Price Cut and then Raised on This River North 2/2: 25 E. Superior
This 2-bedroom in The Fordham at 25 E. Superior in River North has been on the market since September 2010.
Originally listed for $720,000 it was reduced to $699,000 by early February.
In early April it was then reduced to $649,900.
But then the price was mysteriously raised back to $694,900 just 3 days later.
The unit has 1575 square feet with south and east views.
The kitchen has cherry cabinets, granite counter tops and SubZero appliances.
The Fordham is a full service building with an indoor pool, movie theater, 2 party rooms and a sundeck.
Was the price reduction simply a typo that wasn’t caught for 3 days? Unit #1705 in the same tier is listed for $669,000.
Or are some sellers thinking the market has picked up enough to warrant a price increase?
I’ve seen some other price increases recently that don’t appear to be typos which makes me ask the question.
Terry McAuley at Koenig & Strey Real Living has the listing. See the pictures here.
Unit #2605: 2 bedrooms, 2 baths, 1575 square feet
- I couldn’t find a prior sales price but other 05 units sold in 2005/2006 for anywhere from $690,000 to $725,000
- Originally listed in September 2010 for $725,000
- Reduced
- Was listed in February 2011 for $699,000
- Reduced
- Was listed in April 2011 for $649,900
- Raised
- Currently listed for $694,900 (parking is $45k extra)
- Assessments of $995 a month (includes heat, a/c, gas, doorman, cable, pool)
- Taxes of $8968
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 13×11
Sad to say, but these finishes already look dated at 8 years old. Are these “newer constructions” already needing renovations of baths and kitchens?
Good look! Smart move seller, nothing says “Buy Me” like a price increase. Note to seller, it isn’t 2007!
At this rate, this unit will take a long time to sell.
“Mysteriously?” Or perhaps the listing agent accidentally swapped the “4” and the “9” in the listing price originally when inputting it into the MLS and that is why it jumped from 649,900 to 694,900?
I don’t get the negative comments. This an average unit at an average price FOR THIS AREA – not priced too high or low at all. It will sell within 10-15% of asking
don’t know what the price should be but going from $725 to $650 is a hugh drop. Me thinks an error was made the price increase was what the original drop was supposed to be.
I think it was an error. Brokerages have admins enter this stuff and it’s pretty sloppy. See mistakes all the time.
So apparently this building had a big special assessment a while back because of facade issues. Don’t know if those problems are behind them or not.
numbers are the same but just jumed around… I’ll say nice catch Icarus…
Btw… This bldg is shit construction filled somehow with some of the shittiest people I ever met in Chicago..
gary, there was always leaking water running down the exposed pipe near the service elevator, water just flooded the roof too when it rained, the facade was cracking. If eveeything you can see was done poorly, think about what between the walls must look like.
Its really dated…very 90s and odd angles in the kitchen and bath…why anyone would buy here I don’t get…they must be location snobs b/c there are much better buildings and values…e.g., the Montgomery.
I’ve seen short sales go under contract then come back listed higher, which I always assumed was because the bank rejected the lower offer, but I think in this case it was just a typo. I’ve seen a place in the South Loop listed for $50k for about a week before they corrected it to $500k, I was interested when it was $50k!
All trendy finishes look dated within the decade: ss appliances, cherry cabinets, black granite… To see the next trend: look at the very high end new construction. It will at least “be fresh looking” until knock offs hit Home Depot.
Black granite countertops are just a 10/10 if you cook a lot.
I like the building from the outside and always assumed it was a higher quality place. I would be interested in the details of the construction issues. Maybe the ugly square buildings from the same era that surround it simply spent more money on overall quality instead of outside appeal?
This certainly looks like a typo. Good location and the price seems to be on target close to 700. I am not a fan of the finishes, but I don’t think this is horribly bad either.
It may very well be a typo (as many of us have seen those before.) But the $649,000 isn’t out of the realm either considering the price of the #1705 unit.
I only bring it up because I’ve seen other properties recently that have legitimately raised their price (i.e. it was NOT a typo) so I’m wondering if this is a trend. I’ll post on another one I saw tomorrow.
Every new construction building starts to show its age within 5 to 6 years. This building is now about 6 or 7 years old. So suddenly the finishes seem “dated”.
We’re starting to see it now with some of the other “new” buildings- such as 600 NF, 340 OTP and 600 N LSD. It’s amazing how quickly a certain countertop or cabinet that was “in” can go “out.”
The latest “in” finishes appear to be are white cabinets and marble counter tops. The white kitchen cabinets were last “in” around 1990.
$350,000 for this 2/2.
Yeah, just appears to be a typo given that its only one number that is off 649,900 vs. 694,900.
The latest “in” finishes appear to be are white cabinets and marble counter tops.
I think that’s both my favorite and HD’s most disliked combination 🙂
I go with a simple rule, I ask myself would I have liked this 10yrs ago. If the answer is yes, I can pretty well rest assured I’ll like it in 10 and 20 yrs too. Clean white simple kitchen cabinets always rock!
694/649 is a typo for sure. but when the intended drop was only $5k, whoop-de-freaking-do
“I don’t get the negative comments. This an average unit at an average price FOR THIS AREA – not priced too high or low at all. It will sell within 10-15% of asking”
Clio you have become a ridiculous punchline of a bad bob hope one liner. you are a discredit to the institutions the gave you a paper degree and a insult to your profession.
please just give up and find another sandbox
I have watched this one go up and down more than a few times….
http://www.redfin.com/IL/Chicago/2234-W-Lyndale-St-60647/home/13357662
I am not sure what the strategy is. I would assume anyone looking at the place would see the minimum list and simply base their bid off that.
I’m betting that the price simply was an error where they transposed the numbers, especially given that the lower price was only for 3 days.
As for selling price, I’m guessing $550-$575k including parking, so this looks like it’s way overpriced. Indeed, they’re asking for close to what they paid at the height of the boom.
Maybe they meant it to look like a typo, but really they thought they’d drop it that low to get it on a few more radars then hike it up hoping someone fell in love at $649 and thought they must have just read it wrong! Sneaky!
“All trendy finishes look dated within the decade: ss appliances”
So, what’s the trendy appliance finish now? One that *actually* has a chance of being knocked-off by GE appliances at the Depot.
And don’t say “cabinet front”.
“I have watched this one go up and down more than a few times….”
This is, I believe, officially know as the Zaskowski Gambit.
“Maybe they meant it to look like a typo, but really they thought they’d drop it that low to get it on a few more radars then hike it up hoping someone fell in love at $649 and thought they must have just read it wrong! Sneaky!”
This is not unlikely.
“And don’t say “cabinet front”.”
Well, ok, I won’t say it, and I can see how it can’t become the standard option or necessarily widespread. But how difficult and costly would it be for a cabinet manufacturer to team up with an appliance maker or two and offer a cabinet front options. Not for every cabinet line/finish and not for every appliance model, but enough for some real choices, and at a low enough price to be a realistic option to be close to mainstream.
“But how difficult and costly would it be for a cabinet manufacturer to team up with an appliance maker or two and offer a cabinet front options.”
Apparently somewhat difficult, as for 3 years here people tout cabinet front as the wave and I don’t even see it consistently in new “high end” stuff.
The problem I have is that, too often, the cabinet front looks like the one in this unit–and I think it looks *terrible* with the SS framing and the black toe kick and the stupid subzero overhead vent. And then, what do you do about the (beloved by many) ice dispenser? Looks even more like crap in the middle of a “cabinet”.
There was a special assessment for the facade a couple of years ago. That is fixed, but it was expensive. However, the monthly assessments are reasonably given the area and the building’s amenities.
All in all, though, a very nice building. Every unit has different finishes, so some look dated and some look nicer. It all depends on what the buyer picked out when initially moving in. Some units were certainly “of the moment” and now look dated. Others are largely blank canvasses that could be well decorated.
Obviously, the building’s not for everyone, but it is a luxury, full-service building with quiet tenants, a great location, and pretty good retention of value so far given market trends.
Hey homedelete, could you explain how you get the mortgage info? Is this public info? Can I do a search? Is there an expense?
“And don’t say “cabinet front”.”
I for one would love a black and white kitchen, 50’s dinner style, with all red appliances. will it catch on? that is the question. I know kitchen-aide has been adding red to their line up. Kenmore has a red micro at sears
its just a matter of time people, mark my words
Ugh, hate white cabinets. Reminds me too much of rental hell.
lol…Groove, I hope not : )
White (and its various permutations) has and always will be the preferred kitchen for those who truly cook in their kitchen: (for some of the same reasons open kitchens never work if you cook) as it gets dirty and one can more easily perform the clean up.
I saw some Kitchenaid cabinet front appliances the other day that were semi-reasonably priced. But I hate this Sub-Zero cabinet fridge thing, to me it looks so dated – like 80s dated.
“White (and its various permutations) has and always will be the preferred kitchen for those who truly cook in their kitchen … as it gets dirty and one can more easily perform the clean up.”
That’s why restaurants have all white appliances?
to be clear–I’m *only* asking about appliances–refrigerator, oven/range, dishwasher, vent hood (if exposed).
Also, if one were to go with cooktop and separate ovens, is it even possible to find a decent quality cooktop in white?
That’s why restaurants have all white appliances?
If Dan had a restaurant, you are damn right they would be!!
“If Dan had a restaurant, you are damn right they would be!!”
Hey-oh!!
my open kitchen works fine… ever hear of using an exhaust vent? you’d still have to do that with a closed off kitchen
I wish Sabrina, would feature some of the new high rises too. We have not chattered about Legacy for ages for instance and I saw a unit there that I really like. I would have loved to know what all the CC gurus think.
“If Dan had a restaurant, you are damn right they would be!!”
hardy-har-har..
What makes the finishes look dated are the speckled/mixed type granites, like Tan Brown, Sunshine Gold etc.. If someone when with black(!) granite, even UbaTuba, it would look just fine. They should replace the countertops here for sure, it would help the staging.
Unremarkable and predictable. Way over priced.
I live in this building, and love it here. The facade issue is in litigation and has a reasonable chance of making owners whole from a previous special assessment, which will go into the building’s
capital fund for future expenses. Gringozecarioca doesn’t like the people who reside here but MANY are highly successful prominent citizens who mind their own business, and furthermore, despite having over 200 units, you rarely run into others either in the garage, hallways or elevators due to a great design and efficient systems. My unit has stainless and more neutral granite and is not outdated (yet). One could opt for 2 W. Delaware (Walton on Park), pay more, and have renters for neighbors if they are able to fill the building at all.