Flipper Alert: First Resales Appear in 110 W. Superior in River North
It only took 3 months for the first resale to appear in the 58-unit new construction high rise at 110 W. Superior in River North. This is the building with the blue windows.
This 1350 square foot 2-bedroom recently came on the market for $137,000 more than the March 2009 purchase price.
The listing says it has $60,000 in upgrades, Snaidero cabinets and Subzero appliances in the kitchen and motorized window treatments.
The developer is trying to sell an 03 tier unit on the 16th floor for a similar price of $759,000 (parking extra).
110 W. Superior is seen as a competitor for 600 N. Fairbanks. Yet similarly sized units in 600 N. Fairbanks are listed for several hundred thousand less than 110 W. Superior.
Will the boutique building and “newness” help sell buyers on 110 W. Superior?
Continental Real Estate Group Inc. has the listing. See the pictures here.
Unit #1003: 2 bedrooms, 2 baths, 1350 square feet
- Sold in March 2009 for $662,500 (I’m assuming this included the parking)
- Currently listed for $749,900 (parking $50K extra)
- Assessments of $500 a month
- Taxes are “new”
- Bedroom #1: 15×13
- Bedroom #2: 11×10
- Living room: 19×12
look out below! I wonder if anyone has the heart to tell them mortgage rates might be trending up?
Those photos are horrible. They need to get a professional in to take some, daylight might help too.
The location is not as nice as 500 Fairbanks. The views are also not as nice.
It’s a great looking bachelor pad. I’d pay $2,400 a month.
Spectacular building and awesome units. I spent a lot of time visiting the sales center and speaking with the agent here before I had to convince myself that I did not need another condo. While I really love these places I do not see how anyone could have made $60k in improvements this early in the game. Everything you could want is offered from the developer…or am I reading wrong and that is where they obtained their ‘improvements’? Shouldn’t it then read upgrades?
I’m not sure what the improvements were, but if they truly did spend $60K, they got even more screwed by the contractor and they did by the developer…
This place is great if you love living next to train tracks
train tracks?
tess, what if those pics were taken during daylight, but the sunglasses-like mirrored windows just make it appear to be night?
You don’t hear or really see train tracks…oh I see, humor was intended!!
The tracks are a good 3 blocks away! I really like this building and think its a great addition to the skyline (when you can see it) but 800k to live in a 1300sqft condo regardless of how luxurious is stupid.
And my god this realtor should be fired. Lazy blurry I-phone photos, taken at night even… And the realtor used “super sweet unit” in the listing *facepalm*
I’m sure people are gonna drop 800k on a place because its SUPER SWEET!
I love this building. I had my eye on it since pre-construction. It leaves the cookie cutter condo mold in the dust and I agree with Sonies that it will be a welcome addition to the skyline.
I’m predicting that it does not sell for this price as it still appears the developer is pricing similar sized 2bd units on the website for much less.
Let me get this straight. Pay almost 500/SF in March of 2009. Spend 44/SF on improvements. Try to flip for 555/SF three months later in the worst housing market since the great depression…And by the way, you can buy a similar unit for half the price.
Brilliant!
I am more interested to see how the 1BDs do in this building. They are pretty large 1100ish, but the developer was listing them in the low 500s, which just seems too much for a 1bd.
“I do not see how anyone could have made $60k in improvements this early in the game. Everything you could want is offered from the developer…or am I reading wrong and that is where they obtained their ‘improvements’? Shouldn’t it then read upgrades?”
Both the post and the listing say “upgrades”. Not sure where anyone got “improvements” from.
Looks like they paid a pre-construction price and based flip ask on current developer pricing–the standard flipper method of being a quasi-limited partner to the developer.
I’ve been in the building and toured units. Units feel smaller than stated square footage. Most master bathrooms don’t even have a separate tub and shower.
Lobby is not impressive
Realty Photo 101: Put down the toilet seat!
I see 13 closings to date in the building from my sources. The bldg has been marketed since 2006. There could be more from the last couple of weeks that haven’t shown up yet, but given the sales pace I doubt there were many.
803 closed 5/5/2009 for $1,137,500 p79
903 closed 3/11/2009 for $774,542 p53
1003 closed 3/13/2009 for $662,500 p3
1203 closed 3/18/2009 for $678,000 p80
1404 closed 4/1/2009 for $613,500 p35
1503 closed 4/23/2009 for $810,000 p22/p23
1504 closed 3/31/2009 for $736,432 p16
1702 closed 3/16/2009 for $779,000 no pkg on deed
1803 closed 4/10/2009 for $821,945 p19/p20
1901 closed 2/23/2009 for $785,112 p6
1902 closed 5/7/2009 for $755,000 Pkg?
2603 closed 4/10/2009 for $1,141,391 no pkg on deed
PH2 closed 5/15/2009 for $1,033,000 Pkg?
Here are the 8 shown as pending in the mls. The developer might have other contracts, but I doubt they are any fresher than these. Any idea why these haven’t closed yet?
801 under contract since 8/11/2006
902 under contract since 6/13/2007
1601 under contract since 3/5/2007
1703 under contract since 3/19/2009
1802 under contract since 7/18/2008
1903 under contract since 7/21/2006
21N under contract since 1/21/2008
PH1 under contract since 2/23/2007
David, don’t you think taste is subjective? What may impress you may not impress others.
“duel massage showers…” Is that like dueling banjos? Or when some 18th century dude smacks me with a white glove and we go into fisticuffs? Do i really want that when I’m naked in the shower?
Someone needs to fire their super sweet realtor. This one sucks at life.
$800K condo… $4 throw-away Walgreen camera – fire your fucking realtor! Seriously, if it sold, Continental Real Estate Group stands to make a shit load of money and this is all the effort they have.
I have been in the building as well. The units barely have room for a dining room table and at this price point that is ridiculous. The TV has to hang from the ceiling because there is no room for it anywhere else in the unit. These units feel small and this should be priced around 550,000 or so plus parking.
For those that have been in this building, how do the blue windows look when inside. Does everything have a blue tint when looking outside or does it seem natural.
The light seemed pretty natural to me. I believe that the SQ footage seems overhyped compared to 600 NF (which seems more true to size).
I checked this building out preconstruction, and thought it was way overpriced, and it turns out I was right. It is cool and mod, but the units are too small, not great floorplans, and the snaidaro cabinetry is just the basic stuff…nothing unique enough here to justify $500+ per square foot.
I don’t see what makes this place special. It has nice finishes and maybe a good view but thats it. 500k seems too high honestly.
I too thought the blue tinted windows would have an effect on the light, but it really doesn’t.
I think the layouts in the half floor units (PH2 specifically) are pretty cool, but I would def do some wall ripouts to make the space a bit more usable. Taking out the wall in bdrm 3 to make a grand entrance gallery would be the first thing I would do…if not doable, I’d still take it.