What’s Going On With 1629 S. Prairie in the South Loop?
Someone recently posted a comment about the new construction high rise at 1629 S. Prairie in the South Loop.
We last chattered about the building 15 months ago, in March 2009, when closings were about to begin and some units were showing up as rentals on Craigslist.
See our March 2009 chatter here.
Since then, the Tribune’s records are showing just 13 closings in all of 2009 and 2010.
Currently listed on the MLS (out of 268 units):
- 111 for sale
- 3 for rent
Remember, units can be both for sale AND for rent.
In March 2009, some of you mocked the $300,000 900-square foot 1-bedroom listings yet prices appear to remain the same 15 months later.
Anyone have any information regarding the fate of this building?
Ralph Olivia at Coldwell Banker appears to be handling the listings in the building.
You can see a 1-bedroom unit priced at $316,500 here.
There is so much inventory in the south loop you have to wonder when the prices are going to drop on developments like this. If I was buying in this building I’d demand a price guarantee – just like at Best Buy
Sad these units aren’t moving as the building itself is very nice. Most of the units are lacking in sq ftage, but the never to be blocked views are pretty nice.
I browsed through some of this agent’s other listings to see the prices at One Museum Park are still astronomical. Got me to wondering, if those prices are not being chopped by any significant amount, can we really expect the prices on other buildings, though not as luxurious as OMP, to be lowered? And what position does that put those who bought early after the release at the high high prices? I imagine they will be forced to stay in their condos for years…decades to come in order to have not lost any $$$.
Having the best place on the block is one thing, mostly a good thing, but when the prices for other units in the area are so far down the ladder…you can’t help but feel very sorry for those who bought early on in the game.
Off topic but, that spectacular penthouse at OMP would be worth losing the shirt off my back! Of all the tens of thousands of places I have seen in multiple cities over the years, that one is at the very top of my list for it’s uniqueness, the layout/space and the unbelievable views. Beats the hell out of any of the units at Aqua or Trump.
The stationary bike seals the deal for me
We purchased a unit in March and have to close. We have been told the lient will be settled this month and expect a closing in July. We love the building but are very disappointed with what is going on.
Obviously the building is overpriced given it’s location. However, I do wonder why more people aren’t interested given that the lake views are guaranteed and you can get much more for your money than on N LSD.
WL,
do you still have the listing for that? is it 61(2)01?
“do you still have the listing for that? is it 61(2)01?”
the 01s are all the same floorplan (except for a couple exceptions like 2101). 6101 is on mls, 6201 is not, although according to ccrd it hasn’t been sold yet.
I’ve been told that the developers have been very aggressively strongarming both owners as well as RE agents to hold pricing firm. One RE agent I know was blocked from listing a unit by the developers who claimed the agent was a known “blowout” specialist who only wanted to push the comps down in what the developer claimed was an “anomalous short-term” pricing event in the South Loop.
I wouldn’t be so sure the views are gauranteed. There exists a master plan for many new towers over the air rights of the adjacent tracks…
in a perfect world, CTA would have the money to open 16th el stop.
long trek to Roosevelt and let’s face it….for most of us the hierarchy of transit if goes car-train-express bus-(walking)-then local bus.
To this day, I still don’t understand why anyone would purchase anything in the S.Loop considering how quickly overbuilt it became. IMHO this building will go down the same road as Silver Tower…foreclosure.
We signed a contract in this building for a 2bed/2bath in mid feb for an end of April closing. On the 16th April Enterprise claimed they could not finish building the unit out in time – new completion date would be end of May. Two days later they said it would be more like end of June, poss July. Another day later and they simply terminated our contract with us being out pocket for mortgage fees, etc. I would never deal with Enterprise again.
Does anyone have information on 520 S.State Library Tower? percent of building closed/recent closing prices?
Nice place and great rooftop pool/room. We had friends that rented a unit there and had us over late last summer. I recall thinking the views were great and that the unit finishes were good. The rooftop pool/unit owners room was very nice.
My wife still owns a 1 bedroom on that street at 1717 S. Prairie. Although I’m not a south loop fanatic I’d trade her unit for a one bedroom here anyday!
Bob 2,
Their website says the 01’s only go to 60th floor and i am not seeing 6101 on MLS? I figured it was a duplex hence no 6201 but can’t find listing. Do you have an MLS number. WL has made me curious with his comment.
thanks
I am interested in that building simply bc of the views but I would hate to be like the people at 1250 S IN who paid the premium for a lake view unit just to have their views blocked 5 years later.
website says views ‘guaranteed forever’, would be interesting to see what they are prepared to back that up with
“website says views ‘guaranteed forever’, would be interesting to see what they are prepared to back that up with”
A written guarantee signed by the developer’s LLC, promising buyback at the un-inflated original purchase price and collectible only from the assets of the LLC. Or something more meaningless than that, like the current zoning of the adjacent property “prohibiting” development.
The only thing enforceable *at all* would be the purchase for actual $$ of the air rights by the developer (and granted to the association) from all landowners b/t the building and the lake with a covenant in the condo dec requiring unanimous consent of the affected unit owners to the sale of the rights or the modification of the section requiring unanimous consent.
Sure Neo,
mls is 05048138. There’s separate pins for 6101 and 6201. Perhaps it’s an option to combine the two, hence only 6101 is advertised.
The listing says “INCREDIBLE PENTHOUSE-FULL FLOOR WITH OVER 7300 SF”, but that’s clearly not the case since other units on 61+62 have been sold. They probably changed things around after realizing nobody is gonna pay that much for the location.
Nice building, I can recommend stopping by their sales center sometime if you wanna see the insides.
There is NO one-bedroom condo in the South Loop that is worth over $300,000. None. Especially one that is less than 1000 sq ft.
Thanks Bob2,
Listing agent has it as 1211 S Prairie hence the confusion.
anon(tfo)
thanks for the clarification. my short version would have been ‘not a lot’ but you’re reply was far more eloquent.
““anomalous short-term” pricing event in the South Loop.”
That might be the best laff I get this week.
Force majeure! We just don’t know what happened! We built it, they just didn’t come!
Firstly, the chicago tribune reporting is inaccurate. The actual number of sales by the developer from January 1, 2009 to today is 126. yes that was one hundred and twenty six.
kudos to them for holding out and pricing nicely.
The north facing units have the city, looks like 01 and 11 units. pretty damn perfect in my book. yeah they are listed high…they all play ball based on closings.
Sorry to have missed your ? neo, I was out for the day.
The plans I viewed were drawn up for a floor through penthouse as was advertised in one of the listings. I believe it was for 6201, but that site is no longer in existence.
I would still love to get my hands on either 6101 or 6201…to combine both of them…Dreaming.
Very surprised both are still available and perhaps still in a raw space form?
If I ever get back to Chicago……
“The actual number of sales by the developer from January 1, 2009 to today is 126. yes that was one hundred and twenty six.
kudos to them for holding out and pricing nicely.”
The tribune has data on the actual number of closings. As of April 23, only 13 units have actually closed in the building (some more may have closed in the last 5 weeks.)
“Sales by the developer” is not the same as “closings”.
The Tribune’s data is taken from public records.
Actually the MLS shows 154 closed in total with a bunch more pending and 111 still active. Yeah, I know it adds up to more than the total number of units in the building but I’m sure there’s an explanation.
Thanks for the info Gary. I wonder why the closings aren’t in the public record yet? Interesting.
The explanation for more transaction than units could possibly be due to fake sales. I am not saying that this is what is going on, but I have seen some weird sales in the past in other buidlings that I believe developers do just to bring the comps up for the buildings. I would steer clear from new construction in the S. Loop. Buy something existing!!!
If you are talking about the Cook County Recorder of Deeds then there are often delays. I have no idea why but after all you are dealing with the government. It could also be a function of when it is submitted for recording.
The recorder of deeds is current through 5/25. If it’s been recorded in their office, the system should have it online. A few years ago during the bubble they were weeks and weeks behind but during the last year or two they’ve been pretty caught up. The only issue would be if the buyer’s mortgage company delays recording the deed, which happens from time to time.
Two of my buyers closed on the West facing units in 1629 S. Prairie, in November 09 and February of this year. Both love their condos. I noticed, that developer is negotiable, and that the building is becoming very owner occupied – no “investors” buy condos in this market, and price reductions and seller concessions in Museum Park (5-6% of the mortgage amount back at closing) make it a good deal for young families looking in SL. With one of the sales, I was concerned, if the punchlist would be completed, but it was done and done well.
What really surprises me is that this building brings very high rent for this location, and both one and two bedrooms get rented really quickly,usually within 1st week, and for exactly the same price as older and better located Museum Park Towers. My guess was that due to being further South, rent would be less, but one bedroom condos rent at $1700 and more, and West facing two bedrooms rent at $2200 – $2250… What do I know…
Sorry this question is not about this building, but does anyone know what is going on with Museum Park Place 2. I have a contract on a unit and I am not able to close. Are they going rental or foreclsoure? I was suppose to close back in October. I have not heard anything since then.