chicago-condos & Chicago Real Estate pcherry on 29 Dec 2009 11:42 pm

Columbian Condos Cut To Pre-Construction Prices

December 29, 2009 - The Columbian, located on 1160 South Michigan Avenue, has seen quite a few price reductions over the past year. Chicago real estate developers have used every incentive from free parking spots, cash back at closing and just about any other perk to lure buyers in this slow market. And right now the developer of the Columbian is slashing prices back to what they are calling pre-construction levels of 2004 to try and sell the last 58 condos in the tower, according to an article in Chicago Magazine.

There are 220 total units in the Columbian, and the developer stated that going down to pre-construction prices will hopefully both entice some new buyers and pacify the current owners by not bringing down the value of the condos already purchased. When prices on the last few units in a high-rise are dramatically lowered, it tends to justifiably anger buyers who paid more for their units early on in the marketing phase of the project.

For those of you interested in any of the remaining condos at the Columbian, there are one bedroom units with price cuts of as much as 30% that start from $279,900. Three bedroom condos are seeing reductions of around 16% and start at about $799,900. If you want a parking space in the garage that will add another $42,000 to $50,000 to the price tag.

With so much inventory in the market and competition among developers, buyers are still able to find some good deals on pricing when it comes to New Chicago Condos for Sale.

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