Back to the 2013 Price in River North? A 2-Bedroom in The Fordham at 25 E. Superior
This 2-bedroom in The Fordham at 25 E. Superior in River North came on the market in October 2021.
The Fordham was built in 2003 and has 244 units and attached garage parking.
It’s a full service building with door staff, an indoor pool, hot tub, sauna, a sundeck, a gym, theater, library, dog run, guest parking and a 24-hour concierge.
This unit is 1600 square feet and has a balcony.
It has hardwood floors in the main living area and carpet in the bedrooms.
The living room has a fireplace and built-ins.
The kitchen has oak cabinets, granite counter tops and stainless steel appliances.
The listing says there is an “oversized island” but there isn’t. There isn’t an island at all.
The primary suite has an en suite bath.
The second bedroom appears to have built-ins as well.
This unit has the features buyers look for including central air, washer/dryer in the unit and parking is available for $35,000.
The Fordham is near shops, restaurants, grocery stores, the new mega-Whole Foods and the Mag Mile.
This part of River North is called the “Cathedral District” by realtors.
This unit was recently lowered another $10,000 and is now listed at $680,000.
It last sold in 2013 for $675,000.
Is this a deal?
Matt Laricy at Americorp has the listing. See the pictures and floor plan here.
Unit #1605: 2 bedrooms, 2 baths, 1600 square feet
- The CCRD is “down” so I don’t have prior sales prices
- Sold in November 2013 for $675,000 (per Redfin)
- Originally listed in October 2021 for $699,000
- Reduced
- Currently listed at $680,000 (plus $35,000 for the parking)
- Assessments of $1202 a month (includes a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $11,718
- Central Air
- Washer/dryer in the unit
- Fireplace
- Bedroom #1: 13×14
- Bedroom #2: 11×13
- Living room: 17×13
- Dining room: 17×10
- Kitchen: 14×9
Has this a rental since 18?
Not 1600sf, maybe 1400
The second Br w/ the built ins is about 9′ wide + losing a foot w/ the bifold doors, not ideal.
Doesnt look like Oak Cabinets and kitchen has a late 90’s vibe
Not cheap enough for a flipper, not updated to attract much attention.
Units here seem to be for sale for quite a while.
Apr-03 = $728,500
So it’s below the original price.
’03 price + CPI = $1.1m
The kitchen and baths *are* 20 years old, so that’s an issue, but is anyone paying $1m+ for 1600 sf in this building?
Does this one have any hope of getting the same price as the two prior sales?
https://www.redfin.com/IL/Chicago/25-E-Superior-St-60611/unit-4201/home/12696483
Eww. Needs major work to be attractive. This is a rental at best.
“This is a rental at best.”
Is it a $5k/month rental? bc that’s what the asking price indicates.
https://www.zillow.com/homedetails/25-E-Superior-St-APT-1201-Chicago-IL-60611/65545244_zpid/?
Look at that appreciation!
“Is it a $5k/month rental? bc that’s what the asking price indicates.”
$3500 tops. Must suck to suck.
https://www.zillow.com/homedetails/25-E-Superior-St-APT-2403-Chicago-IL-60611/63701534_zpid/?
Sad owner has a long way to go
“$3500 tops.”
So, 12($3500-$1202)-$11,718 is $15,858.
At an owner-occupant appropriate cap of 4, that’s about $400k.
At an aggressive o-o cap (3), that’s about $530k.
At a moderate case mini land baron cap of 6, that’s about $265k.
Ouch.
Question is: is it a $5k rental equivalent even after you spend ~$100k bringing it up to date?
The space is pretty nice as a 1+Den.
[2403]
Tower 03 tier is quite a bit smaller–1265. So $468 psf.
Tower 05 tier was called 1525 by the developer. So $446 psf at ask.
Of course, that’s with a reno’d kitchen, carpet that isn’t stained, etc.
“Question is: is it a $5k rental equivalent even after you spend ~$100k bringing it up to date?”
Probably not $5k/mo Vs what in the area.
Here’s a 05 thats been remodeled -https://www.redfin.com/IL/Chicago/25-E-Superior-St-60611/unit-1905/home/12695421
Purchased for $777k, Remodeled, Ask started at $900k, Sold for $780k.
Might as well just light a pile of money on fire
Also the subject property came on the market in 18 @ $800k
LMAO, Must have been taking RE advice from Sabrina Smolette
“Purchased for $777k, Remodeled, Ask started at $900k, Sold for $780k.”
But it appreciated. The market for this unit was just “slow”. It didn’t decline like all the bears said it would – Sabrina Logic.
Nov 2013 was fairly close to the bottom of april 2012, so its not like this was a bubblelicious property
zero appreciation and probably a huge loss after transaction and remodeling costs
ouch! HAWT!
This is a less than $4K rental. The whole building is for old people too. I could not imagine the horrors of a board meeting here.
I would much rather be in a more stylish new apartment building with actual decent amenities (don’t need a wine cellar lel).
Everyone knows the downsides of living near old hot flashing Karens and diaper Dans. They’ve replaced unit numbers here with museum exhibit numbers.
[Unit 1905]
“Over $200K in upgrades.”
If that’s remotely true, oof.
“The whole building is for old people too. I could not imagine the horrors of a board meeting here.”
It’s about 20 years old now. Original buyers are all moving on (retiring etc.) It’s definitely “turning over” as the saying goes. And that’s a positive.
Great location.
Really seems like a bargain compared to One Chicago across the street where units are starting at a million. I also really like the recessed balconies. Makes them really usable, even on higher floors.
Holy smokes those blinds and bathroom fixtures need to be replaced. For $715k with parking, no one wants to throw another $75k on top of it to have to remove everything. Can you imagine how much this persons real estate would be worth in Austin, Nashville, Denver, Seattle, or Tampa had they bought a place for $675k 8 years ago. Chicago real estate is killing peoples nest eggs.
“Can you imagine how much this persons real estate would be worth in Austin, Nashville, Denver, Seattle, or Tampa had they bought a place for $675k 8 years ago. Chicago real estate is killing peoples nest eggs.”
Imagine?
Imagine how much it would be in London or Honolulu? Los Angeles or San Francisco?
Vancouver?
So stupid. THEY ARE NOT LIVING THEIR LIVES IN THOSE CITIES!!!!
Get over yourself.
Your mistake, Mike HG, is acting like unaffordability and bubble-like conditions are “normal.”
“Vancouver?”
Even 8 years ago, $675k would have gotten you only a so-so 2/1 in Vancouver.
Imagine if they’d bought $675k of BTC 8 years ago!
Cruddy views. Needs tons of updating. Meh all around.
But but but….John Cusack lives in the building. That’s probably a liability not a selling point by now ?