Get a Nearly New South Loop 1-Bedroom for Under $200K: 1464 S. Michigan
We’ve chattered about the 2008 constructed South Loop high rise, The Marquee, at 1464 S. Michigan numerous times over the last few years.
This 1-bedroom short sale is currently the cheapest unit for sale in the building.
The building stats are (out of 214 units):
- 28 for sale
- 3 for rent (on the MLS)
Units may be both for sale AND for rent.
This 1-bedroom is one of the larger 1-bedroom units with 1.5 baths and a 10×7 office niche.
It has hardwood floors in the living space and crown molding.
The kitchen has some upgrades including a full backsplash along with the granite counter tops and stainless steel appliances.
The current price includes the parking space.
At $93,600 under the 2008 purchase price, is this a deal?
Akos Straub at Jameson has the listing. See more pictures here.
Unit #1411: 1 bedroom, 1.5 baths, 1 car parking included
- Sold in March 2008 for $293,500 (looks like it included the parking)
- Was listed in March 2010 for $299,900
- Reduced
- Currently listed as a “short sale” for $199,900
- Assessments of $257 a month (includes the doorman)
- Taxes are not listed (too new?)
- Central Air
- Washer/Dryer in the unit
- Bedroom: 12×11
- Living room: 27×12
- Kitchen: 10×10
- Other/niche: 10×7
I’ll take it for 135K including parking
That living room is atrocious. Better off renting imho.
That living room/dining room looks REALLY REALLY small – almost too small for even 1 person. I don’t think I would even take this at 135k – David, why wouldn’t you just rent until you could afford something bigger?
I was going to say its not a great deal at ask because there are tons of 1/1s in the South Loop that you can get for around 200k as well including parking.
Then I saw the extra-half bath and office niche. That puts this into solid deal territory IF you can actually get this place for 200k.
There are so many nice places in the South Loop with all the modern amenities/bells & whistles. But then the neighborhood sucks.
Even if you were willing to egregiously overpay for a modern condo in LP/LV with all the bells & whistles I don’t think many at all are available. Aside from that Wellington Penthouse at the $1MM pricepoint that is.
Looks like a nice extended stay hotel room.
It would have the advantage of being cheap to furnish and difficult to accumulate too much stuff.
oh my what a piece of crap
500 sqft?
Maybe it’s just the pictures that make it look bad but that living room is terrible
As a plus I could do some damage in that kitchen. Nice, usable counter space and work areas on either side of the range. I tend to like to make a process area (prepped ingredients on left, cooking area, holding pen on right or on a warming plate if multiple stage recipe.
then I’d have really no where to eat the meal I prepared, but hey such is life.
ummmm how many years before the CHA takes the south loop?
living room is 27×12? Is that feet?
“living room is 27×12? Is that feet?”
Might be right, if it includes the kitchen–that space could be 27′ long and 12 ‘ wide.
Mostly OT, but re Gary’s question from the other post, there are SFH on 1200/1300 block of state street for well under $1MM. Short lots (anon). The houses are nice enough but they are on state street. There was one on the Plymouth side that sold for under $900K a while ago. All part of the dearborn park, or dp ii whatever it is, development. S Loop elem.
floorplan:
http://www.marqueechicago.com/unit911-1511.html
Probably the ugliest tower build recently in the hood. Even for free I’d be embarrassed to call that my home.
There is no way that living room is 27 x 12. Maybe 17 x 12 when you take out the kitchen. It isn’t big enough to put a real six person dining room table plus a full sized living room furniture. You can tell that from the picture. Developers often use slight of hand with those floor plan drawings and how the furniture lays out.
This place is a rental.
There was an interesting article in the Wall Street Journal this morning about how studios and one bedrooms are losing their appeal in NYC (gasp at the $995k 1 bedroom in the article). They simply aren’t practical and makes no sense to buy them beyond rental parity imho. If you can’t swing big and get a 2/1.5 at a minimum with all the bells and whistles… keep renting.
http://online.wsj.com/article/SB10001424052748704361504575552181570251978.html?mod=WSJ_NY_LEFTSecondStories
Looking at the floorplan, this comes to about 590 sq. ft at the maximum. It’s about the size of a convertible studio I used to have, which had a LR/DR of 13 x 18. This LR/DR at around 12 x 17 is relatively dark (not the usual wall of windows), and with the entrance to the BR and the one to the terrace, it would be very hard to locate a table & chairs for 4, plus a small sofa, side chair & coffee table. That’s about it.
Also, where is the “other niche”/office space?? no where on the floorplan. And, there’s barely a foyer
The other is the balcony according to the floor plan.
“They simply aren’t practical and makes no sense to buy them beyond rental parity imho. If you can’t swing big and get a 2/1.5 at a minimum with all the bells and whistles… keep renting.”
This was my parents advice late last decade and luckily I followed it and could not afford a 2/2 at the time.
“living room is 27×12? Is that feet?”
could be the entire condo is 27×12 feet… I mean you could technically “live” in a bedroom, kitchen or bathroom right?
About a year and a half ago my wife and I were looking for rentals and there were tons of units for rent in this building, directly from the developer. At least this unit has finished ceilings instead of concrete like the other ones we saw. They were trying to rent 1 bedrooms for 1,600 a month, when I laughed at the agent, he said “well, make an offer!”.
Would hate to own in this building when the developer is jumping ship and will undercut you every way possible.
Hi Clio,
I actually have a few condos in downtown (Streeterville and the Loop). Just commenting on what I would consider reasonable for that building/size/location…
“They simply aren’t practical and makes no sense to buy them beyond rental parity imho. If you can’t swing big and get a 2/1.5 at a minimum with all the bells and whistles… keep renting.”
You do realize that by the swing big or dont swing tactic you are only either going to hit a home run or strike out? Not much of a chance of being the best hitter in the game if you get my drift…
“You do realize that by the swing big or dont swing tactic you are only either going to hit a home run or strike out? ”
By that analogy there’s a lot of balls in Chicago RE–a lot of bad pitching. Sure no homerun if you don’t swing but the goal is for your team to have the highest score at the end of the game with every other metric secondary (ie: one’s own HR stats).
“Hi Clio,
I actually have a few condos in downtown (Streeterville and the Loop). Just commenting on what I would consider reasonable for that building/size/location…”
David (or anyone), just wondering what you think the rent would be on this unit. Even if you paid cash for it, at 135k, you would need to rent it for at least 1300 to get a 6% return (that is assuming that it is continuously rented, no repairs are needed, no special assessments are ever brought upon this unit/building) – overall, not such a great risk.
Hi Clio,
You could easily get 1600/month if not a drop more for the unit. It has 1.5 bath and the parking is key. There are a lot of 20 something and early 30 something years olds that I know that pay around 2K a month for a 1/1 with parking. I have a friend down the street from this building paying around 1750/month for a 1/1 with parking in a condo building (nicer view than this unit).
“You could easily get 1600/month if not a drop more for the unit. It has 1.5 bath and the parking is key. There are a lot of 20 something and early 30 something years olds that I know that pay around 2K a month for a 1/1 with parking. ”
they’re high, right?
or, more money than brains?
Or, the 1/1s they have aren’t giant flaming heaps of FAIL like this one is? I’m sorry, this place is a glorified shoebox. Location may be better than South Loop, but the quality of this place is really bad.
I saw several units (including this tier) in the building earlier this year. If I recall correctly, there is no room for a dinning table (and the model did not have one) and the bedroom was not large enough for a queen size bed and dresser set. I also did not like that the walls were set-up for a wall-mounted TV and stereo.
I have a friend that lives here and instead of selling and losing her ass, she attempted to Refinance in this building with an “obama” loan. Besides the fact that her place appraised for almost $60,000 less than what she purchased it for 1.5 years ago because of not one single comparable in the building since nothing has closed recently (like months), the refinance would still have been doable. Everything looked to be ok but the reason why she could not refi was because the title showed 10 construction liens placed on it in the last year (after she bought) including a lis pendens AND the developer owes around $4,000 in taxes. Regardless of anything NOONE can purchase any unit in this building until that is cleared up because NO title company will insure over those. SO basically this building is dead because there can be no financing transactions with those liens. The association will have to get together with an attorney to clear this but it could take MONTHS and will be very pricey. Just my 2 cents.