Live in a High Rise and Still Get a Landscaped Terrace: 60 E. Monroe in the Loop
This 2-bedroom in The Legacy at 60 E. Monroe across from Millennium Park in the Loop came on the market in July 2020.
The Legacy was built at the end of the housing boom, in 2009. It has 355 units and a parking garage.
It’s a full-service building with doormen, an exercise room, a pool and sundeck.
If this unit looks familiar, it’s because we last chattered about it in June 2017 when it had first come on the market.
See our chatter here.
If you recall, it is a corner unit with 10 foot windows in the primary bedroom which has a walk-in-closet and an en suite bathroom with a dual vanity.
It also has a unique 10×5 separate office space, a rare amenity in a high rise unit during the pandemic.
The kitchen has dark Brookhaven cabinets, Subzero refrigerator, a Bosch dishwasher and granite counter tops.
But it’s big selling point in 2020 is that it’s just one of 6 units with private terrace space in the building.
It is a big terrace at over 400 square feet with enough space for a grill, a table and other furniture.
All of those units are on the sundeck level which has full landscaping, including trees.
This unit has central air and washer/dryer in the unit but there doesn’t appear to be any parking.
It’s been on and off the market since we last chattered about it in 2017.
In 2019, it was listed for rent for $4200 a month.
It came back on the market in July 2020 for $749,000 and has been reduced to $725,000.
It last sold in 2016 for $725,000.
Have East Loop prices fallen to 2016’s level?
Catherine Arslanian at @Properties still has the listing (as she did in 2017). See the pictures here (sorry- no floor plan)
Unit #1504: 2 bedrooms, 2 baths, 1428 square feet
- Sold in October 2010 for $649,000
- Sold in December 2012 for $580,000
- Sold in November 2016 for $725,000
- Was listed in June 2017 at $749,000
- Withdrawn
- Available for rent in 2019 at $4200 a month
- Re-listed in July 2020 at $749,000
- Reduced
- Currently listed at $725,000
- Assessments are now $780 a month (they were $684 a month in 2017) (includes heat, a/c, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
- Taxes are now $12,805 (they were $11571 in 2017)
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×15
- Bedroom #2: 12×10
- Living/dining combo: 22×19
- Kitchen: 14×9
- Office: 10×5
- Laundry room: 4×4
- Walk-in-closet: 8×7
- Terrace: 28×8
“sorry- no floor plan”
There’s a floor plan.
Design is good/efficient, tho narrow. Location and balcony are +’s, but at the end of the day it’s a basic 2BR apartment.
The buyers have guessed wrong on the direction of the market for 3 years, including trying to rent for less than their monthly nut. Obviously they are some of Sabrina’s HAWT Market Theory ™ acolytes
This should be about $600K.
That office nook is nice, but very cramped (I would prefer a nock off the main room, etc.
I wonder what the noise and sun are like on that terrace? Also how many other units can just look right down on ya?
HOA is surprisingly very low for a building like that. I wonder what their reserves are?
Haven’t seen condos asking/selling for $500+ a Sq ft. South Loop has been ~$300 so a premium for the east loop gets you to $350 maybe closer to $400 given the outdoor area.
The increase in taxes are largely due to the 2015 hikes which were phased in over 4 years. Obviously future increases are a given but hikes similar to what took place in 2015 seem unlikely given the local political climate.
Agree with Johnny inside is basic and cramped but good location.
this building has been an equity disaster for early purchasers. I have a relative that owns a unit here, I think they are trying to sell and are like 300k underwater after buying in 08/09 or something like that
Office nook is the balcony on higher floors, as shown on 3804:
https://www.redfin.com/IL/Chicago/60-E-Monroe-St-60603/unit-3804/home/21847375
So presumably could swap it around with some drywall work.
“This should be about $600K.”
I love this unit and would certainly buy it for that amount.
Thing is at 725k which is the same price it was at in 2017 except your monthly nut is now $2,400 more/year or $200/mo higher than it was back then due to rising taxes and HOA fees. Until this situation is arrested it’s very hard to value this unit.
I am curious if the grill is technically legal? I know it has to be at least a certain distance from the main building but unlike someone covertly grilling on their small balcony above with limited visibility with this grill the whole building would know about it. So am skeptical if its a prop for resale or allowed to actually be used.
These Legacy terrace units are my dream abodes and in very short supply I am surprised there isn’t a big premium on them vs the other units. No way would I consider ie: unit 1604 or most other units here other than those terrace units (even the 3 that share the terrace with a building outdoor common area–there is nothing I would do on the terrace that would necessitate any sort of increased need for privacy from eyes above or even at level with the common area, maybe just throw up a webcam on the outdoor entrance for the common area shared terraces for security).
Yup this one is on the south side of the building so is one of the 3 units that shares their private terrace with the building common area. Not a big deal for me but some people might not want wandering eyes seeing what they are up to when the blinds aren’t drawn.
If you’re a scruffy looking work from homer and embarrassed at your appearance if other residents see you you need not apply lol
Owned here in the past, highly recommend not buying here unless you take pleasure in burning money. I’m one of the rare and lucky few that walked away breaking even.
Low floor ruins this one for me. “In the sky” doesn’t seem like a very apt description when you’re looking at a brick wall out the window.
“I am curious if the grill is technically legal?”
Why wouldn’t it be, by grill is like 2 inches from my balcony window. I use it all the time, just put the cover on last week actually.
“Office nook is the balcony on higher floors, as shown on 3804”
Ahh that makes way more sense. I would feel so cramped in there, like a ‘rat in a cage’.
The more I think about it, this isn’t even worth $600K to me, but it looks like another poster would bite at that price (so I’m under the market).
“this building has been an equity disaster”
A large percentage of people purchasing overpriced homes in Chicago these days are going to understand what this means in the coming years.
“Why wouldn’t it be, by grill is like 2 inches from my balcony window. I use it all the time, just put the cover on last week actually.”
I think it relates to insurance. My property manager tried to get rid of all of the grills out back where I’m now and chalked it up to insurance rates but later settled on moving the grill to a spot that is 10+ feet from all buildings. Insurance inspectors do not like grills at all.