How Much Have Prices Gone Up in One Museum Park West? 1211 S. Prairie in the South Loop
We’ve chattered about prices of 2-bedroom units in One Museum Park West at 1211 S. Prairie in the South Loop several times over the last few years.
As recently as January 2012, it appeared that prices were still on the decline. Read our chatter here.
But that was then and this is now. The 2013 market is much hotter.
As miumiu pointed out, a 12th floor 2-bedroom with 1465 square feet recently sold for $695,000. Previously, they appeared to be selling in the low $600,000s.
This Fannie Mae Homepath 2-bedroom on the 16th floor has been listed since May 2013.
It has 1460 square feet and a bonus “den” measuring 8×7.
From the pictures, the kitchen appears intact with cherry cabinets, granite counter tops and stainless steel appliances.
There are no pictures of the two bathrooms however.
The main living area has cherry wood floors and there appears to be carpet in the bedrooms.
It has central air, washer/dryer hook-up in the unit and 2-car parking which appears to be included.
Originally listed in May 2013 for $760,000, it has been reduced $30,000 to $730,000.
With the sale of #1205 at $695,000, will this unit be able to command a price in the $700,000s?
Allen Snyder at Re/Max Partners has the listing. See the pictures here.
Unit #1603: 2 bedrooms, 2 baths, 1460 square feet
- Sold in May 2008 for $643,000 (included the parking)
- Lis pendens foreclosure filed in June 2010
- Bank owned in March 2013
- Originally listed by Fannie Mae in May 2013 for $760,000 (includes 2 parking spaces)
- Reduced
- Currently listed at $730,000 (parking included)
- Assessments of $395 a month (I don’t think this is correct because #1205 had assessments of $756 a month)- includes a/c, gas, water, doorman, pool, clubhouse, exercise room
- Taxes of $8694
- Bedroom #1: 15×12
- Bedroom #2: 13×11
- Den: 8×7
Seems downright depressing for a 700k space. Sorry I just don’t get it. The weather in the photo is a perfect representation of the outlook for this property at this price. Gloomy and grey with a small chance of sunny skies ahead!
where’s the pool in this place? Inside or outside?
I’m pretty sure the pool is outside. My friends used to live across the street. This place is crappy looking considering the price. It looks quite cramped.
There is too much rift raft in the south loop, especially around Roosevelt. Still not enough decent places to go out either. Some of these high rises are really nice and have great views, but this area is not for me.
I wonder if miumiu ended up buying in OMP or somewhere else.
Can i bring my rift raft to the pool?
“Can i bring my rift raft to the pool?”
Definitely! Just dont count on your smart phone to spell things correctly.
They should get rid of the El stop on Roosevelt. That would get rid of a lot of the riff raff.
Otherwise, there are plenty of places to go in the South Loop. I can’t really think of anything missing from the South Loop in terms of places to go.
There are both indoor and outdoor pools. I saw 1205 in person and it is anything but depressing. In fact, it is quite nice. As for 03 units they are East facing (same as 02s) while 05s are North facing. I prefer a North view as it has both the skyline and the lake on lock. However, if a really sunny unit with major lake exposure is your thing go for the East facing ones.
“Otherwise, there are plenty of places to go in the South Loop. I can’t really think of anything missing from the South Loop in terms of places to go.”
I like SL a ton too, but there are still much slimmer restaurant picking there than other more established hoods. On the other hand, the proximity to the highway, museums, shows, theaters, grocery stores, etc… is definitely great. By the way I love the Nepal House, the newish addition to the neighborhood. They lunch buffet is great too.
“They should get rid of the El stop on Roosevelt. That would get rid of a lot of the riff raff.”
Better yet, build a 20 foot high wall with an east german style check point at Cermak. That will stop the riff raff. When funds become available in the future, they can extend the wall up western ave (although kedzie is the new western) and up milwaukee to about Cicero, then up cicero to about Montrose, the back east on montrose to Roughly western again
“Better yet, build a 20 foot high wall with an east german style check point at Cermak.”
Good use for ‘rehabilitated’ pitty-mixes from the pound, too.
I would want electified razor wire on the top, along with the 50-cal weapons every 150′ or so, operated by this system: http://www.kongsberg.com/en/kps/products/remoteweaponstation/ That’d keep out both the riff raff AND the rift raft.
“it is anything but depressing. In fact, it is quite nice”
Cheezy builder finishes. Out of date cabinet/countertop colors. Bad lighting. Cheap carpeting and plenty of beige carpets. Yeeeech! That view while nice on a sunny day is dull and dead after it gets dark. Face me north or northwest and it would be better. For $700K I think that there are better options. Buy a nice $550K house outside the green zone and find a smaller one bedroom in-town in the SLoop for just over 150K. Or get a bigger place with a much improved layout for 700K in the area. Pools and status of a building are good but space is what I consider a premium.
$747K gets my vote!
http://www.redfin.com/IL/Chicago/1201-S-Prairie-Ave-60605/unit-1103/home/21850254
How about $725K with a 1200 sq foot terrace?
http://www.redfin.com/IL/Chicago/1111-S-Wabash-Ave-60605/unit-2602/home/12646921
Way better option at $719K
http://www.redfin.com/IL/Chicago/1142-S-Michigan-Ave-60605/unit-6A/home/12763804
Wow – this one in a heartbeat!
http://www.redfin.com/IL/Chicago/1600-S-Prairie-Ave-60616/unit-1502/home/45514449
For the Zen like people
http://www.redfin.com/IL/Chicago/547-S-Clark-St-60605/unit-1302/home/12787528
Sure you can find an argument with each of my alternative listings. Location, assessments, taxes or something is arguable. I spent no more than a few seconds looking at each listing that I linked. In the end it is clear that OMP is still a premium pricing for units that do not face north. The ones that face north and are open deserve a substantial premium however east facing units with lame finishes and 14 foot wide living spaces are a dime a dozen and just are not that special in this building. Good luck selling this one anywhere close to ask.
@ jp3chicago, I am with you about East facing units being much less unique than the North facing ones. However, I still think OMP is one of the best options for people wanting highrise living in and around down town. Finishes are not that great but with 80K one can bring the unit to a very nice shape IMHO and still it a way better dear than say Acqua or Legacy. I also love that although one is so close to down town, the place still has a neighborhood feeling. I love taking my baby to the park around 5pm and hanging with all the other parents.
jenny, CTA will NOT close a heavily-used el stop because some people think there is too much “riff raff” using it.
That’s a small-town mentality. People who want the authorities to intervene to limit the access of people to public utilities based on their appearance or what “type” of people they are, regardless of their actual capacity for doing harm, would perhaps be happier living in a gated community in a remote suburb.
I thought huge over mount sinks had died eons ago! That huge black kitchen sink is an import straight out of the 80’s!!
Good luck selling a bank-owned, less prime, outdated when it was done unit for a premium.
I would want electified razor wire on the top, along with the 50-cal weapons every 150? or so, operated by this system: http://www.kongsberg.com/en/kps/products/remoteweaponstation/ That’d keep out both the riff raff AND the rift raft.^^
…and today it appears to be 18% off my original wishlist price, with 2 day free shipping as a Prime member. It’s the perfect compliment to my drone quadricopter.
Outside of the finishes needing updating, I think this is a great place to live. Probably my favorite location in the city, (I live in the south loop). The Roosevelt CTA stop doesn’t really affect this building. I live very close by. The views are spectacular, even looking east. The amenities are also top-notch, I’ve seen them, as well. Still, this unit seems to be quite over priced. Hopefully (for me) this will sell close to asking, but compared to what’s available around here, including right in OMP west, I can’t see this going for anywhere over $700K.
I like ompw. Looks like its from the future 🙂
$500 per square foot for a bank owned unit with a small master bedroom and special assessment? Pass.
“Consider these facts: While they trended downward from December 2007 to April 2009, real personal consumption expenditures have been on the rebound ever since, and are now 4.7% above that December 2007 peak. Retail sales, meanwhile, are 11.8% above their November 2007 peak.
(the ratio of outstanding mortgage and consumer debt to disposable personal income) has fallen to 10.32% in the fourth quarter of 2012 and 10.49% in this year’s first quarter. Those two most recent readings are the lowest the ratio has been at any time since 1980.”