Trying to Resell a 2-Bedroom in The Legacy: 60 E. Monroe in the Loop
This 2-bedroom on the 38th floor of The Legacy at 60 E. Monroe across from Millennium Park in the Loop recently came on the market.
Although the listing says it is being used as the model, it is not owned by the developer. It was purchased in February 2010.
It has northeast views of the lake and the park. At 1750 square feet, it also has a den which has a bar with a wine refrigerator.
The unit has all the newer construction finishes including marble baths, cherry floors and the kitchen has stainless steel appliances. It also has central air, in-unit washer/dryer and 1 car parking is included in the price.
It is currently listed $209,500 more than the 2010 purchase price.
Will it be able to command a premium less than 2 years later?
June Graffy at New Directions Center has the listing. See the pictures here.
Unit #3801: 2 bedrooms, 2.5 baths, 1750 square feet
- Sold in February 2010 for $1,140,500 (included the parking)
- Currently listed for $1,350,000 (includes the parking)
- Assessments of $1,000 a month (includes heat, gas, cable, doorman, clubhouse, exercise room, pool)
- Taxes of $16,477
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×14
- Bedroom #2: 11×13
- Den: 10×13
Obviously this seller missed the info in the first post of the day and that winter is fast approaching. Just because they get extra traffic being the model doesn’t mean they’ll get someone stupid enough to give them a large profit…but maybe.
Of course this is worth more. Haven’t you heard? The real estate market is hot.
model for what? the finishes and the furnishings are hideous for this unit. hopefully they are not desperate to sell, because at most, it’ll fetch 850k (and that is a stretch).
I love this building
I’m going to go with 950k. 15% below 2010 price + a penalty for trying to list higher than 2010 price.
This is hilarious considering a 1/1 is languishing at 325k & a 1/1.5 w den languishing at 359k.
$650k and that’s generous.
Don’t laugh. A nearby 3/2 with better views and a balcony, but a tad smaller, sold for ~$600k. I can’t find the link – it was in 60601.
I’m with sopoco. But I’ll give them 730k as a guess because its too early in this bust for idiots to realize 2/2s and 1/1s lie on the same continuum vs being discrete segments so people might overpay for some time. In reality a 2/2 should trade at a discount to 2 1/1s but reality will take awhile to return with all the govt intervention & all.
I’ll give you one guess to guess who did the interior design on this unit.
A quick check shows several 2/2s for less than $700k in this building. I hardly think the upgrades are worth the extra cost. You could buy two 2/2s for the price of this one.
It’s fun to be dramatic, but while this will never fetch $1.35M, it will certainly get more than $900k. This is not your typical building quality, floorplan (despite what you’ve heard, 1750 sf 2/2 is more desirable than 1100 sf 2/2), or most importantly location. When the going gets tough, buildings like these stay going. (PS what sort of “government intervention” is relevant to a $1M listing?)
The views in this building are really incredible but I would imagine that any unit in this building unless they install gold bricks in the walls will sell for over $500 a sqft, and this is at $771 a sqft! Someone remind this person Chicago is not NYC!
Also, the staging is very poor and makes the place seem old and cluttered
“A quick check shows several 2/2s for less than $700k in this building.
I don’t even need to bother to quick check that those 2/2s aren’t the 01 tier, which is larger and has the best views.
It’s a nice building, but 1.3 for this is absurd.
Any interior design pros out there? I would love to know what exactly they did that can command such a large premium. Do brazilian cherry and marble floors really cost that much? What about the wine bar? Trying really hard to not laugh at the owners but I am not seeing a park Hyatt, Water Tower or Elysian 2 BD grade unit, just the price.
I am with Bob 2, not all 2/2s are created equal. We saw these units and the views are fab. I am not sure if it was this tier or the the south east corner, but those had a den that could have functioned easily at the third bedroom. That said to me this place should not sell for over $800K.
BTW, the heating is electric and was not included in the assessment (at least when we lookes) so I am not sure if the information above is correct.
“I am not sure if it was this tier or the the south east corner, but those had a den that could have functioned easily at the third bedroom.”
Yea this 01 has the den for sure, it’s the picture with the mini bar.
HA! Wow, aside from the view I see very little to like about this unit. Ceilings seem too low to appreciate the view anyway.
Can’t understand at all the premium over original price. That being said, there’s no way this tier, this high up, with these views will go below $1 million.
Not sure it will go for over 1mil. Look at this:
http://www.redfin.com/IL/Chicago/130-N-Garland-Ct-60602/unit-2901/home/12606123
and Heritage is a sold out functional building. Also this is a 3BR and is larger.
I think the Heritage and the Legacy were done by the same developers, so the comparison to the units is excellent. Although the Legacy is in a class by itself, I’m not sure that the Legacy can command almost 40% more than a comparable unit at the Heritage. The Legacy has smaller bedrooms, but nicer finishes than the Heritage, etc. The Legacy will be one of the last buildings to reflect the new reality in RE prices. As for the decorating in the Legacy model, it really detracts from the unit and clashes with the modern feel of the building. From my understanding, the electric heating elements at the windows are supplemental. Legacy has high ceilings, but are lower where the soffits are located (kitchen, hallways, bathrooms, etc.) This is another building, where it seems impossible to see the units, as the agent always sees to be busy or unavailable, so I will predict sales will go the way of the other buildings that had similar situations: Trump Tower and the Shangri-La (sic).
Yea, same developer, but imo Heritage sucks. It’s fairly fugly.
The listing agent should have her license pulled…overpriced by 500k
There are 25 units in this tier with this floorplan on floors 15 to 39. The developer appears to have 10 remaining unsold, including the two shown as pending with contracts from 2008. 13 have closed to date, 5 of which have been rented on the mls and 1 additional has attempted to rent on the MLS (1501.)
Here’s the action on the tier:
1501 Closed 5/10/2010 $1,039,316 p714
1601 Closed 9/30/2009 $1,105,712 p838
1701 Pending contract 7/8/2008 list price $1,124,900
1801 Active listed 7/8/2008 $1,186,901
1901 Closed 3/23/2011 $1,150,000 p1014
1901 Rented 3/31/2011 $3,800
2001 Not Sold
2101 Not Sold
2201 Not Sold
2301 Closed 5/14/2010 $1,388,997 p916
2301 Rented 11/1/2010 $4,300
2401 Pending contract 7/9/2008 list price $1,010,900
2501 Not Sold
2601 Not Sold
2701 Closed 2/8/2010 $1,524,288 p657
2801 Not Sold
2901 Not Sold
3001 Closed 1/21/2010 $1,056,429 p539
3001 Rented 1/4/2011 $4,000
3101 Closed 4/8/2010 $1,463,180 p629
3201 Closed 10/29/2009 $1,099,000 p911
3201 Rented 1/13/2011 $4,500
3301 Closed 9/3/2010 $1,096,900 p427/p428
3401 Pending contract 6/21/2011 list price $1,404,902
3501 Not Sold
3601 Active listed 2/15/2010 $1,325,000
3601 Closed 1/22/2010 $1,170,793 p1109
3601 Rented 4/12/2010 $4,750
3601 Rented 11/23/2010 $4,600
3601 Rented 6/30/2011 $4,800
3701 Closed 1/25/2010 $1,286,167 p430
3801 Active listed 10/7/2011 $1,350,000
3801 Closed 2/10/2010 $1,140,117 p712
3901 Closed 6/13/2011 $1,095,000 p643/p644
Sorry, bad math, that should read 11 unsold (missed 1801) and one recent pending (3401) for the developer.