Looking for a 2-Bedroom In-Town in River North? 101 W. Superior
This 2-bedroom at 101 W. Superior in River North has been on the market since May 2011.
In that time it has been reduced $36,000.
This building was new construction in 2004.
It has the finishes of that era including cherry cabinets, granite and stainless steel in the kitchen.
This is a southeast corner unit which has 2 balconies.
It also has custom closets and window treatments.
The unit is now listed $111,000 under the 2005 purchase price.
Would this make a good in-town at this price?
Elizabeth August at @Properties has the listing. See the pictures here.
Unit #905: 2 bedrooms, 2 baths, 1200 square feet
- Sold in June 2004 for $482,000
- Sold in August 2005 for $525,000
- Originally listed in May 2011 for $435,000
- Reduced
- Currently listed at $399,000 (plus $15,000 for parking)
- Assessments of $721 a month (includes doorman and cable- there are only 48 units in the building)
- Taxes of $6294
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×12
- Bedroom #2: 10×10
Think I have been reading CC to long. Just reading the words granite & cherry makes me throw up a little.
Assessment kills this one. $325K with parking included.
“Would this make a good in-town at this price?”
No. Assessments are too high.
I fell asleep looking at those pics. Gut the interior – it is so very very McCrap box.
What a disaster. Someone paid half a million for a generic 2/2. And now they’re asking $333/sf plus parking? No sympathy.
42″ inch cabinets? Too bad you get about 2 of them squeezed in there. Custom closets? Too bad the bedrooms are the size of closets. $721 assessments with no pool deck == tanning on your balcony while tearing up $100 bills
Not that interesting above $300.
The parking (tandem) for $15,000 is a good deal though…
Too bad for #904 which just celebrated its first birthday on the market… Now at $499.
Can I buy the parking spot separately? Would rent for $225+ per month EASY. Double-digit cap rate!
Don’t forget about the $50-60/mo maint and taxes ~$500/yr on that parking space. But, the listing does say it is tandem parking, so your rent might be low.
Oooh, thanks for posting. We have a similar condo in the area that we are thinking of puting on the market soon. Our assessments are half that, so that makes me feel better about our chances.
thats one thing i’m curious about, can you get a mortgage on just a parking space?
wouldn’t be a terrible investment if you can get a decent price and the assessments are reasonable
“thats one thing i’m curious about, can you get a mortgage on just a parking space?”
First of all, who the f needs a mortgage on a 15,000 parking space. Second of all, there is no way in hell any condo assoc. is going to sell off these parking spaces to non-owners.
Good god – do ANY of you know anything about real estate?
“thats one thing i’m curious about, can you get a mortgage on just a parking space?”
If you need a mortgage to buy a $15,000 parking spot… (well, and I’d hate to see what you drive).
Who says this would be an in-town? This is the exact opposite of the type of place anyone looking for an in-town wants.
Basically, there are two types of in-towners:
1. those who are looking for a deal w/ low maint. – usually will look in cheaper areas
2. those who have a lot of money and are looking for location
This unit wouldn’t appeal to anyone in either camp.
I’m not talking about this place specifically clio, I was thinking more in the building I live in, and with rates so low, its practically free money with low risk and a minimal tax benefit so why not mortgage it?
Only a dumbass pays cash for all real estate purchases, why have more skin in the game than is needed?
“Only a dumbass pays cash for all real estate purchases, why have more skin in the game than is needed?”
RE is a nut shell.
“Good god – do ANY of you know anything about real estate?”
Was meant as a joke. But you’ve made it clear you don’t know much about chicago real estate.. Plenty of River North and Loop buildings sell spots to non-residents. The market is commuters and commercial-vehicle owners.
What is wrong with cherry?
I had friends who bought from the developer here. nice enough apt but pricey. they got out in early 08 at close to what they paid. but their buyer lost 100k+ during his 3yrs there. ouch
“What is wrong with cherry?”
Hurt her back falling off the pole.
“Only a dumbass pays cash for all real estate purchases, why have more skin in the game than is needed?”
Because it is an insignificant % of net worth and you don’t need the bother, or, you don’t want banker fucks to make money off you?
My suggestion for you and another parking space sonies is to use a free cash advance credit card offer.
“Because it is an insignificant % of net worth and you don’t need the bother, or, you don’t want banker fucks to make money off you?”
I’m not paying it, my parking tenant is… who cares!
“Only a dumbass pays cash for all real estate purchases, why have more skin in the game than is needed?”
Yes, there are certain times where you have to pay cash in order to get the price, but other than that, I would agree (at these rates). I am buying an in-town, and while I have the money to buy it in cash, getting a 5/1 at 2.75% was just too hard to pass up.
what hood did you decide to buy in chuk, sloop?
where did dotcom go?
“but other than that”
It’s not a question of having enough to pay cash, it’s a question of having so much that the amount paid is insignificant. Then, why bother?
“It’s not a question of having enough to pay cash, it’s a question of having so much that the amount paid is insignificant. Then, why bother?”
OK, how about “but other than that, for people that are reading this message”.
well G if you could show me how to turn 5k of cash into 25k in a period of 12 years that isn’t incredibly risky or volatile, then I’m all ears, a 14.4% CAGR isn’t bad at all and if you repeat it enough it could make a nice chunk of change for relatively little work on an asset that will generally be in high demand.
I’ve been in this building and the apartment I’ve spent time in is nice, with 20-foot ceilings in the LR and huge windows, with decent views north and west and a little balcony that you’re allowed to grill on. The bedrooms are decent-sized and the kitchen and bathroom cabinets and counters seem fine. The place has a very bright and open feel. Not sure if all the units in the building are like this.
It is important to be high up, because some of the lower-floor condos here have views blocked by the building next door, immediately to the west.
“well G if you could show me how to turn 5k of cash into 25k in a period of 12 years that isn’t incredibly risky or volatile, then I’m all ears”
That’s easy, you just needed to buy in West Town in the early to mid 90’s. Scratch that – the $5k would have turned into ~$150k. They weren’t risky, since they cash flowed at low rents since day one. No volatility either, since rents and values only went up in 12 years. I have no current schemes – my primary concern now is just preserving what I have and adding to it what I can through my work.
Seriously, sonies, where have I said anything about the viability of the proposed investment? The reality is that you won’t get a mortgage unless you refi with a unit. My experience is that very cheap RE needs more like 20% returns to be worth the headaches for the small $s involved, but that is mostly due to the financial standing of the renters. Obviously, not the case with an extra parking spot in your bldg.
Your idea is a good one for you to grab another parking spot in your building if the #s work as you propose. Hell, post a notice up in the bldg that you are ready to buy. A spot for anything near $15k ain’t likely. My credit card suggestion is probably the only loan available, though.
I agree, this is not an “in-town” place. This is a place for someone that wants to work/live in an “urban” environment. Forget LP, LV, Bucktown….this is city living.
I say $375 since the assesments are so high and if the association is fine. 48 units is just too small for this size of building.
well the spots in my building aren’t 15k, more like 25k, but the numbers do work if you can get anywhere near a 30 year mortgage @ 4.5% or lower, obviously I’d use the extra money received to pay down the principal in a matter of 12 years, I’ll ask one of those desperate looking personal bankers the next time I pass through the Chase HQ building to grab a bite to eat, and I don’t “need” a mortgage for a parking spot, but it would really help to juice the returns nicely
Dan #2 – I think you’re talking about 150 W Superior. Many of their units have 15′ ceilings in the living room. I don’t believe this building does unless the penthouses do. http://www.150superiorchicago.com/index-features-units.html
Most folks when they buy a parking space after the fact typical pay cash, put it on a low interest credit card, do a HELOC on their existing property or wrap it in as part of a regular refinance.
No one is going to give you a mortgage for $25k. Heck, most lenders don’t even want to deal with $100k mortgages.
Some banks have personal lines that are very easy to qualify for. They’ll give you like 10% of your verifiable assets as a non secured loan.
ok I figured as such, thanks russ!
“what hood did you decide to buy in chuk, sloop?”
Well, I haven’t closed yet, but I am under contract on a non-CC place in sloop. I also had a contract on a CC place in the sloop (short sale) that I recently walked away from.
“where did dotcom go?”
On a different computer.
“No one is going to give you a mortgage for $25k. Heck, most lenders don’t even want to deal with $100k mortgages.”
I was surprised at this in Illinois as in lower cost of living midwest states community banks certainly don’t snub their noses at sub-100k mortgages. Heck for 100k you can buy a block in Detroit these days.
“No one is going to give you a mortgage for $25k. Heck, most lenders don’t even want to deal with $100k mortgages.”
I encountered this myself on one of the properties I was looking at. When the amount I was going to finance went from 102k to 98k, the rate went way up. That is because there was a much smaller pool of lenders that would deal with a small mortgage that small.
It is almost impossible for a bank to profitably originate a less than $100k mortgage. In addition, recent Fed regulations governing loan officer/mortgage banker compensation make it even more difficult as we now must make the same percentage on every loan regardless of the amount of work required. So not only is the compensation capped on the smaller loan, most small loans actually require way more work as they are usually significantly harder deals – poor credit, investment properties, etc. They are just not worth the effort in most cases.
Russ, now to ask a weird question, could I somehow bundle say a purchase of 4 or 5 different parking spaces from different owners? definitely not is my guess as its not a “livable space” right?
Marco,
You’re right. I mixed it up with 150. By the way, have we ever had a chat on this site about 150 W. Superior? I’d be interested in peoples’ impressions.
Looks like we haven’t chatted about 150 W. Superior since 2009. It would be interesting to get an update on availabilities/recent sales there, Sabrina.