Are They Overbuilding New Luxury Condos in Chicago? 808 N. Wells in River North
Listings for the new luxury high rise being marketed as the “Code of Luxury” at 808 N. Wells in the Gold Coast just came on the market.
I consider this Gold Coast as it is north of Chicago Avenue.
The building is from Smithfield, the developer of 30 W. Oak, the highly successful modern boutique high rise in the Gold Coast.
It will only have 40 units with square footage from 1558 to 5,080 square feet and every unit will have 2-car parking included with the price. Although some of the press releases have said there could be 45-50 units in the building.
Perhaps some buyers are already combining units, hence the number of units has dropped.
The units will have 10-12 foot ceilings and terraces.
The kitchens will have Valcucine cabinets and Miele appliances.
The building is expected to begin closings in the fall of 2017.
Below is a listing for a 3-bedroom on the 7th floor with 2086 square feet priced at $1.395 million.
There are several new buildings all selling units priced over $1 million.
Will all of these units be absorbed in this cycle or are the developers late to the game?
@Properties is handling the sales. See the developer’s pictures here.
You can see the building’s website, with floorplans, here.
Unit #7B: 3 bedrooms, 2.5 baths, 2086 square feet
- Currently listed at $1.395 million
- Assessments of $1325 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes are “new”
- Central Air
- Washer/dryer in the unit
- 2-car parking included
- Bedroom #1: 16×15
- Bedroom #2: 13×12
- Bedroom #3: 13×11
Nothing says luxury like track lighting! HAH
Actually, perhaps recessed lighting is an upgrade options? Per the dev website, “Interstitial Space for Recessed Lighting”
Props for the developer not cookie cuttering the building
Looks nice, not sure if its $1.3MM nice
Stellar views of the BP gas station I guess. Not worth it.
It’s not the Gold Coast, east of State and north of Chicago is considered the Gold Coast. This is River North…I hate the all glass trend that’s picking up steam.
“Are they overbuilding new luxury condos in Chicago?”
Yes
While it is non-cookie cutter, do buyers really want stone flooring throughout here in Chicago. I get having it it warmer climates but unless there’s radiant heat in the floor, it’s got be cool on your feet in the winter.
I need easy take out food and shopping. For that price, I’d rather move further east. In the winter, that’s a hike to state street from Oak to Grand.
On the positive, it’s good to see this area picking up even more.
There’s always people in the sales center when I walk by so maybe not? These are pretty ‘affordable’ compared to other new condo buildings that have sold out so who knows… the location ain’t great now but it will continue to get better with all the construction on wells st.
I assume that they are putting in heated floors, otherwise it would be horrific in the winter.
I would also rather be east of here for the price. That being said, I think they won’t have a problem selling out. People love new.
“I assume that they are putting in heated floors, otherwise it would be horrific in the winter.”
listing says forced air heating.
This is definitely NOT Gold Coast. It’s West of LaSalle (actual demarcation is Clark St). It’s either River North or Old Town. With that said, its too pricey for a condo in that area.
Yeah, that’s River North.
I live down the block from this place, literally just walked past here this morning.
I don’t think we can consider this river north – can we? I thought North of Chicago is technically Gold Coast ( East of Lasalle) , and West of Lasalle it’s considered “Near North”.
The area is nice enough…but still in transition. The office building right next door on Chicago Ave ( 300 chicago I think? ) Is a methadone clinic. I see the patients lined up every morning when I get on the brown line..after they get their meds they always hang out outside the dunking donuts and starbucks and harass people. Kind of annoying.
Of course these definitions are loose but River North goes all the way up to Oak St, which is where Gold Coast Starts because south of there the coast is Streeterville.
I created this map for myself and my agents: https://www.google.com/maps/d/viewer?mid=1wEfhe6KCQ9KySwma8gcoq_Abuwg&usp=sharing
Gary, your map doesn’t show South West Bucktown, like around Rockwell and Potomac. Please get it updated to service the recent demand in this hot area!
Hah! Yeah, there’s a lot of realtor bullshit I don’t go along with. I cringe every time someone refers to the area west of Western as West Bucktown. Of course, there may have been a time when East Village was bullshit too.
Location right between the brown and red line, numerous bus routes but each unit comes with two car spaces? I didn’t know that place was a methodone clinic, but I knew it was something special with the clientele roaming around that area.
Yeah,
I didn’t know either until I moved into the neighborhood. To a certain extent, it’s expected when living in an urban setting, but it’s a bit much here.
They typically don’t advertise methadone clinics – No sign outside or anything, because nobody wants that Sh*t in their neighborhood. The main reason that it’s located here is because it’s so accessible by bus and train for the ‘clientele’.
I’m the last person to get in the way of someone’s recovery / treatment from drug addiction, but when you’re paying 3k+ a month to live in an apartment, you don’t really want random people harassing you every morning outside your apartment.
I honestly can’t ever even go into dunkin donuts because they make you feel so uncomfortable. My wife has just resorted to avoiding chicago ave. all together and getting onto the platform from Superior street.
Again, I should note that these people aren’t homeless – they just sit outside our local storefronts and smoke ( or drink ) and stare at you and say inappropriate things as you walk by. Loitering at it’s finest.
Neighborhood is a bit ‘odd’ as mentioned. This will be right in front of Headquarter Beercade (old Enclave for you clubbers). Luxury apartments at 805 LaSalle is just down the way. The social scene is definitely a bit more south east, but with the other new apartments rising a bit west, perhaps new life can be injected?
To answer the question, YES there are too many luxury condos. I think they will sell, but at a discount over time. I’m guessing all these new RN condos go the luxury route to avoid that section 8 tax or something?
STONE FLOOR GOOD ACOUSTICS FOR BAND PRACTICE!!! LUV IT!!!
“you don’t really want random people harassing you every morning outside your apartment. ”
seriously? Not that I’d want to live above or across the street from the clinic but I’ve lived in the area and pass by the El station and clinic a few times a day for about 8 years now and not once have been “harassed”
Unless you call someone making eye contact with you harassment, but other than walking to the now closed wal mart I wouldn’t really see them do much other than get on the train or have a cig waiting for the bus and talking loud
the homeless guys in the eastern parts of river north are waaay worse IMO
Maybe they should rebrand it “Gold Coast West” and name the building GoWe or something similar?
“WeGoCo” – West Gold Coast
SInce other names, get shortened (ie., East Ukrainian Village became East Village), I think you should short West Gold Coast to just “West Coast”!