River North 1-Bedroom Penthouse with Terrace Returns: 340 W. Superior
This 1-bedroom penthouse at 340 W. Superior in River North came on the market in March 2022.
340 W. Superior was built in 2002 and has 120 units and attached garage parking.
It has an exercise room and door staff.
If this penthouse unit looks familiar that’s because we chattered about it several times last decade before it finally sold in 2016.
See our 2015 chatter here.
If you recall, it has 10 foot ceilings with crown molding.
There are hardwood floors throughout.
The kitchen has light wood cabinets (white?) along with granite counter tops and stainless steel appliances.
This listing says the unit has a den, but in prior listings it was a dining room.
There is a double vanity in the full bathroom and the unit has a half bath.
The unit has the features buyers look for including central air, washer/dryer in the unit and parking is available for $35,000 extra.
But if you’re looking for outdoor space, the big selling point is the 31×12 west facing terrace which can be accessed from both the living room and the bedroom.
It has come on the market at $399,900, plus $35,000 for the parking, which is just $35,000 over the 2016 sales price.
Is this penthouse priced to sell?
Susan Morrow at Baird & Warner has the listing. See the pictures here (sorry no floor plan).
Unit #PH5: 1 bedroom, 1.5 baths, 1016 square feet
- Sold in October 2002 for $357,500
- Sold in March 2016 for $400,000 (included the parking)
- Currently listed at $399,900 (plus $35,000 for parking)
- Assessments are now $1275 a month (they were $861 a month in 2015)(includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, snow removal, scavenger)
- Taxes are now $12,208 but they were $8327 in 2015
- Central Air
- Washer/Dryer in the unit
- Bedroom: 13×11
Wow look at all that appreciation! Sizzle
Terrace is nice
HOA fees are a killer
WTF is up with the taxes?
Nothing says exclusivity like being one of 5+ Penthouses in a mid-size building. Writing PH5 on your Christmas cards has to be borderline embarrassing. It’s pretentious without being at all exclusive. They should just call it Unit 805 (or whatever floor it is on).
Well, at least the interior matches the lobby – if that’s important to you.
“WTF is up with the taxes?”
AMV was $540,520
2021 number, under appeal, is $603,990
This one, which I referred to the last time this building was on CC, sold for just over half its 2021 AMV:
https://www.redfin.com/IL/Chicago/340-W-Superior-St-60654/unit-04/home/167653266
Sold for $1.1m, AMV = $2,136,910.
It is a combined unit, of PH-3 and PH-4, so it gets screwed on the HOA %age, and then also on the AMV. Nature of the beast.
Whole building should be assessed at ~$400 psf, as that reflects the actual market. This unit is very obviously overvalued by the assessor by ~50%, and the combined under by ~30%.
pretty much exactly what I would think a penthouse over a liquor store and a view of the cabrini green row homes would be like
“pretty much exactly what I would think a penthouse over a liquor store and a view of the cabrini green row homes would be like”
Neighborhood, and view, is changing sonies. Several new rental buildings on Chicago now. Lots of infill building will happen over the next couple of years, I’m sure.
I don’t hate this “city view” especially at night. You’re not blocked by some large building. You get great light into the unit.
The area has changed a lot. I took a serious look at a unit here, lovely views to the SE.
Now there’s 3 new luxury midrises, one right next door on Superior, the other on Huron, and another on Erie. Aside from the Hudson on Chicago, ther will also be another midrise to the east. I believe there’s also plans for another highrise north of Chicago on Cambridge too. A couple blocks way there’s the new AMLI building by Headquarters as well. Eventually that lot on Huron & Orleans will be something, even after the first cancellation.
This unit however, is meh for $400K. Way too much when you incorporate the HOA (with almost zero amenities). If you really liked the area go across the street to 757 N Orleans. At least you get a pool deck there (and easier walk to Bounce haha).
Wondering if this was the unit that had the gold wallpaper everywhere
Is the realtor just an idiot? Even on $540k valuation, taxes are a bit high and that’s because they’re wrong. It was $11,350.
I tried a few different ways to get to the $12208.35 number in the listing. Closest I could get is doubling last year’s first payment (=$12211.66), but since first payment is 55% of previous year and is not reflective of any increases, doubling that should never be used. Not a clue where the number in the listing came from.
“Wondering if this was the unit that had the gold wallpaper everywhere”
You can see the prior listing pictures on Redfin. The interiors were done by a wellknown designer, per our prior chatter.
“Not a clue where the number in the listing came from.”
I did not check, but the parking space has a separate pin and thus tax bill. Most realtors include the parking space taxes in the listing (as they should).
Relisted 384,950
Fizzle!
Relisted for 379,900 plus 35K for parking
pretty sure the taxes on this thing are killing it
Relisted for 374,900
That $5k cut is going to be the difference maker. I can feel it