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.
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: