Developer Offering 7% Discount at 150 W. Superior
More than a year after closings first began at 150 W. Superior in River North, the developer has yet to sell about 25 of the 54 units in the building. This building is yet another “luxury” mid-rise but has some unique duplex units with 20 foot high floor to ceiling windows.
Outside of the developer’s units, there is one re-sale in the building.
Unit #504: 2 bedroom, 2 bath, 1530 square feet
- Originally sold in October 2006 for $820,605
- Currently listed for $835,000 with the parking extra for $45,000
Katherine Chez at Coldwell Banker has the listing.
The developer is trying to sell Unit #604 but it’s a larger unit.
Unit #604: 3 bedroom, 2.5 baths, 1938 square feet
- Currently listed for $900,000 plus $45,000 for parking
- With the 7% discount- the “real” price is $837,000
With the 7% “discount”- why not just buy the bigger 3 bedroom unit for the same price? The discounts are going to really mess with anyone who is trying to re-sell in the building. There are also several other similarly sized two bedroom units also with the discount from the developer.
Unit #702: 2 bedroom, 2 bath, 1511 square feet, duplex unit
- Currently listed for $760,000 plus the $45,000 for parking
- With the 7% discount- the “real” price is now $706,800 (plus the parking)
What do you tell Unit #504? Sorry?
Yep- it’s not going to be pretty being a seller in 150 W. Superior.
First of all I must say, thanks for the free advertising! Next I have to address what you think is a “resale” issue for #504. I feel compelled to mention… #604 IS a fabulous unit, with 1938 sq ft with some really fantastic upgrades. However, one of the things that really makes the two bedrooms at 150 Superior so unique is the fact that you walk in and are wowed by 15ft, floor to ceiling windows. Some even have multi level living with glass viewing walls. And #504 has an extremely dramatic view as well with everything from the Hancock to the Sears Tower and the Trump tower which is well on it’s way. By the way, there is only one other unit available with a SE exposure. And as far as the current incentives “messing” with any re sale in the building…I think everyone understands that when you get into a project early you get a bit of a discount. Although this building had no pre-sale requirement and they broke ground the same time they started sales, there were still some discounts given. Sure, people purchasing SELECT UNITS in the building today will save and get a great deal. However, everyone will win down the road as this is a VERY special building with very unique units and features. It’s not the usual boutique highrise and every owner will stand to gain down the road when the market stabalizes and a normal level of appreciation is in place. This building will always stand out amongst all the other vanilla boxes out there. And just to be clear, the 7% is NOT on every unit. Only a select few on those contracts signed prior to 12/31/07 will recieve this. And to be clear, there are less than 20 available for sale. Please call Michelle Bank, sales manager at 312-274-3370 for more information.
Michelle: Thanks for clarifying information about the building.
I actually DO think it’s a unique product with the duplex units and the nice windows.
But it does speak to the slowdown in the market that out of 54 units in what is a very nice building, 20 are still on the market.
Sabrina,
Thanks so much for your comments! And you are correct, it’s certainly a different market we find ourselves in today. However, most seasoned real estate professionals have been through this type of market before and know there is light at the end of the tunnel!
My company, Maher Partners, just took over sales for the building in the past year. Prior to that there were not regular office hours in a formal sales center. Our new sales center is located at 730 N LaSalle and we have tremendous traffic which has certainly helped reduce the number of remaining units in the building. And I’m happy to report that as of today, there are only 16 remaining! The 7% off (on select units) will be offered until 1/31/08. So for those of you in the market for something different..you’d better hurry!
Hi Sabrina, just wondering if you have any updates on 150 W. Superior? They look like amazing units from the pictures.