Developers Cutting Prices: 2930 N. Sheridan in Lakeview and 110 W. Superior in River North
As the spring/summer homebuying season winds down, some developers have started cutting prices to move product.
We’ve chattered about Sheridan Tower, at 2930 N. Sheridan, in Lakeview, an apartment building conversion, before.
See our prior chatter from March 2009 here.
The building just announced a “Massive price reduction on premium package- Limited Time Only.”
The premium package includes:
- Stainless steel appliances
- Granite countertops
- New 42″ Cabinets
- Natural Stone Baths
- Hardwood floors
Price cuts are as follows:
1 Bedrooms + Tech:
- Was $249,900
- Now $209,900
2 Bedrooms:
- Was $269,900
- Now $229,900
3-Bedrooms:
- Was $349,900
- Now $299,900
This owner is attempting to resell just as the developer is cutting prices.
Unit #501: 2 bedrooms, 2 baths
- Sold in September 2007 for $357,500
- Currently listed for $325,000 (parking available for $50,000 for tandem spot)
- Assessment of $255 a month
- Taxes are “new”
- No central air- window units
- In-Unit Washer/Dryer
- Genna Hill at @Properties has the listing. See the pictures here.
YoChicago is also reporting that Superior 110 at 110 W. Superior in River North has cut prices about 14% on its remaining available units.
Superior 110 is a glass contemporary highrise with just 58 units.
Some price cut examples:
Unit #904: 1 bedroom, 1.5 baths
- Was $515,250
- Now $498,366
Unit #1501: 2 bedrooms, 2 baths
- Was $637,000
- Now $604,163
Read about the price cuts on YoChicago here.
Will these reductions work to move units in these two buildings?
The owners of 501 are screwed. Why in the world they ever paid 357k for this unit is beyond me.
I had some buddies who lived in this building before it was converted. Man it was a dump, but rent was very cheap for the area.
Why would anyone pay $325K when she can buy the same thing for $229K? This is obviously a forced sale by an owner who can’t pay for the unit.
The new prices, though, are reasonable for these units- bargain housing in a great location. This might not be everyone’s favorite building, but the space and comfort make theses units bargains at $209K through $229K for the one and two bed units.
the price changes above aren’t close to 14% but if you go to yochicago the numbers make more sense:
One-bedroom with den / 1.5-baths:
Then: From the $580s to the $640s
Now: From the $490s to $560s
Two-bedroom / two-baths:
Then: From the $630s to the $740s
Now: From the $540s to the $630s
Three-bedrooms / 2.5- or three-baths:
Then: From the $1.51 million to $1.69 million
Now: From the $1.30 million to $1.48 million
“Why would anyone pay $325K when she can buy the same thing for $229K? ”
becasue they believe that their house is the one exception to the rule and is special.
The examples of price cuts for 110 W. Superior above are from the MLS (thanks to a tipster who sent me the info).
It could be that the TOTAL cut is 14% (as YoChicago calculates) because they’ve cut the prices several times from the original list prices over the last several years.
But in reality, these recent “price cuts” aren’t that dramatic compared to the previously listed price.
110 W. Superior is a cool looking building but has anybody seen the units? Are they really THAT high end?
The 110 units feel cramped–not unlike those in the Helmut Jahn building in Streeterville. They’re nice but not THAT nice. Faux high-end.
“110 W. Superior is a cool looking building but has anybody seen the units? Are they really THAT high end?”
No, but you can’t really blame a developer for trying to make a buck or two if people are suckers.
Genna Hill has another property on Clark listed with Parking for $60k. What a joke!
Hey Genna, I will sell you my car for $50 but the tires (has to be purchased with the car) will run you $35k.
2930 Sheridan was, is and shall always be a disaster.
Not our problem some bozo paid 357k for a 2bdrm in this fugly building with no central air. Its their problem, or more likely their bank’s problem.
Even at these new reduced price points these units still don’t make any sense. This is an ugly building that should’ve remained apartments.
110 Superior is overpriced too, but at least the building doesn’t make me gag when I see it.
I’ve been to 110 W. Superior a couple of times now. The 01 and 03 units are really nice. In particular I love the 03 units, which jut out from the building and have awesome panoramic views north, east, and west. It feels like you are suspended in air.
As for the pricing…it includes parking. It all depends upon what you want and what your alternatives are. I could show you places in the loop at half the cost per square foot but you wouldn’t get nearly as excited about it.
Out of the hundreds, literally hundreds of places I have toured since I have been in Chicago, the only two that have really held my attention were the North facing Penthouse at 110 and the full floor unit (can’t remember which floor) at 50 W Oak. Out of the two, 110 is my overall favorite.
With a few floorplan alterations, I would totally be willing to purchase that place and would be very happy with that decision.
Almost bought in 110 Superior. They kept pushing back the availability date and I would have probably ended up closing 4 months later than they originally said. Plus at the time they wouldn’t budge on price. The units are top notch – Snaidero cabinets, wide plank oak (not prefinished), 10 foot ceilings plus a soffit with can lights (instead of the usual track lighting so common in todays highrises) the list goes on. The developer was very flexible about moving walls, lights, etc to custom tailer the unit. Great location minus the Hojos and soup kitchen a block away.
Yeah that Soup kitchen was a non-starter for me. My wife and I loved a loft right near there and that would have been my first choice. Huge homeless presence there, and quite a few aggressive ones if I remember correctly.
Can somebody with MLS access tell me the contract price for this property that just went under contract, thanks in advance.
MLS#: 07285043
The MLS doesn’t tell you the contract price until it actually closes. The contract price is between the parties to the transaction only.
“The units are top notch – Snaidero cabinets, wide plank oak (not prefinished), 10 foot ceilings plus a soffit with can lights (instead of the usual track lighting so common in todays highrises) the list goes on.”
What’s the difference with 600 N. Fairbanks then? Those are cheaper by like $100k and the location is more desirable for some people.
Thanks Sabrina. You learn something new everyday.
I like 600 north fairbanks as well. I would say that the 600 North fairbanks units quite a bit more modern and stark (although I like the concrete ceilings). The ceilings in 110 are a true cavity ceiling(not just skim coated concrete). This lets you put can lights and pendants wherever you want, makes the unit quieter, and allow for a spot to hide the shades. It also has a real HVAC system (not the wall mounted pack units) which is quieter and more effective against those huge expanses of glass. This and a lot of other touches make the units much more high end and probably a bit easier on the resale.
I am not sure if the area is more desirable, the bums may be a bit of a nuisance, but they are just as bad near 600 fairbanks, and the constant ambulances near Northwestern can be a bit of a problem.
i looked at the place on clark, very nice unit but smaller in the living room than i want. the parking was 60K for TWO cars and room for a motorcycle as well. and now you know
Am I the only one who thinks its ridiculous two include these two buildings together in the same post?
I own a parking space at 2930 N. Sheridan that I would like to sell. It is my understanding that the developer is sold out of the outside deeded parking. It went for 40k and I will sell mine for a few thousand less. Please contact me for more details. rkelley123@sbcglobal.net