chicago-condos & Chicago Real Estate pcherry on 27 Sep 2010 06:52 pm

Three More Sales Inked At The Ritz

September 27, 2010 - There are at least three buyers puttin’ on the Ritz. The Ritz-Carlton Residences that is. According to a recent Crain’s article, Prism Development has made three sales in the last three months at their luxury Chicago real estate project, located on 664 North Michigan Avenue, which is under construction and due to be finished by the end of 2011. These are the only sales of 2010 so far, but more could follow as work on the 40 story, 88 unit tower progresses.

Right now the Ritz-Carlton is just about 50% sold. Prism Development wants to have 75% of the Chicago condos sold by the time the high-rise is done late next year. Work slowed down on the project while the developer tried to lock in financing and finally did get a $137.5 million loan from the German bank Helaba. The entire project is expected to cost $242 million.

When marketing for the Ritz began in February 2006 there were 29 sales made by December of that same year. Not too many buyers signed contracts in the four years following that spurt though. Bruce Shultz, who is a principal at Prism was quoted in Crain’s as saying that, “It could always be better. But we anticipate sales will pick up as construction progresses.”

Price cuts aren’t on the agenda either, according to the article. Mr. Shultz intends to keep them at their current levels of between $1.25 million and $12 million. So if you are looking for Chicago luxury condos, the Ritz-Carlton Residences may be a good starting point.

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