Comments ( 45 )

• do you mean the reciever or @ properties?

• @properties.

• There is a special assessment, how can I find out what is in store for those that close?

• elibee,

  What’s the source of your info?

  A special assessment would be extremely unusual at this stage of the development.

• i have never heard of that….i live in this building and currenty one of my friends is going to buy a new condo here too and Jameson Reality hasn’t mentioned anything like that

• on a s side note we just met with the Mgmt Company (current HOA) and we were told our building is good for a year even if there were no sales. so they advised us to expect no Assestment increases for a year.

• owner,

  A special assessment would have to be approved by a vote of the owners.

  If you haven’t heard of one there isn’t one.

• thanks Joe, by the way they listed the new prices for all the remaining units yesterday at the open house. I didn’t get a sheet, but I suspect they will have another one today. Prices looked really good, glad they were in line with what I paid!

• Well I spoke to a Jason Pohlanski from @ properties just recently, who advised me NOT to buy at the Silver Tower. Why would that be? I know the building’s been foreclosed, there is ZERO money in the reserve, there is no more manufacturer’s insurance on ANYTHING, but why in the world would an agent from @ properties advise me not to buy? Hmmm… seems like if you can get an $800k 3br for under $400k, that’s a pretty good deal even for investment only. Any comments anyone? Prospective buyers or owners… I personally love the building but now am having second thoughts.

• I own (07 tier) in the building and thats 100% not true. Jason is just upset bc they were thrown out and Jameson is agent now. We just had a meeting (even with the reciever) and we are in good financial health according to the documents. Also, I spoke to Jameson reality and they have aprox 30 contracts since the new prices. Feel free to leave me your email and we can talk offline.

• and I doubt you can get 3br for under 400k. you can get a 2br plus den for around 445 with parking on a high floor. The 07 tier is the best layout.

• Honestly, my experience with the main ST @ properties sales agents was horrible. However, my agent was actually with @properties too, he was great though…..good friend of mine and I would do business with him again. Anyhow, I bought in Nov 09 for 435k with parking. Great deal and financing packgage. 30yr-4.3%apr. However, I can say I’m not the only one who says the @properties sales team at Silver tower SUCKS. They were rude, not friendly and always seemed to hide information. They didn’t even congratulate me on my purchase when I saw them and I made them over 10k in commission, I don’t trust them!!

• Chris:

  If you check our more recent Silver Tower posts, you’ll see that Jameson took over marketing from @properties, whose Silver Tower sales team included the person you named. Could be that he was trying to give you the inside dope; could be that he was disgruntled over losing the building to a rival brokerage. Instead of taking his word for it, you might want to check out the building yourself — that might be the easiest way to encounter actual buyers.

• 100% agree with Joe as well. I really love the building though and wouldn’t change a thing, all though, i wish i had a few floors higher! seems you can get a higher floor 20, 25 for about what I paid

• BTW here is one of two main realators for jameson on the ST property. I saw her the other day and they are really friendly.

  abumia@jameson.com

• I agree with ST Owner and Joe on this one. I currently own in the Silver Tower and have been nothing but extremely pleased with my purchase. Jason is probably a little upset that his team no longer represents the Silver Tower. The building is great and the management team is very good as well. The views (especially facing south) are awesome.

  Also, to ST owner’s point…the building is a good financial health and there is money in the reserve to my understanding to cover the unsold units for sometime. We have not seen any adjustments in our HOA.

• Anyone know why the ST website is down?

• Looks like the site that was up (silvertowerchicago.com) may have still been hosted on the @properties site. It redirects to the @ main page now.

• Mike:

  If I remember things correctly, a Jameson agent told me last year that the company preferred to use the development page for Trio on the Jameson website instead of trying to update the standalone Trio website. I noticed while writing about the 1400 Lake Shore Drive auction that that development’s website eventually redirects to a 1400 Lake Shore Drive page at Jameson.com. It makes sense to me, especially with some of these projects playing musical chairs among the brokerage community, plus it means fewer Flash-based sites with stock “lifestyle” photos and bad music. If I had one complaint with what Jameson’s doing, it’s that their development pages have small thumbnail photos and don’t consistently offer info on pricing, availability, and floor plans.

• Thank you for your comments. The reality is the banks want as much of their money back as possible. And when you’re working with CASH only, I’m sorry to say but it’s still KING, especially in this market. Banks like cash buyers, and they could care less how much other unit owners paid for their units in high times- they just don’t. They are just looking to get as much money back as possible… and with cash it’s simple and not complicated as it is with loans. There is no need to discuss this furthermore offline, I simply am stating facts. Loans are complicated and take a long time.. just look at Jason Pohlanski who in a youtube video dated I believe from around November 2008, just 6 months before the first units were delivered.. he clearly stated that “over 70% of the building had sold”… yes, but sadly 80% of those prospective buyers never made it to the closings, and over 90% were denied loans. That 3-bedroom with 1800 sf is worth no more than 400k, when a building has been taken over by the banks. And that most definitely includes at least 2 parking spots side by side and a full year’s paid assessment. I apologize if I upset anyone on this blog, but trust me, this is all based on pure fact. I’m more sorry for those out there who went out and paid the $800k for a 3br or $600k for the 2 br in the 07 tier, as an example. Cheers!

• Chris,

  If what a buyer told me on the phone the other night is accurate, the bank has yet to catch up with your version of the facts. He reported that he’d submitted an offer on a 2/2 at $375k, with 20% down payment and it was rejected. And his offer did not include 2 parking spots.

  You’re giving us your opinion of value, which is fine. But it’s not necessarily a fact. Have you offered $400k for the unit you describe?

• I am currently looking at buying into the silver. does anyone know if they are still willing to accept lowball offers from cash buyers? 757 Orleans is throwing in free parking? Have they been flexible with their asking price?

• I suggest contacting abumia@jameson.com she has been helpful. from what i hear though the new prices listed on the MLS are pretty much bottom line. Not sure about cash buyers though. Im sure that will give you more discounts.

  Just so everyone knows I just saw Jason (with @properties) here at ST meeting a client. Found it funny that he tells Chris not to buy, yet he is here pushing units to other people.

• Can someone explain this to me, please? http://www.dreamtown.com/viewDetail.do?ln=07396144
  Joe to answer your question, no, I did not submit any offers as I am not in the market to purchase. However, a family member has 100% cash purchased a 2 bedroom and I honestly would rather not disclose the final sale price and what it included- it would really aggravate a lot of the current owners. The reason I mentioned the whole cash thing was to worn potential buyers of the possibilities especially those who have that type of cash at hand. All the best, take care!

• Chris,

  No explanation for the record at DT. There’s no corresponding record for that sale at the Recorder’s office, nor at Redfin.

  I think a lot of people would buy a 3/2.5 1800+ square foot duplex at Silver Tower on that floor at that price sight unseen.

• @Chris Stevens

  There is an error in that listing. Either the Unit #2801 is wrong or the description is for a different unit since all Unit #xx01 are 1/1 and 829 sqft. Given the listing price, it’s most likely the latter (sub $200/sqft would be closer to an auction situation).

• 100% agree that the listing is wrong. I would look at jameson reality’s website or the MLS. Never use 3rd party sites, as it introduces errors. Go to the source! MLS or the listing agents! If you look at the date 12/10/09 is before the prices dropped so this was probably a post by @properties and the developer. I saw a ton of errors by @properties in previous listings.

• @chris Stevens. You may want to do more research.

  As stated earlier by ST Shopper the 01 tier are all 1bedrooms with the exception of unit 1201. I have a price sheet from dec 09 and Feb 2010. Before the price changes.
  unit 2701 was 346,900 this is right below 2801 which is a 1 bedroom too. However, Unit 1201 is the big one, and it listed at 879k.
  Joe if you want these price sheets i have them scanned. Let me know.

• ST SHOPPER! No not all “xx01” units are 1 bedrooms. 1201 is a duplex, 3 br and 3101 is a 3 br as well.. it’s on the MLS.

• I’m totally in love with this building, especially the southern view. Does anybody know the speed of sales after the March price cut? And personally I won’t recommend 757 N Orleans as many units there are not even finished inside.

• I hear they have about 45 units now under contract, check with abumia@jameson.com as she is one of two sales reps.

• I would not deal with abumia@jameson.com as she is extremely rude and unfriendly. I found the other agents (Lindsey) is extremely helpful and would much rather deal with her.

• why doesn’t Jameson put sq. ft. numbers on the listings on the MLS? They have the data via the floorplans / architect plans…it’s really frustrating to consumers and brokers when people don’t include that information when it is readily available…

• price sheet which lists the sq feet are located here on Jameson site.

  http://www.jameson.com/developments/details.cfm?guiDevelopmentID=248a1bbe-9136-4dde-bc8b-dcdbdc38ad19

• Jameson Real Estate took over the marketing and sales for Silver Tower on March 20, 2010. Since taking over the marketing efforts, Jameson has procured 48 sales contracts, and the building is currently 54% sold. Closings begin on June 1, 2010.

  There are huge price reductions in place, up to 33% of original pricing, special financing available through MB Financial and the project is FHA and Fannie Mae approved.

  With as low as 5% down, there is no PMI on any of the MB loan products and 30 year fixed rate is as low as 3.875%.

  You can visit us online at http://www.jameson.com/silvertower or at the sales center located at 303 W. Ohio #3006.

  Open House Hours:
  Tuesday 12-2
  Thursday 3-6
  Saturday/Sunday 12-4
  or By Appointment

  Lindsey Delrahim | Ami Bumia
  Jameson Real Estate
  C: 312.371.3652 | C: 773.425.5877
  ldelrahim@jameson.com | abumia@jameson.com

• PROBLEM WITH TIER 6 SECOND BEDROOM WINDOW FROM 25th floor and upwards.
  There is problem with window of the second bedroom. They dont open due to the the balcony wall wrong alignment.
  So the second bedroom is as good as being with no windows.

  Its better to negotiate the price keeping this fact in mind since the prices are still on the higher side and the building is being sold AS-IS and the seller is not going to get this fixed.

• I kept going back and forth about 757 Orleans band ST and finally decided to buy at ST because the units were finished. I hear 757 is investor heavy and it did not make me feel comfortable as knowing what the bottom line was from the start. I have been working with Ami or abumia@jameson.com, I could not have had a more positive experience with her and the rest of the sales team. I ran into a few current owners in the buiilding and they honestly had nothing bad to say about the building even though the prices have come down since they purchased. BTW: I had an inspection done on my unit, and no issues with the windows in my unit.

• Please feel free to contact me at stbuyer2010@gmail.com. Thanks

• The problem is with only 06 units from 25 floor and upwards. The sales team is awesome.
  What floor did you buy and it is up to you to ignore the problem but do consider the monetary aspect of this when in future if you are going to sell this.

  All the best.

• STBuyer!
  Good you let us know about the problem with 06 units. I have somewhat related take on Silver tower.
  The building is foreclosed and the units are sold with the foreclosed type of condition – no punch list etc, but the pricing is
  still high in current market.
  If you take the MBs rate which is good, but you should not plan on reselling the unit until the good old times come since the prices are still high. The price cuts is more on higher priced units and very less on lower priced units. If you got the upgraded unit or previously higher priced unit , then you are fine in case you want to resell.
  The 06 units in lower floors closed at 380s including at least one
  parking (according to my agent) ,much below than what Jameson sales team says (to me) that is avg 400k plus parking. And at that time in late 2009 there were similar offers too like low rates and credits, but no foreclosure conditions.
  The receiver seems to like the job of receiving only… not selling
  the units. As Chris Stevens says, even I feel ST sellers are
  interested in cash offers and so promptly rejecting reasonable
  non-cash offers. I like ST building, but I dropped the idea of buying one here at this high prices.

• You really think the prices are still high? Do you know of a better “bargain” in the River North area, with that view and financing?

• There seems to be a few sub-$300/sqft (approx $330k without parking) under contract for the 03 units on lower floors. Even without a punch-list or warranty, that’s a pretty darn good deal for this building and location. Although I don’t agree that remaining units are (terribly) overpriced, they are neither a bargain.

• Does anyone know what service are included in the ST HOA? Thx

• ST Owner,

  I am curious about the descrepancy in unit 1201 pricing too. Would you mind emailing me the pricesheet you have on it indicating the 879k? It would be greatly appreciated as I am considering an ST purchase as well. Thank you!

• 1201 is a 3 bedroom, i live in ST and own a unit in the 07 tier……contact abumia@jameson.com as she is one of the agents. she will get you the latest available units. From what I heard they have closed over 60 units since aprox March….