Get This Luxury 2-Bedroom For 32% Under the 2009 Price in River North: 110 W. Superior
This top floor 2-bedroom in the recognizable blue building that is 110 W. Superior in River North came on the market in June 2012.
Built in 2008, the building has just 58 units.
This unit has luxury finishes including Snaidero cabinets in the kitchen with quartz counter tops and SubZero, Wolf and Bosch appliances.
It has dark bamboo floors throughout the main living space and electronic window shades on the floor to ceiling windows.
This unit has been reduced $24,000 since June.
It is now listed about 32% under its 2009 purchase price at $725,000.
Is this a deal?
Or is it just in line with the overall market correction?
Cathy Ivcich at @Properties has the listing. See the pictures here.
Unit #2703: 2 bedrooms, 2 baths, 1650 square feet
- Sold in May 2009 for $1,061,000 (included the parking)
- Originally listed in June 2012 for $749,000
- Reduced
- Currently listed at $725,000 (includes the parking)
- Assessments of $921 a month (includes cable and doorman)
- Taxes of $15,779
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 12×10
- Office: 10×8
not a deal
Good light, nice views. Kitchen is kind of small. Nice finishes otherwise, except its still sort of a white box.
On behalf of the sellers, “ouch.”
That actually seems like a deal to me. Not that I can even contemplate affording it, but it’s the top floor of a relatively iconic building with decent outdoor space and a great location.
isnt there some kind of homeles attraction around the corner…free food or something?
I like this building though, reminds me of blue tinted mirrored sunglasses.
The Catholic Charities has a large building w/ active social service programs right around the building on La Salle.
“Sold in May 2009 for $1,061,000 (included the parking)”
Wow. Certainly, I could understand someone paying that much (okay, maybe even more) for this unit in the 2005-2007 time period, but hard to believe someone would pay that much for 2/2 after the financial crisis had occurred and housing markets were dropping.
Also, I’m skeptical at this point that people are willing to pay a “penthouse” premium for a 2-bedroom or smaller that happens to be on the top floor of a condo building. In my building, the 50th (that is, the top) floor 2/2s sold for over 800k in the initial sales after the conversion back in 2004. They’ve been absolutely hammered and now sell in the low 300’s, with no apparent premium beyond what one would expect to see by them being on a higher floor.
“isnt there some kind of homeles attraction around the corner…free food or something?”
Please name a neighborhood, except for GC, where there is not a social services provider and/or subsidized housing or shelter?
River North – Catholic Charities, mixed income housing in rehabbed Cabrini
Old Town – Marshal Field Homes, shelter by Sedgwick CTA stop, homeless shelter near Dominicks
Lincoln Park – subsidized housing on Larrabee, subsidized senior housing a few blocks from Francis Paker School, Lanthrop Section 8 homes
I could go on…point is that, if you want to avoid this, you need to never leave an 8 block radius of GC or move to the North Shore
Like the place but very disappointed when I opened up the LR photos and this was all I saw. More windows please as this unit does not feel the least bit like a swank downtown penthouse. The views are very nice. Just wish it was more open and spacious!
Catholic charities is literally next door, all sorts of wacko’s on this block at 5pm
Only reason I don’t like this building
“Wow. Certainly, I could understand someone paying that much (okay, maybe even more) for this unit in the 2005-2007 time period, but hard to believe someone would pay that much for 2/2 after the financial crisis had occurred and housing markets were dropping.”
The building was built in 2008/2009 meaning that it went on the market in 2007, maybe even late 2006. That’s right before the bust. If I was a betting man (who am I kidding, you can’t keep me away from the Blackjacks tables), I’d wager that the buyer bought before the project was complete and before the bust. Sucks to be him/her.
Although Biggie did say Mo’ Money, Mo’ Problems, I don’t really feel sorry for this person since they are using a 2-bedroom plus den as a 1-bedroom apartment in this location. If you can pull that off, I would guess you don’t have too many problems on your hands.
$900 HOA for cable and doorman? Kind of steep. I get heat, air, internet, cable, gym, and doorman for about that much and I have a larger unit.
“The Catholic Charities has a large building w/ active social service programs right around the building on La Salle.”
Don’t worry Obama and Holder will be putting them out of business shortly.
Building is too far west. Having that balcony staring at the Elysian….I feel for the owners and future owners, they’ll have to stare at the building they can’t afford, the subject property is Elysian-wannabe. Kinda like people who go to U. of Michigan because they didn’t get into an Ivy. Go blue windows…
I’m guessing, Jack, that your building has far more than 58 units. Figure 4 shifts of doormen at 40K (including benefits) or thereabouts as well as common air maint, part time engineer, elevators, insurance, etc. and those $900 assessments seem surprisingly low.
“Jack:
$900 HOA for cable and doorman? Kind of steep. I get heat, air, internet, cable, gym, and doorman for about that much and I have a larger unit.”
Nice looking unit. Overall, I think the building is a bit more upscale. I don’t know if I’d compare it to an Invsco conversion. This seems to have more a boutique building feel imho. Not sure what it would comp against? The Contemporaine? Some of the higher end high rises a little to the east of here?
Helmet-head:
Just out of curiosity, where did you attend school? I’m doubting it was one of the Ivies. Perhaps Heidelberg University?
helmethofer (July 23, 2012, 4:42 pm)
. . . Kinda like people who go to U. of Michigan because they didn’t get into an Ivy. Go blue windows…
” Perhaps Heidelberg University?”
What do you have against Tiffin, Ohio?
I seen units in this building (the lower floor with huge outdoor terraces) and the blue windows are pretty awful and would drive me crazy, not just because they are blue looking out, but the light that comes in washes everything in a blue hue.
Also, the building definitely has some issues, because the the common elements of the terraces I saw were falling apart. It would not surprise me if the developer ran into trouble during construction.
acc,
The building’s a client, and I’ve been in these units many times, and shot video there quite a bit. Anyone can watch the following video, and wonder why they can’t see those “falling apart” terraces that apparently exist in your imagination:
http://www.youtube.com/watch?v=tWCNCDmuta8
The windows do not cast a blue light in the units – unless you’re looking at the units through a video camera. Sit in the units and you don’t see a blue cast, although my camera does. Is that how you “seen” units in the building?
I’ve spoken at length with several owners in the building, one of whom is someone I’ve known for many years, a wealthy and successful and very demanding real estate developer who bought and customized a full floor. I don’t think you’ll find an owner who will agree that the “developer ran into trouble during construction.”
“I don’t think you’ll find an owner who will agree that the “developer ran into trouble during construction.”
OK Joe. Check this PIN on the public available records at ccrd dot info: 17-09-204-022-0000
Why don’t you tell us what the records reveal, helmethofer.
I dealt with enough contractors as a developer and as an attorney and as a reporter to learn that you don’t learn anything just from looking at a notation of lien filings. You apparently – mistakenly – think you can.
“Just out of curiosity, where did you attend school?”
I don’t really care where people went to school, or if they did, but in this case I also am a little curious.
“you don’t learn anything just from looking at a notation of lien filings”
One of the lien foreclosure actions (2009-CH-39073) is still pending. No idea which defendants are still in the case, but there is ongoing litigation.
Awesome unit in a great building. I wonder if the people bashing this unit could even afford the down payment.
“The windows do not cast a blue light in the units – unless you’re looking at the units through a video camera. Sit in the units and you don’t see a blue cast, although my camera does.”
I’ve also been in the building several times. You do not know the windows are “blue” when you are inside the units. There is no blue effect on the inside. It’s like every other building when you’re sitting in your condo.
“Not sure what it would comp against? The Contemporaine?”
People looking in this building would also look at 600 N. Fairbanks and 550 N. St. Clair. At the upper bracket, Contemporaine would also be in play. They all have “modern” interiors and similar finishes.
“Having that balcony staring at the Elysian.”
The Elysian is like a mile or more away. Not sure you would be “staring” at it any more than you would be “staring” at the Hancock or Trump from this building.
“$900 HOA for cable and doorman? Kind of steep. I get heat, air, internet, cable, gym, and doorman for about that much and I have a larger unit.”
Not this again. The smaller the building (in a high rise), the higher the assessments because there are fewer units in which to spread the love. There are only 58 units here. They still have to clean all the windows, heat/ac the lobby, clean all the hallways, do maintenance on the elevators AND pay for a rotation of doormen just like a building with 3 times the units.
Am I the only one who thinks 16k for taxes on this unit is quite steep? I would figure around 9k would be appropriate. Is this one of those cases where using a Joe Berrios friendly law firm would take care of the issue?
“Am I the only one who thinks 16k for taxes on this unit is quite steep? I would figure around 9k would be appropriate.”
It sold for a million. Assessed value of 100,000 (implying a MV of 1,000,000) gives you taxes of about 16,000. Just a fact. For taxes to be $9k, you’d need an assessed value of about $57,500, which aint gonna happen.
I live in the building and Joe Zekas is correct – the developer made it through the crisis, albeit by the skin of his teeth. He built a couple other buildings nearby and had one planned for the parking lot across from the Hotel Felix so he worked his butt off to keep his reputation intact. The contractor’s lien is NBD, being handled by the title company.
The location is amazing. Superior is lined with large trees all the way to Michigan Ave and there is so little traffic in front of the building it’s like living on a residential side street. The developer did a great job quality-wise, especially with insulation. I hear no one above, below or next to me. The owners are all friendly when you see them in the elevator or gym, which is rare because there are so few units and many owners use it as an in-town.
A lot of people bought pre-construction and honored their contracts so you’ll see more “deals” pop up in the future. However, because of the high-end nature of the building a lot of people paid cash for their units and will be in no hurry to sell. There have been very few units hitting the resale market.
“I could go on…point is that, if you want to avoid this, you need to never leave an 8 block radius of GC or move to the North Shore”
cmon a local, the homeless peeps hang out right outside this place waiting for the soup kitchen to open. being in a neighborhood with a social service provider and being around the corner from a very popular one are two different scenarios.
also, gold coast has a drug rehab place on deleware and dearborn
I know people who have lived a block away from here for several years and they haven’t had any issues dealing with homeless or “weird” people in the neighborhood. I’m guessing it has the same quotient of crazies walking the streets as any city location.
most times probably. but not when the dinner bell is about to ring
” I’m guessing it has the same quotient of crazies walking the streets as any city location.”
But the issue is with the queue for the “soup kitchen”. It’s the issue of the locus. Kind of like when Pacific Garden was still in the SLoop–a block in any direction had pretty even dispersal, but right out front had a higher proportion a couple times a day.
we should all meet for supper at the soup kitchen tomorrow and we can decide if this is an issue. we might see JZ’s developer friends as a bonus
The den looks pretty cool. Looks like the owner might be a professional musician. They probably have a lot of jam sessions in there. That’s the good thing about living on the top floor, less neighbors to listen to, or in this case, to listen to you. Kinda surprised about the microsuede furniture. Personally, I’m a big fan of microsuede and ultrasuede, but you don’t see it much any more. Also, regarding the blue windows, I think it’s pretty cool. Kinda retro. Plus I am a big fan of Blue Blockers and I wonder what it would be like to look at this building with my Blue Blockers on. Might create a never-seen-before color. Could be cool. I’ll have to do it next time I drive by.
Anyway, the thing that would keep me away from this building is really the soup kitchen. There are tons of people hanging out here in the late afternoon / early evening and that’s probably why the building has a doorman. Too much riff raff. Plus, If I lived here every time I walked home from Grand Lux Cafe (and you know I’d be eating there A LOT), I bet these people would want my leftovers (there’s always leftovers from Grand Lux – it’s one of the best parts about the place). And I don’t want to be guilted into giving away my Chicken Royale or Shrimp Scampi.
My money is Hhofbrau matriculated at Brigham Young University but dropped out believing it was far too diverse & liberal. Plus his scores & family pull finally kicked in & got him a postion as CFD EMT trainee.
You guys are thinking about this the wrong way. The soup kitchen nearby opens up the buyer pool to people who otherwise wouldn’t be able to afford the place since being house poor is much easier when you know there is always a free meal just around the corner!
Fred took lemons and made lemonade.
The soup kitchen concern is waaaaayyyyyy overrated. I looked at it before I bought and decided it wasn’t an issue. The people line up on Huron and you don’t see them unless you walk that way. They get in, get their food, and get out. It’s almost like they know the old rule that you don’t $@% in your own backyard – maybe Catholic Charities tells them to keep it on the DL or they risk losing the food. I’m way more concerned about the people who hang out at Chicago and State. Avoid that area at all costs.
jesusHchrist helmet, shut the fuck up. nobody cares about your off topic diatribes. take some zoloft. It stops the ruminations. all you can type about it how much you dislike jews. seriously, chill out.
“jesusHchrist”
I don’t appreciate your anti-christmas attitude, HD. Next you’ll be taking the names of Santa Claus and the Easter Bunny in vain.
second time today this is appropriate to pass along
http://theoatmeal.com/comics/religion
I wonder if Helmet actually knows any Jews. My guess is he doesn’t, but, like Archie Bunker, believes every negative stereotype about them.
I’ll say it closes for $660,000
Just a reminder: I will remove any comments that discuss personal details of owners of properties UNLESS it is already in the public domain, i.e. the recent foreclosure filing on Common’s South Loop condo.
Since this owner is NOT in the public domain, I’ll remove the comments.
My friend used to live at 150 w superior, this buildings sister building that was completed and sold most of the units before the real estate bust. I never once had a problem with the homeless folks at the soup kitchen. If anything, owners of this building should be more worried about the gangbangers over at Chicago and State. The behavior that I have seen while trying to get on the red line over there can be described as something only savages would do.
“you don’t learn anything just from looking at a notation of lien filings.”
OK sure.
“The building’s a client”
The developer is your client, not the “building”. Zekas client: JFJ Development and Jon Zitzman in public RE news (crains/cred):
Foreclosure
“National City Bank has sued to collect more than $3 million on a development site in the South Shore neighborhood controlled by Jonathan Zitzman. The Chicago developer, president of JFJ Development Co., had planned a 19-story condominium building on the parcel at 6740 S. South Shore Drive, which overlooks the lakefront. Mr. Zitzman says he is just the developer of the project, which is actually owned by a group of South Side investors that he declines to identify. Last month, another venture co-owned owned by Mr. Zitzman filed for Chapter 11 bankruptcy protection after a different lender sought to auction off a development in the Lakeview neighborhood after an alleged loan default. Related story: Controversial fund to auction former Dominick’s site”
I have been a guest of the owner and can attest that the views are spectacular and not at all blue.
And by the way, although a person’s religion should be of no consequence on this site ( surprised about the web mistress’s leniency here), the owner is not Jewish, the musical is hilarious and helmethofer might want to repatriate to a more forgiving location. Decency forbids me from being more explicit.