Is There a Ceiling on Chicago Prices? A Townhouse at 1038 W. Monroe in the West Loop
This 2-bedroom townhouse in Carmichael Place at 1038 W. Monroe in the West Loop came on the market in September 2017.
Carmichael Place was built in 1999 and is a gated development of 36 units.
Are these townhouses or duplex condos? I’ve seen them described as both over the years.
This unit is a corner triplex with three outdoor spaces including a shared front porch and two balconies on the second floor.
It has a 1-car attached garage on the first floor along with the second bedroom.
The master bedroom is on the third floor with the living space on the second floor.
The kitchen has 42″ cabinets and stainless steel appliances and is open to the living space.
There are hardwood floors in the living/dining rooms and the listing says “new” carpet in the bedrooms.
The listing also says there is a new Nest and new furnace.
Originally listed for $610,000 in September 2017, it was withdrawn from the market in December 2017 and re-listed in January of this year.
This property has now been reduced $10,100 to $599,900 but it’s now been on the market for over 45 days.
This is one of the hottest neighborhoods in the city.
According to Crain’s, ServiceNow, a prominent tech firm, just announced it chose Chicago for its new engineering center. It will bring 150 high paying jobs with the possibility of more to come.
Those employees will be temporarily stationed in the Fulton Market until they locate permanent offices.
Even with the tight inventory, is there still a ceiling on prices on some types of properties?
Jacqueline Colando at Redfin has the listing. See the pictures here.
Unit #12: 2 bedrooms, 2 baths, 1637 square feet, townhouse
- Sold in June 1999 for $291,000
- Sold in August 2005 for $414,000
- Originally listed in September 2017 for $610,000
- Reduced
- Withdrawn in December 2017 at $599,900
- Re-listed in January 2018 for $599,900
- Currently still listed at $599,900
- Assessments of $246 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $8710
- Central Air
- Washer/dryer
- 1-car attached garage
- Bedroom #1: 15×10 (third floor)
- Bedroom #2: 13×8 (lower level)
- Living room: 43×13
LET THE BIDDING AND SHOOTINGS BEGIN LOLZ!!!!!!
link https://www.redfin.com/IL/Chicago/1038-W-Monroe-St-60607/unit-12/home/12763262
I drive past these places all the time after dropping the puppy off at day care. I assumed they would be closer to a million. I’m surprised they are affordable. I would consider this location if I had $600k to spend.
Also, off topic, but for years on here I mentioned that I wanted a cobalt refrigerator and I finally found a place that sells them. Prices aren’t listed, so I assume it’s way out of my budget: https://true-residential.com/custom
This isn’t a townhouse – – it is a jenga-condo. Someone else owns the unit above and below your kitchen. Weird. Also, the floor plan is not conducive to someone who wants the second bed because they may start a family soon. The second bed/living room is at garage level. No way you are running up and down all those steps all night if you have a newborn.
That garage looks like your passenger would have to get out before you pull in and that you would still barely have room to open your car door.
Jenny,
It would seem to me that the solution to many of your problems would be to make more money.
Not bad, but super-narrow and pretty dull/dated. Location is great and although the square footage seems to be over-estimated, it’s a good amount of space. The exterior is much nicer than a lot of late 90s (and more recent) construction.
Only really works for a single/couple with no kids/roommate situation, due to the layout issues noted by Liz above.
I know, Icaraus. I finally made it to almost $100k, but that’s not going to get me a $600k place. I think I’d need to actually settle down and nest with someone who is also making about the same amount. The problem is that I really hate nesting with another person. I’m not really a conventional person when it comes down to it. A friend’s six year old asked me this weekend why my condo was so small and why I would want to live there.
One of my friends recently dropped out of life, quit his job, left his wife and gave up the vast majority of his property/money for the wife/kids… I am secretly jealous, but I would not do well to live a life of poverty.
There is a ceiling on what buyers are willing to pay throughout Chicago despite the tight inventory. In the last 12 months this is the highest priced townhome sale in the West Loop with 2 bedrooms. And that’s for a real townhome. At the time I was surprised it went for so much. https://lucidrealty.com/homes-for-sale/Chicago-Near-West-Side/condos-townhomes/1244-W-Monroe-ST-unit-6-60607/
jenny posted “…One of my friends recently dropped out of life, quit his job, left his wife and gave up the vast majority of his property/money for the wife/kids… …”
R u sayin’ hd’s left his family for his sidepiece (like dt repeatedly has)?
It’s a hot neighborhood, sure.
But this building, while nice, is also one of the oldest buildings in a neighborhood that’s teeming with relatively new build properties, especially north of Madison.
It’s perfectly lovely but I’m not sure it would appeal to a wide range of buyers. The big demands in the West Loop/Fulton Market seem to be for either studio/1 bedrooms for young single workers, or 3 bedrooms and up for family living. I think 2/2 could have more challenges to sell.
The link to the listing seems to not be on the page any more.
This place is ridiculous. How can that bottom level even be considered a bedroom without a door. The master can barely fit that bed let alone a dresser, night stand, etc. And no bathroom on the living level so your guests have to go through one of your bedrooms to use the bathroom? I’m also surprised that in all the time this has been occupied, nobody has put handles on the kitchen cabinet doors. The cabinets have to be very dirty by now. In all seriousness, I wouldn’t pay over a half million to live in a three level, very dated, one bedroom plus den. And being a block away from 7 good restaurants in a city of thousands of good restaurants, doesn’t change property worth, imho.
Closed 585K