A 2-Bedroom With Skyscraper Views from the 51st Floor at 60 E. Monroe in the Loop
This 2-bedroom in The Legacy at 60 E. Monroe across from Millennium Park in the Loop came on the market in July 2021.
Built in 2009, the Legacy is a full-service building with 355 units and an attached parking garage.
It has door staff, an indoor pool, exercise room and 3 terraces including on the 15, 42 and 60th floors.
The listing for this corner unit says it is the “most popular” and is “rarely available.”
It has Lake, Millennium Park and Chicago skyline views with a Northwest exposure.
The listing says it has “close to $100K” in upgrades including Poliform built-ins, Snaidero cabinets, Subzero, Bosch and a full height backsplash.
The primary bedroom has 2 walk-in-closets and an en suite bathroom.
It has 10 foot ceilings with floor-to-ceiling windows as well as a balcony the listing says is large enough to have a grill and also has an electrical outlet.
The unit has central air, washer/dryer in the unit but it doesn’t say anything about parking. The two previous sales included a tandem parking space, however.
The listing indicates that the Legacy is a social building with discussion groups, bridge, dinner club, book clubs and Girls Night Out.
Listed at $888,000, this is $13,000 below the 2014 sales price of $901,000 and lower than the original 2010 price.
Is this a downtown deal?
Matt Silver at Corcoran Urban Real Estate has the listing. See the pictures here (sorry, no floor plan).
Unit #5106: 2 bedrooms, 2 baths, 1596 square feet
- Sold in December 2010 for $950,000 (included parking)
- Sold in April 2014 for $901,000 (included parking)
- Originally listed in July 2021 for $888,000
- Currently still listed for $888,000
- Assessments of $1069 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
- Taxes of $15,944
- Central Air
- Washer/dryer in the unit
- Parking???
- Bedroom #1: 13×16
- Bedroom #2: 13×11
- Kitchen: 16×10
- Living/dining room: 22×17
- Laundry room: 3×4
- Balcony
Floor Plan (Thanks Gary)- https://lucidrealty.com/images/legacy_at_millennium/skyline06.gif
This lives really small for almost (allegedly) 1600sf
Seems to be a glorified 1BR + Den
with parking using the spot for sale puts this at $930k $6400/mo w/ 20% down. Why buy this Vs rent? You can rent a 2/2 @ 1 Bennet Park for less and save the 20% DP. Losing money just on RE fees in 7 years of ownership and selling into a HAWT Market ™ is not a good sign.
But maybe PT Barnum had a point
Initially, the view is very impressive. But I can’t imagine looking at a bunch of vacant office buildings all day.
Love the view, but I would have expected nicer finishes in a small condo at this price. The mixture of handle pulls and knobs on the kitchen cabinets would drive me crazy. The faucets look like they are builder grade. The handles in the shower and bath look like the developers randomly put in the cheapest possible fittings and replacing them will cost thousands of dollars. The realtor didn’t take any pictures of the window coverings, so it’s impossible to tell if they need to be replaced.
I think the “close to $100k” in upgrades were from the developer ten years ago.
It has the same baseboard heating I have. Electric bill will be $250+ if modestly heated.
“Electric bill will be $250+ if modestly heated.”
So this isn’t accurate? (yes, I know that is just what the listing sez; the listing is inaccurate by eliding that only some heat is included?)
“Assessments of $1069 a month (includes heat”
“It has the same baseboard heating I have. Electric bill will be $250+ if modestly heated.”
Are you 50 stories up? I can’t imagine even using the heat all that much 50 floors up. I lived on the 20th floor in a building similar to this and rarely even turned on the heat.
Assuming they have the exact same system I have, the baseboards turn on when heat is turned on. Hot air also comes from air vents which I assume is the included heat.
These units used to sell over 1m. Loop demand really fell off.
The handles in the shower and bath are Kohler/Grohe, faucets are too. Those are gray solar shades that match the the window framing.
SF seems wrong on these units because they are inclusive of the framing/drywall space.
Upgrades look like the lighting, backsplash, bedroom/closet shelving. Rest is from the builder.
Assessment does not include heat. $250-350/mo is about right for the worst of the winter months.
The baseboard units are to prevent frost on the windows
I am about 20 floors up as well and if I wanted to be a comfortable as I would like, I would need the heat on quite a bit. However, because I am cheap, I wear a sweater and stand by my fireplace for heat.
A/C is cheap. Summer electric is about $40/month.
No hot air from the air vents. You really have to crank the heat to feel warm, but then it’s too warm while the heaters are running. Then they shut off and you start to feel cold and wonder when the heaters will turn on again. There was no decent medium. My unit had many more windows than this unit though so that probably made it worse.
Fixtures are Grohe. I have the exact same ones. Developer must have really bought a lot.
Honestly never understood who this build appeals to.
Someone who lives to work? At Citadel?
The neighborhood doesn’t seem great. Nothing cool there. Not close to anything good socially.
If I wanted to live close to the loop I’d go to the New Eastside where you have a solid uppity park.
We looked at units in this building about five years ago and concluded that they’re solely about the views. Rooms are tiny and finishes are surprisingly cheap. I vaguely recall that I could touch the powder room ceiling without standing on my toes.
Retirees, downsizing empty nesters that work in the area, in towns, and yes, Citadel employees.
I live a few blocks away because it was cheap. I rather live in Lakeshore East.
“We looked at units in this building about five years ago and concluded that they’re solely about the views.”
I’ve probably mentioned this when the building’s been discussed before, but I worked in 1 S. Dearborn when this building went up (this unit owner gets to glance down at it every time they step into the tub). That office adhered to a view pecking order – juniors facing south, seniors facing east, with clockwise movement whenever someone advanced up, retired, or quit (or got canned); I spent the bulk of my tenure there facing north and watching the Trump building go up. I derived a tiny bit of joy from this building obstructing the east-facing view of one guy in particular.
I didn’t mind darting east on Madison to the Chipotle for lunch, but at this price point, I don’t know how great it would be for walking around in the evening.
“These units used to sell over 1m. Loop demand really fell off.”
Prices are still down in the Loop. Too much inventory over the last 18 months.
But that inventory is being absorbed.
This could be your last chance to get a deal on a downtown condo.
“I think the “close to $100k” in upgrades were from the developer ten years ago.”
It was cited like that in the last listing too, Lauren. They don’t appear to be recent upgrades.
“Losing money just on RE fees in 7 years of ownership and selling into a HAWT Market ™ is not a good sign.”
Downtown isn’t hot, perhaps?
“I am about 20 floors up as well and if I wanted to be a comfortable as I would like, I would need the heat on quite a bit. However, because I am cheap, I wear a sweater and stand by my fireplace for heat.
A/C is cheap. Summer electric is about $40/month.”
Wow–your life choices are quite mystifying. You need to be high up for whatever reason but then try to pinch pennies. Something about people from the burbs of America who feel the need to live high up so they can somehow feel they have outgrown their suburban roots. Hah not fooling anyone.
The views here are great but you are basically a prisoner in this place living downtown. Need to hop in your car to run errands during the day or even during weekends in summer? Well the garage exits out onto a heavy pedestrian & touristy part of Wabash. That’s stressful driving right there.
The proximity to the rest of the city via public transit is vastly overrated–have you ever taken the Blue or Red line after dark?
This is a great building in a weird part of town. But with how often companies change offices I’d be weary of being tied down to this because of proximity to the office.
When even the Arby’s on Wells has very limited hours on weekends that should be a hint of just how desolate downtown truly is.
It’s a shame because this is a very nice modern building. But not even all of it’s amenities can make up for its location which may look great on paper for those who have never lived here or spent much time here, but living in tourist-ville has to get old after awhile.
“ Downtown isn’t hot, perhaps?”
Was it not HAWT ™ in 14?
If you get extremely stressed exiting parking garages among throngs of tourists in otherwise “desolate” areas, riding the L after dark, or the nearest Arby’s closing early on the weekends, living downtown may not be for you.
“Prices are still down in the Loop. Too much inventory over the last 18 months.
But that inventory is being absorbed.
This could be your last chance to get a deal on a downtown condo.”
See this is where you’re completely FOS
Throwing in $42k for the parking and this place is still under the 2010 pricing. No one has seen any appreciation in 11 years
Is shilling a 24/7 operation for you?
“No one has seen any appreciation in 11 years”
Well, yeah, it’s now an 11 year old condo, 11 years closer to a special assessment.
“Throwing in $42k for the parking and this place is still under the 2010 pricing. No one has seen any appreciation in 11 years”
Prices are down. As this unit shows.
Sales are up in every downtown neighborhood (above 2019 levels) except for the near north side, aka anywhere near the Mag Mile, per Crain’s.
Loops sales have skyrocketed this year.
That inventory will be absorbed. It’s no longer 30 months. Probably like 12 months though. Still too high to pressure prices.
In another year, the inventory will be lower.
Last comp for this tier is 812k. Ouch! Bagholder special
“Prices are down. As this unit shows.”
No Shit?
“Sales are up in every downtown neighborhood (above 2019 levels) except for the near north side, aka anywhere near the Mag Mile, per Crain’s.”
We’re talking 2010/11. Negative growth
“Loops sales have skyrocketed this year.
That inventory will be absorbed. It’s no longer 30 months. Probably like 12 months though. Still too high to pressure prices.
In another year, the inventory will be lower.”
You really cant stop yourself can you?
“You really cant stop yourself can you?”
Crain’s laid it all out last week. It’s pretty clear what is happening downtown.
If only you could read.
Downtown condo sales are above 2019 levels EXCEPT in Near North.
Prices remain depressed.
Buyers feel like they are getting “deals” so they are buying.
The city has reopened and buyers want to be downtown again.
Once inventory gets absorbed (another year, perhaps?) prices will move higher again.
In other news, this is the best year for $4 million+ sales since 2018. Could be a record year, we’ll see.
But there’s too much inventory downtown in that price point. Will be a LOT of luxury inventory once the Tribune Tower starts closings this winter.
St Regis has closed on 121 units this year. That’s better than I anticipated given the price points and the pandemic. It’s about 400 units, however, so still a LONG way to go on sales in that building.
“Last comp for this tier is 812k. Ouch! Bagholder special”
You should only be selling downtown if you positively have to. Because it’s not pretty.
Those who wait a year or two will be rewarded.
But sometimes, you can’t wait.
Here’s the Crain’s coverage of the $4 million+ market.
As I’ve said for years on this blog, when the stock market is at new highs, luxury sales are too. The rich have their money in stocks. They are feeling really, really good right now.
https://www.chicagobusiness.com/residential-real-estate/chicago-high-end-housing-market-breaks-record
“ Downtown condo sales are above 2019 levels EXCEPT in Near North.
Prices remain depressed.”
This is south of river
JFC do you even live in Chicago?
And this has been a dud since it opened 11 years ago
“And this has been a dud since it opened 11 years ago”
The pricing is skewed in most of the building because it was selling units right at the height of the bubble.
Many people got deals in the bust but if you bought at the height of the market, it hasn’t been fun. It took years to sell out the building, remember.
Many people forget the impact of the housing bubble on the downtown condo market. Some owners still seeing the impact.
“JFC do you even live in Chicago?”
One thing we do know for certain, JohnnyU, along with death and taxes, is that YOU do not live in Chicago.
“ The pricing is skewed in most of the building because it was selling units right at the height of the bubble.”
Now the bubble was Q4 2010? https://fred.stlouisfed.org/series/CHXRSA
You’re either a NPC/bot/AI experiment, are really really dumb or have been lying/shilling for so long you wouldn’t know the truth if it bit you.
“ One thing we do know for certain, JohnnyU, along with death and taxes, is that YOU do not live in Chicago.”
Congrats Einstein, you caught me lol. I think I’ve only posted that a dozen times or so.
It’s pretty bad when someone that doesn’t live in the city needs to correct an alleged Chicago resident and self appointed expert, dontcha think?
“As I’ve said for years on this blog, when the stock market is at new highs, luxury sales are too.”
You have been saying for months that the upper-end of the market is oversupplied and not “hot”. Do you ever have an original thought or just stick your finger up in the morning figure out which way the wind is blowing and regurgitate?
“I’d be weary of being tied down”
So, Bobbo may have typo’d it, but the weary v. wary misuse that is rampant on the intertubes really grates on me. Are you tired of being tied down?
I love the views and the unit. The finishes are OK, too. I wouldn’t necessarily want to live in the Loop, however. It’s just not a “neigborhood.”
“You have been saying for months that the upper-end of the market is oversupplied and not “hot”.”
Incorrect.
You can have too many luxury condos and STILL have a hot luxury market.
They have overbuilt on the luxury end of the market.
Neither has anything to do with the other.
It just means that prices aren’t going to be pressured on any of the condos as there are too many. And if you’re interested in buying one of the new construction ones in the Regis or Tribune Tower, you’ll have a lot of bargaining power on that price.
Single family homes are in a different category, depending on the price point, of course. Anything over $5 million still takes some time to sell. But that market is tighter. There’s much less inventory.
But we’re on pace for record sales over $4 million. That’s a hot market.
I have been consistent on this for over a year WP.
“The pricing is skewed in most of the building because it was selling units right at the height of the bubble.”
“Now the bubble was Q4 2010?”
I guess I have to educate you, JohnnyU, on how new construction condo developers operated during the housing boom in Chicago.
They would announce a new building. They would open a sales center. Buyers and investors would flock to it, put down a nominal downpayment to “hold” a unit and wait for it to be built.
Before the bust, once they closed on the unit, if they were an investor, they would “flip” it for profit as those who got in pre-construction almost always sold for more on the flip.
The Legacy began construction in 2006. It was completed in 2009. Contracts were entered into prior to the completion by many.
I don’t know when the 2010 buyer entered into the contract or if they got a bubble or bust price. I don’t know enough about the price points in the building from the pre-construction sale.
Prices are still low in downtown. In some cases, back to 2005 prices- which was boom year prices.
Sales are higher than 2019.
Just because you are able to sell, doesn’t mean you’re getting a great price.
There are a ton of deals downtown. When those clear, inventory will drop. When inventory drops, and sales continue to recover next year, prices will tighten and rise again.
“ I guess I have to educate you, JohnnyU, on how new construction condo developers operated during the housing boom in Chicago.”
Please do. Also can you educate me on those “sophisticated chips” in a Motel 6 wall units?
“ I don’t know when the 2010 buyer entered into the contract or if they got a bubble or bust price. I don’t know enough about the price points in the building from the pre-construction sale.”
But you were confident that the 1st owner bought at bubble pricing.
Unless you were an all cash buyer, if you put a deposit down in 06, the odds are you wern’t going to get financed at the 06 price in 09/10. It’s possible, tho highly unlikely that the original owner put a deposit down, waited 3 years for it to be built, and closed a year after closings started all at pre construction (peak) pricing
You really can make up some interesting shill positive scenarios.