chicago-condos & Chicago Real Estate pcherry on 29 Mar 2010 08:46 am

Prices Drop At Silver Tower

March 29, 2010 - We probably all knew it was coming once the $40 million foreclosure suit was filed against Silver Tower by Bank of America. Price cuts are here, and they are pretty significant. Stonegate Development still has at least 145 of the 225 Chicago condos in the tower left for sale. The River North high-rise, located on 303 West Ohio Street, is now being marketed by Jameson Real Estate and these new lower prices may net some contracts.

The 38 story Silver Tower has a good assortment of one and two bedroom units for sale, and the one bedroom condos with 728 square feet are now listed from the $170,000s to $230,000s. Previously those condos had been listed between the $260,000 and $320,000 mark.

If you need a little more space but still want a one bedroom, there are some 783 square foot units that are priced from the $230,000s. Those condos had been priced from the $260,000 to $350,000 range.

The one bedroom units with 813 square feet now are listed from the $240,000s. The old priced ranged from the $260,000s to the $310,000s.

For a 930 square foot condo with one bedroom you can now expect to pay from the $290,000s which is down from the old prices that were between the $330,000s to $390,000s.

If you need a two bedroom unit, there are plenty of those left as well. The 1,080 square foot condos are now listed from the $350,000s. Previously they had been listed between the $380,000s to the $410,000s.

For two bedroom condos with 1,138 square feet you can expect to now pay from the $320,000s. Those units had been priced between the $440,000s and $500,000s.

And the largest two bedroom condos at Silver Tower with 1,190 square feet have new pricing from the $400,000s. Those units had been listed between the $410,000s to $550,000s.

We could see more price cuts at this Chicago real estate development if these new lower prices still don’t result in sales.

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