What’s the Market Like for a 2/2 in the West Loop? 1200 W. Monroe
The Metro, at 1200 W. Monroe, is a midrise building built in 2003 in what used to be the far edge of the West Loop but now is closer to the center of action thanks to a further push of building to the west.
At the corner of Monroe and Racine the east facing units have downtown views.
This 2-bedroom unit is a west facing unit and has been on the market for a year.
It has hardwood floors in the main living space.
The kitchen, which is open to the living space, has granite counter tops and stainless steel appliances.
It has central air, washer/dryer in the unit and garage parking is available.
This unit is listed $20,000 under its 2006 purchase price.
These units were originally sold as starter condos. Does this make a good starter condo in today’s market?
Stacy Braack at Southport Sotheby’s has the listing. See the pictures here.
Unit #413: 2 bedrooms, 2 baths, no square footage listed
- Sold in July 2003 for $278,500
- Sold in May 2006 for $335,000
- Neither sales shows deeded parking included
- Originally listed in April 2010
- Was listed in September 2010 for $304,900
- Reduced
- Currently listed for $285,000 (plus $25,000 for parking)
- Assessments of $382 a month (includes a/c, doorman, cable, gas)
- Taxes of $3641
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×11
- Bedroom #2: 10×10
- Living room: 15×16
- Kitchen: 13×8
exposed “soft loft” duct work, hollywood lights….but across from the police station, that’s a good thing.
Not aging well and rather small but seems about right if parking is included
Not inspired by the finishes but think that it should sell eventually. It is currently priced around $258 per square feet. Redfin shows that this area is selling at $247 psf on average and this place is average or better.
I have always wondered if the sound from “Pooch-A Dog Hotel” right next door to this place effects this building. The good news is that they keep the dogs inside the whole time and it is not noisy at street level but perhaps above the space noise is coming out from the vents etc.
Anyone have any knowledge?
#713 is also available and is asking $314,900 with garage parking. It also has a view over the building to the west, which #413 doesn’t.
The -13 tier units are listed as 1100 sf, but the small rooms add up to only 576 sf. Perhaps, the hall, closets and bathrooms are freakin’uge?
“The -13 tier units are listed as 1100 sf, but the small rooms add up to only 576 sf. Perhaps, the hall, closets and bathrooms are freakin’uge?”
The balcony is pretty big. And since it’s a condo, we know that counts.
$199,000 eventually;
If it didn’t have balconies on every floor this looks like any bland suburban or city office building I’ve ever worked in. I couldn’t live in a building like this or I’d be haunted with the whispers of “accounts payable Nina speaking..just a moment” in my dreams.
Did you send in your TPS Reports?
285 w parking or 2250/mo rent is my guess
I can not tell from the photos but for $285K I would like to have enough room to place a real table for some of my meals. Sure I eat most at the kitchen island or in front of the TV but I do like the illusion of a dining area being available.
#707 bigger 2/2 (says 1270 sf) with garage pkg rented 11/10 $2000
#311 bigger 2/2 (says 1400 sf) with garage pkg rented 09/10 $2050
#903 bigger 2/2 (says 1270 sf) PH with 17′ ceiling, skyline view, 14′ x 18′ terrace w/garage pkg rented 07/10 $2200
No kidding jp3, it’s a 15′ x 16′ combined LR/DR.
one of my employees rented here and his bedroom was a loft type room where the walls did not go up to the ceiling. Not even sure if there was a window in the room. Might have been a multi-use space being used like a bedroom.
Well, this is a well-regarded and well-run building, and prices haven’t cratered as much here as they have in some of the other crappier places around. No way this one on a lower floor is gonna go for 310 tho. 280 w parking seems about right. I would hurry up and get this one sold now; these small condos continue to get hammered and will likely trade a bit below rental parity soon enough.
I’ve never heard the dogs from the pooch motel but I’ve only been on the 7th and 9th floors.
Not a bad place but definitely not a ‘starter’ at that price, more like a move-up I’m looking for a starter and paying over $300k for a place with parking is way too much for a first time buyer, at least in my case
plus $682 in assessments and taxes is really high too
roma – on what basis is it going to go for less than rental parity?
I rented #609 for $2350 with 2 parking spots included in this building in 2009-2010 and eventually ended up helping sell the unit for the owner in April 2010. Another person sucked in to the expiring tax credit. They paid $370K for 2bed/2bath plus den not sure if the 2 parking spots were included. I imagine the unit is not worth that price anymore and it’s only 1 year ago. But atleast they got the 8K tax credit.
Great building it’s well run and noise is not a issue from the dog hotel.
http://www.bairdwarner.com/real-estate/il/chicago/07464821.cfm
Pictures of the unit.
I’m not a huge fan of the open duct work, but if you are going to be settled for 5+ years I think this ends up being a bargain.