Get a New 3-Bedroom in the West Loop for $1,009,000: 1400 W. Monroe
This new construction 3-bedroom in 1400 Monroe at 1400 W. Monroe in the West Loop was recently listed in October 2021.
1400 Monroe is a boutique elevator building constructed in 2021 which has 42 units and attached garage parking.
It has 2 bedroom, 3 bedroom and 5 bedroom units.
The building has a package reception system, a dog washing station, cold storage for grocery delivery and storage lockers but no door staff.
This unit has an eastern exposure and loft style windows.
The listing says the interiors were done by MoJo Stumer in a modern style.
The kitchen has white and wood cabinets along with an island that seats 4.
There’s a separate dining room.
The primary bedroom has a walk-in-closet and en suite bath with walk-in-shower and double floating vanity.
The two other bedrooms share the other full bath which has a bathtub.
There’s also a powder room.
The unit has the features buyers look for including central air, washer/dryer in the unit and garage parking is available in the building.
It also has a 5×21 balcony.
This building is across from popular Skinner Park.
Is this area of the West Loop going to be the next area to see trendy restaurants, shops and cafes move in as more new construction goes up?
Christine Lutz and Regina Castle at Wolf Residential Group has the listing. You can see the pictures, video and 3D Interactive walk-through here.
You can also see the floor plan on the 1400 Monroe website here.
Unit #3F: 3 bedrooms, 2.5 baths, 1669 square feet
- New Construction
- Currently listed for $1,009,000
- Assessments of $416 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes are “new”
- Central Air
- Washer/dryer in the unit
- Garage parking is available for extra
- Bedroom #1: 14×11
- Bedroom #2: 10×11
- Bedroom #3: 10×10
- Living room: 13×21
- Dining room: 13×10
- Kitchen: 14×10
- Gallery: 5×16
- Walk-in-closet: 6×7
- Walk-in-closet: 6×7
- Balcony: 5×21
This is very efficiently laid out for 1700sf, tho the 2 & 3 Br look a lot smaller on the 3D walkthrough than the plan
Not a fan of having the kids Br off the balcony, might be tough to use if they’re young and in bed early
Finishes as so boring. Can this trend die already?
No view, no amenities, not much outdoor space. The price seems ridiculous for 1700 sq feet.
Approximately $42 in closet fixtures. Fuck them.
What I like: 1)True separation between living and dining areas. It’s open enough to feel expansive but each area is distinct. Dining area could be a skosh bigger. 2) The foyer. I hate walking directly into the living/dining/kitchen area.
What I don’t like: Pretty much everything else. Finishes are ok, not luxe, and it’s pretty bland.
Also a 5’ wide balcony is stupid for a 3Br low rise. 8×12 >> 5×20
“Dining area could be a skosh bigger.”
“the 2 & 3 Br look a lot smaller”
Would be a lot better if the brs were 10×12, rather than 10×10 (and then the dining area could be longer, and a bit wider, with reallocating the closet), but you can’t just create an extra 4′ in floorplates with 7 units.
There’s a reason that they show those bedrooms as a nursery and an office–10×10 is, in fact, a fairly small bedroom, certainly at this price point.
New loan limits announced. Conforming loan limit bumped from $548,250 to $647,200 now in Chicago. So basically you could buy with as little as 3% down up to a $667k purchase price.
High cost areas like CA will see conforming loan limits up to $970k…
Some tech bro or tech couple will buy this simply because its brand new.
“High cost areas like CA”
which now includes Nashville…
“ which now includes Nashville…”
I didn’t think anyone was moving there?
and Teton county Wyoming… lol
bummer not Washoe county, NV real estate prices here are pretty crazy
“I didn’t think anyone was moving there?”
Franklin & Brentwood are booming.
@russ
I didn’t realize conforming loans have been increasing so much. Wow. Great way to inflate RE prices.
@AnonIDGAF, it is crazy. When I bought my first home 20 years ago, it was $275k…
The other thing that is interesting is that it stayed at $417k from 2006 to 2016….bubble burst.
Franklin and Nashville is nuts. Was just there last weekend. My wife works in tech and we were talking about the culture clash of all the urban transplants moving there….
“I didn’t realize conforming loans have been increasing so much. Wow. Great way to inflate RE prices.”
Isn’t this the biggest 1-year increase ever?
But then, it’s not every year that prices are up 20% or more across most metro areas.
“New loan limits announced. Conforming loan limit bumped from $548,250 to $647,200 now in Chicago. So basically you could buy with as little as 3% down up to a $667k purchase price.”
Yes, and pay PMI as well.
Don’t forget, these buyers are some of the most qualified buyers in decades. Have been for 10 years now. The loan requirements haven’t been loosened at all. Still have to have the credit score, the income etc.
Arkansas is the next Austin, according to Bloomberg. Everyone is moving to Bentonville.
“The underlying driver in all this is that a lot of second-tier metro areas got a lot more expensive over the past two years and aren’t the bargains they used to be. New places will gain traction as metros like Austin and Boise struggle with their own affordability problems. At the same time, the continued growth in Texas will slowly but surely create its own spillover dynamics to other metro areas, just as growth on the West Coast spilled over to Austin.
Northwest Arkansas might not be on the radar of many coastal people. but it’s the most likely candidate to be the prime beneficiary of these trends.”
https://www.washingtonpost.com/business/the-next-austin-how-about-arkansas-seriously/2021/11/30/db820a96-51d5-11ec-83d2-d9dab0e23b7e_story.html
“My wife works in tech and we were talking about the culture clash of all the urban transplants moving there….”
What culture clash?
Nashville has had one of the largest healthcare industries for a decade. It has been “urban” for a while. It’s tourist industry has really blossomed downtown though. Lots of new hotels. Much needed, in my opinion.
I don’t see how anyone is “urban” in Franklin. It is basically Naperville. Not that there is anything wrong with that.
Zillow’s CEO mentioned the people moving to Nashville are significantly wealthier and earning multiples beyond the median income. Local have nots are probably pissed off with affordability & housing costs. Probably not much of a culture thing, maybe a little bit of the “keep your coastal politics out of here” pushback.
This annoys me and I don’t even live there: https://www.redfin.com/TN/Franklin/209-2nd-Ave-S-37064/home/87899772
” not much of a culture thing, maybe a little bit of the “keep your coastal politics out of here””
Not a culture thing, maybe a little bit of a culture thing?
Huh??
Sabrina, politics and increasing housing cost. Yes, Franklin is very much like Naperville…. but a lot of the new money moving there is from Seattle and other tech oriented cities.
However, the culture is still very much rural south. I recall seeing a massive gun store billboard in Franklin which was actually what prompted the conversation as she was talking about some of the challenges of getting her staff to move to Franklin.
“Yes, Franklin is very much like Naperville…. but a lot of the new money moving there is from Seattle and other tech oriented cities.”
Thanks Russ. Yeah, Franklin has been hot for a decade though. Didn’t Kathie Lee Gifford move there like 4 years ago? Even pre-pandemic it was red hot.
It really is a suburb of Nashville though. Nothing wrong with that. Cute town.
As my friend who lives in Nashville tells me, there is Nashville and Memphis and everything else in the state. Kind of like Missouri with St Louis and Kansas City.
“Zillow’s CEO mentioned the people moving to Nashville are significantly wealthier and earning multiples beyond the median income. Local have nots are probably pissed off with affordability & housing costs.”
The Amazon jobs averaged about $100,000, right?
That was already going to mess up the economy and the housing market. The city just isn’t that big. And it doesn’t have that many high paying jobs. You could be a teacher and buy a house there 5 years ago, for example.
“there is Nashville and Memphis and everything else in the state. Kind of like Missouri with St Louis and Kansas City.”
I thought people liked Nashville?
“It really is a suburb of Nashville though. Nothing wrong with that. Cute town.”
My wayward brother got stuck in Franklin for about a decade (early 2000s), living in a mix of apartments and trailer homes. I think he purchased his AK-47 (or a replica or something similar) out of the back of some guy’s truck, then eventually had to pawn it in town. It is not like Naperville. Naperville may be code for “boring/basic suburb,” but it’s a boring/basic suburb with decent schools, lots of households with (at least) BA/BS-level educational attainment for both adults in the household, and on a train line into one of the largest white collar job zones with lots of universities and world class cultural institutions. That’s nice to hear that Franklin has become more suburban-like (and that a celebrity or two has one of their lavish homes there), but I’d put more stock in the assessment given by Russ based on his recent visit, than other reports. I’ll never forget our first visit up to Franklin from Atlanta, in like 2006. We drove back from my brother’s trailer and went straight to dinner at a friend’s in Decatur, who was celebrating having just survived taking his boards, and who had grown up in Nashville (I think his dad was a big shot MD with Vandy). I could not reconcile the world we were just in (Franklin) with the fact that our friend grew up just a short drive from that world.
“That’s nice to hear that Franklin has become more suburban-like (and that a celebrity or two has one of their lavish homes there), but I’d put more stock in the assessment given by Russ based on his recent visit, than other reports.”
Franklin has million dollar houses and it’s where ALL the celebrities live, right? It’s routinely named one of the “best small towns in America” to live.
It has a big new Hilton Curio right in the downtown so you can walk to all the luxury shops etc.
I don’t see how this is any different from downtown Naperville. Maybe it has completely changed since your brother lived there over a decade ago anonny?
https://www.hilton.com/en/hotels/bnasqqq-the-harpeth-franklin-downtown/
“I don’t see how this is any different from downtown Naperville.”
There’s more to any town than “downtown”.
If you look at the ACS census data, they *are* pretty similar demos (except ‘foreign born’ which is almost 2x in Naperville, and somewhat more ‘poor’ people in Franklin):
https://www.census.gov/quickfacts/fact/table/napervillecityillinois/PST045219
(search box Franklin, TN)
“ How much would that view of downtown cost??”
I’m freezing at 20 million
” not much of a culture thing, maybe a little bit of the “keep your coastal politics out of here””
Not a culture thing, maybe a little bit of a culture thing?
Huh??
You quoted exactly what I posted, proceeded to modify it to “not a cultural thing” and then confused yourself. I don’t know if I can help you. Not much isn’t a puzzling contrast from maybe a little bit 😛
Sabrina: 100k sounds right for tech however there’s a lot of WFH and self employed demographic bringing much higher wages as well. TN has some of the lowest tax policies in the country, so it’s no surprise.
Franklin is very posh. Great little downtown area and definitely cookie cutter suburb with a few nice estates on acreage mixed in. I can see the appeal of the town. I found it a bit too sterile and strip mallish once you get away from downtown and not as walkable as I’d like. Literally every amenity you could possibly want though.
However, it is still in rural TN and once you get a mile or two down the road, it is rolling coal, UTVs, camo, and ‘Murica to be blunt. If you are not from or experienced rural areas, it can be a bit shocking to the system… kind of like if you grew up on North Shore and went downstate IL. Not saying it is bad, but certainly not progressive big city urban culture…
I think you see a heavier culture clash in Clarksville/Memphis but it’s just my observation. I’ve only spent a few months in TN.
I think it’s more like Naperville as well.
“then confused yourself.”
No, I just didn’t see the point of saying “not much, maybe a little” about the same thing.
“Literally every amenity you could possibly want”
Dispensary?
Noted! I’ll file a motion for leave to amend my blog comment.
Fair enough!
The exterior looks like they’re trying to build the 21st century version of the four plus one.