Flipper Alert: First Flip Appears in The Legacy: 60 E. Monroe in the Loop
The first flip has appeared in The Legacy at 60 E. Monroe as well as the first interior pictures.
This 1 bedroom plus den closed just 7 days ago for $417,453 and already is back on the market for $499,000 (parking is extra.) I don’t know if the original close included the parking space.
From the pictures, it appears that it faces west- so no lake views.
The kitchen has the usual granite countertops and stainless steel appliances.
Is the downtown market healthy enough for successful flips?
Kim Jones at Baird & Warner has the listing. See the pictures here.
Unit #2606: 1 bedroom plus den, 1.5 baths, 975 square feet
- Sold in November 2009 for $417,453
- Currently listed for $499,000 (parking extra)
- Assessments of $359 a month
- Taxes are “new”
- Central Air
- Washer/Dryer in the unit
- Bedroom: 13×11
- Den: 8×8
- Living room: 17×14
- Kitchen: (dimensions not listed for some reason)
I’m balking at 500 per sq ft in the area with park and lake views.
The floor plans that I have indicate that it faces west: http://lucidrealty.com/legacy_at_millennium_park.php
You can also see the Sears Tower (it will always be the Sears Tower) out the window.
So…someone is trying to flip at a profit in this market?
BTW, I think it’s a shame when they don’t fill in the exposure field in the MLS.
“BTW, I think it’s a shame when they don’t fill in the exposure field in the MLS.”
If it’s not filled in, just assume the worst. Anyone that pays more that $417,453 for this is a complete idiot.
good luck flipping this thing.
if these are going to be the places in your neighborhood:
http://cribchatter.com/?p=7725
half a block away, you get a 2 br below 200k…. well let me see what i prefer. a 1br for 0.5M without parking, or a 2br for less than 200k…. of course you cant compare the buildings, but you can compare the space and area outside.
Correct me if I’m wrong but aren’t the rules of trading: buy low and sell high? They should’ve looked at properties on the market in that area before buying that.
$500/sf? Only if the kitchen, baths and closets take up half the unit size. The small listed rooms total under 450 sf.
I’m going to enjoy seeing da mayor’s cronies take a beating here. BWAHAHAHAHAHAHA!
I admit it. I’m a bigot. I like old town and downtown living for these prices in so so buildings just doesn’t appeal to me. If I were in the general area, I’d much rather be in Printer’s Row where I am still close to a downtown office and be in a area with some character.
Thanks for the info on the view Gary. I changed the post to reflect that it is west. I couldn’t totally tell from the pictures because you can also see Trump Tower pretty clearly- which is to the north.
There’s a 2/2 we chattered about in the Heritage a few weeks back that faces west that is priced at $399k now (parking extra.) Similar finishes to this building (same developer.)
$499K + parking? It’s only 8:27 AM, it’s too early to be high.
I guess someone didn’t get the memo.
I lived in the Heritage, same developer exactly the same cheap finishes.. I see they have even installed the same noisy electric heat baseboards that keep you up all night. Very expensive to heat.
Nice from the exterior, but that is about the end of the story here.
“I guess someone didn’t get the memo.”
Russ i think you forgot to add the TPS Report cover sheet to it.
Wait Russ Did you date the TPS Report cover sheet 11/16/2007?
My uncle and his wife are moving into a place in this building… I seriously hope they didn’t pay $500 per sqft!
It is a much nicer building than this dreadful unit shows! Some of the east views are incredible, but this place is laughably high priced.
Interesting comparisons to the Heritage. I had clients that looked at both the Heritage and Legacy and opted for the Heritage because they knew what they were getting (Legacy was still a concrete shell when we went up) and it was cheaper. There was also a concern that it was going to run into the same problems that Trump did, with buyers unable to close and distressed sales back on the market. Remains to be seen.
I do remember that the Legacy had decent west facing views at the higher floors and I know that the Heritage lower floor west facing views really suck – ugly rooftops.
That’s ok sonies, they can always claim “whocouldaknown?”
Yeah if it’s a pure West view then I think this thing should price with $3xx handle in line with other city views like in The Heritage, Park Monroe, 340 on the Park.
“That’s ok sonies, they can always claim “whocouldaknown?””
Why, they don’t plan on ever selling the place since this is where they are going to retire, and more than likely paid all cash for it. Yeah they overpaid, but so what someone overpaid for their mansion in Northbrook to buy the place too.
In real estate you win some and lose some and if youre lookin to make money and live in a place, you better buy before a bubble, be an urban pioneer or pray for some government intervention where you live.
Or you can just buy a place because you like it and want to live in it for a while and have some “forced savings”. But that’s ok, some people see everything as an investment, which is cool that’s their own prerogative.
Sonies,
Because you have alternatives like renting and investing the difference, you should look at housing like an investment. It’s the folks who rationalize purchases as you do that lead to getting upside down on housing.
“Because you have alternatives like renting and investing the difference, you should look at housing like an investment. It’s the folks who rationalize purchases as you do that lead to getting upside down on housing.”
(Beware, unconscionable bragging follows.)
For you maybe, but we bought for a variety of good and not so good reasons. We do not look at our place in Chicago as an investment. I would not be shocked if we did not get all, or most, of our 20% down payment back when we sell in five years or so. And, I wouldn’t care. Our condo is for fun, which is especially true for we older folks already collecting from defined retirement plans, having current jobs and social security, and looking forward to tapping relatively large IRAs. We saved and invested and benefited from the incredible increase in real estate. The money is there for us to use, not just sit there in investments where we could loose everything and never get any pleasure from the money.
In any case, a house/condo is a real thing that you can enjoy. It’s tangible and tax deductible. It’s a place you can sit in and look out at Chicago’s great skyline. For my wife, who works really hard, and who grew up poor and without parents it’s a sign that she did fine.
As our son said to us when we pulled up the shades the first evening he came with us to Chicago and he saw all towers lit up outside our windows: “When did you guys get so cool?”
Insane! Should be more like $299,000, not $499,000. They pay 10-20% over what it’s worth and then try to make another 20%????
Maybe it’s a divorce situation and the guy’s trying to piss away all the money before she gets it.
I scoff in the general direction of this unit.
SquareD: Fetche le busche!
“Why, they don’t plan on ever selling the place since this is where they are going to retire, and more than likely paid all cash for it. Yeah they overpaid, but so what someone overpaid for their mansion in Northbrook to buy the place too.”
Tell your uncle to brush up on his racquetball and squash games. Because I might purchase a 1/1 for 300k-ish in a couple years here and want some competition at the University Club.
maybe it’s depth perception but the fridge looks bigger than the bedroom.
Steve A… you mean to say “our timing sucked but we will live with it”
While I’m with Steve A on the importance of enjoying your housing, not merely buying for ROI, I still wouldn’t find this unit interesting even at the original price – too small, too expensive for a west view. We looked there before we bought our condo, last summer and didn’t like it nearly well enough for the money (at least, not facing west).
“Yeah if it’s a pure West view then I think this thing should price with $3xx handle in line with other city views like in The Heritage, Park Monroe, 340 on the Park”
Isn’t this building where this unit is located the Park Monroe?
“Isn’t this building where this unit is located the Park Monroe?”
Park Monroe is at 65 W Monroe, on the southern side of the street. Which is currently having a special on similarly-sized units for around $100k less, I might add.
To restate the obvious: this seller did not get the memo regarding market conditions.
Ze Carioca
“Steve A… you mean to say “our timing sucked but we will live with it”
I’m 67 years old. I’m supposed to wait six months; a year; two years for the bottom of the market? I don’t think so. I had the money, and I intend to enjoy it now while I still can.
Steve A
With a steady check from a defined benefit pensions from some source (hopefully a creditworthy counterparty) you have pretty unique circumstances. That said investing the difference can still make sense even for retirees. Life expectancies are extending so don’t over-estimate your nest egg. I wouldn’t be so fast to dismiss a potential sale in 5 years and taking a loss.
“While I’m with Steve A on the importance of enjoying your hosing, not merely buying for ROI”
I fixed that for you, Scott.
What’s the matter, Steve A, your son doesn’t think renting is cool?
Poppa Steve did what i have preached about here for a while. He bought a place not to flip for profit but a place to call HOME!!! and he enjoys it, if he loses some $$$ or breaks even he will consider that his second HOME he sold as money well spent.
things like “flip this house” and lets buy for X throw some paint and redo a kitchen and sell for XXX caused this bubble and from the looks of from reading crib chatter people stil feel INTITLED to appreciation.
Steve A I applaud your decision! At 67, with a record of successful investing, and a desire to change your lifestyle to be an urban dweller you made a great choice. Enjoy the experience of living downtown! I’m sure that others might argue that renting a similar space would have been an option in this market. It potentially could have helped your kid’s inheritance although with that comment the unit might fit their needs for a “cool space” long after you are gone. That would be a true gift!
As I walked my dogs this morning (against a cold north wind) I thought about all of the friends that have moved to Vegas, Miami, or San Diego to take advantage of a change in lifestyle and the better weather. If they had studied the ROI on real estate that they were going to purchase in the new town they might not have made that decision to move. All of those markets are now getting killed but the individuals that I know are still happy to be living in the communities.
Think long haul and enjoy your experience. My grandparents lived well into their 90’s. With that timeline you can get on Crib Chatter in 2029 and brag about your great gains on this space. Just promise me that the listing on your unit will not read “vintage” or “original finishes” from 2009!
I think you mean entitled.
Sabrina, we all need spell check on this blog!
Problem with your story is, JP3, that SteveA intends to “sell in five years or so.”
Please, ask your friends who bought in “Vegas, Miami, or San Diego” if they wish they had rented and waited to buy.
Groove, do you realize that too many ignoring ROI is the reason you can’t afford a better hood?
“I think you mean entitled”
good catch anon (tfo) oops i mean JP3 🙂
spell check wont help me at all, i am a lost cause, i am what the CPS system produced 🙁
just an FYI i will not be proof reading these next few weeks (not like i really did anyways) it looks like the company i work for may be doing another round of layoffs or furlough days. gotta look busy 🙂
Jon O,
i thought the park monroe was 55 E or is that just the office building part?
Park Monroe is 55 E Monroe
Spell check should be done by your browser
et tu Gary? Et tu?
“Groove, do you realize that too many ignoring ROI is the reason you can’t afford a better hood?”
G,
just becuse i choose to live in the “hood” doesnt mean i cant afford any better. dont confuse those!
but i will disagree i think that people counting on insane ROI is why there are 700k places in Humbolt Park and 400k 1br in Rodgers Park. it wanst the people IGNORING this that made the prices so high, it was the RE world EXPECTING appreciation and banks beliving in it to give loans to anything in turn shot prices up and up and up, (simple supply and demand).
“With a steady check from a defined benefit pensions from some source (hopefully a creditworthy counterparty)”
These checks (one for me, one for the spouse) better be creditworthy. They are from the Federal Government. If they’re not, we are all in trouble. It’s my reward for trying to enforce civil rights laws in three Bush administrations, two Reagan terms, and a mixture of Ford and Nixon. Clinton and Carter weren’t all that much better. For my wife it’s her reward for trying to see that the Federal government’s meager mental health dollars were well spent by the states.
And, btw, it’s a second home. Sure we could have rented maybe we should have from a financial point of view. But, for us it’s not all about the money. If money becomes an issue we just keep on working at our current jobs (with non-contributory pensions) for a few more years then we planned. Meanwhile we are enjoying Chicago, and impressing they hell out of our families. That’s worth big bucks.
We’ll be in the city over Thanksgiving, and see the new Cirque show. We expect to spend 10 days in December over Christmas and New Years. We are very pleased.
“10 days in December over Christmas and New Years. We are very pleased.”
I don’t see what everybody’s worried about, re in Chi makes people happy.
“We’ll be in the city over Thanksgiving, and see the new Cirque show”
Poppa steve,
way off topic but the wife is nudging me to see Banana Shpeel and nutcracker, I wanna see Young frankenstien and nutcracker, (only two shows in the budget) update me with a review cause if banana is really good i will be willing to skip frankenstien. (happy wife=happy life)
We are coming to Chicago this weekend and we’ll be seeing Young Frankenstein I will update you on that.
We have seen four Cirque shows, Love, KA, Mystere, and Zumanity, in Las Vegas (we have a Marriott timeshare there) and have enjoyed everyone. Except for Love we were able to buy discount tickets for all of them.
I have not seen a live cirque show yet (wife has) just never tickle my curiosity and tickets get sold out quick for them too, so just skip it.
keep me updated, Frankenstein gives me a spamalot vibe, banana gives me a fosse vibe. let me know which you think is worth it.
the groove off topic again 🙂
Groove77,
Are you planning to take Little Groove to see ballet?
I’m going to Cirque show on Thursday! I’ll write an update:).
Little groove is just turned 9 months old, so he won’t be attending the ballet just yet 🙂 once he can sit still for 10 minutes then I will think about it.
Get back to me on that review, the earlier the better before they get sold out and I have to pay scalper prices
““With a steady check from a defined benefit pensions from some source (hopefully a creditworthy counterparty)”
These checks (one for me, one for the spouse) better be creditworthy. They are from the Federal Government. ”
Thank you for confirming for us Steve A your circumstances are not that common and are certain to be less so as time moves on. I can’t criticize your decision to purchase given your circumstances, but you’re the outlier among purchasers I suspect.
Bob:
“outlier ”
You’re right. Most of those who came after us in the Feds are stuck in the Thrift Savings Program. We are in Civil Service Retirement. The only good thing about the terrible economy is that it kept all those experienced hands in the Thrift program from retiring since their pensions were based (depending how they invested their money) on the stock market.
Here in Wisconsin, public employee pensions (which are non-contributory) are not defined and mostly, but not totally, are based on the stock market. Many retirees actually saw their pensions go down this year. That was a real hardship since public employee salaries in this state are not high to begin with, which then results in fairly low pensions.
“I’m going to Cirque show on Thursday! I’ll write an update:).”
312,
waiting for the update 🙂
“I lived in the Heritage, same developer exactly the same cheap finishes.. I see they have even installed the same noisy electric heat baseboards that keep you up all night. Very expensive to heat.
Nice from the exterior, but that is about the end of the story here.”
Hello, I’ve been lurking on this site for a few years, but figured I might as well throw my 2 cents in. Disclaimer: I bought here, so I’m biased, but I actually know what finishes are in the units and I recently toured a completed unit.
Finishes are actually quite good. Stone with 1.5 inch counters were standard throughout. Showers are mudset floors, not tray. Cabinets are all wood surround with dovetailed joints. Appliances are subzero, miele, and bosche. Dishwashers have a steel inner tub. Plumbing fixtures are all grohe. In fact, the only real non high end thing I saw as standard in the entire place was a garden tub in the master instead of a jetted tub, and it was still a 6′ tub.
As for the baseboard heaters… Yeah, I would’ve preferred radiant in floor heating, but that’s a developer’s nightmare. If something went wrong in the first year, you’d have to rip out all the floors to fix it. The unit I was in was warm and I didn’t hear the heaters at all — it was subfreezing when I toured.
That said, $500/sqft not including parking for lowish city views is nutty. I frankly see this unit going for what it originally sold at, maybe a little less. I really don’t see it getting down into the $300/sqft range in a brand new steel and glass skyscraper. If it had lake views, it’d be a different story. The location IS great and the park and water views are “forever” views.
Anyway, I bought this way back in 2006 as an intowner that I plan on keeping indefinitely. I looked at alot of the other buildings and even thought I’d wait for a resale. Believe it or not, I saw the drop in the housing market coming — which is why I didn’t buy in the south loop. I just didn’t think it would be so bad or systemic. What finally sold me was the location and the views. *shrug* The drop in the market sucks, but it really doesn’t matter if I plan on keeping it for a decade or more.
Cheers,
L