Get a West Loop 2/2 With Parking for Under $240K: 1228 W. Monroe
This 2-bedroom in the midrise building at 1228 W. Monroe in the West Loop has been on the market since June 2011.
In that time it has been reduced $10,000.
It is bank owned.
At 1008 square feet, it has hardwood floors in the main living areas.
From the pictures, it appears that the kitchen and bathrooms are intact.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
The unit, which was built in 2006, has central air, washer/dryer in the unit and parking included.
This property is currently listed $81,100 under the 2006 purchase price at $239,900.
However, Unit #504, also a 2/2 of about the same square footage, located on the top floor and with 2 parking spaces, is under contract as a short sale with a list price of $218,000.
Is this even much of a deal?
Henry Jones at Jones Realty Corporation has the listing. See more pictures here.
Unit #402: 2 bedrooms, 2 baths, 1008 square feet
- Sold in August 2006 for $321,000
- Lis pendens foreclosure filed in November 2009
- Bank owned in April 2011
- Originally listed in June 2011 for $249,900
- Reduced
- Currently listed at $239,900 (parking included)
- Assessments of $261 a month
- Taxes of $4373
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×11
- Bedroom #2: 13×10
Unit 406, somewhat smaller, closed at 235K as a short sale in November. Since you are dealing with an unemotional bank (usually) this is a good example of where you offer what you think is fair and you have a decent shot of getting it. But you’re not likely to steal this unit.
It seems like an ok deal to me, but they’re trying to stuff a 2/2 into square footage that more properly should be a 1/1.5. The result is an incredibly cramped floorplan. If they had a couple hundred extra square feet, this place would be a steal.
It is alright place for someone who really needs a 1BR and will occasionally have a guest over or uses the second room as a home office.
Perhaps a young couple can live here for a few years and even have a baby, but this is not a 2BR that a family of 3 or 4 (yes 4, as unbelievable as is 2 young kids can share a room) can stay in. The price is good enough to reflect this though so I think it will sell at near ask.
The short sale might be under contract at that price but there’s no guarantee it will be approved by the bank. I actually think a short sale should be discounted under a foreclosure because they are a lot more hassle.
I see this going for $235, again to someone not necessarily making a great decision, but it will sell.
Seems OK… nothing special, but the price is reasonable.
Miumiu:
Wait until you have two kids and they’re a bit older. We tried the room-sharing thing with our two boys when they were younger. It’s a big pain in the rear. They had different sleep schedules, so were always waking each other up. I’m glad they have their own rooms now.
I’m not saying it’s impossible to have kids ahare, of course, and I know people do it, sometimes because they don’t have the money to get a 3 BR. But if someone does have the resources, it’s a much simpler life with each kid in their own room.
My 7 and 1 year old share a room. It’s been fine so far but eventually we’ll have to move. But we have two floors so our living space feels a bit bigger, as much as I love condo living, a place this size would feel pretty cramped pretty quick with two school age kids.
Miumiu:
“Wait until you have two kids and they’re a bit older. We tried the room-sharing thing with our two boys when they were younger. It’s a big pain in the rear. They had different sleep schedules, so were always waking each other up. I’m glad they have their own rooms now.”
This may be true when the youngest is under 18-20 months. After that you can synchronize nap time without real problem. Most people I know keep the youngest in a crib in their room until they are close to two then double them up.
I don’t see how you could raise even 1 kid on a 4th floor condo on Monroe St. in the West Loop.
Living in this place, a kid could never go outside alone. He/she would always have to be accompanied by a parent to walk/drive to a park. From my earliest memories, I recall going outside and inside on my own volition. The idea of being cooped up in a 1000 sq. ft. unit (until an adult can take you outside) is unbearable.
I know that people raise kids in NYC and Chicago in apartments and condos. I just can’t see that happening in a unit like this one.
And I also think that there is something really nice about sharing a room. I think it develops a nice bond for siblings when they have to share a room.
“My 7 and 1 year old share a room.”
Yikes, that is kind of a big gap to share a room. The baby must drive your 7 year old nuts. Or were you the one with the kids that don’t cry?
“Yikes, that is kind of a big gap to share a room. The baby must drive your 7 year old nuts. Or were you the one with the kids that don’t cry?”
She’s european, they can put up with anything. People from NYC too. I have a friend who grew up in a v small room on UES (the kinda place and lifestyle anonny would really like) with bunk beds with his brother and basically no floor space after accounting for small desks and dresser.
“She’s european”
Say no more.
And to think that not too long ago, it was common for a house or apartment to have three bedrooms: one for the ‘rents and possibly the youngest baby in the family; one for all the girls, and one for all the boys.
It happened in my ‘hood when I was growing up. And the parents were not poor; dad was a lawyer and made enough to send all of his brood to private schools.
Just to clarify: lawyer & co. were neighbors, not my own family. But the same basic principle applied in my blue-collar household as well.
The 1 year old is usually in bed before the 7 year old, and he sleeps through the night usually. They have a bunk bed, but they don’t really hang out in their room too much except to sleep. I know they’ll need their own room as they get older, but I’d rather compromise on them sharing a room now than have the space but have a crappy school district and a crazy commute for my husband.
I would have hated to share a room, but some kids love it. My friend bought a three bedroom, so the kids could have their own rooms, but they want to be in the same room. The boy is 10 and the girl is 4, but he loves being a big brother. I guess it really depends on the kids’ personalities.
this place is lonely, it oozes loneliness…. the buyer will be a single person, probably a female, who will end up drinking a bottle of chardonnay every other weeknight while smoking a half a pack of cigs.
There is a family who lives in my building in Brooklyn. The father is a lawyer. The mom has always stayed at home. They have a 2 BR and their son and daughter shared a bedroom until they graduated high school and went away to college.
I thought it was awkward for sure because it was a brother and sister sharing. I mean, how would that work? Did they change in front of each other?
But that’s just life in NY.
Man, you guys have to travel a bit. There are many places in the world where siblings share rooms and as BB said it makes them develop a bond, be more social and less selfish adults when they grow up.
Of course if people can afford it, they would rather give separate rooms to their kids. Life is about trade offs unless you are filthy rich. I am like Jennifer and rather live in 2BR with 2 kids than commute an hour a day each way as many do here.
“commute an hour a day each way as many do here”
Not sure I can think of any “regular” for which this is obviously true (maybe juliana?).
Perhaps, but I know a few people who do this.
Not a horrible deal for the $$ and the neighborhood, and the building is nice.
But I agree with David, the footprint for the unit is quite small for a 2/2.
I know someone who rented #406 in this building and that’s exactly what he did there. These units are just not that big. Maybe for a young child the 2nd br would be good, but it would be a birdcage for one teenager, let alone multiple kids.
long time listener, first time caller.
isnt the RE agent’s website terrible?
in any case, i think this is pretty good rental opportunity. low ball the ish out of it. hope they accept. if not, let them sit on it. im sure there are tons of buyers out there with financing readily available. hahahahaha
hey miz,
of all the bad realtor things this is bad but isnt the worst or close to the bottom 25 i have seen
to bring the convo back to the unit. i currently rent in the building (5th floor is all i’ll say) and i love the building w/ climate controlled parking (although the units themselves are somewhat lacking). i currently am in a split 2/2 w/ a buddy and we seem to have more than enough space. the neighborhood is the best, skinner park, police station, fire station all across the street, and madison shops/restaurants, police training academy, whitney young all 1 to 2 blocks away, as well as the blue line. assessments are ridiculously low as well are the taxes. so where are i going with this, and why havent i bought the unit you ask? apparently there are window and building problems and there is possibly mold growing. the building is in litigation w/ the builders to redo parts of the building (they already have done the patios), but if that fails, that means a MASSIVE special assessment. considering there are only 30 or so units there… well, you do the math. terrible shame.
just sold for 192K. wowsers!