How High Will Prices Go in 2017? A 2-Bedroom at 110 W. Superior in River North
This 2-bedroom at 110 W. Superior in River North just came on the market.
110 W. Superior was a new construction building in 2009, during the bust, so it took some time to sell out the building, even though there are just 57 units.
This unit is a southwest corner unit with floor-to-ceiling windows which have electronic sun shades.
It also has custom lighting with remote control and ceiling speakers.
The kitchen has Snaidero cabinets, quartz counter tops and Subzero and Wolf appliances.
The bathrooms have Snaidero and Grohe fixtures.
It has central air, washer/dryer in the unit and garage parking is included.
This unit last sold in 2013. It has come back on the market 31.6% higher, at $825,000.
At 1325 square feet, that’s $623 a square foot.
That’s a new all-high for this unit.
How high will prices go in 2017?
David Wiencek at @Properties has the listing. See the pictures here.
Unit #1402: 2 bedrooms, 2 baths, 1325 square feet
- Sold in July 2010 for $585,000 (included parking)
- Sold in September 2013 for $627,000 (included parking)
- Currently listed for $825,000 (parking included)
- Assessments of $739 a month (includes parking, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $9360
- Dual HVAC system with Nest
- Washer/Dryer in the unit
- Bedroom #1: 13×12
- Bedroom #2: 10×10
Why is there a wine fridge in the baby’s room?
Because the wine fridge came first, then the baby. New moms tend not to like living in high rises with newborns I’ve notice. From a practical standpoint, multiple trips to/from the car with baby carrier, stroller, diaper bag, groceries, target bags, can be difficult especially if it takes you minutes at a time to get to the car and back. I just walk over to my attached garage, it takes 30 seconds to unload baby and groceries into my house
Calling this a 2 bedroom is a real stretch. It might make a nice office if you don’t mind staring into an office while eating dinner.
The wine fridge seems to be doubling as a changing table. That’s a new one.
I find this place extremely depressing.
“Calling this a 2 bedroom is a real stretch.”
Nah, that’s a 100% adequate guest bedroom/office–which is what one should expect from a 2/2 in most luxury high rises.
They didn’t build these $500+ psf places for people with roommates, and someone with (full time) kid(s) and $800k to spend isn’t likely to choose a building like this one.
What odd styling. As noted, the wine fridge / changing table is interesting. This owner knows sound too, with deadening above the crib, Martin Logan ESL’s, and an SVS tube sub. The positioning is odd though (where do you sit to get proper soundstage… the kitchen? Rare to see no TV, but a tri landscape monitor setup will likely suffice for streaming.
I take issue with the layout too. The small ‘room’, as noted would be only useful for a crib / office. The hallway to (and in) the MBR wastes space. The core of the MBR is quite small then, esp for the asking price. Overall, this is priced way too high. The gym in this building is horrible, no real amenities, but good location (and ‘cool’ factor). They will sell at a premium based on their initial buy price, but not this high.
LMAO the $5k wine fridge is now a baby changing table… HAHAHAHAHAHAHA
oh god that second bedroom has to be one of the funniest things I have seen on cribchatter
These people are high.
$800k+ for what is functionally a 1bd/2bth with a weird layout. No thanks. I’d sacrifice the extra bath and buy a 1bd in The Aqua for almost $400k less.
Agree on the weird layout. Wonder if that was the standard floor plan or if they modified it?
With the long sweep of windows already for the living room & kitchen, would have made more sense to have the “bedroom” by the windows, and a dining area across from the kitchen? But the bathroom location for the 2d BR is also a big problem. I can only surmise that the architects were optimizing the other tiers’ floorplans and had to “make do” with what was left.
$600/sq. ft. for a highly upgraded, well configured high floor (or top notch view) unit in a building like this might make sense. But not for a 14th floor, west exposure (gets very hot with all those windows) and less-than-optimal space.
Terrible layout with lots of wasted sf and they over improved the place
Really should be a 1 bedroom for empty nesters or UMC single white guy. tearing out the 2nd bedroom and re-configuring the foyer area would make this a lot more usable of for that demographic
Lots of nice stuff. Including a nice micro over the stove!
“Lots of nice stuff. Including a nice micro over the stove!”
Yeah that whole microwave over range being as a drawback isn’t really a thing for a place this size – where else would you put it?
I’d think with all the new construction of both apartments and condos going on in River North that price increases would slow dramatically or even flatline. There’s a lot of new inventory that will be coming online over the next few years.
One thing I had never really stopped to notice before last year (despite living in River North for a long time and now commuting through it daily) was just how many surface parking lots there were in River North. Even more surprising that so many of them escaped the mid-00’s real estate boom. But seems like now developers are making a concerted effort to buy up those surface parking lots and turn them into rental or condo (or occasionally, office) buildings.
“I’d think with all the new construction of both apartments and condos going on in River North that price increases would slow dramatically or even flatline. There’s a lot of new inventory that will be coming online over the next few years.”
But they’re not building condos. The condo buildings that ARE being built are all at the upper range. They’re not building $400,000 2/2s. Or even $600,000 2/2s. They are building $1.5 million 3 or 4-bedroom units.
So how can prices flatline?
Hey Sad at 440, how did your sale work out? Hopefully you didn’t lose much equity!
“just how many surface parking lots there were in River North”
You can find a 1995 (and 1970) aerial here (it’s kind of a pain, tho):
http://gis.cmap.illinois.gov/aerial/
The number of half and full blocks of surface parking bt Chicago Ave and the river was crazy.
The Legacy is similar to this building. But you’ll get a few hundred extra square feet, a real 2nd bedroom, a better location (right by Millennium Park & the lake), while probably paying the same or maybe even less.
This place is right by the Chicago red line, which if you remember was a hotbed for the flash mob activities.
This place is located 3.5 blocks from the Chicago Red Line and 2.5 blocks from the Brown line. The Legacy is right where that gang banger shot the tourist in the head a couple months ago. And it has electric heat. Yuck.
Sabrina — fair enough, though I’d still think that the apartments being built in River North constrain the prices of condos. If condos become too expensive, people can just rent.
Sonies — I didn’t sell my place. When I moved a few years ago, it was still badly underwater. So instead of selling and taking the hit all at once, I rent it so I can spread the financial damage over time. It’s now above water, but the market value is at most 75% of the 2005 sale price (when I bought). And that’s in nominal terms; in real terms I’m sure it’s far worse. Indeed, wouldn’t be surprising if the real market value of Plaza 440 condos do not reach the 2005 levels in our lifetimes.
And there are a number of other issues with the building and people who live there. Only about 25% of the owners live there, but unsurprisingly they have a more vested interested in the building than investors, so they control the condo board. Recently, they’ve been trying to cut down on renting, such as by trying to establish a cap on the percentage of the building that can be rented (which failed for now) or charging investor owners an annual fee for renting (which is in place). Truly public choice in action.
Anon(tfo) — thanks, quite interesting how the area has changed so dramatically over time.
“The Legacy is right where that gang banger shot the tourist in the head a couple months ago.”
More people have been shot and killed by this unit than in Millennium Park. Its an overpriced shoebox in a crap location of River North. Yuck.
River North: 31 shootings in 2016
Loop: 8
River North: 3 shootings in 2017
Loop: 0
There is an awesome 3 BR 2 Bath in this building. Its unit 2703. Do you guys think its worth $1.1 million. It sold for mid $600k. How are the realtors coming up with these listing prices?