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One fact that stood out during my scan of One Museum Park listings on Tuesday was the surplus of three-bedroom condos in the building. Of the 63 units listed in The Enterprise Companies‘ 62-story tower (located at 1211 S Prairie Ave), 55 are three-bedrooms listed from the $890s to $2.77 million.
I returned to those listings this morning and discovered that prices actually had changed on 13 of those three-bedrooms on Monday, in many cases for the very first time since hitting the MLS in 2005. All 13 are 06-tier condos — 2,105 square-foot three-bedroom / three-baths located on the western side of the tower.
Until last week, the average price of an 06-tier home was $1.26 million. Now it’s just over $1 million. That’s an average reduction of more than 20 percent, which is right in line with the minimum reduction needed to garner interest as observed by Appraisal Research Counselors in its latest Downtown Benchmark Report. On the low end, location- and price-wise, a sixth-floor unit once priced at $1.05 million is now listed in the $890s; on the high end, a 45th-floor home once priced at $1.54 million is now listed at $1.2 million.
One Museum Park’s L-shaped footprint gives the 06 tier (seen below) two corners and views north toward Grant Park, west toward One Museum Park West, and south toward the rest of the Museum Park. It lacks an eastern exposure, and both the positioning of the balcony on the unit’s northwest corner and the bulging “point” on the tower’s northeast corner may result in obstructed sight-lines to the lake at its closest point, but that shouldn’t prevent a buyer from having a good views of Monroe Harbor and Navy Pier in the northern distance, especially on the higher floors.
The three bedrooms are spread throughout the home, with the master suite accessible off the main living / dining area and the second and third bedrooms tucked away on the southern side of the unit. It also has what appears to be a den-sized room on the southern side.
Coldwell Banker’s listings encourage buyers to “choose all finishes,” suggesting that most or all of these homes still aren’t built out. Parking spaces at One Museum Park sell for $35,000.
Related posts:
- Sales update: Enterprise still trying to crack 50-percent mark at 1600 Museum Park
- Sales update: Slim pickings for one-bedrooms with lake views at 1400 Museum Park
- Sales update: Another round of price cuts at 1600 Museum Park
- Floor plan faceoff: three-bedrooms at Legacy at Millennium Park and One Museum Park
- Sales update: Post-auction prices arrive at Michigan Avenue Tower II
{ 8 comments }
Isn’t the “den-sized room” a walk-in closet? If so, it has a nice view.
Ed:
You’re right — it has to be. Especially since there isn’t any other closet space in or around that bedroom.
But for $895,000, you get a living/dining room that is only 18×22? No.
The views from the 06 tier are spectacular. We see the entire Park, including Buckingham Fountain and Pritzker Pavillion. We see the harbor and Navy Pier – the fireworks are fabulous.
We see Michigan Ave and the entire downtown. Night views are unbelievable. We also have views of Soldiers Field and the south shoreline into Indiana. The only view that 06 doesn’t have that the east facing units do, is of the museum campus. But they don’t see most of the park or the downtown.I would love to post a picture taken from my balcony if I could figure out how to do it!
The bedroom you describe as a closet is a full ensuite bedroom with a huge walk-in closet shown on the floorplan to the right of the bedroom.. The living room/dining room/kitchen is spacious.
Susan,
We’d love to post your photo(s).
E-mail photos to jaskins at yochicago dot com.
If you’re up for it you can also invite Joe to do a video from your unit showcasing a more panoramic view.
Man I love this building and think its a spectacular addition to the skyline, but what is going on with the facade where the crane used to be? Are they ever going to finish it? It seems as though they’ve had it 1/5th finished for months now?
No one ever described the bedroom as a closet in the original entry or posts, but rather the walk-in closet was inaccurately described as a “den-sized room” in the original entry (which I pointed out was actually the closet).
It appears that the structural framing system dictated that area of the floorplate, resulting in the large closet with windows and IMO somewhat awkward arrangement in that end of the unit (small laundry area/stacked arrangement. Hopefully the windows for the closet have a coating to block out UV rays which fade/discolor clothing.
I remember reading something about the unfinished facade (on this site IIRC). I believe the contractor poured the curved portion concrete at curvature which exceeded construction tolerances resulting in the covering panels not fitting up correctly. New panels now have to be made, resulting in a delay.
Saw the finishes a few days ago in the 3BR. IMO, they would have been better to leave them blank that the cheap finishes they selected to close them out. Anyone spending $1MM is going to want custom finishes, so why not leave blank as they have one tower + 2 more coming that could support build out of the vacant units.
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