When the Bank Sets the Comp in the Building: 1515 S. Prairie in the South Loop
This 3-bedroom in the Prairie House at 1515 S. Prairie in the South Loop recently came back on the market.
This 11th floor unit had originally been listed 2 years ago at $735,000 and has been reduced $235,500 over that time to $499,500.
The unit right underneath it, Unit #1006, also came back on the market recently. But it’s a bank owned unit.
Listed on November 8 for $499,000, including 2 parking spots, it is already under contract.
Unit #1106 was apparently the original developer model.
It is a southeast corner unit with protected lake and city views.
The unit also has hardwood floors, 2 balconies, central air, washer/dryer in the unit and one parking space included with a second available for $29,000.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances. There are marble baths.
The listing says a wall for the den has been removed to allow for a more open living/dining space.
Unit #1006 (the bank owned unit) last sold for $650,500 in 2005. Unit #1106 last sold for $637,000 in 2006.
Are these units now a deal for the square footage and location?
Mario Greco at Prudential Rubloff now has the listing on #1106. See the pictures here.
Unit #1106: 3 bedrooms, 3 baths, 2138 square feet
- Sold in July 2006 for $637,000
- Originally listed in December 2009 for $735,000
- Reduced numerous times
- Was $529,000 in August 2011
- Withdrawn
- Re-listed at $499,500 (includes one parking spot and a second is available for $29,000)
- Assessments of $893 a month (includes heat, doorman, cable)
- Taxes of $7365
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 18×18
- Bedroom #2: 14×11
- Bedroom #3: 12×10
On an unrelated note, Blago gets 14 years!
http://www.guardian.co.uk/world/blog/2011/dec/07/rod-blagojevich-illinois-corrupt
House price will still not be back to 2006 prices by the time Blago gets out. But clio might go suicide by then.
House price will still not be back to 2006 price by the time Blago gets out. But clio might go suicide by then.
530k & $1,500 nut a month before the mortgage to live in a building that looks like a housing project. This is a true chicago MLS listing of genius.
“Originally listed in December 2009 for $735,000”
I think that deserves some kind of trophy.
while it has “protected” lake and city views, it also looks very close to a cluster of train tracks (clearly visible in the pictures), and a “bus way” running right by the building. That said, the view is great, if the noise isn’t too bad.
I’ve spent some time around the hood. The noise should be minimal unless there’s a train sitting there and you are on the balcony. Being on the 11th floor should help. It’s a very quiet (minus the train) area as it’s 98% residential within a 3 block radius going north, west and south (east is Soldier Field, Lake, etc). Playlot next door, somewhat dated, but more than capable of toddler fun, I only bring this up since it’s a 3BDR. PDNA (http://www.pdnachicago.com/) is fantastic for organizing (mostly family oriented) events for the hood. 500K though get can you a decently sized TH around the area now, and cuts the assessment by probably half. Not sure I’d go for this if I could live w/ the idea of a TH, as a potential buyer. Not an easy walk to L, but more than doable for the buses on Michigan (#4 southbound actual cuts into Indiana Ave instead of being on Michigan, saves a block of after work walk in those blizzard days).
“500K though get can you a decently sized TH around the area now, ”
500k? MLS shows 11 townhomes under 400k in the Sloop (13 if you count the homes S of the highway which I think is crazy).
400k is the new 500k in the SLoop. Which is only further proof that condos like this are going to get slaughtered as they never really should’ve existed in the first place.
I saw this unit with my clients, it looks great, very spacious, is currently 2 bedrooms – 3rd bedroom was converted into dining room, with wall removed, and it looks much better than other 3 bedrooms on the same tier, but the problem is assessments… This is a true deal breaker, so high, and building does not even have a swimming pool – condos with indoor pools have lower assessments than this one.. Also, views are good but not protected – a few years ago there was a plan to do construction over train tracks, and in better economy, years later, it may happen…
Bob makes an interesting point. There are lots of townhomes around 400,000 in SL so I’m not sure this is such a deal, especially with the assessment. However, I really like the greenspace around this property; it is adjacent to a park and Central Station. I don’t think this makes sense as much for a family as it does for an empy nester who doesn’t want to deal with the stairs of a townhome. Then, while not a ‘deal’ it could be a nice place to live. I personally like it better than the MP developments, which are more high end, but feel less like a home. And for me, the greenspace access really makes it.
That lovely park is not permanent. Developers have right to build there. That would take away a very popular place for Children. Walking over to Prairie District is not so easy from there.
Margo, Wow! I never knew that. How did you find that out? I only ask because I thought it was a city owned park–or at least, like Cottontail Park in Dearborn II, given by the developers to the city. Wow, if they took it away it would drastically change that community. Who owns it currently?
“a few years ago there was a plan to do construction over train tracks”
source?
“That lovely park is not permanent. Developers have right to build there.”
source?
As far as I know most of the tracks were always supposed to be covered by park land, at least everything up by the museum park towers. I read that in an interview with the architects somewhere. I never saw anything official about buildings on the tracks or the park.
Even if someone tried, if XO is any indication anything will be stonewalled by the community anyways. Seems absurd to me anyways when there is so much underdeveloped land in the sloop.
I agree with Bob on this one. This building is one of the many in South Loop that never should have been built. It’s crazy what people were paying up until 2006 to live in a desolate amenity-free neighborhood. Printer’s Row is a different story, but most of the South Loop is no-man’s land.
Bob 2,
Purchased a condo last year in Museum Park and was told by the two different agents that the area above the tracks could be developed later, but with the state of the market as it is, it was a remote probability in the near future.
Pete,
I don’t live in this same building , but very close by, I can walk to approximatley 15 decent restaurants, three parks within 1-2 blocks in each direction plus a very convenient dog park 1 block away. Can walk to the bank, the post office, eye doctor, dentist, barber, Trader Joe’s. Bus ride will get me to loop in 10 – 15 mins. Two blocks from walkway to under LSD to museums, Soldier Field, 12th St. beach, Charter One Pavilion. Dominick’s, Jewel, Walgreen’s, Best Buy, Home Depot, etc., etc. are a 5 minute car ride away. I find it extremely convenient living here.
just to set the record straight…
the tracks will not have anything built over them north of 16th street (except for parkland, maybe, ha!)
south of 16th street. all of the air rights will be developed… that is a guarantee…