What’s the Going Rate on a 2/2 in the Marquee? 1464 S. Michigan in the South Loop
This 2-bedroom in the Marquee, at 1464 S. Michigan, in the South Loop has been on the market since June 2011.
The Marquee is newer construction which was completed in 2008.
This unit has some upgrades you don’t always see in the new condo units such as a marble tub, shower and floor in the master bathroom with upgraded counter tops.
The listing says the kitchen has also been upgraded with an undermount sink, upgraded cabinets and peninsula. It also has granite counter tops and stainless steel appliances.
The unit has all the new construction amenities such as central air, washer/dryer in the unit and parking.
This is the cheapest 2/2 currently listed in the building.
However, only 7 units sold in 2010 and so far in 2011, there have been just 5 sales (according to public records).
How hard is it to sell the South Loop 2/2 in 2011?
Greg Whelan at Redfin has the listing. See the pictures here.
Unit #602: 2 bedrooms, 2 baths, no square footage listed
- I couldn’t find a prior sales price in any of the public records
- Originally listed in June 2011 for $315,000 plus $30,000 for parking
- Reduced
- Currently listed at $285,000 plus $30,000 for parking
- Assessments of $324 a month (includes gas and doorman)
- Taxes of $3865
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 11×13
- Bedroom #2: 11×10
- Living room: 12×26
- Kitchen: 8×8
Ugh. A bike with gross dirty tires, practically suspended over the end of the bed? WTF? Nothing says “no storage space” like hanging a bike on a bedroom wall.
wow reminds me of my 2/2 but pottery barned up… at least my building has a bike room LMAO
if this place sells at ask i’m going to put my place on the market this spring
In Yo Chicago site, someone posted comment “In this market, the South Loop may as well be Moline (IL)”. [That’s across the MS River from Iowa, kids]
I currently rent a condo in the south loop and am currently looking to buy. This neighborhood is full of cramped condos like this where you have to put the tv over the fireplace and eat on the couch. Is it too much to ask for a separate dining room? So frustrating! This is too much to pay for essentially a dorm room (unless you have to have granite, stainless steel and hardwood floors).
“Ugh. A bike with gross dirty tires, practically suspended over the end of the bed? WTF? Nothing says “no storage space” like hanging a bike on a bedroom wall.”
I think that just connotes urban cool. At least it’s not a ghost bike.
The bike joke aside, I still like the South Loop. This might have gone for $315,000 a year ago, but I can’t see it going for that much today. Prices seem to continue creeping downward.
oh i’m sorry, the table is on the balcony…
Worst building in the sloop. Floor plans are tiny with odd layouts, the building itself is incredibly ugly and you can tell they cut corners wherever possible considering the parking is encased with chain link instead of fully protected from the elements like all the other buildings. Absolutely vomit inducing.
“How hard is it to sell the South Loop 2/2 in 2011?”
Dragging out the shittiest building doesn’t answer this question. Well priced units sell quickly.
Seems pretty narrow and the lack of a full wall (and likely lack of a window) on the second bedroom makes me think that holding this price will be tough. I think that the bike on the wall is sculptural but not when it is in the bedroom. Our neighbor keeps his hanging in the hallway and I think that it is pretty cool.
There is a 2/1 in the building for 189K:
http://www.redfin.com/IL/Chicago/1464-S-Michigan-Ave-60605/unit-505/home/21792562
Can’t see this one going for 100k more.
It’s a shit box. Pass.
“At least it’s not a ghost bike.”
Not to mention the ghost trike.
I agree Bob2. Further more this is a one bedroom plus a huge walkin closet IMO. No windows no bedroom. As for nice things selling, for instance look at these other ones that sold in SL and are nice:
1211 S. Prairie #3102 $675K
1211 S. Prairie #3105 $640K
1211 S. Prairie #1902 $632K
1211 S. Prairie #3405 $600K
1160 S MICHIGAN Ave #2601 $565K
That being said the prices are for sure down in SL as everywhere else.
First thing I want to find out when I am thinking about buying a place is, “Has a FILTHY bike been in this property?” I usually spit on the floor after I say FILTHY, for dramatic effect.
please anyone explain to me, like i am a seven year old, why a person would want to buy a condo in the south loop?
Because they like the area.
Groove77… I live in the South Loop (well, University Village) because it’s very easy for me to get to my office. I drive and get to work in River North 15 minutes. I end up going to the Loop and Streeterville a lot on the weekends.
There are fewer people in the South Loop than the near North Side. The streets are easier to traverse by car than those in Old Town or Lincoln Park.
When it comes down to it, I live in the South Loop purely for convenience.
jenny,
sorry me question wasnt more specific. I love the south loop and understand its greatness and potential awesomeness. i list 100 ways i love it more than the west loop or RN. i was even trying to get a rental in the sloop at one point.
my question is why would a person BUY a CONDO in the sloop?
“please anyone explain to me, like i am a seven year old, why a person would want to buy a condo in the south loop?”
1) Lower price
2) I like the area. Relatively quiet
3) Convenient for buses
4) Close to parks/museums
Is the question, why buy a condo instead of renting? Or is it a question of why buy in South Loop instead of say River North (or whatever other area)?
“my question is why would a person BUY a CONDO in the sloop?”
Because many of them are below rental parity. You can buy one 50-60% off bubble prices.
Why buy a condo anywhere?
“my question is why would a person BUY a CONDO in the sloop”
At some point (I don’t know whether now, or later) there will be a really good deal. If you actually liked sloop, you’ll be able to find a deal. I dunno when or at what price, but I’ve got to think the deal will be much better than in river north.
“I live in the South Loop (well, University Village) because it’s very easy for me to get to my office. I drive and get to work in River North 15 minutes. I end up going to the Loop and Streeterville a lot on the weekends.”
Why don’t you just live in river north? Cost?
2105 is actually listed for cheaper, at 301.5 including parking – http://www.redfin.com/IL/Chicago/1464-S-Michigan-Ave-60605/unit-2105/home/39579237
Looks bigger, but with cheaper finishes. Also, the layout seems pretty weird.
From Crain’s Real Estate Daily:
“An Amalgamated venture filed a separate foreclosure lawsuit last month against Sedgwick’s 25-story Marquee condo tower, which was completed in 2008 at 1454 S. Michigan Ave. The bank’s suit says the project’s $60-million construction loan, made in 2005, wasn’t fully paid off when it came due in December 2010.”
Read more: http://www.chicagorealestatedaily.com/article/20110810/CRED03/110819994/2-south-loop-condo-projects-face-foreclosure#ixzz1UkhcfWTj
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I have an in town in Sl. It is convenient for us in terms of commute. I love its proximity to I-90, I-290, and LSD. It is walking distance or a very short cab ride to most museums, theaters, performance venues. It is located by a lovely green space. It is not too crowded or touristy yet close enough to all the action.
I love the diversity of the neighborhood, both ethnic and age wise.
I can live in a high rise with all modern amenities for far less assessment that I would be paying in GC or streeterville. It is a nice residential area and is developing albeit slowly. You should come take a walk on a saturday or Sunday morning groove and try one of the local restaurants for brunch.
Oh and there are nice grocery store and retail options: Whole foods, trader joes (coming soon), nice small local stores (fewer than what I like), target,…
Our family and friends who come from oversees love staying at our place. They can walk or hop on bus 3 and be in Michigan Ave. in no time and do all their touristy things : )
“Because many of them are below rental parity”
thats a good answer! when i was looking to rent i found to buy prices were higher to buy.
now with the uncertanty of the sloop which has shown of all areas (except loop) that its specuvestor central. why take that gamble here? for me even if on paper right now rental parity was favoring BUY with a huge margin i still would be scared of the unknown variable.
“my question is why would a person BUY a CONDO in the sloop?”
I personally like to own as it is a diversification of ones portfolio. I don’t like only having stocks. Also given that we paid a good down payment, we are at rent parity. But, you have a valid point, I am not sure this is the best investment if you want to find the best investment property.
“that its specuvestor central. why take that gamble here? for me even if on paper right now rental parity was favoring BUY with a huge margin i still would be scared of the unknown variable.”
Much/most of that is priced in already. It is a risk/reward scenario. If all signs were pointing to “buy”, prices wouldn’t be as low as they are. Most of the places I am looking at are 50-60% off the 2006 price. The big hit has mostly occurred IMO.
“why would a person BUY a CONDO in the sloop”
I bought recently because it compared favorably to renting. Prices will probably drop more, but in the meantime I would have been stuck paying 25k in rent a year and possibly higher mortgage rates next year. Just made sense in my situation. I paid 20% less than original developer pricing and 15% less than last owner who bought in 2008. Not a smoking deal, but I’m satisfied with it.
Also groove, there are some really good options here. I looked at streeterville, RN, and loop and believe me I could not find anything like or even close to norht facing 2/2s in OMP in terms of price and views.
Hey Bob 2,
If it’s not too personal, can I ask what building you bought in?
miumiu, you bought? If so, congrats!!
“Sunday morning groove and try one of the local restaurants for brunch.
Oh and there are nice grocery store and retail options: Whole foods, trader joes (coming soon), nice small local stores (fewer than what I like), target”
I am over there more than you think, as i prefer the south lake front trail better than the north. less traffic on the streets and trail.
i understand its awesomeness its just the glut of inventory and specuvestors would scare the crap out of me to buy. everyone i know who lives in the sloop or lived there has been hit with a special ass fee. and each of those people have many distressed units in the building some with units the board holds or developer hasnt sold.
This will sound like a old HD sky is falling, but things are not going to get cheaper so prop taxes and ass fee’s will go up. why take a chance at holding a volatile asset even if its your dwelling? why gamble when gains will not be great?
yes alot of my view also has to do with, i dont believe in buying condos only renting them. now take that view and put it into a unstable environment, you can now see why i wonder this.
“If it’s not too personal, can I ask what building you bought in?”
Yea sorry, but I value my internet anonymity. Would be too easy to research me.
“my question is why would a person BUY a CONDO in the sloop?”
Not many are.
Near South condo/th mls closings for July:
1998 26
1999 31
2000 34
2001 31
2002 53
2003 76
2004 90
2005 88
2006 167
2007 93
2008 107
2009 71
2010 37
2011 39
Considering the number of developer sales that never hit the mls during the bubble peak, the shadow inventory is massive in the SL.
DZ, I had a 1BR for a while, I am looking to buy a 2/2 and rent this one out. We expect to pay off out 1 BR in 2.5 years and then it will be a side income.
I am too afraid to buy now given the financial fiasco going on.
“The big hit has mostly occurred IMO.”
chuk,
it may or may not have but it is ones opinion. mine is i know too many treading water waiting for the turn around. not stabilization, a turn around. by the time it stabilizes these people will be underwater not treading it.
there needs to be a big shake of the tree to get these treaders to fall before the turn around happens.
i admit i am not a risk taker at all, so another reason i would not buy i would rather rent in the sloop.
Also regarding Bob2’s point about this being a subpar building, there are 1 BRs selling for more than this in SL, e.g.
100 E 14th St #3203: $315,000
“100 E 14th St #3203: $315,000”
3010 in the same building was a pretty sweet deal. 395k for a 2 bed corner unit facing north/west.
Am I seeing that photo of the 2nd BR right? Is it seriously a lofted 2nd bedroom? How bad does the planning/layout need to be that there’s no complete 2nd br? I can’t imagine who thought that was a good idea in a new build condo.
Does anyone know what view this unit would have, or the bldg in general has? Re miumiu’s last comment, I think 100 E 14th commands some higher prices as it does have somewhat of a lake view at some higher floors, and 32 is the PH floor (I used to rent on the 12th floor). But the units there are still woefully overpriced, too.
off topic, any of you snoopers out there know do I look up a certain person’s salary in a certain IL school district, say 430?
yes it was Bob2. They are very nice units. I saw one on a lower floor that was for sale a while back.
Bob or anon would know that Sonies.
DZ: Why don’t you just live in river north? Cost?
Mostly cost and it’s too busy for me to want to live here. Plus, no one would visit me since there is no free parking. People can park on the street when they visit me now.
The histories of those 1211 S. Prairie sales are interesting.
3105 closed 7/13/11 $640K w/tandem pkg space
3105 closed 9/23/08 $885K w/tandem pkg space
3105 closed 6/19/08 $780.5K w/tandem pkg space
3405 closed 7/1/11 $600K w/pkg space
3405 closed 3/2/09 $810K w/pkg space
3102 closed 4/11/11 $675K w/2 pkg spaces
3102 closed 6/11/08 $771K w/2 pkg spaces
1902 closed 6/7/11 $632.5K w/pkg space
1902 closed 5/22/09 $700K w/pkg space
Also, as for buying as opposed to renting, the rents in the South Loop are really high. If you have 20% to put down, you can easily save a couple hundred a month by buying (including assessments, taxes, and mortgage).
“Mostly cost and it’s too busy for me to want to live here. Plus, no one would visit me since there is no free parking. People can park on the street when they visit me now.”
The things that make a city a city are unfortunately lost on some people. May I suggest that if you are looking for a slower lifestyle, very little traffic and unlimited free parking, you might not be a city person? I guess I don’t have a problem with the fact that you’ve found a little non-urban island near downtown Chicago. But I anticipate problems 10-20 years out when density creeps your way and those that try to stop the inevitable creep of urban-ness into areas near the loop start with the NIMBY complaints.
You could almost write the script now…
Those 05 units are hit hard. Apparently 3405 was a relocation sale according to my agent and hence was a very good deal. I personally think though if the fiasco continues they will sell in 500s.
Sonies –
“off topic, any of you snoopers out there know do I look up a certain person’s salary in a certain IL school district, say 430?”
Familytaxpayers.org
“The things that make a city a city are unfortunately lost on some people. May I suggest that if you are looking for a slower lifestyle, very little traffic and unlimited free parking, you might not be a city person?”
I dunno, not wanting to live in river north (and I’ve lived in river north) does not equate to having incompatible preferences with enjoying the city. I just thought that the convenience of having essentially no commute and being close to areas she frequents socially might trump the tradeoffs for jenny.
“I had a 1BR for a while, I am looking to buy a 2/2 and rent this one out. We expect to pay off out 1 BR in 2.5 years and then it will be a side income. I am too afraid to buy now given the financial fiasco going on.”
Ah, I didn’t realize you already had a place.
2011 5 sold and 3 pending. 2010 7 sold…ahead of last year right? maybe
spanks anon, your google-fu is second to none
Lawsuit awards aren’t treated as taxable income–they shouldn’t show up on the website. That’s likely her real wages. Given she’s special ed maybe she has some skillset that’s pretty rare dealing with a specific kind of disability.
“May I suggest that if you are looking for a slower lifestyle, very little traffic and unlimited free parking, you might not be a city person?”
River North or bust? LMAO. Do you dress up in an Armani suit each morning and slick your hair back like Gordon Gekko? Are you the obnoxious one blabbing on your crackberry on the way to work each morning acting like your conf call is really so important even though its really quite trivial?
“Lawsuit awards aren’t treated as taxable income–they shouldn’t show up on the website. That’s likely her real wages.”
Backpay awards are generally taxable.
“don’t know why it doesn’t exactly line up, could be any number of reasons, but v close”
Reading more closely, only $326K was backpay (and interest on backpay). Rest was cobra and court costs. So 326+87=413, lines up pretty much exactly.
Here’s more on the Marquee from Crain’s this week:
An Amalgamated venture filed a separate foreclosure lawsuit last month against Sedgwick’s 25-story Marquee condo tower, which was completed in 2008 at 1454 S. Michigan Ave. The bank’s suit says the project’s $60-million construction loan, made in 2005, wasn’t fully paid off when it came due in December 2010.
The bank and Segdwick entered into a forbearance agreement in March 2011 over the Marquee loan, under which the developer was to pay current interest due, $79,943, and keep up with monthly interest payments, according to the lawsuit. The forbearance agreement expired at the end of April, and the borrower failed to meet all the requirements, the complaint alleges.
Amalgamated’s suit in the matter seeks about $4.17 million and also alleges that Mr. Paris personally guaranteed that debt.
Mr. Paris declines to comment, though his lawyer in the matters says he’s confident the suits will be “amicably” resolved.
Read more: http://www.chicagorealestatedaily.com/article/20110810/CRED03/110819994/2-south-loop-condo-projects-face-foreclosure#ixzz1UmNLmTik
they owe 4.17 million, but they also rent quite a few units. fire sale on rented out units?
“3105 closed 7/13/11 $640K w/tandem pkg space
3105 closed 9/23/08 $885K w/tandem pkg space
3105 closed 6/19/08 $780.5K w/tandem pkg space”
Man, someone sure was slow in recognizing the housing bust. Cost them $240k plus closing costs to get out of Moline, Chicago.
“The things that make a city a city are unfortunately lost on some people. May I suggest that if you are looking for a slower lifestyle, very little traffic and unlimited free parking, you might not be a city person?”
TftInChi,
I would really like your description of a “city person”. Maybe you and i see another thing differently.
i wonder what attributes you assign to a “city person”
“i wonder what attributes you assign to a “city person””
He’s probably just jealous we don’t have to fight our way through gigantic packs of workers, tourists and suburbanites every day.
“He’s probably just jealous we don’t have to fight our way through gigantic packs of workers, tourists and suburbanites every day.”
maybe one of the requirements is you cant live west of ashland or south of jackson? as thats where the city officially ends didnt you know?
“maybe one of the requirements is you cant live west of ashland or south of jackson? as thats where the city officially ends didnt you know?”
Don’t be a numbskull, Groove. Everyone knows the western edge of the City is Western–that’s where the street got the name.
“Don’t be a numbskull, Groove. Everyone knows the western edge of the City is Western–that’s where the street got the name.”
my bad, i thought western ave is where cook county ends and dupage kicks in?
“my bad, i thought western ave is where cook county ends and dupage kicks in?”
It’s all Road Warrior from Western to Oak Park. I heard they moved the Thunderdome to somewhere near Kedzie and Addison because of the zombies taking over Humboldt Park and to stay far enough away from the dragons and sea monsters along the north branch (I hear they nest in Gompers).
They shot footage for 28 days later beyond Western.
[groove stands and gives a golf clap]