River North Penthouse With Huge Private Terrace Returns: 156 W. Superior
This 2-bedroom penthouse in Case Study at 156 W. Superior in River North recently came on the market.
Some of you may remember this property because we chattered about it in 2013 and 2017. You can see our 2017 chatter here.
If you recall, Case Study was designed by Miller Hulls in 2006 and has just 11 units.
There is no doorman or amenities.
This penthouse is a duplex with the living areas on the main floor and the private rooftop terrace on the upper floor.
It has a private keyed elevator and 3 outdoor spaces, including a huge 1200 square foot terrace.
The kitchen has Arclinea high gloss white cabinets, Gaggenau appliances and a 14-foot kitchen island.
It looks like there are concrete floors throughout.
There is also an Elan G smart home system with central remote.
For those with cars, a rare 2-car garage is included in the price.
In 2013, Case Study was in its own little world with an old motel across the street and empty parking lots nearby. But over the last 6 years, new construction luxury apartment high rises went up all over the neighborhood.
In 2013, this unit went under contract in just 3 months.
But if failed to sell in 2017 and is now listed for $305,000 under the 2013 selling price of $2.4 million, at $2.095 million.
Will this lower price get the sale done?
Brooke Venderbok at @Properties has the listing again. See the pictures here– with plenty of pictures of the rooftop terrace and views.
Unit #PH: 2 bedrooms, 2 baths, 3000 square feet, duplex, 2 car garage
- Sold in August 2006 for $1.635 million
- Sold in November 2013 for $2.4 million
- Was listed in April 2017 for $2.495 million
- Withdrawn
- Currently listed at $2.095 million
- Assessments are now $955 a month (they were $910 a month in 2017 and $639 a month in 2013) includes exterior maintenance and snow removal
- Taxes are now $33,555 (they were $29,927 in 2017 and $21607 in 2013)
- Central Air
- Washer/Dryer in the unit
- Private rooftop deck that is 1200 square feet
- Bedroom #1: 21×13 (main level)
- Bedroom #2: 19×13 (main level)
- Gallery: 26×5
I walk by here all the time and have always found this place uniquely depressing and semi-hideous. Now that the view is partially blocked there’s even less appeal. I’d guess I’d prefer 95% of the other available properties at this pricepoint over this one, but then I’m hardly the target market.
I remember when the shill who shall not be named freaked out when I mentioned the construction across the street was greatly going to impact the views from this joint, photographer did a good job excluding that ugly horrible looming monstrosity across the street though, but man that is a huge bummer for the sellers losing nearly 400k of equity in a couple of years… imagine if you put that in the stock market instead in 2013… you would be up bigly
nice place though, the outside is not aging well
“freaked out when I mentioned the construction across the street was greatly going to impact the views from this joint”
Seems to be a CC theme…
“private roofdeck”
According to some on CC, not really.
“3000 sqft (INTERIOR)”
from the building footprint and the floorplan, that seems like a little bit of a rounding-up; main floor seems to be more like 2850.
I’m impressed. This one might actually be worth the price. A true penthouse.
I think this building is a beauty. Love it but wow…..I cannot believe what these people paid for this!!! Yowza.
I’m surprised no one has commented on how much the taxes have gone up since 2013.
they aren’t going to stop going up either, you’ll see in July I guess!
“I’m surprised no one has commented on how much the taxes have gone up since 2013.”
AV = 135,480, so they are *still* way below “fair”. Should be something like 50% higher.
Higher end condos are consistently under-assessed.
12k tax hike at a 6 cap rate. And expectations for more taxes now. Fairly easy to see how they lost 400k now. Gov failed to reign in pensions and property owners getting crushed now. Fairly easy to see how 13k In taxes translates to 250k of the value loss. If you include the loss of salt deductions and capitalize that expense you get to the full 400k loss. Assuming the owner is in the highest tax bracket they went from paying 12k a year in prop taxes to 33k a year.
The property hasn’t even fallen in value yet. It’s the same price just 400k of property value went to the government.
Assuming a person in this unit was in the top tax bracket then taxes have triple on the place
In 2013 you could write 42% of the 21600 off of your federal taxes. So the taxes were about 13k. And then write off some interest expense. The taxes nearly tripled from 13k to to 33500. Take that 20k and capitalize it at the price luxury apartment buildings trade at a 5 cap. The property hasn’t changed value since 2013. The government claimed 400k Co the property value in taxes. Same value just changed who owns it.
Not sure how much you can say it’s underassessed now. If the taxes go up the sale price goes down.
“Not sure how much you can say it’s underassessed now.”
It’s assessed for ~55% of the last sale price.
Given the assessment system in place in Cook County, how can anyone say that it is NOT underassessed, with a straight face?
Whomever edited the pictures surely “overdid” it…….. they just jump at you hurting the eyes.
Ceiling in the living room is beyond me and frankly an outdoor space with lots of people oogling you is not my idea of a relaxing time.
Lots of other places for that money offering more privacy.