Who needs artwork on the walls when the views are stunning? This is the northern view from 200 N. Dearborn.
Condominium appraisers say breath-taking, unobstructed Windy City views are worth their weight in gold at resale time, especially in a slow real estate market.
Premium views and a great location are a major lure for city condominium shoppers—so much so that they’re willing to pay a higher price for the vista, appraisers say.
Great views have a concrete, and often hefty, value as an amenity, according to Gail Lissner, vice president of Appraisal Research Counselors, Ltd., who notes that the value of premium vistas sometimes could account for up to half of a condo’s value. Identical units are priced higher if they are positioned on higher floors, or overlooking Lake Michigan, the Chicago River or downtown’s skyline instead of city neighborhoods.
Before shelling out that extra cash for a premium view, wise condominium shoppers should make sure that the view will remain unobstructed, experts advise.
It may be impossible to create perpetual views, but vistas from front-row developments that overlook Lake Michigan, the Chicago River, public parks, cemeteries, and permanent low-rise buildings such as landmark districts should last, experts say.
In booming downtown Chicago new high-rises seem to be sprouting on nearly every block. Many city condo buyers selected units based largely on the promise of lasting urban views. However, beware if the project overlooks a vacant lot, appraisers say. It is likely that the open space vista may disappear in the future.
Most developers of new-construction condo high-rises provide prospective buyers with actual views taken from a construction crane or simulated vistas created via computer. But the best way to know if the view is as good as presented by the developer is take a tour an existing building and see for yourself.
On a recent tour of 235 Van Buren, an innovative new 47-story condominium tower nearing completion in the Financial District on the southwestern edge of the Loop, developer Colin Kihnke noted that the tower showcased “sleeper views.”
Designed by renowned architect Ralph Johnson of Perkins & Will, the 714-unit 235 Van Buren is one of the tallest modern new buildings downtown.
“Before 235 Van Buren was built, we knew it would have great city views because of its location in the Financial District,” said Kihnke, president of CMK Companies. “But 235 Van Buren turned out to be a sleeper. We never expected the great views of Lake Michigan, the yacht harbor, Buckingham Fountain, and even the South Branch of the Chicago River.”
A duplex penthouse on the 46th and 47th floors has the most breath-taking panoramic views at 235 Van Buren. The one-of-a-kind 2,300-square-foot duplex features a 1,000-square-foot private terrace and price tag of $1-million-plus.
East-facing residences on higher floors at 235 Van Buren showcase the coveted lake vistas. Kihnke noted. “From the 30th floor to the top of the building panoramic lake views are featured. On the 45th floor, you have a drop-dead southeast view of the lake and Museum Campus and Soldier Field from the terrace.”
On lower floors, bold, urban city views are spotlighted, with vistas of the Board of Trade, Mercantile Exchange, Federal Building and the movement of Loop elevated trains.
Directly south, most condo owners at 235 Van Buren will take in a dramatic view of the South Branch of the Chicago River and adjoining green space along the east bank of the river front.
“The north view engages Loop high-rises and Sears Tower,” said Kihnke. “I call it a Manhattan view with space to breathe.”
The ultimate in urban-cool architecture and design, the building has sleek gray-tinted glass windows and cantilevered balconies, making the tower a new icon in the Chicago skyline.
With construction winding down, the modern design theme is being carried to the interior of the building, where 14 contemporary model condominiums recently opened for viewing.
The models—including two sleek minimalist units designed by interior designer Joseph Sacco and furnished with Casa Italia imported pieces—showcase city views through floor-to-ceiling glass walls, noted Scott Hoskins, president and managing broker for CMK Realty, the exclusive sales and marketing agent.
“More than 170 closings have been completed in recent weeks,” he said. “We are writing eight to 10 new sales contracts each month.” Sales have surpassed the 450-unit mark at the building.
Buyers may choose from among more than 130 unique floor plans with 1 to 3 bedrooms and 1 to 3 baths. Luxury is standard in every residence at 235 Van Buren, Kihnke said. “There are stainless-steel appliance packages, oak wood flooring, granite kitchen countertops and 10-foot ceilings,” he said.
Base prices range from $209,900 for the most affordable studio with 522 square feet to $399,900 for the most expensive 2-bedroom, 2-bath layout. There is also a selection of penthouses available, base priced from $335,900.
“Nearly all of the floor plans at 235 Van Buren offer balconies and terraces with spectacular views of the city skyline, parks, the Chicago River and Lake Michigan,” Hoskins said.
Buyers also will enjoy building luxuries such as: a dog run, a 24-hour doorman and six high-speed elevators. 235 W. Van Buren also features a dramatic lobby with 25-foot-tall ceiling and accented with modern stone, stainless steel and an imported German glass wall.
There also are 522 secure parking spaces priced from $31,900 to $36,900 and 50 tandem spaces, priced from $51,900 to $56,900.
Buyers at 235 Van Buren also will not only enjoy the condominium’s Loop location, but also the neighborhood’s prime location offers instant access to the West Loop’s Restaurant Row and Greek Town’s restaurant district.
The sales center and 14 models are now open at 235 Van Buren. The sales office in Unit 1822 is open 11 a.m. to 6 p.m. Monday through Friday and noon to 5 p.m. on Saturday and Sunday. For more information, call 312-376-0600, or visit www.235VanBuren.com. • 200 North Dearborn Private Residences. Condominium buyers at 200 N. Dearborn in the Loop can take a private architectural tour just by looking out their windows, said veteran condo converter Nicholas S. Gouletas, chairman and CEO of American Invsco. The 47-story high-rise condominium conversion has bird’s-eye views of the Loop and skyline and its abundance of architecturally unique and significant buildings.
“More than half of the 309 units are already closed or under contract,” said Gouletas. “We have a great selection of residences for quick occupancy.”
Current prices range from $284,700 for the most affordable studio to $1.5 million for the penthouse, which is raw space on the top floor of the building that can be configured as a one-of-a-kind condominium with up to 4 bedrooms. Remaining units all have private balconies that face the lake to the east or the downtown to the west.
American Invsco currently is offering an innovative program that offers below-market 2.5 percent mortgage financing to condominium buyers at 200 N. Dearborn. Purchasers are required to place a 20-percent down payment on an interest only 10-year loan. The condos are fully upgraded. Each renovated residence features an upgrade package valued at $35,000 to $50,000, including new flooring and renovated kitchens and bathrooms. There are many choices of cabinets, counter tops and flooring upgrades. Eight furnished models and the sales center at 200 North Dearborn in Suite 3507 is open seven days a week from 10 a.m. to 6 p.m. and off-hours by appointment. Call 312-558-1200 or visit: www.200NDearborn.com.
• Astoria Tower Residences and Spa. Great views are one of the attractions of Astoria Tower, a 30-story Art-Deco-style high-rise at the northwest corner of 9th and State streets in Chicago’s South Loop.
“The 248-unit Astoria Tower offers an urban hotel/spa lifestyle for residents with stunning views of the city and lake,” Jim Psyhogios, vice president and director of residential sales for Weichert Realtors—Frankel & Giles.
“The two landscaped terraces located off of the spa fitness center and swimming pool offer amazing views through floor-to-ceiling windows and a tranquil place to rest at the end of a long day,” Psyhogios said.
The $80-million Astoria Tower is a brick, stone and glass building with a unique stepped design featuring curved bay facades on the east and west sides of the building, according to Astoria Tower, LLC, the developer.
“Although nearly 70-percent of the residences already have been sold at Astoria Tower, we still have a selection of 78 final phase residences with prices starting at $189,000 for a 1-bedroom, 1-bath unit,” said Psyhogios. “One-bedroom-plus-den residences start at $259,000, while 2-bedroom, 2-bath layouts begin at $325,000.”
The sales center for Astoria Tower, located at 8 East Ninth Street, is open daily from noon to 5 p.m., or by appointment. Call 312-922-0650 or visit www.AstoriaTower.net.
