“Pre-Short Sale” For This 2/2 in The Park Monroe: 65 E. Monroe in the Loop
This 2-bedroom in The Park Monroe at 65 E. Monroe in the Loop recently came on the market.
The listing calls it a “pre-short sale”.
The Park Monroe was a recent conversion of the top third of an office building into condos. The developer has not yet sold all of the units.
This 2-bedroom unit was recently reduced another $10,000 and is now listed $94,000 under the 2009 purchase price.
However, parking was included with that sale and is an extra $50,000 in the listing, so it is really listed just $44,000 under the 2009 purchase price.
The unit has west and south facing views- so you do not have a direct view of the lake or Millennium Park from this unit.
At 1280 square feet, it has the standard new construction finishes in the kitchen with stainless steel appliances and granite counter tops.
There are 10 foot ceilings and floor to ceiling windows throughout.
The building has a rooftop terrace and an indoor swimming pool.
Is this a deal?
Nicholas Colagiovanni at Baird & Warner has the listing. See the pictures here.
Unit #4415: 2 bedrooms, 2 baths, 1280 square feet
- Sold in March 2009 for $483,000 (included the parking)
- Originally listed as a “pre-short sale” in February 2011 for $399,000 (parking $50k extra)
- Reduced
- Currently listed as a “pre-short sale” for $389,000 (parking $50k extra)
- Assessments of $648 a month (includes air conditioning, heat, gas, doorman, cable, pool)
- Taxes are “new”
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×13
- Bedroom #2: 12×10
Not impressed.
cube housing for corporate zombies
What is a pre-short sale? Why live here if you don’t have the views of millennium park? Why would you want to live in an office building? So many questions….
I swear i remember in the proposal that the duplex penthouses here opened to a private roof top court yard.
i guess its not private at all.
Also if city views suffices, I think something like
http://www.redfin.com/IL/Chicago/100-E-14th-St-60605/unit-1010/home/17179958
is a much better option.
Love that rooftop! it’s definitely cube like, but for location and size I don’t find the price offensive.
Ouch. That March 2009 price seems really high for this place. It’s definitely not a deal at it’s current price. I’m guessing it sells (as a short sale or REO) for around $340k, including parking.
ick
Half a million dollars and that didn’t even get a window in the 2nd bedroom? Who paid these prices?!?!
I would be embarrassed to bring people here if I owned this. The roof deck looks sweet, but you get that 3 months a year, and the pool, laughable movie room, and laughable tv room are just sad, sad, sad.
lol @ everything about this unit.
This will be all rental soon.
oh man what a disaster
and no way this place is 1280 sqft
Isn’t every non-distressed listing a pre-short sale?
good f’ing luck.
disgusting.
and pre-short sale?
LOL
May as well write “wishing price” or “might close within 500 days!”
I used to work in this building years ago. Looking at those windows, it’s a total flashback to my office, and all the other offices lined up like little cubes along the window walls. The public spaces also say “conference room” to me. The fact that the space is causing total deja vu does not say anything positive about how the space was reimagined when they converted it from office space.
“I would be embarrassed to bring people here if I owned this. The roof deck looks sweet, but you get that 3 months a year, and the pool, laughable movie room, and laughable tv room are just sad, sad, sad.”
HAHA totally agree on the laughable movie room… seriously, why did they even bother? what a waste of space.
So out of all the units in this building, they have this one movie room to share. It wouldn’t even be worth the trouble to ‘reserve’ the room in advance or whatever just to watch a movie.
It seems like the only point of that movie room is to look impressive in the photos and to easily-swayed emotional prospective buyers…
I think you know you’ve got a crappy condo when 7 of your listing pictures are of the building common areas and 4 are of the views.
Also why would you say pre-short sale? To me that reads “Buy this unit for $150k less in 8 months”
I definitely take it as a bad sign when only 7 out of 18 photographs are of the unit itself. This place is bad… really really bad.
“Ouch. That March 2009 price seems really high for this place. It’s definitely not a deal at it’s current price. I’m guessing it sells (as a short sale or REO) for around $340k, including parking.”
Dream on dude.
Most laughable Cribchatter posting this month.
REO listing in 12 months at $260k, incl parking.
Would it have killed the current owners to get rid of at least *one* of the white walls? Yikes.
Sometimes I think it would be kinda cool to live & work in the same building. Other times I am disgusted by that idea.
“REO listing in 12 months at $260k, incl parking.”
Someone who works in the bulding might bite at 260k.
But seriously the March 2009 price made me laugh. What kind of bozo drops half a mill on real estate six months after Lehman happened? I bet the owner thought “this is different”. LOL yeah right buddy like the laws of economics don’t apply to you.
Standard cookie cutter new construction unit. My guess is it sells for around $379 with parking. I also really hate when agents play number games with parking spaces.
I’ll start out my coverage of this one with a rating of BOOORING. The extra Os are for “obscenely overpriced.” There also appear to be a lot of recent non-arms-length transactions and related funny business going on, but I’ll honor the Bluths by upgrading my recent rating to a “DON’T BUY!”
“I also really hate when agents play number games with parking spaces.”
I used to think the same thing, but…Maybe there is nothing wrong with listing a separately deeded parking spot separately. If you pay taxes on it, it will also make your taxes appear lower. Plus, in a big enough building you may be able to sell it separately if some fool doesn’t want it with the unit.
Very poor staging. This looks like a bunch of white guys will show up at any minute and start having break-out sessions on “Good to Great.”
My guess is 340k with parking gets it done.
Pre-short sale equivalent to going steady
Short sale equivalent to engaged
Foreclosure equivalent to married
Owner has 417K mortgage. Still trying to walk away with a 22K profit if someone bites at this price + parking.
Totally unrelated, but does anyone have a recommendation for a good property tax attorney or a web-site with referrals and reviews?
I know I am in the minority here, but I do like this building and some of the units. I would like it more if it did not have balconies. We looked here three years ago and then more recently. And most surprisingly the prices were higher in 2010! Talk about a turn-off…
“Pre short sale” is a welcomed term for active listings that need bank approval. “Short sale” should only apply to those with a bank approved listing price.
I’ll buy it as a “post-foreclosure” at half the price.
anyone notice how the assesments do not include parking assesments? anyone have an idea what those are? my bet is $60…
(sry if I missed if already mentioned)
I used to work in this building and considered living hear too. I visited one of the NE corner condo units, and the views were outstanding.
The main advantage of living and working in the same building would be the ability to look in on a pet. You can also use your own toilets if you prefer, over the office toilets.
“The main advantage of living and working in the same building would be the ability to look in on a pet.”
Lets not forget commute time = 0 and not having to deal with the elements, AT ALL, is a nice amenity almost never available to corporate stiffs or most others.
lmao…this is the best line I have ever read over CC. I mean I understand the zero commute advantage but the toilet…looool
“You can also use your own toilets if you prefer, over the office toilets.”
Shout out to jjj for quoting the bluths! One of The best sitcoms Ever.,
You could even go make your own coffee! See ya later crappy office coffeemaker!
There is a major downside to living in/next to the office though. There’s a much greater expectation on you to work late/weekends and there’s no such thing as a snow day anymore…
“Totally unrelated, but does anyone have a recommendation for a good property tax attorney or a web-site with referrals and reviews?”
Our association used Jim Fortcamp at Seyfarth Shaw and got a good result – also enjoyed working with him.
“I’ve made a huge mistake”
-2009 buyer
My personal life goal is living close to work so I can take lunch time naps. sigh.
Maybe the realtor should have read this article.Don’t start commenting on the article, but I am attaching to show that a little goes a long way in selling a place. Stage this thing for Christ’s sake.
http://www.nytimes.com/2011/02/22/nyregion/22appraisal.html?src=me&ref=general
I used to work in this building as well. The view was fantastic, facing east. This building’s conversion was a sign that the end was near.
“There is a major downside to living in/next to the office though. There’s a much greater expectation on you to work late/weekends and there’s no such thing as a snow day anymore…”
And colleagues will ask to stay at your place if they can’t get home after a big snowstorm. There’s also the prospect of running into workers after you’ve left the company for whatever reason.
“Totally unrelated, but does anyone have a recommendation for a good property tax attorney or a web-site with referrals and reviews?”
loulou,
Look who dontated to berrios campaign, and then trace back to law firm.
also if the company you work for owns the building they have a property tax attorney.
One of many dumb “it seemed like a good idea at the time” moves made by overzealous investors/builders during the last decade. I never figured out the sense of it; guess nobody else did either.
to those who think it’s just a quick elevator ride from office to home, I know that there is a separate elevator bank & separate entrance and lobby for the residences.
I wonder if there is a door between the two lobbies, or whether, in fact, you have to go outside from the one lobby & around the corner to enter through the other lobby
You definitely have to go outside to get from the condos to the offices.
By the way, the cafeteria in the basement of the building (called “Under 55”) is one of the best in any major downtown building. The breakfast platter comes with everything and coffee for like $5.99. This is where all of the downtown tradesmen go.
dang it danny you have metioned it a few times and i forget about it every time i am by there around breakfast.
I have now but a reminder in my calendar!!! lets check back in 3 months to sse if i followed through 🙂