The Legacy Re-Lists 30 Condos for Sale: 60 E. Monroe in the Loop
This 2-bedroom in The Legacy at 60 E. Monroe on Millennium Park in the Loop just came on the market.
It is one of 30 condos that were re-listed last week by the developer.
The Legacy was built during the boom but didn’t start closings until 2009, which was after the bust.
The listing says the building is now 83% sold.
The building has 355 units, many with striking lake and city views.
This 1487 square foot 2-bedroom has south and east views.
The kitchen has cherry cabinets and luxury appliances like a Subzero refrigerator and a Bosch dishwasher.
It was originally listed pre-construction in 2007 for $649,900.
In 2012 and 2013, it was listed for $700,000 but withdrawn.
It has come back on the market at $719,000 with parking an extra $55,000 to $75,000.
Most of the new listings are 2-bedroom units although there are several that are larger.
Will we see more of these unsold units come on the market this spring? (i.e. the accidental landlords as well?)
Anthony Madonia at @Properties has the listing. See the pictures here.
Unit #1603: 2 bedrooms, 2 baths, 1487 square feet
- Originally listed in July 2007 for $649,900
- Was listed in 2012-2013 for $700,000
- Withdrawn
- Currently listed for $719,000 (plus parking at $55,000 to $75,000)
- Assessments of $621 a month (includes gas, water, doorman, pool, exercise room)
- Taxes aren’t listed
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 12×16
- Bedroom #2: 10×13
Like this building a lot, but too rich for my blood even at 2007 prices. And the “accidental landlord” issue is blown out of proportion in the same way that “shadow inventory” was. It’s an unmeasurable “stat” that the perma-bears can spew with nothing to back it up.
Were these units being rented over the past few years? I’m assuming the developer rented them out during the bust for a few years and has cleaned and touched them up before going on the market.
Is the parking here that expensive because there are a limited number of spaces in the garage? I went and looked at units in this building 3 years ago and I remember being told that most parking was in a public garage across the street.
While I’m sure there are people in the market for a condo in the heart of downtown, my personal preference is to be just outside of the loop.
The views are good and the proximity to millennium park will help with sales.
I own property here and love the location – it’s not for everyone, but with the addition of new hotels and residential buildings in the loop, I think it’ll be more appealing for even more people over time. I remember reading comments on the building on here before I purchased. People were complaining that there are not enough restaurants and bars within walking distance. I’m not sure why people like to live near drunk people, that’s such an awful decision. I prefer the 2 min Uber ride to keep the mess away from my home.
The deals are gone in this building for the most part. The penthouses were a steal, as well as other certain floors that have very dramatic high ceilings / upgraded appliance / finish packages. By steal, I mean in comparison to its competition.
Don’t forget this building nearly sold out at the peak, at prices much higher than units are listed for now. I’m sandwiched between two units that sold for 25% more. Most walked away so the developer got stuck with some units specced out pretty terribly, and they will remain unsold. You really wonder how some people can have such bad taste. If I was the developer, I would redo some of these units and eat the cost. A lot of people are buying and ripping out floors, cabinets.
Mike, if you were to rent a spot it runs ~250-300/mo. The developer was tossing in free parking as deal sweeteners with units before, but demands picked up so I’m not sure if that’s happening anymore.
“Is the parking here that expensive because there are a limited number of spaces in the garage?”
I find that it is common to charge a premium on parking at higher end buildings. I think they just say “our units are 2x as much, so our parking should be too”.
50k for a parking spot that rents out for 250-300/mo seems fair to me.
Parking demand is high in this area. There is a big waiting list for 55 E Monroe across the street for rentals. If the developer was selling spots at 25k I would have snatched up as many as I could. 10%+ ROI for something that not depreciate / require updating. Sign me up 🙂
You are bad at math. If you buy a parking space for 25k you still have to pay property taxes on it, as well as assessments so your 10% ROI is looking more like 2-3% ROI maximum after the fact, depending on whats going on in the building.
Sonies, SSSSSHHH! I have ten spots for sale…….
I have my tax installment and parking spot assessment in front of me right now. I think you are bad at math 🙂
I may be bad at accounting though. I’m running under the assumption you can take the depreciation write off for the parking spots. Don’t really know. I’m also assuming parking rental rates will move with inflation and the underlying asset value of the spot does too.
Can the interior be any more bland.
you said
“50k for a parking spot that rents out for 250-300/mo seems fair to me.” “If the developer was selling spots at 25k I would have snatched up as many as I could. 10%+ ROI for something that not depreciate / require updating.”
So I was assuming you thought you could get 250 a month on your 25k parking space for 10% ROI amirite?
Since you can’t exactly lever up on parking spaces (an idea i had a few yeares ago) I would expect this to be your assumption. And mine was that with assessments/taxes the ROI will be far less. In my relatively low assessment building it eats up about $80 a month in tax/ass on my parking space. I would imagine it would be a lot higher in this luxury building.
“get 250 a month on your 25k parking space for 10% ROI”
“your 10% ROI is looking more like 2-3% ROI maximum”
Sonies–you really think that the taxes and assessments are going to run $190-$210/month?
I think the problem would be the city noticing that you have a ‘parking business’ and coming after you for the parking taxes. Which would be $55/month on $250.
Lets say property taxes $50, city parking tax $55 (who knew), and assessments $65
170/mo. eating your 250/mo. pretty handily
so whatever 3.84% ROI I was close and just eyeballin it, its nowhere near 10% and buying it for 50k (lol) you won’t make barely anything at all considering opportunity cost
It seems like blue glass is the default color for all new Chicago hi-rises. Roosevelt U. Aqua, Lakeshore East etc. I think it’s probably the best for Chicago’s skyline with our lake and cold weather etc.
There aren’t many choices. The brown glazing was used in the Seventies, like in the Gold Coast building from that era, and that has not stood the test of time. What else is there? Green, like with The Heritage. Some silver.
“city parking tax $55 (who knew)”
It’s an add on, so if collecting $250 gross, the tax would be ~$45.10.
Are assessment really that much? 10% of the amount for a 2/2??
We seriously thought about buying here. Some major deterrents for us were:
a) electric heating (not included in the assessment) which I assume with all those windows and the nasty weather we are having would be quite steep.
b) not much of a gym. Although for a fee (not a small one) I recall one could use the club it was attached to.
Bottom line, if you have a lot of money this is a nice place to buy but for us, it was not a good buy.
“Are assessment really that much? 10% of the amount for a 2/2??”
heck, mine are $49/mo. or about 15% of the total in a much more affordable building
I suppose people will pay a premium for brand new (assuming these weren’t rentals), but I’d choose this place, that includes a huge terrace: http://www.estately.com/listings/info/530-north-lake-shore-drive–106
“city parking tax $55 (who knew)”
Really? Are individuals really not slumlording parking spaces? I sure didn’t pay any city tax or income tax when I had my space rented out. F that noise.
Beautiful building with nicely finished units. Personally I like the loop location as a place to live. Seems like units are competivly priced for the market.
“Really? Are individuals really not slumlording parking spaces?”
Oh, I don’t think anyone with one or two spaces would be caught, but I was raising it in the context of “would have snatched up as many as I could”, which would presumably have been something in the 10 ballpark, and *that* could attract attention.
The interior of these units look pretty vanilla/cheap.
“and *that* could attract attention.”
Fair enough.
How many spaces do you need to own before spinning up an LLC?
“How many spaces do you need to own before spinning up an LLC?”
I imagine some of the folks whose office views this building partially blocked could help.
I know nothing about city parking taxes. I won’t pretend to be an expert on real estate nor parking but take a look at the parking rates at 55 E Monroe:
http://www.55emonroegarage.com/parking_rates.html
I’d take anything greater than 5% given how much less hassle owning parking spots is vs real estate. No updating, no fixing, no dealing with realtors, etc.. Additional ROI isn’t worth it given my lack of free time…. But then you add “parking tax” and this idea quickly gets shot down.
10% is the most optimal situation @ 300/mo. 250/mo is more realistic and at my assessments and taxes, it would be greater than 2-3% at 25k/spot unless the vacancy rate is lower than 90% which I don’t see possible given the demand across the street.
Occupancy rate*
“the parking rates at 55 E Monroe”
yeah, those monthly rates, before the tax, are basically $300 and $320. The taxes are brutal.
“yeah, those monthly rates, before the tax, are basically $300 and $320. The taxes are brutal.”
those rates just seem high period. the millenium garages are cheaper. I think mid $200s for grant park n (on a negotiated rate, wehre the negotiation consists mostly of asking for a better rate than posted).
speaking which, what is the best parking deal, central loopish?
Are you guys talking about this parking tax?
http://www.cityofchicago.org/city/en/depts/fin/supp_info/revenue/tax_list/parking_tax.html
I don’t think it applies to condo owners renting out their extra spots.
“I don’t think it applies to condo owners renting out their extra spots.”
Which is why I was discussing it in the context of someone buying 10 spots and renting them out. Having a spare spot or two is renting out an extra spot; buying 10 with the intent of renting them is a ‘parking business’.
I’d argue that a condo owner with any number of spots would be exempt.
Exemptions, Deductions and Credits: The Parking Tax does not apply to residential off-street parking of house or apartment tenants or condominiums required by the City of Chicago Zoning Ordinance, wherein an arrangement for such parking is provided in the house or apartment lease or in a separate writing between the landlord and tenant, or if in a condominium between the condominium association and the owner, occupant or guest of a unit, whether the parking charge is payable to the landlord, condominium association, or to the operator of the parking lot or garage.
“Which is why I was discussing it in the context of someone buying 10 spots and renting them out. Having a spare spot or two is renting out an extra spot; buying 10 with the intent of renting them is a ‘parking business’.”
At 70k a spot, this is not parking business…. LOL
Also they only sell parking to people who own or are purchasing condos. Most people buying $700k and up units are not interested in a parking business with this type of roi……
Parking seems high. I recently purchased at 130 N. Garland (nearby but closer to the loop). I paid 42k. Assessment of 65 and tax of 700. Was my 3rd purchase, and highest in terms of price and tax.
“130 N. Garland (nearby but closer to the loop)”
Closer to what??? Both buildings are exactly next to the Wabash leg of the Loop.