South Facing Views As Far As the Eye Can See: 500 W. Superior in River North
This 3-bedroom penthouse in The Montgomery at 500 W. Superior in River North came on the market in February 2015.
The Montgomery was originally built in 1972 as Montgomery Wards’ corporate headquarters. It was designed by Minoru Yamaskai, who was designing the World Trade Center at the same time.
It was converted into 245 luxury condos at the peak of the market in 2007.
This unit has 14-foot floor to ceiling windows that face south with views of the Willis Tower and the entire loop skyline.
It also has a rooftop cabana with a 1000 square foot private terrace.
The kitchen has luxury finishes including stainless steel appliances.
It has central air, washer/dryer in the unit and 2 side-by-side parking spaces are available.
There are plenty of penthouses available right now across the city.
Do the south facing city views set this penthouse apart?
Terri McAuley at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #2801: 3 bedrooms, 3 baths, 2 half baths, 4700 square feet
- Sold in January 2007 for $2.645 million (sold with 2-car parking)
- Originally listed in February 2015 for $3,487,500
- Reduced
- Currently listed at $3.295 million
- Assessments of $2676 a month (includes heat, air conditioning, gas, doorman, cable)
- Taxes of $26,756
- Central Air
- Washer/Dryer in the unit
- 2-car parking available (not sure if that’s included or extra)
- Bedroom #1: 23×18
- Bedroom #2: 20×17
- Bedroom #3: 22×18
- Family room: 41×12
Almost moved here over the Legacy because layouts(esp 3 br) + some finishes are nicer + high ceilings but the lack of retail in the location makes living a pain in the butt. Might as well live in a suburb if you have no walking convenience to ANYTHING except a bank. This is a Peapod condo. Peapod is okay but it’s much nicer to just walk across the street to the CVS or Target if I need something. Or any other CVS because they are everywhere in the Loop and one is always open. Never discount conveniences when considering location, it’s the one thing that will eat away at you on a bad day.
This place is set apart by your own private rooftop deck and cabana on a high rise I’d think more than the views, which are also pretty awesome, looks like a lot of work was done since 2007 which might explain the million dollar price adjustment. Also the neighborhood is much improved too and then there’s the whole ‘mortgage rates were 6.25% in january 2007 too’
actually if you do 80/20 financing 30yr fixeds for both (not that people at this price point do that but for comparison purposes)… it actually was $13,028 a month in 2007 vs. $12,584 a month today @ 4%
The 14′ ceilings and the string of windows with no pillars is certainly amazing. However, 28th floor for a penthouse is disappointing, the location is terrible, and the building has no real amenities.
It is a nice,open, and spacious unit.
It might be my fear of height, but I won’t enjoy a rooftop deck on 28th floor. I wonder how many people do?
In fact, I think I had set foot into our balcony total of 3 times in our place and then have ran right back inside within 2 minutes.
Not everyone is scared of using their balconies.
http://www.nbcchicago.com/news/local/chicago-fall-aqua-building-269801651.html
why is the location terrible? seems pretty prime to me
“why is the location terrible? seems pretty prime to me”
feels way too far west.
“It might be my fear of height, but I won’t enjoy a rooftop deck on 28th floor. I wonder how many people do?”
This is really pretty different from a regular balcony. The railings which come before the edge seem pretty high. Sure you could do something additional if really that concerned. I don’t love heights generally but I’ve had apartments with regular balconies in the 30s and 40s and gotten good use out of them, to the extent one can in Chciago.
I love the terrace. It could be like a back yard for dogs (as long as they aren’t jumpers).
The view is fantastic too.
I think I would still perfect a row house in the Gold Coast over this place though. It would lack the view, but it would be great not to have to deal with a condo board.
“feels way too far west.”
feels or is? Big difference lol
“I think I would still perfect a row house in the Gold Coast over this place though. It would lack the view, but it would be great not to have to deal with a condo board.”
I’d like an big ole house in barrington hills on a lake at this price point.
https://www.redfin.com/IL/Barrington/48-Brinker-Rd-60010/home/77441171
1) to the comment that 28th floor is way too low for a penthouse, this building has unusually tall floors (ranging from 10 feet to 16 feet), so the 28th floor here is equivalent to 45th-50th floor elsewhere (building is over 400 feet tall)
2) Great building; high quality construction, great architecture, lots of architects & design people live here. We looked at a couple units, but couldn’t afford a unit as large as we wanted and weren’t willing to settle for the size we could afford.
3) One significant drawback to the building (not sure about this unit). Built as a commercial building, not residential, so floor plates are very deep. Most units only have 1 exposure, and some of the bedrooms lack windows (other than clerestory ones to provide light)
4) location: This was “at the fringe” a few years back, but with everything going in around there & north of there towards New City development, it’s a great location. Yes–it’s a long walk down Chicago avenue to get to Michigan ave., but it’s got great access up to Depaul area, to west loop, to highway.
“I’d like an big ole house in barrington hills on a lake at this price point.”
ah you must be one of those mosquito afficianados I hear about
This one has beach access and 10,000 more square feet for $700,000 less: http://www.estately.com/listings/info/105-south-deere-park-drive–4
You could pay for many years of a private driver with the $700,000 you’d save.
“You could pay for many years of a private driver with the $700,000 you’d save.”
Condo: T+A = $58,868/year, includes heat, ac, etc
House Taxes = $121,447, includes nothing. Heat + ac for that place is probably at least $10K per year.
So, the $700k savings pays for taxes and utilities for 10 years.
That story about the fall from the Aqua is awesome. Years ago I was driving east on Chicago Avenue, stopped at the light diagonal to the old YMCA. Enjoying the weather, first nice spring day, window open, looking to my right. BAM! Some dude jumped from the top of the Y, flew all the way over to my car, splatted right next to it. 10″ dent in the street. Great story to tell my buddies when I met them at Pippins.
WTF? Why has no one mentioned that 2nd installment tax bills were online as of June 30, 2015?
cuz I don’t really care?
“cuz I don’t really care?”
You’re so rich you don’t care that your real estate taxes increased exponentially? AWESOME!
“You’re so rich you don’t care that your real estate taxes increased exponentially?”
My taxes are less than they were 5 years ago.
Who’s buying race horses with Long Grove’s corporate fisc?
“My taxes are less than they were 5 years ago. ”
Because you live in the slums
“You’re so rich you don’t care that your real estate taxes increased exponentially? ”
Really exponentially?
My River North condo taxes went up an exponential 2.33% over last year.
mine with up 6%. then it’ll be another 6% next year too. 6% YOY eventually goes hyperbolic.
Mine went went up about $60. I’m setting aside extra money each month because at this point, the value listed on my tax statement is about $100,000 less than what my place is actually worth. Is there a limit to how much the property taxes can go up in a year based on a home’s value assessment?
“mine with up 6%. then it’ll be another 6% next year too. 6% YOY eventually goes hyperbolic.”
We finally know he’s not living north of Lake-Cook Rd. Did Park Ridge get triannually reassessed this year?
My AV stayed exactly the same and the taxes barely went up.
PS is it true that the AV is supposed to be 1/10th of the market value?
triannual (adj.) tri·an·nu·al
1. done, occurring, issued, etc., three times a year.
triennial (adj.) tri·en·ni·al
1. occurring or being done every three years
figured I’d correct the mistake before anon(tfo) did.
“You’re so rich you don’t care that your real estate taxes increased exponentially? AWESOME!”
Mine have gone down every year drastically except this year where they *GASP* went up I think… 15 dollars? lol
and at the moment, not rich, saving like a madman 🙂
I dont understand why anyone would ever buy a place like this. At $34k / year HOA, you dont own anything. You could find a super nice place to rent instead.
Then again, I dont have the same though process as those that buy $3 million places either I guess.
“I dont understand why anyone would ever buy a place like this. At $34k / year HOA, you dont own anything. You could find a super nice place to rent instead.”
What do you think the yearly maintenance costs are on a $3 million single family home?
Do you think they’re doing their own lawn maintenance? Shoveling the sidewalks? What about paying for the security system? What are they paying per year to heat it, cool it and for cable?
If it’s a newer SFH, you have awhile before you have to replace windows/roof.
But these other costs aren’t trivial.
My taxes are down a whopping 0.95% from last year.
“mine with up 6%”
1 sigdig. 13 bips makes a difference over the course of that infinite curve.
Do you expect everyone else to pay for your kid’s excellent schools?