Get a 2/2 with Lake Views for $340,000 in the South Loop: 1464 S. Michigan

1464-s-michigan

This 2-bedroom in The Marquee at 1464 S. Michigan in the South Loop came on the market in May 2016.

The Marquee was one of the last condo buildings completed in the South Loop before the bust hit as it was finished in 2008.

It has 214 units and a parking garage.

This unit, on the 21st floor, has east views of Soldier Field and the Lake.

It has 10 foot ceilings and hardwood floors in the main living area.

There are marble and stone bathrooms.

The listing says it’s a “gourmet kitchen” with granite counter tops and stainless steel appliances.

It has central air, washer/dryer in the unit and parking is included.

The listing says the second bedroom is “lofted.” Any ideas what that means?

The listing also says its 1200 square feet but a listing for the unit as a rental says it is 1000 square feet.

This unit has been reduced to $315,000 with $25,000 for the parking from $399,900 in May 2016.

Is this a deal compared with rental prices in the neighborhood?

Akos Straub at Coldwell Banker has the listing. See the pictures here.

Unit #2103: 2 bedrooms, 2 baths, 1200 square feet (or 1000 square feet?)

  • I couldn’t find a prior sales price but the CCRD continues to be offline for me
  • Originally listed in May 2016 for $399,900 (not sure if this included the parking)
  • Reduced several times
  • Currently listed for $315,000 (includes $25,000 for parking)
  • Assessments of $431 a month (includes heat, gas, doorman, exercise room, exterior maintenance, lawn care, scavenger)
  • Taxes of ? (I can’t find them)
  • No pets
  • Developer controlled management
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×11
  • Bedroom #2: 11×10
  • Living room: 13×18
  • Kitchen: 13×10

11 Responses to “Get a 2/2 with Lake Views for $340,000 in the South Loop: 1464 S. Michigan”

  1. So much fail in one building

    Gourmet kitchen – GFTO

    Looks like you share a deck with your neighbor, nice

    Looks like a low grade Holiday inn

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  2. Low grade Holiday Inn or high end Section 8 candidate.

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  3. Why is this place photographed like a foreclosure? And why is there a dog run if there are no pets allowed? “Gourmet kitchen” might be a stretch as well…

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  4. Prior sale = $325k in Jul-08.

    Owner holds it thru a self-directed IRA.

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  5. Better hope your neighbor isn’t a smoker or a burglar and that they don’t air bnb their place to a smoker or a burglar…

    My guess is that “lofted” means they didn’t bother trying to hide the duct work and that there are no windows but rather 3/4 walls.

    They certainly didn’t splurge on that kitchen did they? On the bright side, it looks like you could easily fit a much larger fridge in there 😉

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  6. Imagine you desperately need to put something in / take out of the dishwasher and the oven at the exact same time. Lol. Not saying that the need occurs frequently in real life but it cannot ever occur for the occupant of this little box of settling for less.

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  7. “Imagine you desperately need to put something in / take out of the dishwasher and the oven at the exact same time. Lol. Not saying that the need occurs frequently in real life but it cannot ever occur for the occupant of this little box of settling for less.”

    There is a chance that the dishwasher hits the oven when it opens. But it is nice to be able to get in the dishwasher if someone else is at the stove.

    And Liz, I think you’re right about the “lofted” bedroom too. It’s terrible listing and a cramped unit.

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  8. Yeah its bad but you get a sweet lake view and its cheap, in a good area, what are you expecting

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  9. Sonies – – I agree it seems cheap.

    I believe god is in the details and the fit and finish of this unit makes me wonder about the overall development quality. I would file this one in the life is too short pile unless you are a professional flipper and see some value here… If sales of updated units indicate that putting any money into this one would be worthwhile, I agree it could be a good project. Could also be a special assessment hell awaiting a naive buyer. I don’t know. More research required.

    I just got a Redfin “sold” update and it seems to me like this buyer did well – – granted, also with what appear to be original finishes, but a generally higher quality feel and IMHO, a comparable if not better location and they didn’t play games with the parking:
    https://www.redfin.com/IL/Chicago/1309-N-Wells-St-60610/unit-602/home/12815491

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  10. Yikes. Check out the ceilings in unit 507: https://www.redfin.com/IL/Chicago/1464-S-Michigan-Ave-60605/unit-507/home/39570955

    Perhaps the lofted 2nd bedroom has exposed concrete ceilings?

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  11. yikes! those ceilings are really bad… but easily fixable with a skim coat or something

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