Trying to Sell a 3-Bedroom in the West Loop for 3 Years: 841 W. Monroe
This 3-bedroom corner unit at 841 W. Monroe in the West Loop near Greektown has been on and off the market for the last 3 years.
In that time period, it has been reduced $79,000.
Obviously, a lot of the properties on the market this time of the year are on the market for a reason and many of them are the ones with the longest market times.
If you like outdoor spaces, then this is the property for you. It has both north and south facing balconies and terraces.
The kitchen has cherry cabinets, granite counter tops and diagonal hardwood floors (Sonies favorite!).
The listing says the bedrooms are fully enclosed.
It also has the features buyers are looking for including central air, washer/dryer in the unit and parking.
This unit is still listed $40,000 above the 2002 purchase price.
Will it have to go back to the 2002 price to finally find a buyer?
Charles Gullett at Best Chicago Properties has the listing. See the pictures here.
Unit #4A: 3 bedrooms, 2 baths, no square footage listed
- Sold in February 2001 for $380,500
- Sold in May 2002 for $435,000 (included one parking space)
- Originally listed in January 2009 for $529,000
- Reduced several times
- Currently listed at $450,000 (parking is $25,000 extra)
- Assessments of $401 a month
- Taxes of $4991
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×13
- Bedroom #2: 13×10
- Bedroom #3: 12×9
“Will it have to go back to the 2002 price to finally find a buyer?”
Try the 2001 price for starters.
Used to live in the West Loop and like this unit. Problem is no green space anywhere close and after a while that becomes a drag.
” Problem is no green space anywhere close ”
New since you moved, apparently:
http://inhabitat.com/photos-new-public-park-opens-in-downtown-chicago/
The park is awesome and about one block from this unit.
Doesn’t seem like they are too motivated to sell. It’s like hitting the lottery, low chances of winning, but they don’t need to spend any money to sit around and wait. Would be interested if they’ve gotten more than 10 showings over the entire period.
I know someone who lives in this building. This is one of the end units so it gets really nice light, compared to the ones in the middle which have only front/back windows. Too bad it’s the end opposite the new park, which is huge addition to the neighborhood. But it’s still a nice place, IMO. Just not worth $475k.
The lower units have the HUGE rear terraces that extend out beyond the ones above (this) so that could be a little weird, watching people below eat compared to traditional outdoor spaces where everyone is in-line vertically.
Also, there is an elevator for each ‘segment’ of the building, but don’t know if assessments are broken-up by these same segments. Having seven units versus 42 to pay for an elevator (or other) problem would make a difference.
Second City Cop has a video posted today on recent “wilding” episode at the 24-hour gyros joint on Halsted; worth reading comments re: Greektown nightlife. Seems cuckoo to pay nearly half-million to live over the store in a drywall box in an uncertain residential market. One bedroom is oddly configured; third bedroom seems small enough to function only as a walk-in closet at this price.
This millstone reminds me of Pvt Pile’s jelly donut in Full Metal Jacket Let me try out my sgt hartman: YOU PAID FOR IT YUPPY YOU’RE GONNA BLEEPING LIVE THERE!
Haha I LOVE it when douchebags lose a boat of money & lets be honest the target demographics of this are 70%+ dbs.
I do wonder when the chicago condo index dips below 100 will people still be listing at 2004 prices..
“Used to live in the West Loop and like this unit. Problem is no green space anywhere close and after a while that becomes a drag.”
I really dislike the way so many Chicago buildings are designed with no greenery setbacks. Even arid Los Angeles looks more vegetated than Chicago.
All parks and open space are great, agreed. But that park is horribly designed. Architect, maybe you could opine, but why is it that these designers can’t do anything that has any harmony or beauty. Look at the aerial of the park and you’ll see, these slashing diagonals, odd walkways to nowhere, etc.
It’s as if the designer has to put “his/her personal fingerprints” on a design, and cannot just do something simple and ordinary. A rectangle park is not that hard to design, it’s already been perfected in history countless times over, but Oh No! we can’t have some stupid hipster repeat what works and has harmony with the surroundings, they know better…..and they give us this garish, ugly, ill-fitting design.
The park looks different on the ground than it does in an aerial. Here’s a YoChicago video walkthrough:
http://www.youtube.com/watch?v=v-nowjzJ2U4
And if I recall correctly, there’s no fieldhouse, or even a permanent restroom facility, on the grounds.Yeah that’s the way to attract families to enjoy a few hours in the great outdoors – no shelter in event of a quick rainstorm or even potties for the kiddies…
Does anyone know the “rules” at the Park District as to the criteria for including shelter space in a park area?
It’s a great addition to the hood with or without a field house. Skinner Park is a short walk away and has all those services as well as classes and planned activities. This was made for a different purpose and I think it works perfectly.
I swear, people on this website will find anything to bitch and moan about. I live about a block from that park and it is an amazing addition to the neighborhood.
JZ: I’ve been to that park more times than you have. The junglegym configuration is weird, the choice of monkeybars is an uncommon one, the topography of that kids area is too much for little ones. I repeat, the pathways are on bizarrely angles, they go nowhere, the park is a disorganized mess lacking any harmony. This park sucks. What we have here on our hands is the design of someone who had to be egotistical…..oh no(!) can’t have a nice central fountain, etc. “I, me, myself, (the designer) has to be different.” The whole scheme reminds of the type of mind that put up an ugly jarring facade on a museum building that broke the harmony and preservation wall on S. Michigan Ave in the Loop. Ego, no beauty.
HH:
This is a transcript of some texts between The Wolfman and I last night. He has an overbearing and demanding client who calls him at all hours and keeps him working late into the night way out in Queens with stupid questions. They’re losing money and can’t wrap their heads around the fact that maybe it’s not the equipment. Maybe it’s just them.
Wolfy: Still at XXXXXX bar. Have to go to XXXXXX restaurant again after.
Milky: Oh no! Why?????? Just tell him to call customer service.
Wolfy: I’ll tell him to call Milkster……or Helmethofer!
Milky: Das is gut!!!!!!
Wolfy: Ja! Dickenschein call center 24/7!
helmethofer, sorry you’re not enjoying the park. I love it and think it looks a lot better than some boring square box, but to each their own. I like that there’s different areas for a lot of different kinds of people – kids, dog owners, etc. can all have their space. And the only thing I don’t like is that the dog owners have been hogging all of the park and letting their dogs pee and poop everywhere (when they are SPECIFICALLY supposed to go in the dog area).
As for the unit – it’s nice but nothing special and it would be hard to call this a true 3 bedroom. And units in this area are overpriced for space and finishes that are pretty standard/custom. 850 W Adams 2E sat at 600K for a long time and so have a few units in 901 W Madison that just don’t merit that price.
drop it to $350-$375 and then we’ll talk.
We went and looked at the place.
It’s nice. We had a small number of concerns:
1) The third bedroom is about 9×9 if you count it only as a full rectangle (look at the photos).
2) Each garage space is very tight.
3) The parking lot to the south is owned by a developer. If anything of a reasonable size gets built there these units will lose a lot of light.
That said, we did a lot of exploring in the basement and ground floor. We opened every door we could and peeked in. This building is slightly more than 10 years old, if construction shortcuts were taken they should be visible by now. We saw no signs of water intrusion or damage, no cracks in concrete, etc. As far as we could tell, it was solidly built by competent workers.
We talked to a lender, got pre-approval, and were figuring out an offering price. But alas, we move too slow. It’s under contract.