Flipper Alert: $301K Reduction in The Marquee: 1464 S. Michigan
We’ve chattered about The Marquee, at 1464 S. Michigan (although previously the address was listed as 1454 S. Michigan) several times before.
This 3-bedroom unit, Unit #2201, was originally listed a year ago for $795,900 and has been reduced by over $300,000.
There is no square footage listed but here are the room sizes:
- Bedroom #1: 14×11
- Bedroom #2: 11×10
- Bedroom #3: 10×10
- Living room: 13×13
- Kitchen: 18×16
- Dining room: 13×10
Sudler Sotheby’s has the listing. See the pictures and the listing here.
Here’s its history:
Unit #2201: 3 bedrooms, 2 baths
- I can’t find an original sales price.
- Was listed in January 2008 for $795,900 (not sure if the two parking spaces are included)
- Reduced
- Was listed in June 2008 for $592,500
- Reduced
- Currently listed for $494,850 (with 2 parking spaces included)
- Assessments of $520
- Taxes are “new”
How much extra for some paint on the ceiling?
And since when is 10×10 a bedroom? If I lived there, i’d convert it to a walk in closet!
That kitchen is awful too, it looks like a rental! At least put a freakin Island in there!
Then again, I don’t think i’d pay 500k to live in a concrete ceilinged Home Depot infested crapshack.
Well I don’t think this was built as luxury units (and it shows with the horrible design and finishes throughout this building).
They just decided to put luxury price tags on them during the bubble.
This is one of the worst new buildings in the South Loop that I have looked at. With this price reduction it might move quickly and the flipper will at least be able to get out but I still wouldn’t buy this unit at this price to live in. It just looks like a crappy apartment. I guess it could make a decent rental at around this price (but I’ll leave that math to others).
What a weird layout, and those button light fixtures are truly worth the original asking price. The dimensions listed don’t make sense vs. the floor plan, the kitchen is bigger than the living room?
nd, when I read “What I weird layout” I thought it couldnt be that bad. But you’re right, that layout is really going to hurt them.
$250k. South Loop is going to get hit the hardest. Not quite a desirable area, in addition to the inventory. If River North condo’s are falling to 200k for a 1 BR (will they fall more?) it will attract people away from the South Loop.
It’s all toast.
I think, well, wonder, whether the south loop will fare better than a lot of people think (I don’t mean, mind you, that it will escape price cuts). Why? The biggest growth demographic of home buyers are childless households who want to be close to work, play and transportation and don’t care about things such as school districts or a bit SF in the ‘burbs. Obviously, this isn’t the only place they will look, but it is certainly one of them.
Don’t forget its more expensive to be a first time buyer now, thanks to worthless Todd Stroger and his $7.50 for every $1000 spent on his idiotic “real estate transfer tax” so granny can afford a free bus ride.
The south loop needs amenities and it needs to develop into a neighborhood. They’ve been saying for five years now that the neighborhood was gonna chance…but let’s face it – change isn’t coming.
Also, there is no freaking nightlife at all in the South Loop. maybe if they built a rail stop at 17th st. or something it would be a better place for young people to live. But overall the South loop is kind of a ghost town. Not many people walking around, not many lights on, and only a few restaurants to choose from, and very few bars.
nd,
As others have said living in South Loop doesn’t exactly come with ‘fun’. I know a couple people who live in the South Loop are always up on the north side on weekends for the nightlife.
Apparently South Loop Club, Wabash Tap & Grace O’Malley’s, Kroll’s & Weather Mark Tavern don’t cut it after awhile. The fact that you can count the number of bars in this neighborhood on one hand speaks volumes about how empty the neighborhood is.
Valid points, but that is still as of right “now”, not in a few years – retail and such always lags, especially when there aren’t a lot of storefronts available for the population served (and a huge future growth in population). It’s going to be more interesting to watch this, than say a gentrifying area, which normally gentrifies because of the attractiveness and amount of streetlife (i.e. Wicker Park/Bucktown, Andersonville, etc) since the South Loop is essentially a tabula rasa.
I have spent the past year and a half looking for a condo somewhere in the downtown area. Why would anyone ever consider this unit a 3/4 of a million dollar unit? I am sure that one day the south loop will resemble the gold coast but why pay comparable prices for something that won’t happen for several years? I have seen several units that maybe worth $795,000 but this is certainly not one of them.
The realtor has really mis-represented this unit. With a master of 14 x 11 and a very cheap looking kithen that was actually called a “gourmet” kitchen, this can hardly be called a luxury unit.
I agree with everyone about the building.
Not everyone wants to live next to a million bars, or live in Wrigleyville with the “I still want to live like I’m still in college crowd.” The good thing about the South Loop is that while it’s relatively close to everything, it is a pretty quiet area with very little congestion.
Wow…1996 called and they want their tile, cabinets, and other material back. I don’t get this fake concrete loft (unless it is an original converted warehouse building) like this, or anything that CMK & Brinninstool +Lynch partner up on.
Sad thing is that the 1st and 2nd floor commercial space frontage of the Marquee is the best built on Michigan Avenue in the last 5 years (The Enterprise frontage at 14th & Michigan across from fire house restauraunt is also decent), as opposed to the Soviet style
crappers built by CMK & Brinnentools +. In my opinion, someone in DPD should be fired for letting some of these buildings go through, namely Lori Healy, which could be why Da Mayor moved her out of the DPD job a while back.
watch out for more building turning to rental in south loop. This is a real danger of buying in new buildings…
So here’s a question for the real estate lawyers out there: if a building does go rental, what happens to owned units in the building? I’m assuming the HOA is dissolved and the developer wishing to convert to rentals has to buy out the owners? Even so, it would seem the developer would have a lot of leverage in that situation: who else is going to buy the unit?
sartre said:
watch out for more building turning to rental in south loop. This is a real danger of buying in new buildings…
Did this already happen at 2 E. 8th, or was it a rental-to-dormitory conversion?
Here are three photos of the interior, tours4.vht.com/KSI/T1148716/still/viewer_93.jpg and tours4.vht.com/KSI/T1148716/still/viewer_13.jpg and tours4.vht.com/KSI/T1148716/still/viewer_14.jpg
All you winers complaining about too few bars, walk to the north side of the river and get drunk, go up to Wrigleyville. Every neighborhood doesn’t have to be a freaking idiot fest like you all want. It’s nice to come home and not see and hear
a bunch of mindless dopes who can’t handle 2 beers, and can’t talk and are falling all over each other. Go cry somewhere else. You’re not needed here.
[Editor’s Note- this is NOT the same Bob as the regular Bob who posts.]