Auction Alert: Loop Penthouses and Parking Spots: 8 W. Monroe
You might have seen the ad in the Tribune the last few weeks for the Rick Levin & Associate auction of 2 penthouse units and 20 parking spots at 8 W. Monroe, The Metropolis, in the Loop.
The 2 penthouses have private terraces. The space is unfinished however- without the drywall. So a buyer can fully customize the space.
The auction brochure says they will sell the two penthouses separately or you can combine them for one gigantic space. See the auction brochure here.
Penthouse A: 3000 square feet
- Was listed as high as $1.2 million
- Minimum bid of $360,000
Penthouse B: 1700 square feet
- Was listed as high as $640,000
- Minimum bid of $180,000
Combined Penthouses: 4700 square feet
- Was listed as high as $1.86 million
- Minimum bid of $540,000
Click here for the listing for the combined units (still on the MLS). There are NO interior pictures.
Unit #2100 (Penthouse): 4066 square feet
- Originally listed in October 2008 for $1,488,800
- Still listed for $1,488,800
- Assessments of $2277 a month
20 parking spaces are also to be auctioned off in the building.
- Were listed at $42,000
- Minimum bid of $19,000
- Indoor valet, deeded
Auction Information:
- Location: Crowne Plaza Hotel- Metro, 733 W. Madison, Chicago, IL
- Date: Sep 15, 2009
- Time: 6:30 PM
- Rick Levin & Associates [website]
the penthouses are raw unfinished space. no wonder these things didnt sell for list.
And I just looked at some of the other units in the building that are on the market. Short sales, designer retardation, bad floor plans, apartment-type finishings… Not sure who would want to be in this location anyways. The assessments suck!
Someone will probably think that they got a steal on this at auction…
There’s a 4500 sq ft condo w. 800 sq ft terrace on the market for 1.9M at 474 N LSD in move in condition. Choices choices
lauren, do you have the listing for that unit? not seeing it on mls?
Deeded spaces with valet? Yuck.
http://www.rubloff.com/property/4807636
@John: I work in the area so I would consider living at this location. There are also students living in the building as well.
I took a look at some of the units in this place a few months ago, but every 2 weeks it looked like another unit came onto the MLS. Now a number of those are short sale. Not surprised by the auction. Tons of flippers and investors bought units in this building and are probably suffering now.
Reserves were at about $400K at the time.
Valet sucks
Prices are all over the map for units in this building, this one is on the lower end. Wonder if that will affect the others.
http://www.redfin.com/IL/Chicago/8-W-Monroe-St-60603/unit-1600/home/17456530
$2,500/month assessment? Lake Shore can bite one with their buildings.
I’d like to see financials on some of those high rises, I know a few have reserves in the millions, yet the only thing that benefits from it is….the buildings bank account.
I wanted to hear opinion about why valet sucks and if people had any thoughts about the sedgqick building where they are selling parking spots. thanks
Valet sucks because you have to wait for your car and if you are a commuter there is the morning rush. Valet also happens when developers sell more parking spots than a garage was originally designed for…
I am guessing that the sedgwick parking is not in the nicest of areas. It might be across from some public housing
Chichow, plus tipping, the car wash racket, wondering whether to leave the keys in the ignition and walk at 2am on Saturday, etc., etc…
With deeded valet spots, do you need to pay a fee every time you park? Or only tip them?
“I wanted to hear opinion about why valet sucks and if people had any thoughts about the sedgqick building where they are selling parking spots. thanks”
Valet sucks because what if you just want to run out to the grocery store really quickly you still have to wait for 15 minutes for Pedro to fetch your frickin car. And then when you get back you have to leave it there with the keys in the ignition while he goes and parks it. Its far more prestigous to have your OWN space that you park yourself.
Also, note from one of the 8 W Monroe listings, the monthly assessment for the Parking is $135. Plus taxes and your cost of funds, it’s not much cheaper than just paying monthly and retaining your flexibility.
Valet is less convenient for sure. but when i’ve had it i’ve been able to call ahead for my car. and most times (maybe 95%) it is there when i get down to the lot.
“@John: I work in the area so I would consider living at this location. There are also students living in the building as well.”
I work in the area as well, which is exactly why I would NOT want to live in this building. It’s nice to go home to a neighborhood. Not worth the 5 block commute. And students in the building… Another reason I wouldn’t want to live here. No offense students…
“With deeded valet spots, do you need to pay a fee every time you park?”
i wonder that too, do you just give them the yearly christmas tip or each time?
I lived in a valet building in Wrigley some years back. While I would prefer a true spot it was an excellent option for that building.
We had a great staff and, with a few tips and the occasional car wash, they always had my car parked right up front. I could come down, jump right in, and pull out with no wait. I think that in a situation like this it is all in how you treat the staff. This option while not the best is not the end of the world.
Usually I would be very interested in an opportunity such as this, but given the problems with both pricing of other units and the location have killed that interest. Lots of potential there, but I don’t think it would be worth the risk unless the owner plans on staying for a long time.
In the past I have done two of these build outs and both projects were a huge success. One was three units combined that we did for a client and the other was two units that I had purchased with the intention of making it my own place. Once we got near completion, the sheer size and the projected assessment rates made me part with it w/o a regret.
IMO valet parking is a useless amenity that usually gets dumped after a year or so when the rush hour wait gets old and building occupants start complaining.
I purchased raw space in the West loop a few years back and built out a 2200 sq foot space. It was a great investment and we were able to truly customize the unit to our needs. I’m betting someone with creativity can find a bargain here and do something unique. Like any construction project it can easily get out of control quickly. If the buyer can keep their ego in check and are able to build out a 3000 space for under $250 sq foot total it will be an ok investment and a great space to entertain.
> Someone will probably think that they got a steal on this at auction…
Yes, but as long as people on a blog think otherwise, that is all that matters!
The Sedgwick garage is located across the street from the Marshall Field public housing complex…..not the best area by any stretch.
On top of that the assessment on the Sedgwick parking spots is $85 – $105/mo??? I have a heated garage and my assessment is only $24/mo!
I also have a heated garage and my assessments are $36 a month… wtf are you talking about a parking garage on sedgwick for anyways?
“wtf are you talking about a parking garage on sedgwick for anyways?”
Didn’t click on the auction notice link, eh?
Same auction includes some number of spots in a garage at 14xx N Sedgewick.
“Same auction includes some number of spots in a garage at 14xx N Sedgewick”
Oh that place, yeah they’ve been trying to auction those spaces on sedgwick for two years at least. I remember seeing the sign on that place when I used to take the 11 bus home.