Another Reduction at 334 W. Menomonee in Old Town
We’ve chattered about 334 W. Menomonee in Old Town, the 18-unit historic conversion by Melrose Partners, several times in the past.
Last April, Unit #106, a 1-bedroom unit, had re-appeared on the market after it had been listed for much higher previously.
It is still on the market and has been reduced again.
Here’s the history:
Unit #106: 1 bedroom, 1 bath, duplex down, 1000 square feet
- First listed in January 2007 for $520,000
- Reduced
- Listed in June 2007 at $469,000
- Reduced
- Listed in September 2007 at $449,000
- Reduced
- Listed in October 18, 2007 for $399,000
- Increased on October 29, 2007 to $469,000
- Reduced
- Listed in January 2008 for $429,000
- Reduced
- Listed in late January 2008 at $419,000
- Was listed in April 2008 for $419,000
- Reduced
- Currently listed at $389,000
- Assessments of $205 a month
- Taxes are “new”
Melrose Partners Realty now has the listing. (The pictures are not of Unit #106- but they are from the building. All units have the same finishes.)
does anyone know if they are trying to rent the unit as well?
Well, considering that 12 other units in the building are rented out by the developer, I would give it a shot if you want to rent it. Call them and make an offer.
12 of the 18 units are rented by the developer? Is there a bank that would lend on that kind of building still around?
I’d really like to know what it cost the developer to do this kid of millwork in this place. The quality of the wood didn’t seem that great and there were some gaps here and there, but it was still much nicer than the woodwork in most rehabs around town. Can’t somebody rehab some units with great woodwork and still sell them at an affordable price?
The further we descend into recession and the shakier our financial system becomes as a result of handing unlimited credit out to anybody who could fog a mirror, the less sense prices like this make.
Come ON, is this place really worth $400 plus a square foot? I mean, it’s beautiful, but how many people in the eligible income bracket want a one-bed with no parking?
Sellers need to know that the party is OVER. 2006 was another era on another planet that we won’t be returning to anytime soon. Get real already, Seller, and know that you are trying to sell to the fraction of 1% of the local population that can A. afford this place to begin with, and B. wants a one-bed with no parking, and C. isn’t already buried in an overpriced “starter” condo from which he has no hope of escaping at break-even anytime soon.
Holy cow! Seriously… I agree with Laura. 400K for a ONE bed? That’s not even close to the going rate in the area, in which I’m looking. 400K gets you 2 bed, 1+ bath anywhere else in the city right now, including LP. Nobody will pay 120K for nice paint and millwork in 2008.
To tipster: NO, there is no bank who will lend for a condo in a building that is 67% rental.
The fact that the place is mostly rental is a major tip-off that these prices are way out of line.
That being the case, this building’s units will go back to the prices that make sense for investors- 120XGMR. Does anyone know what kind of rents these units are fetching?
They’ve had them listed for $2400/month (per prior posts). Assume that’s wahat they’re actually renting for (not a good assumption, I know) and they’re “worth” about $290k to a cashflow investor or maybe $350k to an owner-occupant (as a rent-saver). So the current asking price isn’t crazy, if they’re willing to negotiate.
I’ve seen 1995-3600. There are studios through 2/2s
Yeah, at $389K for that square footage, location, and the high-end finishes, they’re getting -close- (definitely not quite there yet) to a reasonable asking price. I doubt this would have too much trouble selling in the $350K range – this location is intensely desirable and livable. Parking is on the street around there, and is permit zone – I’d say 95% of the time you’d be able to park within a block (with the caveat of dealing with the occasional street cleaning). For a downtown commuter who only needs the car a couple times a week anyway, this won’t be seen as too major a problem. For anyone who needs to drive daily, it’s probably a deal-killer at this price point for a 1-bed.
I still think the developer made a mistake going with such high-end finishes in this building, but whatever. I remember at an open house I stopped by, several units had very strange layouts, which is another possible detriment that would negate the value of the square footage. I don’t remember this one, though.
Those high end finishes might be the only way to get even $350K. That is still plenty of money for a one-bed, even in Old Town-Lincoln Park.
Looking at the floorplans (available at the MP link in the post), the major problems I see are (1) the bedroom is in the basement, (2) this unit faces away from the street–that is, no view, no light, as it also faces north, (3) it’s only a 3/4 bath–no tub, (4) a bunch of space and a window are wasted (in my mind) giving access to the laundry closet.
On the plus side, if the decor is exactly what you would want, you’d be hard pressed to duplicate it in a nearby location with similar sq ft for the price–if they’d take about $350k.
Not having parking has really hurt this project.
I would not sleep in the basement, especially at these prices.
NO UNIT has a tub. All showers
One more problem–the only bathroom is downstairs and through the bedroom. Not particularly conducive to having guests and, again, not what I consider desireable at these prices.
This developer obviously did no market pricing research whatsoever when this project was planned, and is still very unrealistic about the price. This unit will trail the market down, and sell at a huge loss when it finally does sell (likely as a foreclosure/REO).
Those windows are absolutely glorious. But not at this price.
And especially with the bedroom in the basement and without a proper bathtub. I know a lot of people prefer showers, but I would think that most people would at least like having to option of taking a long leisurely soak.
Me thinks if I were one of the few who bought a unit in this building, I’d be not too happy right now with this developer. They marketed the units as condos and then turned the entire building into a giant apartment complex. This destroys the equity of the poor owners in a terribly big way.