More Price Cuts at Superior 110? 110 W. Superior in River North
We last chattered about price cuts at Superior 110, the boutique modern new construction high rise at 110 W. Superior in River North, in the middle of August.
See our prior chatter here.
The developer had an ad in the Chicago Tribune this weekend talking about the “amazing price reductions.”
Aren’t these the same reductions as before?
In the ad, price cuts range from $95,275 to $229,513 depending on the size of the unit. Here are some examples from the ad:
Unit #802: 2 bedrooms, 2 baths, southwest corner
- Was $650,250
- Now $554,975 (parking included)
Unit #1501: 2 bedroom, 2 baths, southeast corner
- Was $704,903
- Now $604,163 (parking included)
- In August, this unit was previously listed as $637,000 and also reduced to $604,163
How did the price cuts get more “amazing” in just the last 6 weeks on units like #1501?
It looks like they now included the parking (a savings of $50,000 to $60,000).
Are these a better deal now that they’re including the parking?
See pictures of Unit #1501 here.
See virtual tours on the building’s website here.
Hmmm. If you look at the MLS for unit 802 you will see that the price was never above 606K. In addition, it was originally listed at 573K back in June 07. Of course, developers use of the MLS for new developments is always a bit casual.
still over priced and small small units. Master bathrooms don’t even have separate tubs and showers.
NO THANKS
I am the opposite of David in that I love this building and think this it is one of the most unique and well constructed of new buildings in Chicago. The limited number of units (4 per floor and half floor units) allow full access to some great views and limits the number of residents. Great floor plans and layouts allow full use of every sq ft of space. I wish I had been here during the preconstruction sales period as I would definately have combined two on an upper floor. Now that would have been spectacular.
Sabrina asks if this is now a deal…saving up to $60k does qualify this new offering as ‘a deal’.
In looking through my brouchures and pricing info, the prices listed here on CC are not what I was told during my visit to the sales center. I am not sure if there was a developer’s special at the time, but parking was included for 802 and a few other higher floor units.
I would be interested in seeing the flipper’s prices when they start showing up on the MLS or do you think because of the limited number of units there will not be any units available from flippers?
Overpriced and small? Definitely if you’re a value shopper, but most Ferrari buyers don’t shop for Chevy’s. If you got the bucks this place is awesome.
I love the building but it’s a little over-priced. I would probably be shopping at 600N Fairbanks over this. This developer does build very high quality buildings though…
The units seems really small for that kind of loot in the pictures. Finishes seem pretty high quality though.
Too many homeless wierdos on this block for my tastes. Absolutely beautiful building on a crappy block surrounded by homeless shelters.
I prefer 600 N Fairbanks. The location, finishes, and amenities trump this building in my opinion.
I am also concerned that assessments could become very high in Superior 110 due to the small number of units.
westloopelo – what is so great about the floor plans. i haven’t had a chance to look at them all but of the units mentioned in the post, the floor plans are nothing spectacular. Unit 1501 – Tiny bedrooms (master at 11’4″ x 11′) and no seperate tub/shower are not what I’m looking for at this price point. The finishes are very nice and expected at this level. The finished ceilings with recessed lighting is a huge selling point for me as well.
to me, this building exterior is much cooler looking than 600nf. the locations seem pretty similar, minus the homeless shelter around the corner here. what is the big benefit to separate tubs and showers? seems like a waste of space.
Marco,
The 03 units on the higher floors are really cool, given their position in the building. North, East, and West panoramic views and they feel like they stick out from the building.
I moved to this area a couple months ago, and I think its a great location – granted, I get asked for money about 4 times walking to and from the office, but who doesn’t?
The developer has built a couple of other buildings in the immediate area, and based upon MLS data, they hold their value even though the assessments are fairly steep. ($600/mo. for a 1200 sf 2/2 with virtually no community amenities).
These places don’t offer a ton of space, but probably were designed for a single, or couples without kids. I also don’t see a big value in having a separate tub and shower – I have it in my master now and would trade for a combo, and a large linen closet.
The price/sf is still pretty high, but at $500K (w parking)I would definitely consider a 2/2 here if I was planning on styaing single for the next 5 years. The 1 BR+den/nook could also work well for a bachelor.
Some of the units’ features seem so poorly designed for a building in this price point, like the “walk-in” closets that don’t seem to have the practicality of ones because of HVAC closets on one side. Or a 2nd bedroom on the 01-tier that is completely open to the LR/DR — at least call it a den. In my mind, for a new construction building, especially one with 2BR/2BA units over half a million dollars, there is no excuse for bedrooms without windows/walls. And why can’t developers extend the kitchens all the way to the windows, creating a U-shape kitchen? Does a 6′ wide kitchen really require two entry/exit points? These look like hotel suite kitchenettes with their limited counter and cabinet space. Some people actually like to cook and entertain on non-disposable plates, but I don’t see a whole lot of space for storing such exotic things as food and dishes. or do they expect residents to use giant wall units and china hutches in front of the floor to ceiling windows?
To me the flow of space, combined with the windows that wrap around each unit give the illusion of a large open space. If you really examine the floorplans, every inch of space is usable and there are no walls or other obstructions that take up valuable space…other than the obligatory columns that are present in most new units everywhere. Overall the finishes are very well done…and one huge bonus is the included in the price flat screen TV mounted and ready to go!! I have always had a tv screen in every room for as long as I can remember and I think the first time I was in one unit here that left a lasting impression on me…and the prewiring throughout the unit is a big valuable bonus as well.
I guess I am really hung up on the half floor plans…one bedroom is 25+ feet long and the views from that room are spectacular. Granted the room sizes are not large, but they are well set up and are similar to room sizes in other new construction developments.
As far as no seperate tub shower units, to me that is not an issue but if one were really bothered by it it could be remedied.
The drywall and recessed lighting make this more attractive to me than Fairbanks. I think exposed concrete is over as a design concept. I also like the views better – you’re looking back at the cityscape instead of looking directly at another building. And I like the intimacy of small halls with only two or four neighbors. It doesn’t feel like an apartment or a dorm. They should pay me a marketing fee!
Are the windows tinted blue? That would give me a headache.
I lived just up the street from this building but never toured a unit. gggg brings up a good point i never considered. As cool as the bright “electric blue” tint to the windows looks from the outside, do you notice it from the inside, or do the units feel dark inside?
Doesn’t look blue at all. The wall of windows makes it very bright. Interesting thing is that they have individual gas furnaces with humidifier AND supplementary electric baseboard heaters below the windows for cold days.
Hi,
My name is Greg Eldridge with @properties and I am the marketing agent for Superior 110. I wanted to clear up some of the questions that came up about pricing for units 802 and 1501. The historical high pricing for 802 and 1501 was $605,250 and $659,903, respectively, NOT including parking. When you add parking priced at $45,000 to the historical high prices for those units you get to the savings quoted in the ad. The pricing was rolled out initially 6 weeks ago in the sales center and then a few weeks later in an @properties eblast. This was the first advertisement talking about our new pricing. Thanks for all the comments….Frank Sinatra…you’re hired!
I love the exterior of this building but at the same time I don’t think it’s enough to sell this place. The- 4-500k for a 2 BD the size of a yoghurt cup- condos don’t seem to be doing too well these days.
I imagine that any developer with inventory on their hands is ready to part with it and is probably underwater, for that matter. Because of that, I think they are ready to make some serious deals, often not reflected in the list price. Truly think that “let’s make a deal” mentality can get you far in nearly all remaining unsold projects.
My name is Jon Zitzman, and I am the developer of Superior 110. I, too, appreciate the comments above. While everyone is entitled to their opinions, it’s always best to have your facts straight before stating them so openly. Our building caters to buyers seeking the best quality on the market. I make the challenge to any of our detractors to actually compare the construction quality with some of the other buildings mentioned. Do they insulate all of the interior partition walls? Do they use blown in cellulose insulation in demising walls, bathroom ceilings, and bathroom walls? Do they have recessed cans? Do they future proof the unit with smarthome systems and prewiring? Do they use REAL hardwood floors that can actually be sanded over time? Do they use the same appliance package? Do other buildings have more than 500 upgrade options, or do they simply offer you a “gray package” or a “beige package.”
While the floor plans may not suit your needs, our policy as developers has always been to allow buyers to customize their units. You won’t find this same flexibility in other buildings. In addition, our assessments are historically low because we don’t spend money on amenities that are never used. We put that money into the quality of construction.
Also, there are NO investor buyers in our building, so don’t hold your breath for flippers. People buy in our buildings because they want to be in a building that will stand the test of time.
If you have not seen the property, please feel free to stop by anytime. If you’d really like to learn more about the inner workings of the project, I’m always happy to give you a tour, even if you’re not an interested buyer. My email address is jon@jfjdevelopment.com.
Thanks for all the info Jon. We appreciate it.
As far as flippers and investors- one unit already came back on the market after it just closed 3 months before. We don’t know the circumstances of the sale, of course, but it’s clear we don’t have to “hold our breath” very long to see a resale unit.
See the post here:
http://cribchatter.com/?p=6848
“future proofing”, that might be the most ambitious overstatement ever. bravo to the marketeer who came up with that.
what is a recessed can?
Saw the units not so long ago. I do think they tend to be on the smallish size for layouts but very nice finishes. Pre-wired for stereo and electric blinds. Given smallish layout – i think the 7th floor units with the terraces might be a plus so you do the indoor/outdoor living thing in summer.
If I recall from the pricing sheet, I think the assessments were a tad high relative to comparable places especially since heat and A/C were not included.
COOL building. Dream views in 1/2 floor tiers…but What is with bad layout of 7th floor units? This building is in need of outdoor space..and better amenities! Work out room on first floor watching people stroll by? bad idea. SHould convert one of those bad floor plans on 7 to amenity floor or 1/2 a unit. Need sundeck and private gym area to make this a A+++ building to match the high end prices. Developer needs to let go of a lame duck 7th floor unit and make it worth the jump for buyers who want equal amenities as other buildings near by. my Hold back was lack of sundeck/ outdoor space, and worthless gym.
We toured this building recently (looking at 2BRs). I love it but my husband thinks it is a bit small for our needs. The only think which surprises me is the assessment. Given that it has almost no amenities, it is a bit high. BTW, the sales agent is a class act.
The 7th floor is being converted to a full-floor ounit with a 2,500+ square foot terrace. It’s one of two full floors still available for buyers to customize. $2.6M to $2.8M.
http://www.youtube.com/watch?v=6r1LiHBLddo
Disclosure: Superior 110 is a client.
Pardon the typo.