Prices still need to come down and american invesco is still involved so beware!

I live there. I bought one bedroom 2002 and when I was buying my goal was not to make money but to live downtown close to my job. That on its own has been indispensable for me. I got married since, but I still live there and am looking for a 2 bedroom because the family is growing. My take on it is that people who see the interior either love or hate the building and it's not easy to find someone who is indifferent.

Obviously, I love it for its unique architectural design and an abundance of interior common area space. If the interior reminds some people of the catwalks of the prison, I cannot testify to that because I haven't been imprisoned. To me this design resembles a more condensed and bigger version of the habitats of Mesa Verde national park, or a space station, or a modern technology equipped interior of a big cave. If you hate hotel rooms, you might not like this building. If you are pro-futuristic, you will probably love it. If you like circles and round surfaces just like Bertrand Goldberg (the architect) loved them, you will love it. If you are square-minded like Ludwig Mies Van Der Rohe, you will hate this building. The first was the student of the latter, but just like me, couldn't stand squares.

As opposed to many other buildings and condominiums offered around this area, River City is a Chicago landmark and it will still be long after the new fancy developments lose popularity. I love this building and am looking for a bigger place in it.

Hi, Wayne: Thank you for your detail information, I really appreciate your time and your help.

If you like a unit in this building, only you can decide if it's a good buy.

In my experience, outside of high end luxury buildings, a unit's assessment and purchase price are related. For example, if you qualify to spend $1600 per month toward a monthly housing payment, a higher assessment means that you will have less to spend toward a mortgage payment. By this axiom, assessments can determine how a condo in one building may be priced vs. condos in another. Pay careful attention to what you get for your assessment though.

One listing in this building specifies that your assessment includes the following:

Heat, Air Conditioning, Water, Common Insurance, Security, Doorman, Clubhouse, Exercise Facilities, Pool, Exterior Maintenance, Lawn Care, Scavenger, Snow Removal, Other

If you're comparing this building to another, check what their assessment includes to determine what you're overall cost will be.

It's also notable, although in that particular market area it is common, that elevators and doorman services can contribute to much higher assessments. In any case, the assessments include heat and air in this building and that can account for a high percentage of the assessment.


You should let your attorney advise you on any issues related to the financial solvency of the association and on potential for special assessments potentially levied for capital improvements. I am not familiar with this building and don't have any info on this.

Every building will need capital reinvestment over time, when your inspector comes out for you, you should request that he/she inspect common elements as well. Also look into the meeting minutes for the condo board to determine of discussion regarding high priced capital improvements has occurred or is special assessments have been discussed.

You will find that many sellers are aware of the issues affecting their price and will negotiate if presented with facts, comparables, etc. You may get a great deal, and the building has great proximity to the loop!

Nevertheless, if you're not comfortable with the purchase or terms, it's probably not right for you.

Best of luck!

It should not prevent you from purchasing these homeowners apparently are part of what is going on nationwide. If you work positively in concert with a real estate agent I am assured solutions to all of your questions could be resolved. http://www.lynn911.com http://www.homes-for-sale-dallas.com

Scovell + Saba,
The current price for a 3br 2.5bath, 1600 sf is list for $199K, this is short sale deal. The assessment is $860. Is it a good deal? Thanks for your help.

Jacqueline,
Thanks for your advice. I will talk to my lender to find out more.

I Used to live at 800 S. Wells St. when it initially opened as a rental complex. There were engineering defects-when it rained, it was like a waterfall in the covered atrium area. The curb appeal is somewhat compromised as the interior reminds many of catwalks in a prison. Assessments are extremely high and are not tax deductible. The dollar per square foot for the original pricepoint offered by the developer was considerably above market value.

If you are purchasing a condo using a FHA funded loan, you need to make sure the condo can meet the FHA guidelines. See you lender abouthe the guidelines. From the situation you described a FHA loan may be difficult.

If alot of units are in foreclosure condo fees may not be paid, HOA may have difficulty paying bills, etc. You need to check the financial stability of the HOA before purchasing.