chicago-condos & Chicago Real Estate & condos for sale in chicago pcherry on 16 Mar 2009 04:31 pm
New Prices At Vetro
March 16, 2009 - Every developer probably loves to hear the word ’sold’ when it comes to the units in their building, and no doubt the bank who made the construction loan does too. In the case of the recent Vetro auction of 45 units, Thomas Roszak and Corus Bank are probably hoping to pass auction fever on to a few more buyers and have restructured the prices on the remaining 60 Chicago condo units in the building to reflect the prices brought at the auction.
The newly redesigned front page of the building website states that, “Recent auction buyers set the prices and we listened.” And just like at the auction, a parking space that was valued at around $37,500 is included in the sale price of the condos. The new prices at Vetro have dropped somewhere between 20% and 25%, which is pretty much in line with the discounts that buyers got at the auction. And as the site also points out, this building has received FHA approval and buyers may be able to qualify for financing with 3.5% down.
There are still one bedroom, 1.5 bath with den condos at Vetro which are now listed between the $250,000s and $260,000s. These units measure up at around 1,002 square feet.
For the two bedroom, two bath units the prices have been lowered to anywhere from the $280,000s to $330,000s. Sizes range from 1,133 to $1,343 square feet.
The slightly larger two bedroom, 2.5 bath condos remaining have 1,525 to 1,667 to 1,924 square feet of living space. Prices on these condos are now marked from the $370,000s to the $560,000s.
For a two bedroom, three bath condo with 2,067 square feet you can expect to pay anywhere from roughly $600,000 to $610,000.
And lastly, the three bedroom, three bath condos left for sale at Vetro have 2,003 square feet and are now priced in the $580,000 range.
It will be interesting to see if this auction or any others that may come up during the year set the market prices for any future New Construction Condos In Chicago.
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