Re-Selling a 2-Bedroom In The Silver 3 Years Later: 303 W. Ohio in River North
This 2-bedroom re-sale in The Silver, the newer construction tower at 303 W. Ohio in River North, just came on the market.
There haven’t been many resales in the building, which the listing now says is 100% sold.
Purchased 3 years ago for $399,500, it is currently listed for $400,000.
At 1080 square feet, it has southern exposure and a split floor plan.
There were some upgrades in the unit including 1.25 inch granite counter tops in the kitchen.
It has the standard new construction amenities including central air, washer/dryer in the unit and parking (which is included in the price.)
With other 2-bedrooms in nearby buildings now listed for under $300,000, how will these sellers make out?
Garry Nusinow at Sandcastle Management has the listing. See the pictures here.
Unit #1806: 2 bedrooms, 2 baths, 1080 square feet
- Sold in July 2009 for $399,500 (parking included)
- Currently listed for $400,000 (parking included)
- Assessments of $441 a month (includes gas, doorman, cable)
- Taxes of $5802
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 11×14
- Bedroom #2: 11×11
- Living room: 14×16
- Kitchen: 8×10
They already pay a grand a month to live in a box before the mortgage note. They also think the overall condo market decline since 2009 doesn’t apply to _their unit_ despite nothing unique at all about the place. Their disassociation from reality I find comical.
That is one tiny living room. 14×15 isn’t much bigger than a bedroom. 400k for a 1080 sq feet condo is bubble pricing. It will sell for around 330-350k.
They misunderstood their financial advisor in 2009. He said to buy silver not buy at The Silver.
Dooooh!
It maybe 100% sold, but based on my observations from the building sort of behind them, of the number of apartments that have lights on, it is not 100% occupied. It looks like 50% or less. That unit is small. At least they include the parking space in the price.
I cannot believe they paid almost 400k for this in 2009 !! If they get above 300k, I will be shocked
100% sold? I’m not sure what happened but I’m pretty sure there was a bulk sale of units in this building. I’ll try to dig up some info on it. Also this unit is tiny and terrible 1080 sq ft sounds like a stretch.
Well, I can’t find any info on a sale going through but I highly doubt they found 82 end user buyers in the last year after they very publicly advertised a bulk offering. So the whole “100% sold” thing sounds mighty fishy.
I walk past this building everyday and there is a huge sign out front that says 80% sold.
They really should charge a special ass. And enclose those balconies. Yes the LR could use some extra space but the real benefit is that fewer owners will be able to leap after seeing their values drop so painfully low!
“Well, I can’t find any info on a sale going through but I highly doubt they found 82 end user buyers in the last year after they very publicly advertised a bulk offering”
googled the hell out of it:
http://yochicago.com/silver-tower-raising-prices/22869/
Sounds like a “maybe” on the sell through. Comps are probably a killer tho.
Nice looking building from the outside, but the rooms are far too small. Less than 1,100 SF is pretty small for a 2-bedroom. The LR size is a joke (and of course it’s for dining as well, so you have to fit your table somewhere in there).
However, the unit does have some really nice views, and parking is included. Taxes and assessments seem manageabe. A balcony is also nice to have, and I wouldn’t want to enclose it for more space.
I’m thinking someone buys it for 375K.
$375K still seems like an awful lot given the space that will buy you in west/south loop but what do i know.
new building maybe gets a premium but that still seems like a lot of premium.
The Silver is 100% Sold, they sold the last unit in the building early in 2012. I’m amazed how small this unit is, however, I think it won’t sell for much below ask… I’m guessing $375k
This is new enough that it does deserve a premium over the older, poorly run buildings are selling for under $300k, but there is no way it sells for $400k. They had to slash prices by 1/3 or more to finally sell out, so there have to be comps in the building that sold from the developer for well under what they paid. I agree with MikeHG that $330-350k gets this sold.
Adam, that may well be true but there is a big difference between selling 80+ units in bulk to an RE investment group and selling them to the general market. The latter seems like a virtual impossibility (who would buy in after it was made so public they were desperate to dump units?) If the agent is trying to use the former as a selling point by saying “100% sold”…well that’s just hilarious is what it is.
As of November 2011, they had 15 or so units available and slowly sold those until it was 100% sold in beginning of February, so I assume those were to individual buyers. I cannot say what happened to the units sold prior to this time, because I was not in the market then… I do know that once Jameson took over the building they were more aggressively selling the units.
Including parking (usually 25-30k in this area), is what leads me to believe 375k will be the sale price.
“there is a big difference between selling 80+ units in bulk to an RE investment group”
Everything I found about how the transaction was completed sez the note was sold, and the buyer(s) aggressively marketed the remaining units to the public. There were not ever ~80 units held for rental rather than sale.
I simply cannot believe they sold 82 units to end users since these were being offered in bulk almost exactly a year ago. Does anybody have some insider info on this? I suppose it’s possible but it really boggles the mind. I feel like somebody is counting the foreclosed units as sold.
This location is subpar, because it sits right where the Ohio St. ramp dumps traffic, and the elevated Brown Line is right there. How loud is the “L” in this building?
350-360
This unit is on the opposite side of the El tracks and the opposite side of Ohio St., so the noise probably is not bad, not that its that bad anyway, with the exception of those asshole motorcycle riders
“I simply cannot believe they sold 82 units to end users since these were being offered in bulk almost exactly a year ago”
The loan buyer has sold at least 30 (30 deeds in ccrd, possible some conveyed more than one) since Sep-11 to individuals and land trusts. And 11 had apparently closed between announcement and May 9, 11 (per yo), so, 41 selling between early May and early Sept isn’t too crazy.
Agree with Sonies about those damn motorcycles. The Brown line can be noisy, but it doesn’t seem to run that frequently. You get used to it,. Just don’t stand underneath it on Franklin. That can be painful.
These are tight units that also have annoying corners cut out of rooms for heat/ac. I would predict low 300s.
Andy, I live in the building and it absolutely did sell out 100% to end users (we have about 5 waiting still to Close). The bulk investor bought units over the summer, but there weren’t that many remaining by the time they took over. The bulk investor will be entirely out once those last few sold units close and all sales have been completed to regular buyers. I agree, it is pretty impressive and mind-boggling (Jameson won a bunch of sales awards for the job they did).
To Steve A, don’t be ridiculous. Judging how occupied a building is by how many lights you see on is incredibly stupid.