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One Museum Park East 3BD Listed for Half of 2006 List Price

How much is a 3BD worth in the South Loop these days? Not as much as it was in 2006. Last month, Joe Askins from YoChicago posted a summary of 3BD sales in the South Loop and found that, despite the glut, most of the sale prices actually weren't that far off from the original list prices — with the exception of One Museum Park. Here's one example of how far prices have fallen in the 62-story high-rise. This 1,900-square-foot, 3BD, 3BA condo on the 53rd floor was listed in 2006, somewhat optimistically, at $1.95 million. It finally sold last spring for $1.35 million, and it came back on the market yesterday for $989,000. At $521 per square, that's still a bit higher than several recent 3BD sales in that building. And the lawsuit the developers filed against the condo board probably won't help boost property values either.
· Listing: 1211 South Prairie Avenue #5302 [Coldwell Banker]
· Glut check: How’s the South Loop’s three-bedroom market? [YoChicago]