chicago-condos & Chicago Real Estate pcherry on 29 Sep 2009 12:03 pm

Condo Price Cuts And $8,000 Tax Credit Deadline

September 29, 2009 - With so many Chicago real estate developments lowering prices, it’s hard to keep up sometimes. A quick reminder of a few of the more recognizable projects that have advertised might be helpful for those first time buyers trying to close on a condo before the end of November and get that $8,000 tax credit.

Since Vetro, located on 611 South Wells, started it all this past spring by lowering prices to those rates set by the large auction that was held, roughly 27% of the original prices. You may want to check there for the last few remaining unsold condos.

SoNo, located on 1454 North Dayton Street, also finally got in on the price cutting act and began offering reductions of about 15% to 17% on all of their remaining condos a few weeks ago.

More recently we’ve seen R+D659 drop prices on their unsold condos by $100,000 or so, and just this month 757 Orleans slashed prices on their remaining units by as much as $125,000.

Trio, located on 650 West Wayman, is showing smaller reductions of about $25,000 per unit and Metropolitan Tower dropped prices by as much as $100,000 to more than $250,000. And Catalpa Gardens in Edgewater also lowered their condo prices by at least $100,000. The Park Monroe on 55 East Monroe was another development that cut prices on the remaining condos by $100,000 to $300,000.

The Tribune recently ran an article where Geoffrey J.D. Hewings of the Economics Applications Lab at the U of I stated that he believes there is about eleven months of housing inventory in the Chicago market and because of that prices on Condos In Chicago won’t start to rebound until mid 2010.

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