Most of the units at the highrise Marquee (1464 S. Michigan) are condos, but given the fact that the building came on the market essentially as the bubble burst, they had issues selling their final units. With this predicament in 2008, the developer opted to rent out the remaining units.Well according to a recent story from Chicago Magazine, once the leases on the rentals expire, the units will once again try to be sold as condos:
When the 20-story condo tower Marquee, at 1464 South Michigan Avenue, was completed in 2008, about 85 percent of its 208 units had been sold. The developer, Sedgwick Properties, rented out many of the unsold units, but with their leases expiring, those homes are once again for sale. Prices have been cut 3 to 5 percent on the 35 remaining condos (not all of which were rented out), and Tim Sheehan, the Conlon agent selling them, emphasizes that further bargains are a possibility. “Parking spaces were $35,000, but we’re considering that a negotiable,” he says.
Never a dull moment in the real estate market around the Sloop. This seems to buck the trend as far as we can tell. If you're a real estate expert reading this post, please give us some theories as to why the change or heart (especially since we continually read that the rental market is the hot).
12 comments:
Seriously...they think coming down 3-5% is a deal?
They are literally hundreds of new-build apts in the South Loop that have been sitting on the market for years. Many of them, no one has ever occupied. The cost of gas is up, taxes are higher, the state is broke, mortgage rates are up, lending is tight, and real estate prices are falling. Not exactly a great time to buy.
I would suggest coming down 15-20% just for starters.
I live in the Marquee, renting out a condo and would never ever consider buying my unit. The location is great and the place is nice, but the building was clearly built cheaply. The walls are PAPER THIN. We even considered hanging that padding they use in recording studios so we didn't have to listen to our neighbors having sex.
Good luck selling these places as homes and not temporary places to squat while looking for something better.
I would disagree with the renter at the Marquee. The walls are not paper thin and it is a good building. The assessments have been kept low and there is a good core of owners. The problem is with the renters. Can't wait til they leave!
I have to agree with the renter from Marquee.
I too had the same problem of hearing my neighbors have LOUD sex. At one point I even got worried something else was ocurring. I am also a renter and am staying here temporary because it is close to my University, however by the end of this year I'll be finished and will also be moving out of this building as my lease will be terminated by then also. I wanted to add another concern, I know the building is pet friendly however, I always hear loud cat cries and meows at odd hours of the day and night. At first I thought it could be a baby or little kids for that matter, however at times the cats simply screech and yelp! This building clearly needed a better infrastructure! Few months to go!
I rented a condo in the Marquee for 9 months, I would not suggest buying a condo in this building considering the area market and the options available to a buyer.
The layout for the 2 bedroom units facing Michigan Ave. is odd at best. Sharing a balcony is also a feature I'd rather avoid.
The upper level of the parking garage smells worse than a public bathroom thanks to all the dog owners who let their dogs pee right outside the door to the parking level rather than walking the dogs up to the dog run. There are months where the dog run poop bags are not filled and everyone simply leaves the area filled with dog poop rather than picking up after their dogs.
And as to the comments about thin walls, the comments are accurate. The walls are thin and you are able to hear your neighbors but if you live in a condo this is somewhat normal.
I am in the building fairly often as there are people that still live there that I am close to. The association had a number of spring cleaning activities listed for the building but absolutely none appeared to have taken place. It was quite odd considering how prominently the spring cleaning activities were posted in the building.
There is also the issue of those smoking weed in the elevator or smoking so much in their condo that they stink up the elevator. It is not an everyday issue but it is noticeable somewhat often...
"but if you live in a condo this is somewhat normal."
This is absolutely not "normal", you should not be able to hear your neighbors talk or tv and music at sane levels. In a modern high rise this is unacceptable (I've lived in 5 high rises so far, never had noise issues.)
The building is so incredible ugly, I'm surprised anyone can make it past that. The garage filled in with chain link fence instead of closed up with cinder block is also a good indicator of the quality of this building. Even if you make it past all that, how the hell can you even consider living in those cramped floor plans. This thing should have never been built.
"but if you live in a condo this is somewhat normal."
The problem is with the renters. Can't wait til they leave!
I would like to hear some current reviews we are considering buying there. Any one care to comment
Do you happen to know their current market rate? Thanks.
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I think that it's a good move for them since they'll be able to sell out the whole building.
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Owning a condominium nowadays is really beneficial especially if you only have a limited budget.
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