Update on Closings in The Legacy: 60 E. Monroe in the Loop
Closings began 5 months ago in The Legacy, the new high rise at 60 E. Monroe in the Loop with views of Millennium Park and the Lake.
From the latest data (out of 355 units):
- About 75 have closed
- 23 are listed on the MLS (including some re-sales)
- 10 are for rent (on the MLS- more may be on Craigslist)
Remember, some unit are both for sale AND for rent.
This 1-bedroom on the 24th floor is currently both for sale and for rent.
It has hardwood floors and a granite, stainless steel and cherry kitchen.
It appears to be priced under what some of the new construction apartment buildings are charging for the same space downtown.
Is this a good deal as a rental?
George J. Relias has the listing.
See the pictures and listing of the unit for sale here.
See the rental listing here.
Unit #2405: 1 bedroom, 1 bath, 875 square feet
- Sold in January 2010 for $397,161
- Originally listed in February 2010 for $374,900 (parking extra)
- Currently still listed for $374,900 (parking extra)
- OR for rent for $1650 a month (parking extra)
- Assessments of $330 a month
- Taxes are “new”
$400k+ for that little ass place??? Nope.
What is that hanging chair contraption by the pool?
I don’t like the kitchen granite, ugly.
The listing photographs are terrible, is it really that hard to at least make the photo level?
This looks to be a great building with top of the line amenities. Unfortunately, it is highly overpriced. It might be a deal as a rental, but certainly not as a purcahse.
This thing should’ve been a higher end rental. The whole notion of 400k one bedrooms only made sense during the bubble mania where you could flip real estate.
I think there is a market for high-end rentals downtown for those corporate types who are still single and want all the amenities and the view. But as a 400k 1/1 I see few takers as those valuations only make sense in stable or increasing real estate valuation environments.
Remember that SNL short?
The one titled..err… D*** in a box?
Pretty much what this reminds me of…
looking at the floorplan, its so…pedestrian
I just caught myself cribchatter hating.
apologies. I’ll get more coffee.
Asking is at least $100K high, rent is at least $100-200/mo. too high, and only 21% of the units have closed? Another high rise disaster.
“What is that hanging chair contraption by the pool?”
For h/c accessibility.
Check out the views from a 71st-floor penthouse unit at Legacy, during construction. The 71st and 72nd floors are full-floor, 7,800 square foot units.
http://www.youtube.com/watch?v=zr-6TdHDeJ0
Joe – awesome link. Thanks.
Joe,
How did you get them to let you take a video camera up there? I tried to bring up a regular digital camera for the same purpose during the construction – had a client with me and wanted the photos to review later. Anyway, that did not fly.
Why is it that people can put better pictures on etsy.com when they are selling a $10 purse?
I think $400K is wishful thinging, but the rental price is about right.
My girlfriend lives at The Streeter in Streeterville, where one bdrms— 779 – 819 sq ft— are priced from $1649 – $2314. This is a new building and seems comparable to The Legacy.
Gary,
We were up there to interview the developer. Rode the construction elevator up with him. See
http://www.youtube.com/watch?v=gypnF4zAZSY
If you follow our videos you can see that we get access almost everywhere with our cameras. Agents and clients aren’t allowed in many of the places we get to go due to contractor-imposed limitations and building code restrictions.
Yeah, the elevator ride was cool. Like being suspended in air.
Gary,
On most sites the construction elevator opens into the floor plate.
At Legacy the elevator we rode was about 8 feet off the edge of the building, connected by a catwalk / skybridge. Standing on the catwalk, over 800 feet off the ground, was really cool.
That is a pretty awesome video– thanks, Joe.
I will admit that for a minute it made me question whether a 875sqft 1/1 could be worth 375k here (50 floors below). For a minute.
SquareD,
Our photographer was with us that day and shot this still, looking north from the 71st floor:
http://www.flickr.com/photos/yochicago1/3680652748/sizes/l/
Ok 2 minutes.
How relevant are the views from the 71st floor penthouse when the unit being discussed here is Unit 2405?
Does this 1 bdrm even have a view? Since its on the “Park Side,” does it look into the University Club of Chicago?
The Legacy’s web-site conveniently neglects to show any views below the 48th floor.
Luke,
You get to ride the same elevator as the rich person on the 71st floor penthouse. And in Jay-Zee’s world that networking opportunity is unquantifiable.
Think about it if you were so inclined you could learn the schedule of this high roller and appropriately time your elevator rides to blow the most smoke up their rear as possible for a possible job or business investment opportunity in your firm.
How much for rental parking?
That 71st floor view is quite spectacular. How much does it cost?
in the comment section of the vid yochicago says it’s sold. i’m curious too about the price and who bought it. maybe julius peppers.
My uncle lives here… man these places make my place seem big, but they have insane views… I mean I don’t think there’s a better view in the city, but they got shilled hardcore I think they paid a million bucks for a 1000 sqft 2/2?
Nobody in that building paid 1000/sq foot. Perhaps the penthouses approached 700/sq foot. If they did they are underwater about 550,000.
Sonies, come on. $1K/sf? For his sake I sure hope not, I suspect he’d be the only one who paid that.
“Sonies, come on. $1K/sf? For his sake I sure hope not, I suspect he’d be the only one who paid that.”
5506 is a 2/2 listed for $999,900. But it is 1596 SF (per FP). And 6803 is listed for $1.49mm, but it’s a 2/2.5 and 1999 SF.
The *smallest* 2/2 floorplan sez it’s 1376. So $726/ft, max, at $1mm purchase price. And how many parking spots?
The 71st and 72nd floor penthouses have 14-foot floor-to-ceiling windows. I wouldn’t be surprised if those didn’t go out close to $1k a foot – and am almost certain that the buyers will have that much in them when they’re built out to a very high standard. The units are 7,800 sq ft with 360-degree views.
The developer wouldn’t reveal the price and I didn’t ask who the buyers were. Not the kind of information that would have been disclosed. sp mp [pomt om aslomg.
These are not the kind of obuyers who pay much – if any – attention to resale value. I once had a client who spent almost as much on custom flooring alone as her unit eventually resold for.
Highest recorded sale is $2.69. But there are not assigned pins yet, so it could be for multiple units–grantee is an LLC. 2d highest (didn’t keep a list) was ~$1.6, with several in the $1.5 ballpark.
I don’t remember, maybe it was a 1 bedroom, 40th ish floor all I know is that it is tiny and they lost their ass on it because they purchased at the peak of the bubble. They don’t plan on selling but lets just say there is very little room for their steinway.
views were still awesome
The developer just put a giant insert in today’s WSJ.
Unit #2106 has an interesting price change history:
Date Event Price Source
06/17/11 Price Change: -$100 $378,300 MLSNI
06/02/11 Price Change: -$100 $378,400 MLSNI
05/26/11 Price Change: -$100 $378,500 MLSNI
05/13/11 Price Change: -$100 $378,600 MLSNI
05/05/11 Price Change: -$100 $378,700 MLSNI
04/28/11 Price Change: -$100 $378,800 MLSNI
04/21/11 Price Change: -$100 $378,900 MLSNI
04/14/11 Price Change: -$100 $379,000 MLSNI
04/07/11 Price Change: -$100 $379,100 MLSNI
03/24/11 Price Change: -$100 $379,200 MLSNI
03/17/11 Price Change: -$100 $379,300 MLSNI
03/10/11 Price Change: -$100 $379,400 MLSNI
03/03/11 Price Change: -$100 $379,500 MLSNI
02/17/11 Price Change: -$100 $379,600 MLSNI
02/10/11 Price Change: -$100 $379,700 MLSNI
02/03/11 Price Change: -$100 $379,800 MLSNI
10/27/10 Price Change: -$20,000 $379,900 MLSNI
10/11/10 Price Change: -$9,100 $399,900 MLSNI
09/14/10 Price Change: -$19,000 $409,000 MLSNI
08/30/10 New Listing $428,000 MLSNI
Not sure these cuts are keeping pace with the decline of the condo market. LOL.
I hope redfin and the local mls have a rule, where a price cut will not show up in someone’s search unless the cut is more than 5%. Otherwise, they are doing this just to keep this listing in the “price cut” search field. A shameful way of doing business.