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.
