chicago-condos & Chicago Real Estate pcherry on 25 Oct 2010 12:38 pm

14 Luxury Condos Still For Sale At 50 East Chestnut

October 25, 2010 - If you’ve been waiting for prices to be cut at 50 East Chestnut, you may have a long wait in store even though sales are still only at 59% with almost three years after first deliveries. Prices on the remaining unsold condos at this tower run about $3.1 million. According to a recent Crain’s report, brothers Charles and Harry Huzenis, developers of this Gold Coast Chicago real estate project, have a $17 million loan from First Chicago Bank & Trust coming due on January 17th, 2011. So making sales soon is crucial, even though they are trying to get a 22 month extension on the loan.

There have been 20 closings so far at the 39 story high-rise, but that still leaves 14 of the Chicago condos unsold. The units occupy a full floor and have two terraces, and five of those units14 are built-out, the article states. Mr. Huzenis commented that those five may be a harder sell because many buyers perfer to pick out their own finishes.

Only one sale has closed in the past 12 months at 50 East Chestnut, although right now a buyer is close to signing on two units on floors 21 and 22. That sale would generate enough income to knock the loan balance down to $10 million, according to the article. So far condo sales have added up to $67 million, which is about 61% of Huzenis’ $110 million sales target.

For buyers in the market for Gold Coast Chicago condos, 50 East Chestnut may be a good investment or at least a good place to start looking.

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