$399K ‘Pre-short sale’ surfaces at Park Monroe

Park Monroe, 65 E Monroe St, Chicago

I’ve noticed several resales listed at Park Monroe, 65 E Monroe St, over the course of the year, but today is the first time I can recall seeing a short sale listing in the building. At least that’s how Redfin characterizes it; the condo’s agent, Nicholas Colagiovanni of Baird & Warner, calls the two-bedroom a “pre-short sale” in his listing text, so maybe a buyer who’s quick on the trigger won’t have to deal with the whole rigmarole of a full short sale process.

Either way, unit 4415 sold in March 10, 2009, for $482,959, and went back on the market 11 days later. It’s been delisted and relisted five times since, the most recent instance coming last week, when it went off the market briefly and returned on Friday for $399,000, more than 17 percent below the original sale price.

The 1,236 square-foot home has 10-foot ceiling heights, a recessed terrace, hardwood floors, an island kitchen with the usual trimmings (42-inch cabinets, granite countertops, stainless steel appliances, etc.), two baths with marble finishes and raised vanities, and in-unit laundry. Heated garage parking is available for an additional $50,000.

The (pre-)short sale arrives at a time when Equity Brokerage Services is still trying to move developer units at Park Monroe. The brokerage has 22 condos on the market, ranging from a 1,002 square-foot one-bedroom priced in the $300s to a couple of 2,473 square-foot two-bedrooms priced at $1.6 million, with most being priced above the $460s. By comparison, the majority of the 21 homes Equity has sold in the building this year have closed in the $440s or lower.

Park Monroe, 65 E Monroe St, Chicago Park Monroe, 65 E Monroe St, Chicago

Park Monroe, 65 E Monroe St, Chicago Park Monroe, 65 E Monroe St, Chicago

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