2-Bedroom in The Montgomery Priced Below the 2011 Price: 500 W. Superior in River North
This 2-bedroom in The Montgomery at 500 W. Superior in River North came on the market in March 2023.
Built in 1972, The Montgomery was originally part of the Montgomery Ward complex and served as its headquarters. It’s architect was Minoru Yamasaki, who also designed the World Trade Center in New York City. He designed both around the same time.
It has 250 units and attached parking. It was converted into condos in 2005. The building has a party room, a sundeck, an exercise room, an on-site manager/engineer and door staff.
This 2-bedroom is one of the rare units which actually has a balcony, which faces south.
It has hardwood floors throughout, including the bedrooms.
The kitchen is open to the living and dining room combo and has white cabinets, stone counter tops, stainless steel appliances and an island with a raised ledge for barstools.
There’s a separate home office which is next to the living room and may not have any windows (?).
The primary bedroom will accommodate a king bed and has an en suite bathroom which has a dual vanity and walk-in-shower.
The second bedroom also has its own full bath.
The unit has a half bath as well.
It has the features buyers look for including central air, washer/dryer in the unit and garage parking is included in the price.
This building is near the shops and restaurants of the western part of River North and is on a bus line that will take you to the Mag Mile and Brown, Red and Purple subway stops.
Listed in March 2023 for $560,000, while owned by a relocation company, it has been reduced to $450,000.
That price is $25,000 below the 2011 sales price of $475,000.
Is this a deal?
Daniel Carr at Century 21 Circle has the listing. See the pictures here (sorry, no floor plan).
Unit #801: 2 bedrooms, 2.5 baths, 1309 square feet
- Sold in May 2005 for $417,000
- Sold in March 2011 for $475,000
- Sold in June 2018 for $580,000
- Sold in March 2023 for $527,500 (to relocation company)
- Originally listed in March 2023 for $560,000
- Reduced numerous times
- Currently listed at $450,000 (includes the garage parking)
- Assessments of $1305 a month (includes heat, a/c, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, party room)
- Taxes of $11,622
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 13×12
- Bedroom #2: 11×11
- Living/dining combo: 23×14
- Kitchen: 12×10
- Office: 7×9
- Laundry: 3×11
- Balcony: 15×4
too bad there is no floor plan.
anon(tfo): if you care to, and only if mildly interested – are these 2 bedrooms pretty standard in layout? or are they weird ish because this was an office building conversion?
I ask because I hear a lot about revitalizing downtowns by converting office buildings.
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As for the assessments, seems typical for this size of building.
man price appreciation for condos is just brutal absolutely brutal in Chicago
You can rent a 3Br for less than the monthly nut
“There’s a separate home office which is next to the living room and may not have any windows (?).” – Pretty sure this is the 2nd Br
Pix are not great. Prior listing had better pix, but best in looking at both:
https://www.zillow.com/homedetails/500-W-Superior-St-UNIT-801-Chicago-IL-60654/2132879587_zpid/?
Den is NOT the 2d bed, but 2d Bed has short wall.
Floorplan can be found here:
https://www.dreamtown.com/buildings/montgomery
It’s either the Plaza B1 or Plaza B2. Not in any sensible order.
As to chichow’s q:
I think that this building has a serious layout challenge in the windowless corners, BUT also a huge advantage over many/most other post-WW2 office buildings: it’s about 90′ wide except for the windowless corners. Compared to many/most others that are 125’+ and often square(ish). Yes, 90′ w/o usable for resy corners is still tough, and you see that in the layouts here, and it’s much more conducive to large SF units, too–a 40’x20′ 1 bed with windows only on one end is always going to be a (imo, poor) compromise.
The balcony faces west, no south.
Thanks Bluestreak. You’re right. It faces west.
The balconies are on the east and west sides of the building.
“I ask because I hear a lot about revitalizing downtowns by converting office buildings.”
This building has a design that made it even more difficult to do a conversion. It’s really not hard to do older conversions. Heck, we have even converted huge warehouse buildings, with a lot of empty space in the center, into residential. Most of the successful buildings are like those in the loop which are narrower so there are more windows.
Like 208 W Washington:
https://www.redfin.com/IL/Chicago/208-W-Washington-St-60606/unit-1012/home/12715279
Still get windowless rooms, however.
“man price appreciation for condos is just brutal absolutely brutal in Chicago”
Once again, a blanket statement like this is just incorrect.
Every neighborhood is different. Every building is different. Every type of condo is different. All condos are not back to 2011 prices. There are people who have done quite well for themselves after buying in 2011 and selling this year.
“Once again, a blanket statement like this is just incorrect.
Every neighborhood is different. Every building is different. Every type of condo is different. All condos are not back to 2011 prices. There are people who have done quite well for themselves after buying in 2011 and selling this year.”
Thats like saying buying lottery tickets is a solid financial strategy by only looking at the winners
Since the view is trash, I’d rather buy a similar unit in a building with no amenities and spend that assessment money on a luxury vehicle payment.
“Thats like saying buying lottery tickets is a solid financial strategy by only looking at the winners”
Lottery tickets are about luck. It’s purely chance. I don’t know what that has to do with real estate in a city that has over a million people.
How many times do I have to say it? With inventory this low and many properties going under contract within just a few days when they are listed, I am reduced to showcasing those properties that have been on the market for a much longer time period. That skews what is presented on this blog, unfortunately. This isn’t 2007 when I had thousands of properties to choose from in Lakeview alone.
Hopefully spring will bring a bunch of new inventory.
Average 30-year mortgage rate has fallen to 7.08% this week.
“Lottery tickets are about luck. It’s purely chance. I don’t know what that has to do with real estate in a city that has over a million people.”
Because you ignore the losers. Its not a difficult concept
“How many times do I have to say it? With inventory this low and many properties going under contract within just a few days when they are listed, I am reduced to showcasing those properties that have been on the market for a much longer time period. That skews what is presented on this blog, unfortunately. This isn’t 2007 when I had thousands of properties to choose from in Lakeview alone.”
Lies
The price vs. 2005 is a depressing testament to this market. However, it’s really not a great building. Second BR has no window, and finishes in this unit are unimpressive. No view, either. I can’t find much reason to like it even at the 2005 price.
chichow says “man price appreciation for condos is just brutal absolutely brutal in Chicago”
SABS says
Once again, a blanket statement like this is just incorrect.
Every neighborhood is different. Every building is different. Every type of condo is different. All condos are not back to 2011 prices. There are people who have done quite well for themselves after buying in 2011 and selling this year.
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more specifically, if you take a large condo building like this one so let’s say 250 units and above and in buck town GZ along LSD south loop etc. and go back to say 1970s 1980s 1990s etc. you really don’t get the appreciation that you did with a 2/3/4 flat or a SFH etc
it’s inherent in the type of building stock – these large buildings where the HOAs just destroy any ROE and I say this as someone who likely living in these building types
“it’s inherent in the type of building stock – these large buildings where the HOAs just destroy any ROE and I say this as someone who likely living in these building types”
Is it? People have no problem paying high HOAs in Manhattan or SF and it has never “destroyed” the ROE.
I believe it has more to do with overbuilding in some neighborhoods during the housing bubble which is still working its way through the market. And now we have a bunch of silent generation and Baby Boomers selling in the same neighborhoods, units they never updated, and younger buyers who have been living in new apartment buildings who don’t want to touch those units.
I don’t recall a time when this particular building EVER did well. The floor plans are not ideal. It’s location isn’t either (but better now then when it was converted) and it was pre-sold at bubble prices.
Lincoln Square appreciation was 187% in the housing bubble. Does that count?
Some neighborhoods have done really well, others have not. Too much supply doesn’t help prices. But that should be changing in this decade as inventory has fallen and they aren’t building new condo buildings in many of these neighborhoods (only apartment buildings.) Eventually, people want to own. It’s just SO different than being in a rental building.
I’m waiting for the first true condo building to go up in Fulton Market. Not one of these low rise million dollar a unit buildings. But a true 40 story condo tower.
“The price vs. 2005 is a depressing testament to this market.”
Or its a reflection of just how big the housing bubble was.
Even the fact that everyone was buying $400k 2/2s in Lakeview at 6% mortgage rates seems crazy now. I realize many put NO money down, but still nuts.
“Lies”
Please get help JohnnyU.
“Is it? People have no problem paying high HOAs in Manhattan or SF and it has never “destroyed” the ROE.”
As you are wont to point out – Chicago isnt NYC or San Fran
“Lincoln Square appreciation was 187% in the housing bubble. Does that count?”
Depends – do you have large Condo buildings you can point to where this is the case? Including gut rehabs in gentrifying hoods is a rookie or shill mistake
“Please get help JohnnyU.”
With what, Pointing out when you lie?