The 4-Bedroom Resale in One Museum Park: 1211 S. Prairie in the South Loop
This 4-bedroom unit in One Museum Park at 1211 S. Prairie in the South Loop is a resale.
It has been reduced about $400,000 since January 2010.
The unit has the great views you would expect from a building right on the southern end of Grant Park.
It also has custom cabinets and granite counter tops and backsplash in the kitchen.
The property also has remote solar shades and crown molding.
However, the resales in the building are competing with units for sale from the developer.
The following is the current building stats (out of 286 units):
- 43 units for sale
- 8 units for rent
Some units may be both for sale AND for rent. Also, the developer may not be listing all the available units.
How long will it take to sell-out this building?
Philip Hanson at Sudler Sotheby’s has the listing. See the pictures here.
Unit #2101: 4 bedrooms, 3 baths, 3480 square feet
- Sold in May 2008 for $2.270 million
- Originally listed in September 2009
- Withdrawn
- Re-listed in January 2010 for $2.898 million
- Reduced
- Currently listed at $2.499 million (not sure if this includes the parking spaces)
- Assessments of $1261 a month (includes AC, heat, doorman, pool)
- Taxes are “new”
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 21×14
- Bedroom #2: 14×12
- Bedroom #3: 12×11
- Bedroom #4: 20×14
I just don’t really understand why people would pay this type of money for a place like this if they weren’t certain they were going to be living there for awhile. Please don’t tell me that people didn’t have any idea that the real estate bubble was going to burst. Also, don’t tell me that people are unaware of their job stability (especially at this price point).
Delusional pricing expectations for the hi-rise condo markets. I’m not saying it’s impossible to sell at these prices but I believe it will be extremely unlikely (less than 10% chance; i.e. given ten comparable units only 1 will sell).
woooow thats a lot of money $700 a sqft? no outdoor space? get real
Beautiful views, but definitely a bit up there price wise. Probably a nice unit for an athlete type. I think most buyers are looking to be a bit more practical these days. If I had $2.4 mill to spend, it would be on a much cheaper place that I can payoff in heartbeat.
“Probably a nice unit for an athlete type”
Huh?? I don’t get this.
““Probably a nice unit for an athlete type”
Huh?? I don’t get this.”
Bears, Bulls, Sox, Cubs, Hawks.
For that kind of money, I’d think something in Streeterville/N. Michigan Ave. area would be much more desirable. Isn’t that price comparable to Watertower, etc. for similar BR/BA & sq. footage?
No, obviously I understand what the literal meaning was – but why would this place be good for a prof. athlete?
Well, if the athlete was a Bears player they could walk to work.
“Well, if the athlete was a Bears player they could walk to work.”
Yeah but they spend more time in Lake Forest.
Nice place but that price is stratospheric.
That closet is really awesome and the office is totally baller too. I rescind previous statement. Price is merely tropospheric.
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm
78% of NFL players are bankrupt or under severe financial distress two years after retirement.
Of course this is the perfect unit for an athlete. Bankrupt them!
I see nothing that makes this an over $700 per square foot building
I like the views and would love to wake up each day with that view and those amenities but not for $2 Million dollars! I wonder how much it would cost for two lower floor two bedroom units that can be combined? I’d suspect that even with reno costs it would be dramatically less than this pricing with a similar view and perhaps slightly less assessment costs!
That was a popular option in a high rise in Wrigley where I used to live. Several unit owners combined two 1bedrooms or a 1 bd and a studio or 2 bed with great results. They were very creative spaces. Granted it was a much older building with a different dynamic but…..it was cheaper than buying the few big spaces in the original building layout. Does that formula work for this example?
The only nice part about living in this building is the general lack of traffic in the immediate area
Who else is gonna drop $2.4 mill on a condo in a mediocre building/development with great views? Typically athletes and entertainers.
transplanted manhattanites?
Who?? Who?? How about the current owner: the current owner of a century old closely held and relatively obscure family business.
“#Russ on September 13th, 2010 at 2:13 pm
Who else is gonna drop $2.4 mill on a condo in a mediocre building/development with great views? Typically athletes and entertainers.”
Is there really no outdoor space? I’m shocked that they would have built this building — in this location — without balconies. Yeah, this is a tough sell.
What is up with the little dude in the corner by the windows?
Question,
would you want to pay 2.4mil for somebody else’s customization or buy a unit from the developer for 1.5mil and spend 500k on customizations you choose?
I’m always scratching my head about the enormous inventory in the south loop. The MLS indicates that sales in this building started to die in 2009 and lately only 3 units have closed in the last 3 months.
Groove- Much easier to spend 2.4mil on other peoples decorations than have to make those interior decisions/contract out work.
Some people just like to buy no fills/no updates/no hassle housing.
Taking a quick look I’d have trouble seeing that going at half price.
Groove,
If there was no time pressure I’d always buy it as raw as possible and have it made to my specs. In this market I suspect that the developer would even be negotiable on some of the things that make your unit “custom” by reducing the margins on those purchases.
Jp3,
good call on the developer pulling in a lower cost than you could for the custom!
A-fed,
i agree some people just want to turn a key and move in their stuff. and call it a day.
but why spend THaT MUCH EXTRA, when you could take a vanilla finished developer unit at 1.5 and deck it out for like 200k-300k? and at most you will have to wait an extra 6 weeks to move in.
At first I thought it was a penthouse, but then it’s unit 2101 so it’s not up that high. Still, it has fabulous views and this is a super-nice unit. At 3500 square feet it’s just awesome.
“but why spend THaT MUCH EXTRA, when you could take a vanilla finished developer unit at 1.5 and deck it out for like 200k-300k? and at most you will have to wait an extra 6 weeks to move in.”
If you can actually afford a $2.5m house, how much is 6 weeks (and the attendant dealing with contractors) worth to you?
Clio? WL?
“If you can actually afford a $2.5m house, how much is 6 weeks (and the attendant dealing with contractors) worth to you?
6 weeks??!!! Try 6 months – at the very least. Also, dealing w/ contractors will take years off of your life. I renovated a place in the city (small – 1000 square feet) which took nearly 10 months because of contractor delay/disputes, material unavailability, etc.
“Also, dealing w/ contractors will take years off of your life.”
Also, I think Groove is forgetting what happens when you’re working in a high rise–there’s a building engineer and if the guys working don’t have their cards, a giant, inflatable, red-eyed, angry rat may appear.
I’m on my 4th city rehab and whilst a decent contractor can get the work done quickly enough the permits and the bureaucracy can easily double the time (Don’t even get me started on the ‘burbs). That and the City seems to have the ‘Conservation’ team working to become a profit center. We just got a multi-point building code violation, almost all of which refers to lack of permits (which we had and displayed) and common elements that were signed off by the final inspection when the building was completed 5+ years ago.
My favorite however was this one:
‘Notify building department of proposed use of vacant and unoccupied space’
This is a condo building of 4 units and one of the owners has had their place vacant for 6 months whilst they have been trying to sell it. I’d conservatively suggest that puts 50,000 units in Chicago out of compliance.
“The EVP has the same last name as the company.”
As does the President. “the current owner” implies *the* owner, as in in control. Being, at best, the second highest ranking family member working for a family company is not being “the owner”.
Or would you have called JB “the current owner” of the Pritzker empire, prior to their sell-off?
shoulda called it “sinking investment” or “barely afloat” or “bernie madoff’s”
..i’m here all week, adult shows start at 9.
Any tier 01 unit in this building certainly is worth this type of pricing…esp if the buyer is someone who is looking for a turn key property. There are a number of reasons for buying in this building…this tier especially, the main ones being they are enormous and logically laid out to start with. Compare the size, layout and views you are getting for your dollar with other units currently on the market and the high price tag makes sense and is more acceptable.
If I were to buy a place for my own long term use, the time and energy expended needed to combine or customize it would not be that much of an inconvenience as I have the resources to do the work myself and know the procedure you have to go through.
I actually enjoy going through each step as this is what I do…if the place is for my own use, it is even more enjoyable and exciting as I can better visualize the end product I will be getting.
Regarding the permitting process (time) on a new construction building, it is unlike an older building where you have to do more research to plan for exactly how much labor and cost would be involved. In a new building, the developer is around with the detailed plans that make combining or customizing a lot easier. The only drawback with doing this in a new, not yet sold out building is they will insist on you using their contractor and construction crew.
I was seriously considering going through this process with the penthouse level unit(s) at 110 W Superior, but once we got serious about it, the developer would not allow my crew to be involved whatsoever in performing the work I wanted done. The only involvment I would have been allowed to contribute would have been as a consultant and all plans would have had to be approved by the developer…and the board.
In the end, although I did not buy it, I believe my idea was put in place as they made the top floor unit a duplex with a private outdoor space. The only concession they were willing to make was to act as a liasion between the current owner of the adjoining unit on that floor if I wanted to utilize the entire floor for my own residence…the main purpose of me considering buying there.
I looked at a number of places here and the cost/time/labor to combine lower floor units to come up with a place this size (other than tier ’01 units which are huge and are upgraded already) was far lower than doing so at any building in the GC or LP. Getting past the condo boards in an established older building alone would most likely take longer than it would to have the actual work completed.
So personally, for me, going through the process is not a deterrent if I intend to use the place as my own residence. I am still putting ‘finishing touches’ on my places in NY and Miami. Many joke that they are ’15-20 year old works in progress’ and I agree with them and I understand that they will never be totally done. Every year after I tour many of the charity based designer showhouses across the country, I walk away with a list of products and features I want to incorporate into my own places.
We recently started working on a dream bungalow in Denver and I feel the same way about that one…it will take years to complete and I will never be 100% satisfied with it…even if it is done to perfection on the first try.
I think many upper bracket homeowners who have undergone renovations/customization or who have combined units feel the same way. The owners of huge townhome we recently completed updating here in the city still call me every few weeks asking if I think it would make sense to ‘____________________________’. Of course I play along and pretend to entertain the idea before reminding them of the months they spent living in a construction zone…that reminder usually gets them to feel more satisfied with the extensive work that has already been completed.
“If you can actually afford a $2.5m house, how much is 6 weeks (and the attendant dealing with contractors) worth to you?”
“Also, I think Groove is forgetting what happens when you’re working in a high rise–there’s a building engineer and if the guys working don’t have their cards, a giant, inflatable, red-eyed, angry rat may appear.”
also as neo stated, i forget about the permits thing too.
so with getting permits, dealing with the condo board, and union “maintenance men” it may seem A-fed’s “buy it already done” opinion is more valid than mine.
all this hassle to do something to your unit (that you own), to me just makes condo living even more of a minus than a SFH.
i have buddy who is a union “engineer” the stories he tells me are WTF headshakers
Sure it would be a process to combine units. Permits for renovating a space that already has a c.o. would be less difficult. Interior walls being removed are the only obstacle that makes it tough. We used non union crews in my high rise with no issues or complaints. It was on a smaller scale but it was done. Our older building board was actually quite progressive. Perhaps it was because the president at that time had combined 5 units into his home. He and the board understood the concept and did not block legitimate well engineered plans.
Agree with Westloopelo that the home is never done. I’m thinking of ripping up some good finishes that are only 5 years old. Uggggh, the first step is admitting you have a problem right?
Isn’t this near the pond where the lame-duck mayor swims? Maybe the area is now losing its “cachet” as a prime neighborhood for the nouveau-riche?
I do suggest each one of you CC’ers “visit” OMP and see the veiws it offers from any floor. please, please check the amenities out too. then go and recheck the views.
i dont personally understand why this place isnt as hot as others that have less than “good views”.
“i dont personally understand why this place isnt as hot as others that have less than “good views”.”
I would really like to know this, is it because its in the south loop?
anyone?
“I would really like to know this, is it because its in the south loop?”
yes – people in this bracket are looking to well established neighborhoods and are understandably gun-shy about buying here and this time.
“yes – people in this bracket are looking to well established neighborhoods and are understandably gun-shy about buying here and this time.”
valid point, but to me value per dollar you will not get views this good or amenities that good.
didnt mark giangreco (sp) buy here?
“valid point, but to me value per dollar you will not get views this good or amenities that good.”
Sure, but if you can actually afford a $2.5mm house, is it really too tough to either (a) pay an extra $500k or (b) an extra $1k/month to get a comparable view/amenities? And get the established ‘hood to go with it?
“Sure, but if you can actually afford a $2.5mm house, is it really too tough to either (a) pay an extra $500k or (b) an extra $1k/month to get a comparable view/amenities? And get the established ‘hood to go with it?”
true but you are for getting the other tiers in this place for a heck alot less than 2.5mil and last i remember there is a 01 for like 1.3mil on a lower floor.
so at lets say a middle floor finished place at 1.7mil what other place gets you this great a view, these amenities, these low assessments, location to get about anywhere and such a private area to live?
“so at lets say a middle floor finished place at 1.7mil what other place gets you this great a view, these amenities, these low assessments, location to get about anywhere and such a private area to live?”
Again, if you can actually afford a $1.7mm condo, why not spend a bit more and get the established hood, too?
“why not spend a bit more and get the established hood, too?”
valid,
but my two favorite views of our city is over south pond (or LSD driving south there) and the view from the adler at the Michigan building wall.
living at OMP in a 01 gives you the adler view of the city over grant park and views of the lake from floor 7 all the way up the will “never” be blocked.