We last chattered about 150 W. Superior in River North all the way back in November 2007.
At that time, the developer was offering a special “discount” of 7% on select units in the 54-unit boutique building.
Around 20 remained to be sold from the developer even though closings began in 2006.
See the prior chatter and pictures here.
Back in November 2007, Michelle from Maher Partners, LLC, which was handling sales in 2007, was kind enough to chime in on Crib Chatter with some details about the 7% discount.
“And as far as the current incentives “messing” with any re sale in the building…I think everyone understands that when you get into a project early you get a bit of a discount. Although this building had no pre-sale requirement and they broke ground the same time they started sales, there were still some discounts given.”
“Sure, people purchasing SELECT UNITS in the building today will save and get a great deal. However, everyone will win down the road as this is a VERY special building with very unique units and features. It’s not the usual boutique highrise and every owner will stand to gain down the road when the market stabalizes and a normal level of appreciation is in place. This building will always stand out amongst all the other vanilla boxes out there.”
“And just to be clear, the 7% is NOT on every unit. Only a select few on those contracts signed prior to 12/31/07 will recieve this. And to be clear, there are less than 20 available for sale.”
A week later she updated her comments with this (please be kind – gentle?- in your posts about her comments as it was a different real estate world in Nov 2007):
“And you are correct, it’s certainly a different market we find ourselves in today. However, most seasoned real estate professionals have been through this type of market before and know there is light at the end of the tunnel!”
“Our new sales center is located at 730 N LaSalle and we have tremendous traffic which has certainly helped reduce the number of remaining units in the building.”
“And I’m happy to report that as of today, there are only 16 remaining! The 7% off (on select units) will be offered until 1/31/08. So for those of you in the market for something different..you’d better hurry!”
Two of the units that we chattered about in November 2007 are still on the market.
The developer has reduced the price by $60,000 on Unit #702 and the listing now says, “Developer says lets SELL IT!”
The listing also says it’s reduced by $75,000- but I have it reduced by $60,000 from 2007.
Here’s its history:
Unit #702: 2 bedroom, 2 bath, 1511 square feet, duplex unit
- Was listed in November 2007 for $760,000 plus the $45,000 for parking
- With the 7% discount- the “real” price is now $706,800 (plus the parking)- offered in November 2007
- Reduced
- Currently listed at $699,900 plus the parking
- Assessments of $489 a month
- Taxes are “new”
- Maher Partners, LLC still has the listing. See more pictures and the listing here.
The other unit we chattered about was a re-sale, Unit#504, which is also still on the market. It’s been reduced by $40,000.
Unit #504: 2 bedroom, 2 bath, 1530 square feet
- Originally sold in October 2006 for $820,605
- Was listed in November 2007 for $835,000 with the parking extra for $45,000
- Reduced
- Currently listed for $795,000 plus parking
- Assessments of $599 a month
- Taxes are “new”
- Alanna Golden at Coldwell Banker has the listing. See more pictures and the listing here.
Current building stats (out of 54 units):
Some units may be both for sale AND for rent.
