Digging deeper into Silver Tower's pricing
Posted 3/10/2008 by Patrick Rollens
The updated list of condos at Silver Tower, a 40-story high-rise in River North, offers an interesting window into the soul of the River North luxury buyers.
Two-bedroom homes have proved to be the most popular so far; just 16 are still available, but they're scattered throughout Silver Tower's 40 floors. Remaining two-bedroom condos range in price from the $440s to the $560s.
In comparison, two-bedroom homes at Superior 110, just north of Silver Tower, start in the $590s and top out in the $720s, according to the project's Web site. Parking at Superior 110 is $42,000, slightly more expensive than Silver Tower's $35,000. Both towers are under construction, though Superior 110 is a bit farther along than Silver Tower.
I was surprised to see that only a handful of one-bedroom condos had sold; those homes tend to draw interest from investors, but maybe that notion needs to be revisited in light of the current market. What do you think, Yo reader?
Comments
3/10/08
Joe Zekas said:
Patrick,
Your last paragraph left me a bit confused. After checking that Superior 110 has no one-bedroom units I realized you were talking only about Silver Tower in that paragraph.
Given the fact that we've been reporting that investors have largely been out of the market for some time, it should come as no surprise that there's little interest from investors. The notion doesn't need to be revisited - it's a dead issue for now.
Superior 110 has larger two-bedrooms, which accounts for some of the price difference. It's also on a far less busy street. I haven't looked any deeper but there are probably other ways to account for the price difference between the two projects.