Has the Price of this River North Penthouse Doubled in 4 Years? 303 W. Ohio Street
This 3-bedroom penthouse in the Silver Tower at 303 W. Ohio in River North came on the market in October 2016.
It is on the Northeast corner with views of the John Hancock building and the rest of downtown.
The kitchen has dark cabinets, granite counter tops, stainless steel appliances and a breakfast bar.
There’s a marble bath in the master suite.
The unit has a private 24×6 balcony with city views.
It has central air, washer/dryer in the unit and 2-car parking is available for $40,000 each.
This unit sold in 2012 with the 2-car parking for $510,000 and has come back on the market, with the parking included, with a price gain of over 100% at $1,029,900.
Will it get the premium?
Gail Spreen at Streeterville Properties has the listing. See the pictures here.
Unit #4001: 3 bedrooms, 2.5 baths, 1888 square feet
- Sold in February 2012 for $510,000 (included 2 parking spaces)
- Originally listed in October 2016 for $949,900 (plus $80,000 for 2 parking spaces) = $1,029,900
- Currently still listed at $1,029,900
- Assessments of $914 a month (includes doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $10,847
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 12×12
- Bedroom #2: 12×9
- Bedroom #3: 12×10
- Balcony: 24×6
this place looks like a rental. i can’t imaging living there for that price. the small master bedroom layout is terrible in that you have to put your dresser/tv in front of your floor to ceiling windows.
Finishes don’t support the list price. If anyone pays close to that ask, they are overpaying.
Silver tower sucks.
That being said – 2012 buyer got a deal. Whoever bought anywhere near river north at that time did. 750 tops. This is not a million dollar condo – who is paying these prices for 1800 sq foot 2 beds? I see it more and more. Crazy.
Only thing that doesn’t suck about this unit is the views, they are awesome although I prefer the south and east view rather than north east… the layout of this unit kind of blows
I can’t imagine people paying this much to live here but somehow and for some reason people are paying nutso prices to live in this tower
“Silver tower sucks.
That being said – 2012 buyer got a deal. Whoever bought anywhere near river north at that time did. 750 tops. This is not a million dollar condo – who is paying these prices for 1800 sq foot 2 beds? I see it more and more. Crazy.”
Agreed. 2012 buyer did well, I see this closing in the 7’s. 1800+ SF is lot of space for a high-rise but not 7 figures.
Looking at the floorplan, I’m pretty sure that they are counting the balcony (144 sf) in that 1888 total.
With a similar sized and similar floor apartment at new apartment towers going for 8k/mo it doesnt seem like the worst deal.
Commenters are usually dead wrong on a lot of properties. Like that 130 N Garland unit recently discussed that went under contract way faster than median time.
Lot of engineering job growth. Good money.
2014-2015 growth (ACS)
Under $10K: -2821 households | -2.5%
$10K – $14,999: -2650 | -4.4%
$15K – $24,999: +1742 | +1.4%
$25K – $34,999: +2286 | +2.3%
$35K – $49,999: -4003 | -3.2%
$50K – $74,999: -7346 | -4.4%
$75K – $99,999: +7395 | +7.3%
$100K – $149,999: +10,444 | +8.7%
$150K – $199,999: +4352 | +8.3%
$200K and higher: +11,618 | 19.6%
Wow. This is pretty hum-drum for the price. I think I am the only person on this forum who disagrees that the 2012 buyer got a “deal.” I think what they paid is about right. I think they will make money but cannot comprehend how anyone pays more than high fives to low sixes for this box. I have yet to see a unit in this building that impressed me. Whatever happened to that duplex unit that was chattered about earlier this year? I guess if that junker sold for close to what they were asking then this person’s expectations are not that unreasonable!
Looks like the other unit was taken off the market:
https://www.redfin.com/IL/Chicago/303-W-Ohio-St-60654/unit-1201/home/21490489
” I think I am the only person on this forum who disagrees that the 2012 buyer got a “deal.””
Yeah, and you’d be completely out of touch with the market.
510 with 2 parking spaces for 1600 square feet in a newer construction building in river north, with views, is an absolute steal. Unlikely prices will ever be that low again.
This place may not be worth anywhere near a million – but plenty of condos in worse buildings with much crappier finishes have been selling for that. I rent at 757 N. Orleans , which is an average, at best , building on the very north border of what i’d consider river north. A 2/2 unit on my floor sold at ask for 515k basically within a day. We’re talking a older, crappier building , about 500 less square feet, and living within a ton of riff raff around chicago avenue.
https://www.redfin.com/IL/Chicago/757-N-Orleans-St-60654/unit-1912/home/52637296
This unit is easily worth 700 k and i bet it will get that.
Original price was a good investment; however, this is $700K at best. For under $900K you can get a penthouse in a more central location at Grand Plaza, with much better amenities, 26ft ceilings, etc. (although deeded parking is not an option and the HOA is much higher)
https://www.redfin.com/IL/Chicago/545-N-Dearborn-St-60654/unit-W3401/home/26794645
Would not buy either, but I am interested to see what happens to the prices of RN 2/2’s after theses or so rent high rises get built. I am guessing a few will turn to condos in the long run.
Rob,
you can’t compare this unit to Grand Plaza – a former apartment building that is a condo conversion, pretty worn down with very 90’s decor and finishes all around.
That being said…with about 100k of upgrades you could get that awful grand plaza unit looking a lot better.
I think a big reason river north ( and a lot of the ‘downtown’ area in general )
is seeing this price inflation is lack of inventory. There are what, a dozen decent 2/2’s for sale between 500-700k in river north right now?
I’d be hard pressed to pay more than 700k for a 1500 square foot 2 bedroom in a mid range building. I just don’t see that making sense in Chicago. If I was 5 years younger with that kind of money to spend i’d probably just keep renting.
I can say as someone looking at a higher price point and outside of downtown, the market is starting to get better ( for buyers) . This past summer realtors would laugh at me ( and so did people on here ) when I said my goal was to buy a SFH east of ashland in lakeview / ‘west’ lincoln park for under 1.5 mil. They’re not really laughing anymore.
Cookie cutter River North:
Dark cabinets/dark wood floors, check.
Three pendant light over island, check.
Unusable balcony that high up, check.
Tiny rooms to make way for giant bathroom, check.
Cubs won the WS, so maybe this could get ask. Two 25 year old lawyers with a trust fund from Winnetka buying their first place who think this look isn’t as dated as it is.
Dated, whatever, not even. This place looks way, way better than the white tile and cabinetry paired with gray walls look so popular recently. No bargain though, the ask is BS.
“Dated, whatever, not even.”
i don’t think anyone called it dated. just looks cheap considering the price point.
also, what’s up with the two different wood floor stains. dark stain in the living areas and something totally different in the bedrooms. i’m assuming the bedrooms were once carpeted and this is what they went with.
Grand Plaza fucking sucks (I hate the touristy part of RN) but at least your unit isn’t literally on the El tracks and the Kennedy feeder like this unit is. Those finishes in the plaza unit are circa 2000?
GoneFishin,
How is a balcony non-usable that high up? My balcony is almost 40 stories up and it gets a lot of use, quite literally almost every weekend. Some building like Aqua were even built to negate the wind and have them double my height. Theses are not decks, but more so little spaces to grill, get some air, hear the sounds of the city, relax, etc.
I do agree with your other cookie cutter comments though, especially the tiny rooms and giant bathroom line haha.
Riz,
As you noted with $100K+ in the price difference, you can update the GP unit substantially. You cannot double the floor height at the Silver Tower unit, or at 40% to the square footage, or get 8x the balcony space though. On the flip-side you cannot add floor to ceiling bedroom windows at GP, or update the hallways yourself, etc.
Grand Plaza is the name of the apartment complex (the taller east tower at 540 N State). The Residences at Grand Plaza (545 N. Dearborn) are the condos in the shorter western tower. I am not quite sure what you mean by 90s decor or worn down. GP does not have the full ‘modern’ feel of some of the new steel buildings, but it’s far from worn down in my experience. Amenities there are the best in the city anywhere near this price point in my opinion (take a look at the new pool deck!)
sonnies,
I am guessing you hate all of River North if you don’t want to be near a highway feeder, the tracks, or tourism. Is Huron & Hudson the only balanced option then? Location-wise, there’s a reason that L stop is the most expensive $/sqft in the city. For a 30yo young professional making six figures and loves to go out on the town with a similar group of socialites, GP is top notch. I would not recommend it for anyone married, with kids, or that’s not all about the scene though.
” I am not quite sure what you mean by 90s decor or worn down. GP does not have the full ‘modern’ feel of some of the new steel buildings, but it’s far from worn down in my experience. Amenities there are the best in the city anywhere near this price point in my opinion (take a look at the new pool deck!)”
Haha, dude, are you employed by the grand plaza HOA? that development sucks.
It was OK in the 90s when it was new. No 30 year old ‘socialites’ live there. They live at new city, 805, wolf point, 500 LSD, or any one of the dozens of true luxury rental buildings. I don’t know their clientele really is – but it’s not 30 year old rich millennial socialites by any means
PS – their pool deck is average at best.
I am not THAT out of touch with the market. I don’t profess to be an expert in high rise condo prices, being more of a single family home dweller myself, and I acknowledge that prices can be building specific if the building is architecturally significant or well located, but it is a fact that a fool and their money are soon parted. One can ALWAYS pay too much.
There is nothing special about this building. The location near the expressway kinda stinks and this unit is inferior to other recent sales of similar size in the river north area and area immediately around river north Cabrini and near north. As others like to point out, asking price means nothing. In this case, it isn’t based on reality. Not when recent nearby sales of arguable far superior homes, are in the same range:
https://www.redfin.com/IL/Chicago/501-N-Kingsbury-St-60654/unit-C/home/12752421
https://www.redfin.com/IL/Chicago/712-N-Orleans-St-60654/unit-B/home/104222222
https://www.redfin.com/IL/Chicago/510-W-Erie-St-60654/unit-2201/home/12697769#agent-insights
When you tell me a vanilla box in the sky in Chicago in this location is worth $1MM it makes me think of when people were saying stuff like “new economy” and “things are different now” I stop listening, and that has served me very well in life!
“my goal was to buy a SFH east of ashland in lakeview / ‘west’ lincoln park for under 1.5 mil. They’re not really laughing anymore.”
Seems that there were a number of other requirements, too.
*of course* you can get an SFH east of Ashland between the river and IPR for under $1.5. This one is way under:
https://www.redfin.com/IL/Chicago/1310-W-Roscoe-St-60657/home/13383776
but checks almost none of your boxes.
1122 W Wolfram St would check a lot of the boxes, but is asking $2m.
“*of course* you can get an SFH east of Ashland between the river and IPR for under $1.5. This one is way under:
https://www.redfin.com/IL/Chicago/1310-W-Roscoe-St-60657/home/13383776”
Cinderblock sides and back.