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.

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Several two bedroom units are on the market for little more than they paid in 2004.

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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

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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

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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

6 Responses to “Little Appreciation in Four Years: 101 W. Superior”

  1. 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.

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  2. Streeterville Realtor on April 10th, 2008 at 5:48 am

    Units looks surprisingly lovely to me. I like them!

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  3. 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.

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  4. 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.

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  5. Condo Investor on April 10th, 2008 at 10:44 am

    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.

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  6. Gold Coast Hunters on June 7th, 2009 at 10:53 am

    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.

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