Will this seller get a nearly $200K pop on an Aqua convertible?

Unit 5909 at Aqua, 225 N Columbus Dr, was just listed for sale at $482,000. According to the Cook County Recorder’s Office, the unit was purchased in September of 2011 for $289,000. It doesn’t appear to have been substantially upgraded.

The listing refers to the unit as a 1-bedroom, but floor plans and listing photos make clear that it’s a convertible studio with an alcove sleeping area. The unit faces south and it isn’t high enough to have unobstructed views over neighboring buildings.

Monthly assessments and annual taxes for 2012, according to the listing, were $340 and $1,617, respectively. It would be wise to expect the taxes to rise substantially when the unit is fully assessed.

According to public records Unit 6409 sold in August of last year for $335,000; Units 7209 and 7409 sold in July of last year for $340,500 and $350,000, respectively.

Is there a value element missing in the sales from last year? Has the market appreciated that much? Or is a seller just taking a flyer?

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