What's up with 800 S Wells (River City I think)?

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TS TS
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What's up with 800 S Wells (River City I think)?

I watch local real estate listings just to see how my place is doing and it is amazing to see units at this building:

1. Selling at a huge discount to the neighborhood
2. On sale in huge numbers for a building that size
3. Having super high assessments

Did they have some sort of major issue with the building to cause people to move or have to pay high assessments?  Any one know whats up?
peter peter
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Re: What's up with 800 S Wells (River City I think)?

It was a failed condo conversion.. here is a post from another site that sums it up:

This is American Invesco’s biggest debacle. They started out with very unrealistic pricing, spent millions to advertise, and did nothing to really update or improve the facilities. Now they can't give them away. Not shocking that they are going to auction.

If you go to the main lobby, it looks like a bankrupt 1980s suburban shopping mall. There is no hint that any effort was made to improve the ghost town like space. And the 1980s chrome ceiling and wall treatments are falling apart.

I want to feel sorry for the unfortunate people who did buy there (although most of them are investors), but they had to see this coming. Now they are stuck with outdated units that they almost can't give away because there are so many on the market. They certainly have not benefited from the increase in values in the surrounding neighborhood.
TonyG TonyG
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Re: What's up with 800 S Wells (River City I think)?

I think another major obstacle was the design itself -- by Bertrand Goldberg, who also did Marina City and Prentice Women's Hospital. I was facilities manager at Prentice and a pie, or circular, shaped property is very expensive to maintain - let alone figuring out out to maximize your efficient use of space and laying out furniture. Might look good, but horrible design. Why they want to save Prentice is a mystery to anyone who worked in that building.

A friend looked at River City when they first went condo and almost no two units were alike. Different layouts and square footage -- and all different prices. So it was hard to compare pricing on the different units.

Another issue, a couple years ago the garage flooded from the Chicago River, so I'm sure that wasn't cheap to fix.
Broomy Broomy
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Re: What's up with 800 S Wells (River City I think)?

I've got a friend that bought a unit in there about 7 years ago as an investment.  His unit (and many others) leak like a sieve, and cannot be fixed in their current condition.  Because of that, his unit is not able to be inhabited by a renter, and he can't sell it either, because he's waay upside down. not good
Chris Chris
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Re: What's up with 800 S Wells (River City I think)?

In reply to this post by TS
This building is a nightmare. Combination of poor planning, layouts and extreme structural issues. Major flooding and general plumbing issues over the years along with sanitary concerns. Often times walking through the Jetsons like setting involves explaining why the common areas smell like trash. A generally destroyed building which was poorly planned to begin with. River City=City Sewage
Jeff Stewart, Realtor Jeff Stewart, Realtor
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Re: What's up with 800 S Wells (River City I think)?

In reply to this post by Broomy
Hey Broomy,

I'm not normally one to stalk forums for business/clients but there's no other way to say it but your friend's situation sucks.  If he's not able to rent he's not getting any income so his investment is worthless.   To go even further he's completely upside down with how much he owes to how much the condo is worth so I would be happy to chat with him about short selling.  A lot of my business over the past couple years have been helping Sellers short sell and I've had a 100% success rate due to the attorney my Sellers and I work with.  Anything's better than foreclosure or continuing to lose money.  No pressure but feel free to pass on my contact info.

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL  60657
309-269-3499 CELL
jeffstewart@atproperties.com
www.JeffStewartREALTOR.com
joe joe
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Re: What's up with 800 S Wells (River City I think)?

In reply to this post by TS
I was told they offered places to buyers with no assessments for 1 year, so a bunch of people snatched them up to fix and flip, and then the market tanked so people were stuck with places they couldn't afford once the assessments kicked in.  
rooney rooney
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Re: What's up with 800 S Wells (River City I think)?

There are atleast 20 units in this building up for sale (foreclosure or shortsale). Prices range from $60-$110k. My question is has the condo association or building done anything to improve the leak's? How about protecting from a future flood. Most of their air conditioning units were at ground level which got inundated by water. Any updates?
Do people rent a lot in this building?
outofgas outofgas
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Re: What's up with 800 S Wells (River City I think)?

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I have been living in my condo at River City since 2011 that was purchased at a fairly reasonable price. I live in a studio here with a balcony and I absolutely love it; I live on a higher level in the building that is not connected to the 'atrium', the hallway leading to my door has gorgeous full length windows that provide a panoramic view of the city, and my unit has a balcony with a western exposure and riverview. The location and amenities for the price are wonderful. A great choice for people who want to live in this neighborhood without the high buying price. I have seen VAST, VAST (holy cow such vast) improvements to this building as well as the neighborhood since I have moved here: so far a remodeled basement (yes, due to the flood that occurred years ago), a brand new gorgeous rooftop deck, and lobby remodel. The higher assessments, no doubt, are paying for that. This is a building that is older, seems to have been somewhat neglected and needs some maintenance, but seems to be getting it now. I love it here and will live here until I either leave this city or get married and need space for kids or something like that. It is a very unique and eclectic building! It makes me sad to see negative comments in this thread, give River City a chance! It is a very cool and interesting part of Chicago architectural history!
Mikah Mikah
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Re: What's up with 800 S Wells (River City I think)?

This post was updated on .
"Outofgas": I am sorry but your opinion is very biased and you are purposely trying to mislead potential buyers and renters. I have lived 3.5 years in this filthy building and yes, been through the famous flooding, and had a long conversation in 2013 (more than a year after the flooding) with an engineer  at the building who informed me that "nothing can be done to prevent future floodings because of the whole structure of the basement". That's why they put all those awful looking sand bags and stones in the marina: to prevent the rain water from inundating the marina and causing another flooding. I was shocked when he said that. The basement was never remodeled, that is not true. And it can't be remodeled: all the major equipment (electricity, heating... ) isi in the basement which means that any next flooding will result in power outage for weeks.

The building only fixed the most visible areas (lobby) to influence potential customers. That's it. And I won't comment on how unattractive and ridiculously tasteless it has become AFTER the remodeling. These people don't know what the heck they're doing. If you want to remodel, at least do it right and intelligently.

You "love living" in this trashy place ? You like waiting for the elevator for 15 minutes because the other one is ALWAYS out of order when there are 700 residents ? You like the smell of trash when you take your dog out ? The piles of trash that haven't been picked up as they should be ? You love seeing big fat rats running from corner to corner on the marina at night ? You like dealing with the absolutely CRAZY and INSANE hillbilly infested (mis)management office ? Before you call these people, you need to make sure you take a tranquilizer OR avoid calling at all costs. They WILL find a way to ruin your day even when you ask a simple question like what time they close etc. Why ? Because they report to no one. So they do and say whatever they want. You get treated like crap whether you're an owner or a renter, it doesn't matter to them. These people have no respect for themselves or for others. Every few weeks there is a new property "manager". The last one always acted like she was high on something, losing your documents, using blurred language and forgetting things. No thanks, I prefer to pay a little more to get my peace of mind.

Their OWN employees told me that this building charges for ANYTHING. They're pretty good at fining you for the slightest thing...but they won't work on smartly fixing the most important issues which can bring them much more income. A true sign of mismanagement. And please, don't get me started with how the flooding was handled.

A disastrous place which is STILL disastrous, run by totally incompetent people.
Tee Cee Tee Cee
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Re: What's up with 800 S Wells (River City I think)?

In Google, if I start typing in "What's wrong with 80", the very first auto-suggestion is, "What is wrong with 800 S Wells", ranking even higher than "what was wrong with the 80s" as an auto-suggestion.   It's really a shame that this building has had a history of so many problems, since Bertrand Goldberg did a lot of fascinating architectural work.  Marina Towers, by the same architect, is considered iconic to Chicago, whereas my realtor told me point-blank that he could not bring himself to show me places inside 800 S Wells.
ferguson ferguson
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Re: What's up with 800 S Wells (River City I think)?

In reply to this post by TS
I would have to say that the description by Mikah is 100% correct. I would like to add that the heating system cannot be on the same time as the cooling system. i realize this is common in building like this, but in the spring, it can becoming unbearably hot. In fact, it got so hot that it cooked off all of the fish in my aquarium. Caribbean fish. Unit temps can get into the 90's, and there is nothing you can do about it.

Also, once a quarter they come through to replace the filter in the heating cooling unit. I would always call these compliance inspections. They would come in and inspect your unit to make sure you are following the rules, and fine you for every breach.

The only nice thing about that entire place is the man who runs the store/package room. Was always very friendly and helpful, even for an avid Amazon shopper.

One of the best days of my life was paying the $250 move out fee and moving to Dearborn Park.