Park Monroe offers quality construction, lifestyle features
Unobstructed views of Millennium Park and Lake Michigan from The Park Monroe’s condominiums dazzle residents and guests alike. | SUPPLIED PHOTO
With more and more empty-nesters moving downtown, the need for developers to impress and dazzle with finishes and amenities is stronger than ever.
Empty-nesters moving from the suburbs seek quality assurance plus all of the perks that come with owning a condo downtown, such as great amenities, excellent views and a central location.
For empty-nester buyers looking to relocate from the suburbs to downtown, it is important to do the correct research and find a quality developer and a quality residential building. The maintenance-free lifestyle is only fun when the building itself was built correctly so that owners do not end up pouring extra money into maintenance on the building that should have been done by the developer from the beginning.
It is more important than ever for a real estate developer to build a quality product in the beginning and continually improve on it. Developing and maintaining consistency in quality, amenities and price are imperative.
One condominium development in the East Loop has met and even exceeded these expectations. The Park Monroe, at 65 E. Monroe, is located one block from the world-renowned Millennium Park.
In 2011, The Park Monroe sold more than 40 condominiums. The total sales volume was more than $29 million and the average price per home was $740,000. The price per square foot sold was approximately $441 and the average home size was 1,678 square feet. The units sold ranged from 925 square feet to 3,897 square feet.
The number of residences that are selling at The Park Monroe, despite the challenging real estate environment, is a testament to the fact that the homes are well priced. Additionally, buyers are also apparently attracted by the amount of space in the residences, the quality of the finishes, the views and the amenities.
One of the main concerns in today’s real estate market is whether a home will hold its value. At The Park Monroe, the residences are already being sold at the market rate, alleviating this worry. The building’s sales success also gives buyers confidence that the developers will be able to keep prices steady.
“Sales are really fantastic. It is amazing we have continued to sell approximately one home a week,” said Pat Young, sales director at The Park Monroe. “These sales records are generally seen in a great real estate market but we are still selling in the East Loop at the park.”
“I think the views at The Park Monroe really steal the show. There are no other views that are as expansive as The Park Monroe’s. In addition, the amenities make you feel like you live at a resort. The indoor pool, the entertainment suite with catering kitchen, the three-season sun terrace with garden and year-round spa, as well as the Blue Ray theatre room and sophisticated fitness center are some of the resident’s favorites.”
In addition to the luxury amenities at The Park Monroe, there is also a 24-hour door staff and full-time property management.
“The finishes are also what influence the buyers,” Young said.
The homes feature the finest of finishes and décor. Many of the homes feature private outdoor balconies, and all have gourmet kitchens with European styling, luxurious baths and premium hardwood floors. Designer touches are evident throughout, with elegant details, fine appointments and premium fixtures.
The Park Monroe recently passed an important milestone, when control of the condo association was handed over from the developers to the residents. This change allows residents a stronger influence on the how the building is run and is further evidence of the success and stability of The Park Monroe.
Residences still available at The Park Monroe range from the last remaining one-bedroom to two-bedrooms, three-bedrooms to two-story penthouses. The one-bedroom is priced at $309,500 and prices start in the mid $600,000s for east-facing two-bedrooms.
The models and sales center at 65 East Monroe are open seven days a week and those interested can call (312) 855-0550 or visit ParkMonroe.com for more information.