Case Study 3-Bedroom is Back…and Reduced $120K: 156 W. Superior in River North
We last chattered about this 11-unit modern boutique building called Case Study, at 156 W. Superior, in River North in September 2008.
See our prior chatter and pictures here.
This 3-bedroom modern unit has stained concrete floors.
It was withdrawn from the market and recently re-listed at $120,000 less than the prior price.
Jena Radnay at @Properties has the listing. See the pictures here.
Unit #601: 3 bedrooms, 2.5 baths, 3000 square feet
- Sold in March 2006 for $1,289,500
- Was listed in September 2008 for $1,649,000 (parking included)
- Withdrawn
- Currently listed for $1,529,000 (parking included)
- Assessments of $602 a month
- Taxes of $17,871
- Direct elevator
- Winner of architectural awards
The listing says one car space, why would anyone pay over $1M and only get one car space?! How many people in this price range have only one car?
Are these people nuts? WHy are so many people so delusional that they think they can make a profit over bubble prices? Maybe there is someone living under a rock somewhere who may buy this.
This was bought at the peak and is worth ~$1MM now. And I’m being generous with that. Have you seen the rate on jumbos lately?
another thread that will go as follows:
snark, snark, snark, schaudenfreude, schaudenfreude, schaudenfreude
i told you so, i told you so…
you’re an idiot, you’re an idiot
blah, blah, blah….
let’s get a bit more creative with the comments. I need wittier comments to help pass my day.
Ouch….property taxes of $18,000….no thank you. Looks like a great unit though. Call me cheap, but I never what to live in a home with propety taxes over $10,000.
@ hello
it will be really fun a year from now when these guys are selling there condos for $300,000 then we can say WE REALLY told you so 🙂 i love the snark. watching the desperation of underwater homeowners who bought during the peak is kinda cathartic for me.
I love this type of place, 3000sqft, does that include the outdoor space as well? I’d totally buy a place like this in 10 years or so when i’ll be “ballin” But for around today’s price of 1.3 million!
The taxes say 7600, where you getting 18k from?
Sounds like hello is long real estate and doesn’t like reality.
HAHAHA! Another non-regular who will go back to the shadows and sulk once they realize we’re not letting up. The Case-Shiller chart looks like NASA’s failed rocket launch the other day on its descent to the Antartic ocean.
And noone cares about your day. In fact the world would move on quiet well in your absence, believe it or not.
Lovely unit. Looks like a true boutique building. Still probably a bit over priced, but nice nonetheless. I know a number of folks in $1 million plus condos with just one car. Two would be nice, but probably not a deal breaker. Whoever buys this place, probably won’t need a big mortgage. The owner will be lucky to get what he paid for it. Lack of decent financing is preventing any kind of appreciation on this place.
well bob,
I’m glad that you decided to address my point with an ad hominem attack.
As it may shock you, I personally believe that asset prices in general are nowhere near the beginning of the end. You appear to share the same view.
I’m just saying that it’s getting quite boring to read the same vitriol on thread after thread. We get it. Things suck for sellers. Fortunately, I’m a renter….and I passed through the schaudenfreude phase last year…..and even though I may get a good deal, declining asset prices (though inevitable) are not good for our country.
Though you are a strange to me Bob, I care about your day and hope that you won’t be laid-off, or lose your 401k or have any other ill thing happen to you.
So stop being so vitrolic….it’s not good for your blood pressure.
Cheers.
Yo, hello–
you want creative commentary, don’t burn pixels with such a worthless post. Offer some quality, yourself, dude.
Sonies: “The taxes say 7600, where you getting 18k from?”
The linked listing sez $17,871 in taxes. That probably doesn’t include the homeowner exemption, but I’m too lazy to check.
Sabrina, the agent’s listing says the taxes are $18,000. Why the diff?
I don’t have a 401k, I have a modest Roth IRA and definitely lost my @$$ in that one, though, luckily it was a small amount. But you can laugh at me, I would laugh at me if it wasn’t my money–it was a boneheaded move to buy in October.
And as for what happens to strangers, I really could care less. :)Maslows hierarchy of needs is total bunk when you get to the “top” of the pyramid.
Worth at most $4.67, maybe five dollars.
Why would anyone pay this?!?! No parking. Stupid buyer!
Amen. Now you’ve got the hang of it!
Welcome aboard Brad. BTW for that value you’ve mentioned, you can also insert any random bank stock in there and it would similarly hold true. I’ll take my subway footlong over any bank stock any day. Five,…Five Dollar,….Five Dollar FOOT-LOOOONG!
“Why would anyone pay this?!?! No parking. Stupid buyer!”
Nobody can afford a car after grossly overpaying for a second home condo!
I liked this apt. Damn homeless though next door.
I’d title this “A Case Study in Losing Your A$$”
“I liked this apt. Damn homeless though next door.”
Its ok, you can pour hot oil on them from your balcony if they get too close to your stoop.
I’m actually surprised to see how nice this unit is. I am assuming the sellers paid for some type of upgrade package, which will hopefully set them apart from the large number of units there are in the 1.5 +/- price range.
I believe this is Studio Dwell architects. One of their other projects (loft) were mentioned in a different thread. They do some great work and stray away from the cookie cutter condos.
I love the stained concrete floors! It reminds me of my college dorm room.
Very nice, though I’d expect a parking spot for my daily driver as well as my roadster at this price point.
Seriously, does anyone on any of these chatters have anything nice to say EVER?
I believe this is a Ranquist Development unit. Regardless of where the price should be, this is one of the nicest units I’ve seen lately (of course I’m a big modern fan).
“Its ok, you can pour hot oil on them from your balcony if they get too close to your stoop.”
Sonies.. the problem is they always seem to avoid getting close enough to the stoop. It’s like they know. Well ok maybe once in a blue moon one passes out drunk right under the window and I get the rare chance to get the Crisco goin. Even then they often have that damn cardboard to protect them. They are good!
“Sabrina, the agent’s listing says the taxes are $18,000. Why the diff?”
Sorry Kenworthey. It was a typo mistake. The taxes should be $17,871. I’ll fix it.
I like the place, but I wouldn’t want to be the seller. Market sucks, competition from 110 Superior, etc., etc., etc.
Yes- there are several buildings which compete with it:
110 W. Superior
600 N. Fairbanks
30 W. Oak
All are “modern” with the concrete look.
None of those are “boutique” buildings with a direct elevator, however.
“Seriously, does anyone on any of these chatters have anything nice to say EVER?”
This is exactly what I thought when I first visited about a month ago? The answer is no. But then I became desensitized to it, which turned into a yearning for negativity shortly thereafter. It makes me feel so alive….
Its funny you mentioned that Madfly. For the past several months I’ve been thinking that the financial crisis impacting the real economy and then the real economy melting and then negatively impacting financials was a negative feedback loop.
Then the Fed comes out and calls it a, get this, get ready for it this is funny…”adverse feedback loop”. hah!
Maybe a similar thing happens here who knows. But you have to admire the Fed’s choice of verbiage and adjectives here. Thats like if you lose a bunch of money out on the boats, its not negative its just adverse. If you catch crabs or whatever else from some random gal its not necessarily negative its just adverse! LMAO! They’re trying to put lipstick on this pig so bad its pretty funny.
Wow 18k in taxes a year! Fuck that! Better drop the price another 250k with that insanity!
Wow! They only want a $240,000 profit for owning their condo for 2 years!
“Thats like if you lose a bunch of money out on the boats, its not negative its just adverse”
Well, Bob, in addition, there is the fact that, in engineering terms, “negative feedback loop” means something different from what is happening (i.e., it is feedback which diminishes the force being discussed) which is in fact a “positive feedback loop” reinforcing negative consequences. Because this is confusing, and getting into semantic arguments is pointless and distracting from the issues, they chose “adverse feedback loop” which has no established meaning (and thus has a chance of becoming the phrase of choice).
I, too, think it’s kinda dumb, but the feedback loop negative v positive discussion is common in comment threads on the tubez when someone “misuses” the terms.
more importantly we are forced to pour over and analyze the words of the federal reserve to determine their cryptic yet intrinsic meaning. Our central bank has been intentionally vague and obscure with its language since the day it was created.
“Our central bank has been intentionally vague and obscure with its language since the day it was created.”
Well, it’s not so cryptic if your one of the illuminati. But I’ve already said too much.
Sabrina, yeah, but that’s a bit of a premium to pay for direct elevator access. Also, I like having a doorman.
Since you mentioned the other buildings, I do have to say that I like the fountain at 30 W. Oak and the lobby @ 600 N. Fairbanks.
In my opinion, those buildings offer some stiff competition to 156, and that’s without considering the differences in neighborhood.
Yes, “Me”, not everything is negative. I like the unit, a lot. But inventory being what it is, it’s like being a kid in a candy store.
My husband is all over that tinfoil hat stuff. Bilderberger, Council on Foreign Relations, New World Order. I try not to get caught up in the conspiracy theory stuff because its too much of a distraction. I don’t that to convince me that the Federal Reserve Bank has too much power over our economy now, between Bernanke and former NY Fed chief Geithner. IMO, the taxpayer has been disenfranchised. Quote from Thomas Jefferson about the federal Reserve bank:
“The Central Bank is an institution of the most deadly hostility existing against the principles and form of our constitution… if the American people allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.”
anon (tfo): Well, it’s not so cryptic if your one of the illuminati. But I’ve already said too much.
Jefferson was one serious sharp dude.
The Federal Reserve bank is also a private entity. Most people have no idea and assume its a government entity. It must be really sweet to be a Fed member bank. Receiving 6% dividends in petpetuity just for existing.
For being so reliant on the US Government and the Treasury there does seem to be an alarming lack of transparency with the Federal Reserve System. Also given the member banks elect the Fed management is it ANY surprise the Fed is all for keeping insolvent banks alive at any cost to anyone else? Just as a dog answers to it’s master the Fed answers to theirs. Its not the taxpayers that are the key stakeholders in the Fed but the member banks.
No conspiracy theories are needed to see how bad the current system is. The Fed used monetary targeting to kick-start the economy after the last downturn and look where it got us. Who knew all this excess credit _would have to be paid back someday_?
So the FDIC takes over Heritage bank yesterday but Citigroup still stands and gets a third government bailout. Our government is such a joke these days it would be funny if our economy wasn’t melting.
I guess if you’re big enough to have significant lobbying power you can do whatever the hell you want in this country.
Citigroup going under would put tens of thousands of people out of a job overnight. That’s why it’s getting financial aid. The gubmint saw the meltdown after Lehman and it won’t let that happen again.
The headcount focus is very short sighted then. There’s tons of excess capacity in the financial sector. The heads are going to have to be cut in the hundreds of thousands regardless. The past eight years the financial sector has been operating in a bubble and lacking concern that creditworthiness counts and the money should be paid back. This is all over now and fundamentals matter again.
As for credit markets, there should be a way to punish Citigroup but backstop the bondholders to prevent Lehmanlike chaos on the credit markets. Like have the FDIC come in and split up Citigroup and distribute the deposits to other solvent banks but back the debt.
Right now at this point its actually worse for the credit markets:
http://money.cnn.com/news/newsfeeds/articles/djf500/200902271602DOWJONESDJONLINE000930_FORTUNE5.htm
Citi is DOA if this doesn’t get clarified soon. They can’t raise equity and potential bondholders won’t go near them under this uncertainty.
I don’t agree with you on this. We are already dealing with slow motion financial chaos, with no end in sight. If there are other too-big-to-fails who become insolvent after a restructuring the debt of Citi, we continue the process. If its China that takes the hit, we may have to work something out with them, but Pimco and the Investment Banks can take it, or not. Here is what Janet Tavakoli of Tavakoli Structured Finance, Inc. recommended back in September. IMO, we should have done it then, we can still do it now.
“Instead of TARP and handing out money to cover banks’ losses, we can force creditors to accept a restructuring plan (this was done during the Great Depression). Creditors (debt holders) including credit default swap counterparties would be compelled to accept a restructuring plan. That requires partial forgiveness of debt in many cases and/or a debt for equity swap.
If we are determined to violate personal property rights, I prefer it be done through a forced debt forgiveness and a forced capital restructuring (debt for equity swaps), rather than through a massive bailout (any of the various forms of the Paulson Plan). The current plans destroy capitalism (those who stood to gain–and already made off with large gains–should bear the risk) and violates the spirit of democracy established by the Founding Fathers of the United States.”
http://www.tavakolistructuredfinance.com/TSF8%20hidden.html
Bob “As for credit markets, there should be a way to punish Citigroup but backstop the bondholders to prevent Lehmanlike chaos on the credit markets. Like have the FDIC come in and split up Citigroup and distribute the deposits to other solvent banks but back the debt.”
Me….I too am disheartened by the negative comments but still love this site as I am somewhat new to Chicagoland and it has given me some great insight into the housing market here.
On a positive note, I do LOVE this building and condo. There is not one negative thing about it that I can see. I mean, yes the owner/seller is beyond greedy in attempting the make that kind of profit for holding the place for only two years…but what else is new? Isn’t that the way the game works everywhere? In the end though, if they want to sell it bad enough that price will come down a bit and the new lucky owner will get a beyond cool place to call home. Just wish it was me…….
juliana–
The illuminati thing was a joke. I don’t think there is a grand, organized conspiracy, although, from a certain perspective, organized greed can be seen as a conspiracy. I just don’t believe there’s a central committee.
On the bailout v. systemic “bankruptcy/cramdown”, the idea of the cramdown is sensible, but the problem I see centers on CDS–there was no exchange or any sort of central recordkeeping, so understanding who owes what to whom would rely on a great deal of self-reporting. Seeing the mess created by Madoff’s self-reporting, and given the boundaries of greed and self-interest in the world of CDS as wager rather than hedge, I would have low expectations for the ability of the Guv’mint to actually get all of the parties into the workout.
And, from the political rather than practical side, as soon as that was proposed, there are certain people with bully pulpits who would start screaming about taking of property w/o just compensation and Communism. So, unless the whole thing was run by the Fed, at the proposal of Bernanke, with expressions of concern from the administration, it’s just not politically feasible. And having it run by the Fed creates a practical problem again, as even more parties would manage to escape participation.