A 3-Bedroom Under $850K in a Boutique River North Midrise: 30 W. Erie
30 W. Erie in River North is a newer construction building which started closing on units in 2007.
The 11 story boutique building has 20 units, with only 2 units per floor. Each of the units were 3-bedrooms.
This 3-bedroom unit on the 7th floor has been on and off the market since September 2008.
It was re-listed in early February 2010 and has since been reduced another $115,000.
At nearly 2300 square feet, it has 10 foot ceilings and a private library.
The listing describes the kitchen as a “chef’s kitchen” with subzero, wolf and bosch appliances and a 9 foot kitchen island with granite counter tops.
I didn’t find any record of any unit selling under a million dollars in the building- until this unit.
Is this a steal for the square footage and the location?
Kathleen Tannyhill at Baird & Warner has the listing. See the pictures here.
Unit #702: 3 bedrooms, 2.5 baths, 2300 square feet
- Sold in August 2007 for $1,304,360 (according to Redfin/MLS)
- Originally listed in September 2008
- On and off the market
- Listed in February 2010 for $950,000
- Reduced
- Currently listed at $835,000 (looks like parking is extra)
- Assessments of $897 a month (includes doorman)
- Taxes of $17,409
- Bedroom #1: 19×13
- Bedroom #2: 11×12
- Bedroom #3: 10×12
some painting/color, curtains and staging would do wonders. Overall, nice unit but needs to pop more
Those are killer taxes.
I agree that this is probably a luxury building and the unit looks high rental grade. There’s potential…
Floorplan available here: http://www.sbdevelopment.net/currentProj/30westErie.htm
Link to image says 2288 SF, floorplan itself says 2228. Either way, 2300 SF is a bit of a fib.
$2350 BEFORE P&I for that piece of $hit?
lolzers.
I’m not a fan of balconies like this that are enclosed by thick stone posts or brick walls. There is no view while sitting down on the balcony. Never understood why developers do this.
Get some 27″ high chairs estupido…
As for the unit… not a fan for that price way too boring for me. the monthly nut with those taxes would be insane. My guess it sells for $300 a sqft. or about 700k
This is a prime example of how the developer counteracted the fancy kitchen appliances with cheap Home Depot finishes.
And it’s usually the less discerning buyers (indicated here by complete lack of art in home) who don’t seem to notice.
How did this ever sell for 1.3m with college rental quality finishes throughout the unit? I must be missing something. I like the building but I wouldn’t want to deal with the noise levels on weekends.
Saw this building when it was opening a couple of years ago. Struck me as lame try to do a replication of a Lake Shore Drive pre-war. Several problems–finishes weak, Kinko’s and Starbucks in the lobby as tenants (so much trying to masquerade as an LSD co-op), dark apartments, tiny windows, etc
i’ve seen this unit and was shocked by how low grade the finishes were, in addition to the very poor staging. the unit needs some serious style and thoughtful consideration to even come close to justifying the hefty price tag. as far as the size goes, it does feel spacious — whether it’s 2,288 or 2,300 is pretty irrelevant. it’s a large unit.
i agree with the comment about the building trying to replicate a pre war building on lsd. at this price point, you can have the real thing!
River North is just an overall epic fail as a neighborhood. Epic fail on the RE valuations, epic fail on on the neighborhood amenities, epic fail on the people that reside there overall.
Whats wrong with the amenitites, bob? I would say that the loop lacks amenities, but not RN!
I understand your disdain for yuppies and stuff, but at least we aren’t dumb “breeders” lol
Well the part of RN I worked at for my last project (near the River and the S end of Goose Island) really lacked places to eat lunch. And it was right next to the Cabrini Rowhomes, which were right next to those condos on Kingsbury. Oh yeah and the very few places nearby a salad and pop cost like $9.
Maybe there are better parts of RN than along Chicago Ave between the Brown line & the river but I never saw them.
This is in my ‘hood and I am always shocked that someone would build this building which commanded such high prices on this corner….and people acually bought it!! Just goes to show that people were not rational during the bubble. First of all, you have the noise (Lauren hit this on the head) and the congestion from Excalibur on weekends. Plus, the ambulances shooting directly up Dearborn from the Illinois and Dearborn firehouse. Then the view of the ugly AT&T building out the front door and beyond that right into the Caravel. Also, this building has some major design flaw where snow falls from the roof directly on to pedestrians exiting Starbucks or FedEx. Let me clarify, more like falling SNOWMEN than falling snow. Think dead not injured. (Look at the FedEx sign next time you drive by….smashed from falling snow.)
No thanks…
Bob,
Just to clarify, the area that you a referring to in River North (Chicago St at the river) is what I describe as West River North and is is more of a “developing” area(my opinion) and is VASTLY different than the area in which this building is located.
I am going to take a look at this one at 700-750K would be a great unit and paint is cheap
Come on bob you can’t seriously think that “southwest Cabrini” speaks for the whole neighborhood of RN… and Chicago avenue is the northern border of the RN neighborhood, you were in sorta no mans land. (did you work for the Tribune?) If you go a few blocks south and east there is zero shortage of amazing places to eat or drink.
“there is zero shortage of amazing places to eat or drink”
Note this:
“Oh yeah and the very few places nearby a salad and pop cost like $9.”
It’s a complaint about both availability AND price. The area could be lousy with 4-star restaurants (not that it is), but that wouldn’t make Bob happy, either, bc salad and a pop would cost $25+.
Bob needs to take a trip to the beef district… Mr. Beef, Al’s #1 Beef, Portillos are just a few blocks within each other 🙂
“steve on March 15th, 2010 at 2:47 pm
I am going to take a look at this one at 700-750K would be a great unit and paint is cheap”
Paint is cheap but what about the rest of the place? All the cabinets, tile, and fixtures are $300-400k level. The windows are small, the floorplan sucks, and the (questionable) 2300ft seems like 1200ft in the pics.
I’m not a Bob/Homedelete type tinfoil-hat sky-is-falling kinda guy but I wouldn’t pay more than $500k for this place *IF* it had reasonable taxes and assessments. Add in the $2350 that you’re paying BEFORE you even get to your mortgage nut and I think you’re seriously smoking crack to even take this listing seriously.
I’m definitely not going to ever reveal my clients for fear of being outed but there’s a lot more companies than the Trib in that desolate crappy area.
“there’s a lot more companies than the Trib in that desolate crappy area”
Crack ‘r’ us.
“It’s a complaint about both availability AND price. The area could be lousy with 4-star restaurants (not that it is), but that wouldn’t make Bob happy, either, bc salad and a pop would cost $25+.”
I may be dating myself, but Mike’s bar at State and Delaware is the answer, burger special (fries, soda, and something else I can’t remember, either salad/soup) for $5. Gin and tonic for $3 or so.
“Mike’s bar at State and Delaware”
Couple of blocks south of that, at Pearson. And Mr. J’s.
Those sprinkler heads are majorly obtrusive and the duct chases are just way too cheaply done.
Well Bob, just call this the near north side then. At least it’s near Whole Foods….
“Couple of blocks south of that, at Pearson. And Mr. J’s.”
And Mr G’s.
But Bob was talking about west of Orleans.
“And Mr G’s.
But Bob was talking about west of Orleans.”
Fair enough on Bob’s requirements. I mostly wanted to reminisce about Mike’s. I think it is Mister J’s though, kitty-corner from Mike’s.
“I think it is Mister J’s though, kitty-corner from Mike’s.”
Believe you are correct. G’s is on Clark. I don’t see River North as a tough place to get a cheap lunch, if that’s what you want.
I used to live at 1 W Superior with a unit on the 12th floor that faced Dearborn. Fire engines and ambulances raced up Dearborn with their sirens blaring all day and night. Couldn’t pay me to live in that area again.