Still Trying to Sell This River North 1-Bedroom Penthouse: 340 W. Superior

340 w superior

This 1-bedroom penthouse unit at 340 W. Superior in River North recently came on the market.

But we’ve chattered about it twice before. The last time was in June 2015 when it had been reduced. See our chatter here.

If you recall, it is a “true” penthouse with a 31×12 private terrace that looks west with “sunset and city views.”

One of the old listings said the apartment was “conceived by renowned designer William Eubanks” and has 10 foot ceilings with crown molding.

The kitchen has light cabinets (white?) with granite counter tops and stainless steel appliances.

The bathrooms are marble.

It has the other features buyers look for including central air, washer/dryer in the unit and garage parking.

In September 2014, it was listed for $475,000 plus $35,000 for the parking.

A year later, it has come on the market reduced by $80,000 at $400,000 plus $30,000 for the parking.

Why isn’t this selling?

Nancy Thomas at Berkshire Hathaway KoenigRubloff still has the listing. See the pictures here.

Unit #PH5: 1 bedroom, 1.5 baths, 1016 square feet

  • Sold in October 2002 for $357,500
  • Was listed in September 2014 for $475,000 plus $35,000 for the parking
  • Re-listed in April 2014 for $445,000 plus $30,000 for the parking
  • Reduced
  • Re-listed in September 2015 for $400,000 plus $30,000 for the parking
  • Assessments are the same-  $861 a month (includes heat, a/c, gas, doorman, cable, water, exterior maintenance, snow removal, scavenger)
  • Taxes are now $8327 (they were $8151)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 13×11

18 Responses to “Still Trying to Sell This River North 1-Bedroom Penthouse: 340 W. Superior”

  1. I said it then, I say it now: This is a type mismatch. Staging the place with modern minimalist decor geared towards a younger crowd would certainly increase the appeal. The pesky assessment is there to stay though.

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  2. OT, I have been getting easier and easier math captchas on CC (all single digit additions and subtractions). I cannot help feeling terrible (albeit illogically) thinking I must have done poorly on the pervious ones, hence the questions are becoming adaptively geared toward a dumber test taker!

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  3. Because it’s still a very expensive 1-bedrm unit in an uncool building.

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  4. And it’s also on the corner of a super busy intersection.

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  5. Do they have a bunch of section 8 tenants? Not all of section 8 tenants are bad but some are super ghetto. At my coworker’s condo complex two moved in and they made life a pure hell. One would drive into the complex parking lot at 2:30 AM everyday blasting his “unique” brand of music. He just didn’t think twice about it or thought it was inappropriate.

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  6. “And it’s also on the corner of a super busy intersection.”

    uh not really at all

    Take out the granny decor and watch this place sell in a week… they are doing it WRONG. River north is supposed to be a HIP COOL PLACE FOR YOUNG SOMETHINGS TO ROCK OUT AT, not sit around and drink tea or whatever happens up in here

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  7. OK maybe not ‘super busy’ but Orleans and Superior has a stop light, not just a stop sign, and every time I’ve ever been on Orleans during business hours it’s been backed up; and there’s plenty of traffic on superior because the city of chicago administrative courthouse is right down the block. IDOT traffic counts for Orleans show 22,500 vehicles a day; which shockingly, is more traffic than Chicago ave at 21,700 just a half a block north! So yeah, it’s pretty busy IMHO!

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  8. “Nimesh on September 24th, 2015 at 8:38 am

    Do they have a bunch of section 8 tenants? Not all of section 8 tenants are bad but some are super ghetto. At my coworker’s condo complex two moved in and they made life a pure hell. One would drive into the complex parking lot at 2:30 AM everyday blasting his “unique” brand of music. He just didn’t think twice about it or thought it was inappropriate.”

    Sociologists call it ‘anti-social’ behavior, which is only anti-social to some more academically minded sociologists. Within some cultures in America, it is perfectly acceptable and appropriate to act in this manner; while you call it inappropriate, others call it their prerogative.

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  9. Why would this building have section 8 tenants?

    Can a building ban landlords from renting to section 8 tenants?

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  10. “IDOT traffic counts for Orleans show 22,500 vehicles a day; which shockingly, is more traffic than Chicago ave at 21,700 just a half a block north! So yeah, it’s pretty busy IMHO!”

    That traffic count for orleans is probably just south of superior at ontario or something because of the feeder ramp going from orleans at ontario st., there is zero I mean zero chance that orleans and superior gets more traffic than chicago avenue, zero! Superior doesn’t get much traffic at all

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  11. Problem is if you remove all the stuffy furniture, it’s left with pretty subpar finishes in comparison to newer construction finishes.

    It’s also right next to a nicer hand car wash that’s full of d nozzles driving in and out with loud exhaust systems. They usually are forming a line on the street to get into the wash, so you hear cars starting all day and the occasional tool ripping out of there to show people he can drive fast in a residential area.

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  12. “The pesky assessment is there to stay though.”

    That’s a fairly cheap assessment for 1000+ SF, with all that is included. Unless they have very very low reserves or something. If you want a doorman, and have heat, AC, gas and water included, where do you find something meaningfully lower?

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  13. How could the unit be relisted before it was originally listed?

    Are the west views less desirable than loop views? I have to wonder if they robbed a Roman Galleon of it’s amphorae though.

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  14. I’d say the problem is a combination of this being an expensive 1-br in a tucked-away corner of River North and its interior design.

    I and many others have no problem with old-fashioned, non-trendy decor but this effort is half-assed and a total fail. The owner was going for sorta-twenties-sorta-classical but the the layout and fixtures are by-the-numbers 2000s condo.

    If the owners went through and got rid of all the brown and dropped the price by 40K it would probably sell tomorrow.

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  15. Listing says “significant price reduction”. What did they reduce it by?

    Does it come with parking?

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  16. “Listing says “significant price reduction”. What did they reduce it by?

    Does it come with parking?”

    It’s all right there in the post.

    Originally listed for $475,000 plus $35,000 for the parking 1 year ago. Currently listed for $400,000 plus $30,000 for the parking.

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  17. Finally closed for 400K even

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  18. “Finally closed for 400K even”

    aka, 15% BELOW the inflation-adjusted purchase price.

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