Crib Chatter

If you go on one of the Architectural Foundation boat tours, they will inevitably mention Lucien Lagrange’s River North “masterpiece”, Erie on the Park, at 510 W. Erie.  Built in 2002, the building has become a signature building on the far west side of River North with its criss-cross design that is similar in feel to the John Hancock building.

The building is highly praised and the units have great views and nice, modern finishes.

The question remains: why aren’t units appreciating in the building?

One theory is that the units were overpriced in 2002 and, frankly, have stayed flat as more product has come on the market in the neighborhood.  Some owners are struggling to make any profit in the building.

This three bedroom unit seems like a “deal” compared to other three bedroom units in River North.  It has Southwestern views that cannot be obstructed.

Unit #1202: 3 bedroom, 3 baths

• Sold in September 2002 for $517,900
• Currently listed for $689,900 which includes 2 tandem parking
• Rubloff has the listing

At least this owner may make something over the five years.

Others don’t appear quite as lucky:

Unit #702: 2 bedroom, 2 bath, 1150 square feet

• Sold in November 2002 for $375,900
• Currently listed for $376,900
• Parking is $35,000 extra
• You can also rent it for $2500 a month
• Prudential Preferred has the listing

 

 

Unit #1702: 2 bedroom, 2 bath, 1100 square feet

• Sold in September 2002 for $406,900
• Currently listed for $375,000
• Parking is $30,000 extra

 

Unit #707: 1 bedroom, 1.5 baths

• Sold in August 2002 for $246,900
• Sold in August 2004 for $232,000
• Currently listed for $289,900
• Parking is available
• Rubloff has the listing

The building has won design awards.  But is something else going on with the building?  The two bedroom units listed here are pretty cheap for the square footage, the finishes and the location.