Last month I put up a post about some resales springing up at Silver Tower, 303 W Ohio St. Now a few units are showing up on the MLS as rentals, giving home hunters yet another option to consider in River North.
Three one-bedroom / one-baths with 784 to 829 square feet are available from $1,699 to $1,950 a month. One two-bedroom / two-bath with 1,190 square feet is listed at $2,500, and one three-bedroom / 2.5-bath — described as a 1,700 square-foot home with a 1,000 square foot deck — is listed at $3,850. $200 seems to be the going rate for a spot in the garage, except in the case of the least expensive unit, which has a space included in the rent.
At least three of these homes are among the almost 70 that closed at Silver Tower last month, according to Redfin’s MLS data. Those sales ranged from the $260s for a one-bedroom to the $740s for a three-bedroom penthouse. At least a third of the tower’s 225 homes had closed as of last month.
where are you seeing that on redfin.com? I don’t see that many closings, but heard they had a ton in Nov. I’m an owner at ST and want to see the all the recent closing info. Thanks in advance.
st:
If you’re logged in at Redfin, you can find past sales through the advanced search by clicking the box next to “Sale records” and choosing the number of months or years through which you want to search.
thanks, i followed your instructions but still not even my unit that I closed in Nov. Also, I am noticing conflicting dates and closing values. For instance, on chicagotribune’s site, I see 1407 closing on 07/14/09, however, redif says 484,900 on 12/16/2009. Any idea why are the dates and closing values different?
!!Chicago tribune site below
$518,500.00
Street View303 W OHIO ST 1407, CHICAGO, 60654-7809
I came across your site while searching around for rentals in the Chicago area.
How would I go about finding more information on the specific rental units available that you have mentioned in this post? You mention the MLS showing the rentals but the links within the post do not lead to the relevant MLS listing. Any related information is appreciated.
searching:
I use Coldwell Banker’s search to find listed rentals. You have to create an account to do it, but once you do, you can do a search by address. The rentals usually show up at the very end of your results, since their monthly rates are so much lower than the prices of the for-sale units. (It’s easiest to reshuffle them by price, low to high.)
For the sake of convenience, here are the rentals listed at Silver Tower:
#3005: 1 / 1, $1,699
#2301: 1 / 1, $1,800
#3305: 1 / 1, $1,950
#1907: 2 / 2, $2,500
Unit unknown: 3 / 2.5, $1,700
There are easier ways to get at the rentals on the Coldwell Banker local site.
Using Joe’s method you can select a low to high price sort to get at them. Even easier is to select a search by ZIP code or address and click the Rentals option to limit your search to rental results.
You only need to register to see all the listings. You can see about 90% of them without registration.
It’s rather amazing to me that, in a market where rentals have become a huge factor, it’s impossible to search rentals effectively at most broker sites. The Coldwell Banker site is one of the easier ones to navigate for rentals.
Disclosure: Coldwell Banker’s a major client of our sister firm.
One more bit of clarification: Joe’s method will get you all the rentals in a specified city or area. Unfortunately, you don’t have the option on the CBRB site of searching for rentals alone (no for-sale units) for a specific address — you can only use a ZIP code or city name in the search that allows you to filter by rental.
If you know exactly which building you want to look at, you have to go through the process of searching by address and sorting by price. The methods have different benefits, depending on whether you’re wanting to compare a lot of neighboring properties or know exactly where you want to be.
Thanks for the clarification, Joe.
As for st’s question about sales records, I know there are a couple things at play:
1) I believe that the records you see on Redfin are only for sold units that had appeared on the MLS. Very few new high-rises have all their units listed — the major exceptions are Enterprise’s towers, really — so you’re not going to get records for sales of homes that were never listed in the first place.
2) The Tribune collects information from Cook County regularly, but I’ve no clue how often they get it and how long the average delay is between the time a record goes in the county’s books and the time it shows up in the Trib’s database. I usually check the Trib’s data against Redfin’s to pick up as many of those unlisted sales as possible.
As for discrepancies in sale prices, I’m not certain, but I’ve noticed it myself — they seem to differ about half of the time. I’m not sure where the differences lie, but maybe Zekas or another reader has an idea.
thanks for the response. I think maybe the difference maybe parking? Seems some units are off 30-35k which is the price of parking.
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