3-Bedroom South Loop Penthouse with Million Dollar Views for $799,995: 1464 S. Michigan
This 3-bedroom duplex penthouse in The Marquee at 1464 S. Michigan in the South Loop came on the market in June 2023.
Built in 2007, The Marquee has 214 units and attached garage parking.
It has 24-hour doorstaff, an on-site engineer, fitness and exercise rooms, a bike room, dog run and theater room.
This unit has 2 living areas, the dining room and kitchen, along with a powder room, on the main floor.
The second floor has all three bedrooms and two full bathrooms along with the laundry.
The first floor has hardwood floors while the bedrooms have carpet.
The kitchen has white cabinets, granite counter tops, high end stainless steel appliances including an exhaust hood and a built-in Miele espresso machine. The listing says it has a massive island but it’s actually a breakfast bar that seats two.
There is a separate dining area.
The unit also has a massive wraparound terrace on the main level that runs the length of the unit with skyline, lake and sunset views.
On the second floor, the primary suite has floor to ceiling windows with views of the Willis Tower, a walk-in-closet with organizers, and en suite bathroom with double vanity, separate soaking tub, a walk-in-shower and Japanese toilet.
The other two bedrooms shares a full guest bathroom. I would note that 10 years ago, one of the Redfin agents noted in the listing notes that the third bedroom didn’t have a closet.
The unit has some unique features including high end electronic blinds in the living area and the primary bedroom controlled via control 4 app, August smart lock and smart lighting.
It has the features buyers look for including central air, washer/dryer in the unit and 2 side-by-side deeded parking spaces are available for $25,000 each, or $50,000.
Listed in June 2023 for $799,995, that’s nearly $150,000 above the 2019 sales price if you include the parking.
Will this penthouse get the premium?
Matthew Engle at Fulton Grace Realty has the listing. See the pictures and floor plan here.
Or see it at the Open House on Sunday, July 8, from 11 am to 1 pm.
Unit #2401: 3 bedrooms, 2.5 baths, duplex, penthouse, 2300 square feet
- Sold in October 2008 for $951,000 (included 2 parking spaces)
- Sold in September 2013 for $775,000 (included 2 parking spaces)
- Sold in February 2014 for $780,000 (included 2 parking spaces)
- Sold in September 2019 for $700,000 (included 2 parking spaces)
- Originally listed in June 2023 for $799,995
- Currently still listed at $799,995 (plus 2 parking spaces for $50,000)
- Assessments of $1386 a month (includes heat, gas, doorman, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $15445
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 20×15 (second floor)
- Bedroom #2: 13×11 (second floor)
- Bedroom #3: 12×12 (second floor)
- Living room: 21×12 (main floor)
- Dining room: 22×13 (main floor)
- Family room: 12×10 (main floor)
- Foyer: 12×6 (main floor)
- Walk-in-closet: 11×8 (second floor)
- Terrace: 36×12
- Terrace: 33×7
The unit (not necessarily fond of the building or location) is truly awesome and unique. Price is great…until you realize that property tax will have doubled by 2025 since 2009, and there is no end of sight. Association fees are also on a higher side.
Not the best idea to pay $3,000 carrying costs to live in a so-so neighborhood in a city with decreasing population and increasing debt obligations.
For once a true penthouse when the listing says penthouse (not the top floor of a three-flat in Ravenswood).
I like it – especially the deck and views. I’d have to check out the area a bit more, because I get the feeling there’s still a paucity of interesting shops and restaurants (correct me if I’m wrong). Also, how is access to the lake from this neighborhood? Is it easy to get across LSD?
“Not the best idea to pay $3,000 carrying costs to live in a so-so neighborhood in a city with decreasing population and increasing debt obligations.”
The South Loop is a “so-so” neighborhood now?
And yet, somehow thousands of properties are selling in Chicago every year. The same city with decreasing population and increasing debt obligations. Also thousands of new apartments being built all over the place.
I guess they all missed the memo.
I’m not sure about a deck like this on a penthouse. I feel like the view is actually blocked due to the deck walls. Obviously you have the views in the bedrooms though.
I’m a fan of duplexes so I do like the duplex aspect of this. It’s like a townhouse in the air.
“The South Loop is a “so-so” neighborhood now? I guess they all missed the memo.”
Sabrina, you are contradicting yourself. You posted a truly wonderful property that’s unlike 98% of other penthouses. And even this property, has ZERO appreciation in 15 years. If you consider buying/selling costs, you are loosing money. So yes, south loop is so-so neighborhood.
And no, people did not miss the memo, here is an example: https://www.illinoispolicy.org/cook-county-population-decline-outmigration-2nd-worst-in-u-s/
“here is an example”
Gee, the two largest counties by population had the largest nominal number of people leaving? Who coulda guessed?
“this property, has ZERO appreciation in 15 years”
They would love to have zero appreciation. You offering $100k over list?
Oct-08 price + CPI (that is, below long term trend in Chicago) would be $1,335,000. But that’s unreasonable, becasue that was a peak of the bubble price (even if after peak of the C-S index).
But using C-S condo, from Oct-08 to Apr-23, the index is +15.33%–indicating just under $1.1m…so even based on paired-sale trend, the ask is 23% below ‘expectation’.
“And even this property, has ZERO appreciation in 15 years. If you consider buying/selling costs, you are loosing money.”
How is that “contradicting” myself when I said it wasn’t a so-so neighborhood? The neighborhood has nothing to do with whether a unit in a bubble tower has appreciated or not.
According to the Chatterati basically EVERY neighborhood in Chicago sucks. There’s always something wrong with Wicker Park, Bucktown, South Loop, Fulton Market, West Loop, River North, Streeterville, Gold Coast, East Lakeview, West Lakeview, Uptown, Andersonville, Lincoln Square, Hyde Park, Kenwood, Bronzeville, Pilsen, Old Town.
Someone on this site is going to HATE on whichever neighborhood I post a property in.
And the bears REALLY have to start coming up with a better argument for why Chicago and Illinois suck than posting the dumb “outmigration” articles over and over again.
Meanwhile, millions of people are choosing to live in Chicago and the Chicagoland area because they have great jobs here, it’s affordable, it has some of the best food in the country, a great airport, and wonderful schools. Oh, and it doesn’t have summers where it’s 100 for weeks on end.