Trying To Re-Sell in The Legacy 3 Years Later: 60 E. Monroe in the Loop
We haven’t chattered about what is going on in The Legacy at 60 E. Monroe across from Millennium Park in the Loop for awhile.
This 2-bedroom re-sale has been on the market since April 2012.
The building, if you recall, was completed just as the Great Recession hit in 2008/2009. It still hasn’t sold out.
This unit has north and east views and is on the 27th floor.
It has the usual newer construction luxury finishes of SubZero and Bosch appliances, granite counter tops and cherry cabinets in the kitchen.
There is a marble bath.
It has central air, washer/dryer in the unit and parking is available for $40,000 extra.
This 2-bedroom has been reduced $51,900 since April.
If you include the parking, it is now listed $72,000 under the 2009 purchase price and well below developer-owned “08” tier units currently on the market. #1908, for instance, is listed for $658,000 and that is not including the parking.
Is this unit a deal?
Sheldon Salnick at Prudential Rubloff has the listing. See the pictures here.
Unit #2708: 2 bedrooms, 2 baths, 1342 square feet
- Sold in December 2009 for $710,000 (parking included)
- Originally listed in April 2012 for $649,900
- Reduced
- Currently listed at $598,000 (parking is $40,000 extra)
- Assessments of $561 a month (includes doorman, heat, a/c)
- Taxes of $10,523
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×12
- Bedroom #2: 10×11
I’m don’t buy that square footage is 1342 sq. ft. based on the room dimensions given and the pictures. I would never buy this place – looks claustrophobic and souless, and the view / location isn’t enough to comepnsate. If the developer’s units are priced higher it’s not surprising the building hasn’t sold.
This place just looks cheap. Is there even room for a dining table.
Side note: there was a huge ad in the WSJ for the Park Monroe starting phase 2.
Are the ceilings low in this building? I can’t imagine the developer’s current units are finished to that (lack of) quality. In today’s market, no one is paying $750k for something that boring.
I agree, that amount of footage should be a descent sized 2bd/2ba, not grand but a nice size condo…that doesn’t look like it. 1150 sq ft?
I don’t know if it’s the photos, the staging, or what, but I’m surprised how ordinary and dull this place looks. Based on the spaceship-look of the exterior, I’d been hoping for something more. $650 K for a 2 BR (with a garage space) seems pretty expensive, unless you’re getting a really tremendous unit, and this doesn’t cut it.
So the floor plan for this one is not ideal, but still it has good finish and amenities.
Does Legacy with this great location command a price of $450 psf?
Where else can you go for newer buildings for this price though?
Floorplan here:
http://www.tnicholasrealty.com/floorplans/the_legacy/floors_16-40-unit_08.pdf
pretty clearly counting the outdoor space in the total.
I’d rather buy in one of the buildings at the Museum Campus, honestly.
“I’m don’t buy that square footage is 1342 sq. ft.”
So, you’re saying Sheldon Salnick is guilty of fraud?
hmmmm……
Maybe Shelly could clear it up for us.
“pretty clearly counting the outdoor space in the total.”
Is Sheldon supposed to be doing that?
Who doesn’t count the balcony in though ?
Helmet-head: “I’m don’t buy that square footage is 1342 sq. ft.”
So, you’re saying Sheldon Salnick is guilty of fraud?
hmmmm……
Maybe Shelly could clear it up for us”
While I agree that the square footage sounds high, it’s what the building developer lists in its website and materials. So rather than making fun of the ethnicity of the broker (why am I not surprised?), wouldn’t you have a bigger issue with the developer who has sold hundreds of units with his/her measurements? I guess you wouldn’t pick on them because they have names like Hanson, Walsh, Walters . . .
OK, so the principal rooms (LR/DR, bedrooms, and the 10×10 kitchen listed by the realtor) come to 738 sq. ft. (my math could be off). Which leaves 604 sq. ft., or 45% of the square footage, to be allocated to a smallish balcony, hallways and bathrooms. I don’t know, seems like very poor use of space for such a small unit.
If anyone here knows Helmet personally, please encourage him to get some therapy. I know he won’t listen to me.
“Who doesn’t count the balcony in though ?”
Can I count my backyard and GatorDeck?
It’s not about “does” it’s about “should”.
you guys need a sense of humor!!
I toured Legacy a few months ago and was glad to see what I saw.
A few things are for sure, though. You’re buying into an excellent building that will always be a statement and destination building in Chicago. You can’t get much better for the quality of construction, the amazing views, the location will always be sought after and is even getting better as more residents are moving into the Loop.
LOL @ The price paid by the 2009 buyer. They would have been better off walking away from that deposit.
Hey, now that the real estate market is “back” they should just list it for a cool $1 million. A retiring baby boomer from the suburbs looking to downsize will buy it, hah!
I think they are counting the balcony…and the communal hallway (but just as far as the elevators)
One of these days the MLS will require bathroom/powder room sizes to be included in the list of room sizes!
I like this building. But better deals can be had. Unit 4505 is 20 floors up and a 2/2 listed for 539k (no parking). So comparable PPSF than this but much better floor.
“But better deals can be had. Unit 4505 is 20 floors up and a 2/2 listed for 539k (no parking)”
4505 is a 1 bed +den actually.
I agree with others… looks soulless and plain. Nothing glamours about it.
“OK, so the principal rooms (LR/DR, bedrooms, and the 10×10 kitchen listed by the realtor) come to 738 sq. ft. (my math could be off). Which leaves 604 sq. ft., or 45% of the square footage, to be allocated to a smallish balcony, hallways and bathrooms. I don’t know, seems like very poor use of space for such a small unit.”
There are always more closets than you think in these units. I guarantee that the master bedroom has a walk-in closet. And look at the size of that master bathroom. They always make them huge (and put in both the big soaking tub and the shower.)
By the way- I know it says there’s a balcony in the listing but where is it? It doesn’t appear to be off the living/dining room. There’s no balcony in the one bedroom they show us. So where is it? I thought most of the units in this building didn’t have a balcony.
Oh I see. I only just now saw the comment with the floorplan (thanks anon(tfo)).
Weird placement of the balcony. It looks really small. I don’t understand why they just don’t leave the balcony out. Will anyone even go out there? Chicago is such a balcony obsessed place. They don’t build their high rises with balconies in either SF or NY. Who wants to go outside on the 50th floor anyway? It’s crazy.
But I also noticed that we’ll put a balcony hanging off the side of brick warehouse building (you know the ones- you’ve seen them.) But in other cities, like SF, they wouldn’t DARE do that. It ruins the integrity of the building. They leave it as it is- with NO outdoor space. And no one cares there.
Chicagoans are obsessed with their outdoor space.
My place right now has no outdoor space. I cannot wait to move out so I can have a balcony again. Being trapped inside your condo all day is rediculous when you should be able to enjoy nice October days like today.
I agree with Sabrina. The Legacy even has balconies on the 72nd floor. Being outside at that level would scare the daylights out of me.
However, I spent a lot of time on the Legacy’s website and on Legacy listings over the weekend and I like the building a lot, especially for the architecture and views. A high-floor unit in this development would be near the top of my list if I were choosing to buy a downtown condo.
” I don’t understand why they just don’t leave the balcony out. Will anyone even go out there?”
Smokers?
“Chicago is such a balcony obsessed place. They don’t build their high rises with balconies in either SF or NY. Who wants to go outside on the 50th floor anyway? It’s crazy.”
I’ve had a balcony in the high 40s. Nothing significantly less useful at that height v lower. Better views obviously, all else equal, and enjoyable being out there in the middle of a storm.
It’s nice to have some steak grilled on balcony in summer. Legacy shall indeed give some discount to move some units on good year like this.
“Chicagoans are obsessed with their outdoor space.”
So guests/owners can smoke and for grilling outdoors. Yeah even very modestly sized balconies are worth it. And let’s be honest these were done tasefully unlike the ones in older buildings where they just throw on a metal attachment to a brick/stone building.
Heck also as a safety mechanism in smaller buildings in case of fire. However that wouldn’t work here as no engine ladder is getting to most of these floors.
“It’s nice to have some steak grilled on balcony in summer.”
Charcoal or gas grills are not allowed for use on balconies in the city of Chicago.
“Charcoal or gas grills are not allowed for use on balconies in the city of Chicago.”
Which is why you never, ever see them on balconies in the city of Chicago.
“Which is why you never, ever see them on balconies in the city of Chicago.”
Low to midrise, yes you will see them. Highrise not so much, my building cleaned house two years ago.
You should have seen all the grills in the trash room.