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Old 03-13-2013, 07:46 PM
 
275 posts, read 449,397 times
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I am looking to buy a condo and am surprised units in Marina city are like half the price of surrounding modern building? I would think it's architectural significance would command a higher, not lower price? And just next door is Trump tower where price per square foot is ridiculously different? I thought the real estate mantra was Location, Location Location?! So how can the same location command such a lower price and that too for a cool building? Are Chicagoans just obsessed with luxury finishes at the expense of location?
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Old 03-13-2013, 07:48 PM
 
Location: Bay Area
1,490 posts, read 2,355,877 times
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I've always loved the quirky style, even if the apartment is wedge-shaped with a round wall.
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Old 03-13-2013, 08:39 PM
 
28,461 posts, read 74,311,270 times
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The are LOTS of, uh, limitations over at the Marina City towers beginning with the relatively small flor plate, even if one combines multiple "wedges" (each unit is very much like a giant slice of pizza!) the total usable square footage is much harder to set-up --OT1H it is kind of awful to have "interior space" that cannot take advantage of the curved windows OTOH there is not all that much depth from the utility core to the balcony to have modern luxury baths or even kitchens with the space that other buildings allow..

The buildings amenities are (and always have been ...) quite weak. While other places have nice boutique type hotel amenities / conveneient shops / top notch atheltic spa the stuff at Marina City is mostly "entertainment oriented" and not really focused on residents... If you love a good show at HOB that is great. I've eaten at the resturant(s) in the complex and they are acceptable for what they are but hardly something that would be a "Wow" like in some other Gold Coast / Loop spots...

In general I really have a hard time with residential buildings where some units have awful views and that is another weak spot at Marina -- lots of shadows and more obstructed views than the old Comiskey.

Frankly even when it comes to pure location there is reason why stuff there has never been as great as more heart of Gold Coast / North Michigan Ave locations -- shopping and such is secondary to office uses and the office spaces are not all that convenient compared to stuff on Wacker close to train stations or heart of the Loop with easy acces to El...

In
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Old 03-13-2013, 09:27 PM
 
Location: Cleveland, OH USA / formerly Chicago for 20 years
3,874 posts, read 6,120,229 times
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The Marina City buildings are old (50 yaars) and, from what I understand, have had a lot of serious maintenance issues in recent years. That might be one reason for the low prices.
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Old 03-14-2013, 12:32 AM
 
Location: Boston
1,017 posts, read 1,236,453 times
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I live in Marina City right now. The building is pretty old but also historic. The thing that makes Marina City what it is is its location like you said. I moved in here this past September, and I haven't really had much to complain about. I'm only renting here, but honestly a lot of the one's for rent are pretty nice because they're renovated by their owners.

Chet everett is right in the regard of limited amenities. It's not really strong in that dept.

If I was looking to buy a condo, I wouldn't buy one here simply because it is old and does have an "old" feel to it as opposed to other places that I've seen. But if you really want to get a feel for the general complex and the towers, you should come check it out if you haven't already.
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Old 03-14-2013, 02:43 AM
 
6,364 posts, read 5,563,521 times
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Run down, ugly, and with a big maintenance bill to come. If you have a boat, this is the place to be. Otherwise, I'd rather be in one of those cookie-cutter high rises a couple of blocks north.
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Old 03-14-2013, 09:11 AM
 
275 posts, read 449,397 times
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The replies confirm what I have suspected. The Chicago real estate market is more about aesthetics and conformity then location. People will pay a premium for "newness" because it seems to be what has the most show-off appeal. The location, location, location mantra is secondary.

Marina city has something like 800 units! You would think residents would complain if there was serious issue. It is doing fine, just like any other building. But because it lacks "conformity" and "newness", people dismiss it as "run down" and a ticking time bomb.. Nothing could be furthur from the truth .
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Old 03-14-2013, 09:23 AM
 
89 posts, read 155,928 times
Reputation: 209
Quote:
Originally Posted by koctail View Post
The replies confirm what I have suspected. The Chicago real estate market is more about aesthetics and conformity then location. People will pay a premium for "newness" because it seems to be what has the most show-off appeal. The location, location, location mantra is secondary.

Marina city has something like 800 units! You would think residents would complain if there was serious issue. It is doing fine, just like any other building. But because it lacks "conformity" and "newness", people dismiss it as "run down" and a ticking time bomb.. Nothing could be furthur from the truth .
but like others have pointed out, its location is not that great either
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Old 03-14-2013, 09:35 AM
 
2,952 posts, read 4,408,824 times
Reputation: 2243
Went to a party there a few years ago. It was pretty run down in the public spaces. That being said, the view and deck were out of this world, and there was a roof that was quite nice as well.

I don't know why anyone would say that is a bad location at all. There's not a ton of grocery stores or retail right in those immediate few blocks, but... who cares.
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Old 03-14-2013, 10:22 AM
 
Location: Chicago
38,696 posts, read 91,720,159 times
Reputation: 29574
Whenever prices in an older condo building seem "too good to be true," the first thing to investigate is the association fee. It's not uncommon for association fees in older highrises to exceed $500/mo. The upkeep on those buildings can be brutal.
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