies there, bob”

    Generally don’t go there for random hookups. The herp doesn’t tend to stay in Vegas.

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  37. “You could argue the rent should be raised b/c it would be worth it for the tenant not to have to find a new place. ”

    “I would never spring for this. Sounds like the landlord is trying to take advantage of tenant inconvenience to push through a price increase. You could attempt it, but I would never let the tenant know the rationale.”

    Agree with you on this. Just seemed to me the natural counterpart to the landlord inconvenience of finding new tenants rationale for lowering rent suggested above.

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  38. “Generally don’t go there for random hookups. The herp doesn’t tend to stay in Vegas.”

    how would you know? I’d wager 5-1 odds that you’ve never got any there anyway

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  39. I kid, I kid

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  40. Isn’t 1515 prairie the building discussed here that with some problems or is it 1717 s prairie or both building have some kind of problems and lawsuit against the developers?

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  41. “how would you know? I’d wager 5-1 odds that you’ve never got any there anyway”

    And you’d lose. :P It was awhile ago though not sure I could pull it off as easy. (And no didn’t pay for it–for 700/hr they better show me where curly’s gold is).

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  42. to above poster ‘bugs’

    this place isn’t really ‘true’ museum park. It doesn’t deserve to fetch the 2k+ the 2 bedrooms rent for around 13th/prairie. I was paying ~ 1350 or something for a beautiful 1 bed with parking and cable on 13/prairie, 850 sq feet i think.

    Bob,

    you like Aria? i wasn’t that impressed with the cosmo/aria/ complex. still think venetian/palazzo/wynn have a more lux vibe.

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  43. Haven’t stayed there yet but they & vdara were running a promo for $80/night not long ago. And vdara has that death ray next door for those in a hurry for a quick burn.

    Hotel occupancy rates are definitely above 2009 levels, but they are still well below 2007 and that city centre is huge.

    The new capacity causes a rippling effect on other Vegas hotels (for instance you can get a Luxor room for $45 I hear which is supposed to be a 4-star property).

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  44. gringozecarioca on June 28th, 2011 at 3:55 am

    i absolutely think vegas was probably nicer when it was a desert and think it probably best to return it to one. Just a classless joke of a cocentrated shithole.

    Hey look we flew 5 hrs to see the wollyworld eiffel tower when we could have flown 7 and been in paris. Fuckin never!!!

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  45. ze, couldn’t agree more. haven’t been there and no plans to go either. at least come up with your own ideas instead of making cheap replicas of other people’s land marks. btw, unless you gamble why would anyone even go there?!

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  46. @ ashley. it is 1717

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  47. bob go southwest vacations, i got a deal for 2 nights at the mirage and my flight for $500 total

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  48. also vegas is fricking great

    unless you’re a stuck up tool who can’t let loose and have some fun

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  49. “Skylofts is nice eventually you are in the MGM which isn’t at the same level as other Vegas strip properties”

    So true so true… however it has my favorite steakhouse Craftsteak and there is not a better pool option called Wet Republic.

    In general Vegas provides four things.

    A great cheap escape
    Excellent dining options
    Gambling
    Sunshine

    I try to get out there two times per year. Stayed at the Mandrian in April and will just be back for one night this time around. Deal city indeed. I’m on many email blasts from the casinos and they are offering free free and heavily discounted rooms. Hard Rock offered me $200 night with a suite and cabana the next day with a bottle of Sky Vodka. I declined.

    Skylofts Amex rate is $510 and includes a $100 spa credit $50 dining credit, 4 pm checkout, upgrade to the 2 bedroom suite, limo transfers to/from airport and passes to Wet Republic pool. Not too shabby. It’s still the MGM but it rocks.

    Vegas is like Chicago condo market. Huge oversupply and no one to take it out meaning market rates dive on off nights.

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  50. “unless you’re a stuck up tool who can’t let loose and have some fun”

    or you enjoy it if you have a taste for cheap fake stuff and overweight alcoholics and man who cannot get attention of a woman unless they are paying for it : )

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  51. seriously if you have never been don’t talk. I used to think the same way about vegas until I actually went. boy was I wrong!

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  52. that is a fair point. just thinking Celine Dion has (had) a regular show there kind of lifts the trash score to infinity for me though : )

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  53. formerroscoevillager on June 28th, 2011 at 9:44 am

    the Hunt Club anyone?

    “or you enjoy it if you have a taste for cheap fake stuff and overweight alcoholics and man who cannot get attention of a woman unless they are paying for it : )”

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  54. Hey it’s absolutely a weird scene but so are many famous summer vacation destinations. Look at all the interesting tourists in NYC this summer. How about the line-up in South Beach. Perhaps the bus tour folks hanging out at the Grand Canyon, Yellowstone, or any other famous national park. They all fill up with a non-stop parade of unusual people watching oportuunities.

    On the plus side at least those destinations also have some iconic scenery. I do not find the natural scenery of Vegas that spectacular but that is another topic.

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  55. no but on the flight home from vegas you can see the hoover dam and the grand canyon which I thought was pretty cool

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  56. “Excellent dining options”

    Even the sub-$15 buffets are quite good. But when you start talking about the $30+ ones with things like lobster…mmmmmm…..

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  57. “or you enjoy it if you have a taste for cheap fake stuff and overweight alcoholics and man who cannot get attention of a woman unless they are paying for it : )”

    Women love Vegas, too, miumiu, at least most American women I’ve run into. Something to do with the nice hotels (so long as you’re staying in one) and lots of shopping options. Vegas has something for everyone..well, everyone with money, that is :D

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  58. “I do not find the natural scenery of Vegas that spectacular but that is another topic.”

    Camped out at Lake Meade (sp?) once; pretty nice.

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  59. miumiu you would be in heaven here

    http://www.crystalsatcitycenter.com/

    I ate at the wolfgang puck in there and was like holy crap this is high end shoppin!

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  60. Sonies – you chose well. We ate at Todd English Pub and it was not so good.

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  61. Vegas was dead on we’d and Thursday. I did notice that there were plenty of drunk overweight people everywhere!

    BTW when did the pool daytime nightclub theme start? Very odd.

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  62. ” I did notice that there were plenty of drunk overweight people everywhere!”

    so in other words – very much like chicago on the weekend…..

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  63. gringozecarioca on July 2nd, 2011 at 11:08 am

    “unless you’re a stuck up tool who can’t let loose and have some fun”

    If you don’t gamble, you can cause all the trouble in the world in many other places.

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  64. Gringoze – We are in the early stages of planning a trip to South America this fall. Any thoughts? Current ideas include B.A., Argentina – Carmelo, Ururugay and in Brazil Sal Paulo and or Rio are the top candidates there.

    Any thoughts would be appreciated.

    jp3chicago

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  65. gringozecarioca on July 2nd, 2011 at 7:12 pm

    “Any thoughts would be appreciated.”

    My pleasure but many people over now, tomorrow will be best. Great trip though but my advice starts at scrapping Sao Paulo from the itinerary.

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  66. I’m a real estate broker who lives in this building and you can be sure that this unit will sell for over $300k with parking. Two bedroom condos here in Prairie House virtually always go for over $2k/month. I even have a new lease on a 1 bedroom for over $2,000. People shouldn’t really rip on stuff that they have no first hand knowledge.

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  67. amy-realtor-chicago on July 26th, 2011 at 1:02 pm

    I don’t get crib chatter comments at all. Most times, I think the commentors live in their own world and really need a reality check. They just vent out their random thoughts here.

    I have lived in the building last year. As a realtor (ex-realtor since July 2011), from my experience, the building is very well managed. As a realtor, I have seen the HOA minutes and other documentation of the building. The building is financially sound and has a well-planned and execution model, no liens, no litigations, no special assessments – which cannot be said about most buildings in Chicago right now

    As a renter, my experience was pretty good. The staff is very prompt in answering any questions and taking care of issues. Issues like even a small leakage are taken very seriously and handled promptly. The door-mans are very professional and so are the other Sudler agency members. The assessments are reasonable for the amenities offered(strictly my opinion) and include everything except electricity. Nice gym, nice common area, nice terrace. The street is lined with trees and has many pretty private condos (I believe Daley lives in one of them). Dogs are allowed in the building, AFAIK.

    I paid around $2175 for a 2-bedroom condo + parking with a long term lease and even as a realtor I think it was a good deal because the condo was nice and sunny with a pretty kitchen (such as wall-unit ovens), very good rooms and bathrooms and a nice view of the lake/soldier field. I think 2-beds apartments in the buildings are sold for $310K+ with agonizing short sales hovering near $300K.

    There are some lofts on 13th/14th Indianna /Michigan – small dark 2 -bedroom places that fetch around $1900-$2000 in rent. Honestly, $1800 for a 2-bedroom in south loop won’t get you much. You get what you pay for!

    Phew! long comment – but atleast it might be useful for someone coming here for some useful comments.

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