Flipper Alert: First Flip Listed in The Legacy: 60 E. Monroe
The Legacy, the new construction high rise at 60 E. Monroe in the Loop, isn’t expected to be completed until Fall of 2009 (at the earliest.)
Yet, the first flip has appeared on the MLS for a 1-bedroom unit.
Here’s the listing:
The Legacy of Millennium Park, overlooking Lake Michigan, Grant Park, and Chicago’s beautiful skyline. Residents have use of 3 sun decks, 2 party rooms, 5 squash courts, dog walk, Jacuzzi, pool and steam room. Convenient parking available for purchase or lease. Many prepaid upgrades.
The unit is only 875 square feet. The bedroom is listed as being 13×11.
East Lake Management has the listing. See the listing here.
How much will you pay for such luxury?
Unit #2905: 1 bedroom, 1 bath, 875 square feet
- Currently listed for $524,900 (parking extra)
- Assessments of $335 a month
- Taxes are “new”
Stay tuned.
Squash courts? Does a building really need one, let alone 5?
I love squash (got into when I was at school on the East Coast). Fun game, great workout, and really nice in the winter when it is cold out.
But anyway, we know what the flipper paid and what the price of the current developer owned units are?
Isn’t squash like raquetball?
Is a squash court where a condo flipper gets financially squashed but a judge? With the size of that building and not coming online until next year when things will be really bad, they will need all 5 of those squash courts for sure.
squashed by a judge…
It is similar. Different shaped racquet (smaller head and longer neck), smaller and less hard ball, different rules. I believe the court is slightly longer but not as wide.
As a former tennis player I found that I just “got” squash easier then when I tried raquetball.
I know I’m stating the obvious, but I can’t imagine any buyers left for $500,000+ one-bedroom condos now that every investment category has tanked and high paying jobs are disappearing.
This place will eventually reach a foreclosure rate on par with the Invsco conversions.
The squash courts are probably in the Chicago social club building next door that this place will have an elevated walkway to. I think I read this building is going to try to work something out for residents to be able to use the facilities of the Chicago club and maybe even sponsor membership. Don’t know much on those details though.
In case you are interested, IAR has released their sales data for October. Chicago PMSA is down about 18% from last year – which is actually an improvement from what it has been. I’ve got the long term trend data here for this and other stats:
http://blog.lucidrealty.com/chicago_real_estate_statistics/
The Legacy is connected with the University Club and the members there will be able to use the gym in the Legacy. The synergies are pretty cool and make the building somewhat special. There is great food, a place for guests to stay and a cigar bar type stuff at the U-club. Also, the Legacy looks over the top of the U-club, which is a landmark, so there isn’t a risk of getting your view blocked (i.e. Aqua). I think the price of the one bedroom is high, but some are saying that this highrise is going to be like Central Park West overlooking the park.
Ooh la la, “some” are saying that?
I would have said this place will be lucky to only fall to $300 psf, but CPW? Sign me up for thee.
Er, three.
Suzanne my friend who works part times at odd jobs including dog grooming told me that some are calling The Legacy “Empire State Building West”.
the interiors should come with a snooze button. i lived in the HERITAGE (yes, the heritage and the legacy, puhleeeeese) and the unit finishes are low rent all the way. this building will be the same.
and nothing say luxury to me like 875 SF!
524K, can we fax an offer tonight?
Paulj: Aren’t the finishes in The Legacy basically the same as The Heritage?
“Luxury” is not the first word that comes to mind.
Why would it be like Central Park West overlooking the park?
Isn’t 310 S. Michigan and 6 N. Michigan the same? Both aren’t even close to selling out their buildings. Granted, The Legacy will be much taller, but you’re still looking out at the lake (from the east views, at least.)
And what does that make 910 S. Michigan? Those east facing views must be a real bargain then.
Joke.
Bonne chance! Ain’t gonna happen in this market. At least someone has a sense of humor.
Bob said:Suzanne my friend who works part times at odd jobs including dog grooming told me that some are calling The Legacy “Empire State Building West”.
Kinda appropriate since the empire state building was completed during the last great depression.
I lived in the Heritage as well and visited the Legacy sales center years ago for a laugh…they were hawking the same outdated finishes back then. The building is outdated before it is even complete.
An 875 sqft at that price is high, but even worse in that all the 1 BR in that building face west.
I contacted the Legacy to inquire about pricing for 2BD+ units and received the following response (emphasis added):
Good afternoon. Thank you for your interest in The Legacy. Plan # 1 the two bedrooms plus a den model starts at $1,186,901. Parking starts at $55,000 per space. Your assessments for that plan start at $797 per month which covers water, gas cooking use of the amenities, 24 hour doormen. The assessment for the parking is $41.00 per month. Your taxes can be estimated at 2% of the purchase price.
I’m simply amazed that the builder can offer asking prices in that range given the current market. Are unrealistic expectations like this normal for new Loop construction?