Will spring bring a thaw to One Museum Park?

One Museum Park, Chicago

In case you haven’t noticed, the One Museum Park towers are still stuck in a rut.

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.

So what are The Enterprise Companies and Coldwell Banker doing to move these units? They aren’t cutting prices, that’s for sure — just 12 of the 88 homes available in the two buildings have had price adjustments in the past year. Are these homes available to rent? Coldwell Banker agents have two condos listed for rent at One Museum Park West, but there’s no indication that these are developer-owned units; if there are rental opportunities, they’re being offered on the DL.

Spring is here — will we see movement of any kind at these buildings in the coming months?

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