“Huge Price Reduction” in 757 N. Orleans in River North
We last chattered about 757 N. Orleans, the new construction high rise in River North, in December 2008 when the first closings were occurring (and a few flips had appeared on the market.)
Check out the intense debate about the state of the market here.
The developer announced the fist price reductions last week of up to $125,000.
Here are some reflections on the building (and the market) from posters from last December:
“Finally, Chicago real estate prices— in neighborhoods like River East; Streeterville; Gold Coast; [pockets of] Lincoln Park–have been approaching New York’s prices for awhile now. That should not be a revelation or a joke. Trump’s Trump Tower and Kelleher’s The Chicago Spire solidified this process (by marketing these buildings internationally). Plus, the RE prices in these same neighborhoods are holding their own right now. Yes, there are some declines, but, overall, prices in these ‘hoods—for truly high-end properties– are not diving.” — Luke
“I have been following this board since early this year and the pessimism began to go through the roof starting in October. You no longer see people talk about walkthroughs because people are just not going to walkthroughs right now. Sales are falling through the floor and maybe congress’ proposed 4.5% mortgage rate will stimulate things.
Real estate works best when buyers feel some sense of urgency. There is absolutely 0 urgency to buy right now and prices just continue to get better each month. At some point, this will end.” — Crib Complaints
“I’d really appreciate your comments on my dilemma: I bought a unit in 757 in 2006. I’m feeling that it’s overpriced and that I may save more, despite losing my earnest money, in a resale while leveraging what everyone agrees is a terrible market. So, do I close and try to sell this place as the buyer above is, do I live there and stomach what may be stagnant appreciation, or do I dump it and walk from my earnest money? Thanks all.” — Mike
Price reductions, according to the ad in the Tribune, are the following:
- Studios: Now from $187,000 (were as high as $330,000+)
- 1-Bedrooms: from $287,000 (were as high as $440,000+)
- 2-Bedrooms: from $350,000 (were as high as $550,000+)
The 2-bedroom unit that we chattered about in December 2008, Unit #1112, was on the market then for $465,000 plus $40,000 for parking.
Current statistics in the building (out of 198 units):
- 48 units sold (per the Chicago Tribune records) since November 2008
- 20 are currently on the market
- 6 rentals are also on the market (some may be both for sale AND for rent)
What do these price cuts mean for The Silver, which is just a few blocks to the south and just started closings?
You can get more information on the building’s website: 757 N. Orleans.
This building is on a bad corner…traffic, etc…. not much of a location other than being in the general area of RN
I can’t imagine living that close to the expressway AND nightlife. I am surprised that building sold so many units to begin with.
Its not close at all to the expressway, what are you smokin? Its two blocks from the Ontario feeder.
Anyhoo, I do enjoy the brand new walgreens in the first floor of this place. Never been inside a unit but its probably as cookie cutter as it gets.
the pictures make the units look pretty cookie cutter.
This developer was really in la-la land when they set the original prices (and the discounted prices are still arguably high). What did they think would allow their building to command such a price premium when nicer and better located places were selling for less even in the boom? They must have thought no-doc zero-down loans would live forever.
Isn’t the el running less than a block away from here? Ouch.
El noise is not bad here, it might be if you’re on the East side of the building but its right after the Chicago stop so the trains aren’t moving too fast, and the building is on the west side of the block.
When are properties like Lincoln Park 2520 going to get on board with some price reductions?
What blue haired lady’s nephew threw up in here? I’m not sure it is ticky-tacky, cookie cutter, or what, but this is a bad combination of BOTH. I live about 2-3 blocks from here and this building is nothing special, as shown from the pictures. Someone with piss poor taste did this and is hoping some moron from the suburbs will find it “cool”. Ok – details folks: Those supports for the “breakfast bar”? Come on. Bathroom tile combinations? I’d want to tear that out after about 2 days.
I realize what I mention above is minor compared to more important things like price, size, quality of finishes. Did I mention anything about the kitchen cabinets? Anyhoo – the prices in my opinion are simply not worth it – especially with the other options out there in more interesting buildings. This one has no real draw over anyone else. Turn it into dorms, haha.
And finally – but this is one of the few posts I’ve ever made on here, but those of you who complain about the El or the expressway or the nightlife or traffic in general should simply not live in the city. Unless you live on some quiet Gold Coast street or in another neighborhood, you should NOT want to live downtown, RN, or Loop period. It’s the city! You take the advantages with the drawbacks. First hand I can tell you that the sirens downtown are worse than the El, traffic, or nightlife will ever be. It’s the city folks – love it or leave it.
PJL–shout out to your last paragraph! Really tired of those whose criticisms of RE here make it clear they wouldn’t be happy in a city, unless it’s called Naperville.
“First hand I can tell you that the sirens downtown are worse than the El, traffic, or nightlife will ever be. It’s the city folks”
Where I live the motorcycles are the only annoying thing and thankfully they’re out for only 5 months of the year and ususally not at night unless its friday or saturday. You can barely notice the El unless you’re outside and then its pretty loud but like you said, its the city, you deal with it.
Criticisms of noise in the city are valid especially at these price points. You can’t just say “the city is noisy so move to the suburbs”. That’s just as ridiculous as saying “real estate is expensive. They’re not making any more if it!” or “real estate always goes up!” I lived directly next to the red/purple line for one year and that was a miserable experience especially when there were two south bounds and two north bounds meeting at the same moment at 7:00 a.m. Now I live walking distance to the el.
Well there’s living directly next to the el and “within walking distance” Obviously one is smarter than the other and prices reflect that. Remember that article about the buffoons in LP that didn’t mind paying 25% less for their SFH to live right on the El tracks?
“That’s just as ridiculous as saying “real estate is expensive. They’re not making any more if it!” or “real estate always goes up!””
Um, not it’s not. The city *is* noisy. No one was complaining about someone pointing out that a house/apartment is directly facing the el, but commments like:
“I can’t imagine living that close to the expressway AND nightlife”
especially when the expressway is more than 2 blocks away & the building is not actually adjacent to anything one might call “nightlife”. You gotta give the kvetchers that one, HD.
“When are properties like Lincoln Park 2520 going to get on board with some price reductions?”
Lincoln park real estate never goes down, didn’t you get that newsletter from Steve Heitman?
can we all agree we miss steve 🙂
Sorry not the Steve you were hoping for.
I’m at Grand and Orleans, 18th floors up, a couple of blocks from I 90. Our windows are often open so we get the sounds from the Brown Line elevated and the sirens. We can live with that since we are usually there only on the weekends. But, the absolute worse are some of the damn motorcycles. They come roaring off the E. Ohio St. exit from the Kennedy with the noise amplified by and echoing off the high rises. What is that all about? Aren’t they supposed to have mufflers?
poppa steve you are always the steve we will hope for.
a guy i play ball with is over on superior and state, his place is quiet as a mouse on a acid trip. then he opens the windows and dear gosh those sirens will wake the dead. it like it amplified!!!! i lived on a main street right by an intersection 4 blocks from a hospital and heard sirens all the time but never like what i hear at this guys place.
Supposedly there are laws against loud motorcycle exhaust. But the Cubs will win the world series before these laws are enforced.
city folks.. Ha Ha. breath the air at 40 flors up after all the cars spew poisonous gasses. then listen to noise all day. Smart huh? your real cool! been there done that. Not cool.