Little Appreciation in Four Years: 101 W. Superior
Some buildings, for whatever reason, appreciated very little during the boom-boom years.
Take 101 W. Superior in River North. It’s a midrise that was completed in 2004.
Several two bedroom units are on the market for little more than they paid in 2004.
Unit #506: 2 bedrooms, 2 baths, 500 square foot terrace
- Sold in July 2004 for $540,500
- Currently listed for $530,000 parking extra
- Hot tub on the terrace
- Assessments of $600 a month
- @Properties has the listing
Unit #801: 2 bedrooms, 2 baths, 1325 square feet
- Sold in September 2004 for $510,000
- Currently listed for $530,000 including the parking
- Assessments of $771 a month
- Ed Jelinek at Coldwell Banker has the listing
Unit #901: 2 bedrooms, 2 baths, 1325 square feet
- Sold in July 2004 for $503,000
- Currently listed for $539,000 including the parking
- Corporate seller will pay 6 Months Assessments
- Assessments of $792 a month
- Rubloff has the listing
A listing that closed in 2008 tells the story:
Unit #1004:
- Sold in January 2005 for $618,500
- Sold in January 2008 for $620,000
One of the reasons this building appreciated very little COULD be a sharp increase of the assessments over the last 4 years: 800 dollars for 1300 square feet is a lot of money, MAYBE 250 more than 4 years ago. Such a increase has a mechanical impact on the price.
Units looks surprisingly lovely to me. I like them!
Dam: Those assessments aren’t that bad for a larger 2/2.
People have unrealistic expectations on the assessments with all the new construction. The new construction assessments are at least 20% to 30% lower than what they will be in 5 to 7 years. $800 a month on a 2/2 in a luxury high rise isn’t all that unusual.
This building also has a doorman and isn’t very large which would push up the assessment as well.
Yes, but I’m pretty sure the building doesn’t have a pool or any type of work out room. You could live in 50 year old building in the Gold Coast and pay similar assessments – and have a pool, tennis courts, and workout room. I wonder how much of this is due to the size of the building.
Its probably due to the small size. I think that there are only about 70 units in the building and to pay for a 24hr doorman it costs somewhere around $150k/yr for the association. So it probably adds around $200/month to the average unit.
Units look nice but assessments seem too high. We live 2 blocks away in a lux building that has 2 doorman (2 shifts), workout room, heated parking & sundeck and the assessments for our 1400sq ft 2br/2bath are under $550.