Case Study 3-Bedroom Closes After $400k+ Reduction: 156 W. Superior
We chattered about this 3-bedroom re-sale in the boutique Case Study building at 156 W. Superior in River North several times.
See our original chatter from September 2008 and the pictures here.
There was quite a debate about the property in February 2009. Read the comments here.
It had an elevator directly to the 3000-square foot unit and unique concrete floors.
It was reduced by $409,000.
It also sold for under its 2006 purchase price.
Unit #601: 3 bedrooms, 2.5 baths, 3000 square feet
- Sold in March 2006 for $1,289,500
- Originally listed in September 2008 for $1,649,000 (parking included)
- Withdrawn
- Re-listed in February 2009 for $1,529,000 (parking included)
- Reduced several times
- Sold in June 2009 for $1,240,000 (parking included)
- Assessments of $602 a month
- Taxes of $17,871
- Jena Radnay at Koenig & Strey had the listing.
Nice commission for that sale!
Only 4% below March 2006 – that ain’t bad.
‘Only 4% below March 2006 – that ain’t bad.’
it does sound better than $120K lost afer fees & commission
For this home owner, I don’t think $120k was all that large of a hit…
Not compared to how much they probably lost in the stock market!
They’re probably counting their lucky stars they had some money tied up in this asset class, actually, even with the hit.
Unique building, awesome unit. View of the flea bag HoJo Motel across the street sucks but that will be gone someday, hopefully.
“View of the flea bag HoJo Motel across the street sucks but that will be gone someday, hopefully.”
Maybe the show Cheaters purchased this unit or the owner can rent it out to them? Must be a lot of coffee being drank around lunchtime over there huh?
600 assessments seem extremely low for a unit of this size in this area.
$600 probably pays for elevator maintenance and insurance and garbage pickup. Since i think there’s only 6 units it doesn’t seem that bad at all.
Agreed Sonies. I wonder if such a low assessment might leave the association with minimal reserves for future repairs. I wonder if the type of person who purchases this type of unit cares.
Deductables for insurance aren’t that much, and the only thing you really need to worry about is the elevator, which since its only 6 stories tall or less, with not a lot of people using it… probably wouldn’t cost that much to fix if a special assessment was needed.
Sorry, most million+ dollar condo owners want a full service building…I need a doorman. The assessments are low because it covers nothing. Since it covers nothing, $600 is actually expensive.
This was the building my wife wanted me to buy. Homeless in area made it a non-starter for me.
And Alexia… I prefer not having doormen. I hate having to idle chatter everytime I enter my home. Even worse, all the Visine I need to conceal my red eyes. Current building I live in has about 14 on staff and they seem to know everyones business in the building from talking to all the maids and drivers which I find intolerable and somewhat dangerous. Some people like privacy and anonymity and to me having no doormen gets me closer to that.
I’ve had to drop off more than one hookup around the corner from her door due to busy buddy gossiping doormen.
I’m with you Ze, I prefer to not have doormen (along with some other unneeded amenities) in any building I live in. Although I have not experienced doormen here in Chicago, I lived in a number of top tier NYC buildings where they are the norm.
I found that if you strictly limit the exchange with all staff they too respect your privacy. Although not a snob in any sense of the word, I felt they are there to do their job and I left them to do so with little conversation from me. Basically the only duty of theirs that was of value to me was package storage…
I too have told some real invasion of privacy issues from neighbors. With all the down time in a building, there is little more to do than gossip.
When the HoJo goes, the view goes…. I hope they fixed the leaky windows that one resident set up a website about a few years ago.
I love this building — and the unit is amazing. Architect is great — but I recall there was some serious disputes with Ranquist over the quality of finishes.