First Look at The Park Monroe: 65 E. Monroe in the Loop
New high rise buildings continue to close.
The Park Monroe, at 65 E. Monroe, in the Loop is the latest building to deliver units.
This is the development that is converting the top of an older office building into 156 condos.
The east units will have lake and Millennium Park views while the west units will face the Sears Tower.
This 2-bedroom southwest facing unit just came on the market available for rent. These are the first pictures I’ve seen of the actual interiors.
Victoria Thomas at @Properties has the listing. See the pictures here.
Unit #4404: 2 bedrooms, 2.5 baths, 1728 square feet, southwest facing unit
- Currently available to rent for $3700 a month (subject to closing with the developer)
- Parking included
- Bosch kitchen
- Marble baths
I’m gonna be bullish on this one and guess it rents at or near ask. Theres a big market for luxury IN the loop. When companies bring overseas execs over for a few months they don’t care about trendy ‘hoods like ‘Southport Corridor’ or dumb art galleries in River North, its all about proximity to work.
Those photos were pretty underwhelming. i was excited when i saw the views and 1700+ SQFT 2/2.5. The photos offer no layout or feel of the unit.
Outta my price range but great views.
“I’m gonna be bullish on this one and guess it rents at or near ask. Theres a big market for luxury IN the loop. When companies bring overseas execs over for a few months they don’t care about trendy ‘hoods like ‘Southport Corridor’ or dumb art galleries in River North, its all about proximity to work.”
Bob- there are units in The Heritage, at 130 N. Garland, where people stay for only like a week. So, there are already some buildings that see the “executives” staying there.
1700 sq ft and direct lake views, that unit would have rented pretty quickly a couple years ago. This year I am not so sure. Alot of people that had the income to buy or even rent at $3700/month have either been laid off or have taken a huge paycut. ( I have the pleasuree of listening to I-Bankers whine about their 60% pay cut, cry me a river!)
Correct me if I am wrong, but isn’t that building right next to the L? How far up do you have to be to not hear the trains? Granted this building offers direct lake views, it seems a bit pricy considering it’s next to the L.
its not going to rent quickly in this market, especially with the legacy about to top off and be finished this summer
Bob, “overseas execs” will save the Loop luxury condo market? Ok, I won’t add that to the list, since even at the ask I’ll bet this is a huge money-loser.
The Loop luxury market is already oversupplied in a time of increasing demand destruction. Just like every other condo market in the city, if not the country.
At $3700 a month it’s still cheaper than the house on Melrose from a few days ago.
Unemployment is 8.1% who the hell would be foolish enough to rent this place for $3,700 a month? Who’s going to rent it? Citadel traders? With their penny stocks? Real estate is in wholesale price deflation.
“Unemployment is 8.1% who the hell would be foolish enough to rent this place for $3,700 a month? Who’s going to rent it? Citadel traders? With their penny stocks?”
How does the unemployment rate affect my renting decision? If I have a job, my employment rate is 100%.
Also, the notion that only i-bankers, lawyers, doctors, and traders make enough money to afford this is silly.
I was waiting to see how long it would take for someone to mention the unemployment rate this morning. Pretty ugly, huh? Can’t wait to see how bad it was for Chicago. Latest data I have is preliminary for December.
It wasn’t that long ago that someone on this board suggested that people in Lincoln Park were pretty secure in their jobs. I wonder what they think now. I’m trying to get alumni donations for Kellogg business school right now and I can tell you that everyone is pretty damn nervous. Of course, they might just be telling me that as an excuse for not giving 🙂
Brad,
Your employment rate is not 100%. You have to factor in the probability of you losing your job. You have a less than 100% chance of being employed tomorrow.
There is always the chance your employment rate might be zero tomorrow. And it will take you a while to find a new one. How long will your cash savings last you when your rent is $3,700 a month?
“How does the unemployment rate affect my renting decision? If I have a job, my employment rate is 100%. “
There is demand for condos just not at current asking prices. In some places in this country, like Miami, those demand is for prices at 20c on the $.
Bob,
Most companies in the market for a permanent unit for out of town execs are not going to look at this place. They tend to look at buildings like Trump, that offer hotel type amenities. This is just a regular condo with nice views.
Lauren,
Yes it is right on the “L” and I’m sure it will be very loud! I work right off of the Washington and Wells stop, 25 floors up and even at this height and with heavy windows, we can still hear the “L” cruise by.
Do all of you folks really believe there aren’t a ton of people out there that could easily afford this place? Even if they are downsizing from their 5k a month penthouse to this place? Stop watching so much damn CNN. Its a bloodbath out there but there are still a ton of people who can “afford” $3700/mo easily.
Uh huh. I’m not saying everyone’s poor but surely you have to recognize that the number of people who can afford to pay $44,400 per year for so-so rental in the loop has diminished.
“Dan on March 6th, 2009 at 9:51 am d
Do all of you folks really believe there aren’t a ton of people out there that could easily afford this place? Even if they are downsizing from their 5k a month penthouse to this place? Stop watching so much damn CNN. Its a bloodbath out there but there are still a ton of people who can “afford” $3700/mo easily.
“
Jason R,
In normal times that may be the case, but in this environment I think a luxury brand/label like Trump might warrant unnecessary attention/headline risk.
homedelete, you have some good points. However, sometimes people are only in Chicago for a year or two. As a result, they prefer to rent. Given the market, that may not be a bad idea. Also, sometimes a company will pay the rent for an employee who has temporarily relocated to Chicago. It’s cheaper than a hotel.
I’m curious what a typical 1 BR will rent for. I believe all the 1 BR’s face west while all 2+ BR’s have lake views.
Does this unit take up the whole south side of the building, or is it a SW corner, as the description sez? Because, if it doesn’t take up the whole south side, then that shot of the lake with Buckingham Fountain is, at best, misleading.
4301 is on sale. Check out that listing for much better pictures, it’s got the east/south views. Fantastic views and looks like a really nice unit too.
Regarding L noise. If you want quiet you need to live in a SFH on a quiet side street with no traffic. Having lived in 2 high rises it’s never quiet. It’s perfectly fine with the windows closed, but open anything and you’ll hear everything, whether that’s trains or cars or emergency vehicles doesn’t really matter. It’ll be noisy.
I always thought it looked very unfinished when the oven and microwave are not built into cabinety. Looks odd to see drywall around an oven.
Dave you’re right those are all plausible and hypothetical reasons why someone may rent a $3,700 a month apartment in a nondescript ho-hum so-so conversion building that’s half full of offices. But plausibility and reality don’t always intersect at the $3,700 price point.
If you don’t succeed at $3,700 just keep reposting at the same price until somebody bites. Looks like a great strategy to me.
” Mar 5 – $3700 / 2br – GORGEOUS 2BR/2.5 BATH**NEVER LIVED IN*STUNNING LAKE/PARK/CITY VIEWS – (LOOP/DOWNTOWN) img
Feb 27 – $3700 / 2br – BRAND NEW @ PARK MONROE W/STUNNING LAKE/PARK/CITY VIEWS – (LOOP/DOWNTOWN) img”
“Do all of you folks really believe there aren’t a ton of people out there that could easily afford this place?”
The point is the number of people is decreasing (demand destruction) at a time supply is increasing.
This bldg will follow the same trend of declining rents that The Heritage, 340 OTP, and 600 NF have already experienced.
Dan-Yes, there are plenty of people left who have the means to pay $3700/month but they are obviously not doing it otherwise there wouldn’t be so many high end rentals available. This crisis is reminding people ( I hope) to be a little smarter with their money. Why not pay 22k over 12 months and have an extra 22k in your pocket.
Ouch! $3700 a month! That’s a shitload of money for a marginal luxury 1700sqft 2br.
I am actually selling a 1 bedroom 1 bath (4407) with a parking space. I am asking $315,000 for the unit and $35,000 for the spot. I believe the last contract for this type of unit was signed at just under $400k and they are now asking $415k. I would also be willing to rent. If anyone is interested email me @ todd.bateman@gvagrimley.co.uk
I agree with Lauren — it’s not about the means, it’s about what you’re getting for your money. There’s nothing much special about this place besides the view and the size. And re: size, they would have more luck getting that price by making it a 3 bdrm — you can get all kinds of nice 2 bdrms in any downtown neighborhood btw $1800-2800 — why pay the premium?
Concerning the current economic situation. Whenever I watch CNBC at night, I get depressed about the future. Whenever I come into work, I am amazed at the huge deals my company is landing and the sales we are bringing in. My point is this: the opinion on the ground is that business is good. Even a 10% unemployment rate means 90% of people are working. That is still an A in my book.
“Whenever I watch CNBC at night, I get depressed about the future.”
Jon Stewart has some very insightful observations about CNBC at:
http://www.thedailyshow.com/video/index.jhtml?videoId=220252
Bob,
Most larger companies that would be purchasing these types of rentals would not do it directly, but rather use a broker or they most likely have a small real estate arm that handles this for them. When was the last time you recall reading about any company purchasing residential real estate for this type of purpose? I can’t recall.
It’s all perspective Brad, my father works in HVAC and he’s workingly only about 15 hours a week; My aunt was laid off from her white collar job at manufacturing co. in september and she’s been unable to find new work since; my brother-in-law does/did residential construction and he hasn’t had work since July; that means my sister and my nephew/niece are living off unemployment and food stamps His brother in law does Union cement work and hasn’t worked in months and his wife was recently laid off from her white collar job at a large tool manufacturer. Contrast that with my situation; I’ve filed dozens and dozens of BKs since I started doing this in June; I’ve been busier than ever working 12 hour days and every I’m in the office every sat/sun. My SO is so busy and she’s now working part-time as a contract attorney for my firm in addition to her new fulltime job. Go figure.
brad, are you going to Phoenix University for that A? 8% is the highest it’s been in 25 years… most definitely not an A.
And, if you look at the U6 unemployemnt numbers it’s actually around 15%. it includes HD’s relatives who are technically employed but under employed…
http://www.bls.gov/news.release/empsit.t12.htm
U6 = “Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers
“Most larger companies that would be purchasing these types of rentals would not do it directly, but rather use a broker or they most likely have a small real estate arm that handles this for them. When was the last time you recall reading about any company purchasing residential real estate for this type of purpose? I can’t recall.”
Actually- a few years ago there were stories of companies in the financial district buying up whole floors of 235 Van Buren (the building near the Sears Tower) specifically so that there would be somewhere for their consultants and other employees to stay while in town.
I wonder what’s going to happen to those purchases in this environment?