Flipper Alert: Flippers Getting Realistic in The Marquee: 1454 S. Michigan
The Marquee, at 1454 S. Michigan, in the South Loop, started closings in February 2008. Even before the building closed, flippers were listing their units for sale.
We discussed some of those in January 2008.
The units are all still for sale and most have been reduced.
The current stats on the building (closings still continue):
- 18 for sale
- None for rent (on the MLS but there may be some in the Reader and Craigslist)
These penthouses are all being flipped and one has been reduced.
Unit #2405: 3 bedrooms, 2.5 baths, 2 car parking
- Hasn’t closed yet
- Was listed in January 2008 for $1.195 million
- Reduced
- Now listed for $924,900
Unit #2403: 3 bedrooms, 2.5 baths, 1950 square feet
- Hasn’t closed yet
- Was listed in January 2008 for $929,900
- Still listed for $929,900
Unit #2407: 2 bedrooms, 2.5 baths, 1800 square feet
- Hasn’t closed yet
- Was listed in January 2008 for $849,900
- Still listed for $849,900
Sudler Sotheby’s has all three listings.
These other units from January have been reduced:
Unit #2201: 3 bedrooms, 2 baths
- Hasn’t closed yet
- Was listed in January 2008 for $795,900 (not sure if the two parking spaces are included)
- Reduced
- Now listed for $592,500
- Assessments of $520
- Sudler Sotheby’s has the listing
But the developer is selling the same unit only a few floors down for much cheaper.
Unit #1801: 3 bedrooms, 2 baths
- Hasn’t closed yet – available from the developer
- Was listed in January 2008 for $511,900 (plus $35,000 for parking)
- Reduced
- Currently listed for $496,900
- Assessments of $325 a month
- Koenig & Strey has the listing
This seller isn’t looking to make much on the sale.
Unit #1108: 1 bedroom, 1 bath, western view
- Sold in February 2008 for $243,275
- Currently listed for $239,000 plus $30k for parking
- Assessments of $169 a month
- Cacciatore Harper has the listing
I haven’t found any units that have successfully flipped in the building. If someone has information to the contrary, please let me know.
Maybe I’m naive but the pictures above make the units look like the home depot special.
Yeah. I guess I’m naive too. That isn’t a great view either.
That place is ugly.
I am stunned… Maybe it’s the photos but those may be the cheapest looking finishings I have seen in years.
We’ve really come some distance in the past 100 years when garbage like this calls itself “luxury”.
It does have a nice terrace, at least.
I predict that sometime in the near future, all the “edgy” brutalist-type dwellings with concrete ceilings & exposed duct work & brick walls & unwalled baths is going to suddenly be just so completely out of style that lots of places like this will become offices, or warehouses, or something.
Stuff like this is desirable only in times and places where material comfort is an absolute given, and always to people for whom there was never any danger they would end up living in the kind of deprivation this type of architecture evokes. When times get rough, people want real comfort, and real visual appeal. They don’t want to feel like they’re sleeping in a boxcar or in back of a warehouse, when they’re economically 3 inches away from such a pass as it is.
Great observations, Laura. That post was spot-on.
Edgy = cheap. It doesn’t even look nice. It looks like a display at Home Depot.
My persepective is totally skewed. Although I would hardly call it a “luxury” unit, for a 1 BR/1BA with a Michigan Ave. address located 3 blocks from Grant Park, 240K doesn’t sound that bad for a negotiations start point. Help me out here, what do you think would be a fair price for such a unit, ugly as it may be?
This place looks like crap for being brand new.
Laura, your comments were indeed spot on.
I spent several months last year looking at units all over the South Loop, and I saw dozens of places exactly like this (or worse). Good solid units do exist, but you really need to sort through and I’m afraid that junk like this can have the effect of cheapening the entire market. I paid a premium for my unit – and still can’t believe my good fortune (or sense) that lead me to understand the value of paying a little more. But, when one compares by price per square foot it looks like I paid too much.
Unfortunately, these buildings will be around for decades and will just get uglier and uglier.
I took a tour of a one bedroom unit in this complex. The price of the unit came to $269,000 including on parking space. I thought it was about $40,000 over priced. I liked the unit. The bedroom had a window and the walls went up to the ceiling. The balcony was also nice. This building appealed to me because they have a dog run. A dog run is extremely important to me. I just wasn’t willing to spend $269,000 for such a small unit. Now, if they dropped the price to $230,000, I would consider it.
One thing that irritated me about these units is that the hard wood floors are fake. They don’t even have real wood floors as an option. I doubt people who are going to pay close to a million will find that acceptable. Actually, even for one of the small one bedrooms, I find this unacceptable and would immediately replace the floor.
WOW, the bedroom has a WINDOW!!! What LUXURY!!
When did bedrooms with windows come to be considered a “luxury” item justifying a $30K or greater premium?
I feel like I am watching the downfall of western civ as expressed in the devolution in housing types and construction, and the sadly low expectations of the buying public.
This place looks like a low-income housing project. Really, it does.
This is the single ugliest building in the South Loop. I cannot believe it is right next to my church. Makes me think god doesn’t like architecture.
I would not live in this building if you gave me a free unit. It is that ugly.
I hope everyone losses money on this.
I wouldn’t mind getting a small one if they were so cheap as to be almost gifts, because I’d like to have a seperate painting space again. I’ve decided to keep my core home to 4 rooms, and if I find myself with money for a bigger space, I’ll just find a ratty studio apt to buy instead.
This place would be PERFECT for slopping around in with paint and stuff- if you got the place really cheaply, that is.
I predict that many bad buildings and lofts will end up being put to comparable uses down the road.
It’s very ugly, but in fairness, was this ever marketed as “luxury,” or anything other than reasonable affordable “mid”-priced units? High construction/development costs sorta dictate that this is the quality you get with new homes targeted at the mid level; of course, that doesn’t excuse the sinfully ugly exterior, which could have been less aesthetically offensive without increasing the cost any.
“the sinfully ugly exterior”
This was originally supposed to be a terrra cotta exterior (same basic design, but more like 40 stories), but the city said “no”; then it was going to be red brick (still ~40 floors). I don’t know how they ended up with what they did.
David – I didnt think this was marketed as luxury but upon further review of their website “Welcome to Marquee. Luxury New Construction in the heart of the South Loop” I take the word luxury with a grain of salt as every developer uses it. BTW, they are also offering new buyers to live free for the summer. Move in now and close in September…How enticing. NOT.
Agreed the unit featured above sucks, but I have seen some really nice units in this building. THe particular unit featured above is a bad representation of the building itself.
click on my name to see interior photos.