East Loop Week: 2-Bedroom “Exquisite Renovation” with Lake Views at 310 S. Michigan
This 2-bedroom in the Metropolitan Tower at 310 S. Michigan in the Loop came on the market in May 2020.
Built in 1924, according to Wikipedia, Metropolitan Tower was the first building over 30 stories in Chicago.
It was converted to 235 condos during the housing boom in 2007-2008.
It’s a full amenity building with a 24-hour doorman, a roof deck with grills and lake views, a fitness room and garage parking.
The listing says this unit has had an “exquisite renovation” costing over $140,000.
It has crown molding and wainscoting throughout.
The entry foyer and hallway is a black and white marble checkerboard floor from Paris Ceramics.
The kitchen has white Wood Mode cabinets with crystal knobs, Carrera marble counter tops and backsplash, Subzero and Wolf appliances and a kitchen island with seating.
There are Wenge hardwood floors.
The living room has a gas fireplace with a mantle.
The primary suite has custom closets and a marble primary bath with dual vanity and soaking tub/shower.
The second bedroom doesn’t appear to have a window.
There’s recessed lighting throughout.
It has all the features that buyers look for including central air, washer/dryer in the unit and 1 garage parking space for $35,000.
This unit originally sold in April 2008, the height of the housing boom, for $965,000.
It is listed at $575,000.
With the pandemic and the summer looting scaring off downtown buyers, is this a deal?
Nancy McAdam at Jameson Sotheby’s has the listing. See the pictures here.
Unit #1401: 2 bedrooms, 2 baths, 1270 square feet
- Sold in April 2008 for $965,000
- Listed in May 2020 for $575,000
- Currently listed for $575,000 (plus $35,000 for parking)
- Assessments of $1004 a month (includes heat, a/c, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal, roof deck, 24-hour doorman)
- Taxes of $11,947
- Central Air
- Washer/dryer in the unit
- Gas fireplace
- Bedroom #1: 12×14
- Bedroom #2: 10×10
- Living/dining room combo: 19×14
- Kitchen: 12×9
- Laundry room: 5×4
This isn’t 1270sf.
Looks to be well constructed, unfortunately the design has a very Hotel feel to it and cramped
Almost feel sorry for the owners, have over $1MM into this place and are trying to get $0.50 on the $1.
The market is so HAWT ™, the owners got burned
“This isn’t 1270sf.”
Appears the developer called it that:
https://www.dreamtown.com/buildings/310-s-michigan
Smallest of the 4 01 tier plans.
Still doesn’t look like 1270 to me.
1402 is also for sale, asking 635, including a tandem parking space. Last sale of $1.07m. Appears to be original finishes.
Hard to believe people were paying that much for these places. The current asks make sense more or less–and if you back out CPI, it’s $475 (1401) and $525 (1402).
Ouch!
If this area wasn’t so touristy, there’d be a lot of appeal to this location — proximity to park, shopping, and the loop.
Will we again start seeing short sales?