Friday, March 25, 2011

YoChicago Checks in at One Museum Park

For those of us who are interested in neighborhood real estate, YoChicago ponders whether Spring will serve as a form of renewal for two of the South Loop's most high profile properties:
At the newer of the two towers, the 298-unit One Museum Park West at 1201 S Prairie Ave, just two developer-owned condos have closed since January 1. Going by what I can see on Redfin, it looks like 57 are still listed for sale, more than half at prices above 750,000, and another 91 are under contract — and in more than a few cases, have been under contract since 2006. That means the building is, at most, half-closed.

The overall sales numbers don’t look quite as bad for the older and
taller tower, the 286-unit One Museum Park at 1211 S Prairie Ave, even if it’s seen just one sale since October 1. Redfin shows 31 homes for sale and one home under contract, so the building may be nearing the 90% sold
mark. However, the remaining inventory isn’t cheap — the median price for those 31
developer-owned units is $1.23 million, and the 60605 ZIP code as a whole has
only seen about a dozen sales at or above that price in the past year.


Jim McMillan said...

With asking prices from the developer running to $700 sq foot, they seem to be completely unmotivated to sell any of the units left in these buildings.

With prices in the South Loop running at $280-$300 sq foot, little will move in these buildings. Apparently the developer is prepared to "ride it out" - this would seem to mean they'll be holding the inventory bag for the next 4 years at least.

Anonymous said...

What's another 4 year when this developer sold almost everything on Indiana from Roosevelt to 18th can you imagine the profit. If I were them I would not lower my price either.
We will see I just know that all the negative people on this site a year ago were predicting dooms day in the South loop I just don't see it prices came down but not by much just check on Zillow.
Look at all the the buildings like Terrazio they all went rental remember in the 90's the same thing happen in Streeterville and they were converted back for sale later on.
The museum park group seem to have enough cash to ride this out and I think they will be successful remember they still own prime land on Roosevelt and Indiana why would they depreciate their land value.
We will see....

Anonymous said...

"remember they still own prime land on Roosevelt and Indiana why would they depreciate their land value."

You mean that sweet piece of land that was supposed to have another 2 towers on them, even taller than OMP?

They are trying to sell that...