Are River North sellers poised to profit at 757 Orleans?

River North’s 757 Orleans was one of the buildings that saw sales slow to a trickle during the downturn in the latter part of the last decade.

The River North building eventually sold out in May of 2012 via a bulk sale of 39 units to an investor.

Two one-bedroom plus den units are currently on the market and attempting to eke out a profit on resale. The units appear to have similar finishes and are in the same tier, only seven floors apart but far apart in asking prices.

Unit 1410 was purchased for $327,500 in December of 2008 and is currently listed at $365,000. Unit 710 sold for $255,000 in October of 2011. It was listed for sale at $332K in October, reduced to $299K early last month, and is currently in contingent status.

757 Orleans is a full-amenity high-rise in a very convenient location. It’s a block from the Brown and Purple Line stop at Chicago Ave, where there’s a Walmart Express and a Starbucks. Walgreens is in the building and there’s a lively bar and restaurant scene within a short walk.

Near North Side development, aerial view

We recently posted an aerial overview of the extensive development activity in the immediate area.

What accounts for the nearly $70K spread in asking prices between these two units? Is 757 Orleans poised for .price increases?

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