Million Dollar Monique Loft GUTTED

Once upon a time unit #201 at Monique Lofts was a million dollar loft wrangling for HGTV and glossy mag features. Today unit #201 is a gutted shell. In fact the listing doesn’t even have any photos of the interior. Instead they advertise, “This is your opportunity to create an original on blank canvas”.

Before:

28092840 3 0 Million Dollar Monique Loft GUTTED

After:

P1020514 S Million Dollar Monique Loft GUTTED

Before:

28092840 6 0 Million Dollar Monique Loft GUTTED

After:

P1020519 S Million Dollar Monique Loft GUTTED

Before:

28092840 13 0 Million Dollar Monique Loft GUTTED

After:

P1020529 S Million Dollar Monique Loft GUTTED

What happened!?

Back in 2006 just as the market was peaking this unit was purchased on 05/24/2006 for $501,500. The owner then apparently put $300,000 worth of renovations into it and put it on the market in November 2007 just as the market was starting its slide down. We toured the place in 2007 and it looked awesome! They had sandblasted the west wall creating an exposed concrete wall, sandblasted the ceiling and re-stained it, put in floating VG fir stairs, re-did the floors an industrial white epoxy, new chic Poliform Varenna kitchen, Antionio Lupi bath fixtures, Waterworks bathtub, custom steel stairs, and more.

After sitting on the market for almost a year it was delisted. Rumor has it they received an offer for a little over $900k but turned it down. I don’t know if it was ever even lived in. It certainly didn’t look like it when it hit the market.

I started to hear rumors a few months ago that the place had been gutted and sure enough it has been. I toured it last night and almost everything has been ripped out except the staircases, one light fixture and the sliding glass doors in the bedroom. Even plain old electrical outlets have been ripped out. So if you buy this place you’re going to need to put in basically everything. The nice thing is that the wall is still sandblasted and the ceiling redone :). Those are two very labor and mess intensive projects… At $325,000 for a 1,366 square foot unit it is a good deal. But you have the hassles of dealing with a short sale and it is going to be tough to finance. You’re either going to have to pay cash or use a 203K rehab loan.

I think this is a great unit though. At the time, while the interiors were awesome, I didn’t think anyone would pay a million bucks for a unit with not much of a view and so few windows. Today, for $325k plus a kitchen + baths, I think you’re looking at a pretty good deal if you’re handy.

If you go tour it, go during the day, with no lights it is dark! If you go at night bring your headlamp :).

Here’s a virtual tour from a few years ago and here is what it looks like now.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • Anonymous

    Wow that is one serious gutting.  Another home falls victim to the bubble.

  • http://erickennedy.org Eric Kennedy

    Wow, that’s the most extreme version of selling off the appliances before a foreclosure that I’ve ever seen.  It’s hard to remove the cabinets or bath fixtures without causing some damage to them, so they probably only recovered 25% of the original cost and had to pay labor to put them in and take them out. 

  • http://blog.daryn.net daryn

    so sad – the place was beautiful, even if way overpriced. I figured someone would want to live in a sweet pad in an awesome building / location and pay a reasonable price for it decked out as it was.

  • Kimberlyd

    Any ideas why the HOA dues are so incredibly high here? Almost seven hundred/month seems insane for a place that doesn’t seem to have any communal areas to maintain.

  • http://twitter.com/mattgoyer mattgoyer

    A homeowner tells me they include all utilities except electricity. 

  • http://erickennedy.org Eric Kennedy

    At 1,366 sq ft, the dues are bound to be high even with limited amenities because insurance, reserve contributions, bi-annual reserve study updates, etc add up.

    It’s only 50 cents per sq foot, which is low for a condo, especially an older building. When I owned a condo for 6 years, I tried to find out where the waste was in the budget.  The onsite manager (who nominally cleaned) only cost 10 cents per sq foot — the other expenses added 46 cents.

    Compared to a townhouse, condos have a lot of extra overhead that isn’t directly related to maintaining the structure.  That’s why I won’t buy a condo again — townhomes or freestanding buildings only for me.

  • Kimberlyd

    Yeah, I guess when you put it in terms of square footage it makes sense. My old condo was 670 sq. ft. and about $325 in dues. 
    It’s just way higher than any of the other 2 bedrooms on the market right now. 

  • Kimberlyd

    If only someone would build some townhouses that look like lofts on the inside!

  • http://twitter.com/mattgoyer mattgoyer

    On Capitol Hill with views! I’d buy one in a second. 

  • Anonymous

    This is a beautiful home. Its looks so nice and amazing before. But after its looks so dull. I read all this things why its sold out. I hope you get nice home again.