chicago-condos & Chicago Real Estate pcherry on 24 Nov 2010 01:31 pm

Price Drop On Last 4 Units At Baer Lofts

November 24, 2010 - For buyers who are interested in traditional loft features, Baer Lofts on 1927 North Milwaukee Avenue has lowered prices on the remaining unsold units. According to a recent crain’s report, Chicago real estate developer Gabriel Chavez is hoping to sell out the project in order to pay off a $1 million balance on the $4 million construction loan he owes to Harris Bank.

A complete sell-out at Baer Lofts will only just pay off the loan and leave no profit, according to the article. Mr. Chavez stated that he has sold 12 of the 16 units at the development, with three sales closed over the past five months and a single buyer interested in purchasing a ground floor unit and the top floor penthouse.

Prices at Baer Lofts have been dropped by around 15% from the original pre-sales prices. The remaining one bedroom, one bath units that were listed from $325,000 are now priced from $275,000. And the two bedroom lofts that had been priced in the $600,000s are now listed in the $400,000s.

The price cuts may help move those last condos at Baer Lofts into the sold column, so if you’re interested you may want to act soon. And there are plenty of other Chicago Lofts to compare these units to and see which ones are the better deal.

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