December 18, 2010 - Sometimes Chicago real estate developers get a little desperate to sell units at the end of the year. At 200 North Dearborn it’s not only end of the year sales jitters, it’s a need to sell enough Chicago condos by the end of 2010 to meet Fannie Mae pre-sale requirements.
American Invsco, the developer of 200 North Dearborn, is having a “Let’s Make A Deal” sale. The site states, “Name your price, bring your checkbook. We must accept 36 sales. Give us your best or worst offer. Better than foreclosures and short sales.”
According to a recent Sun Times article, Invsco Chairman Nicholas Gouletas stated that he has made seven cash sales in about a week since this promotion began. The article also states that just around half of the 309 condos in this tower have sold in teh three years that Invsco has been marketing them.
The promotion did have a deadline of December 14th. Mr. Gouletas told the Sun that, “If we have accepted 12 deals and need 24 more on Dec. 14, we will pick the next best offer we receive and start negotiating.” Since the sale has now been extended through January 31, of next year they must still need to ink some sales contracts to meet the Fannie Mae requirement.
If the condos at 200 North Dearborn aren’t exactly what you’re looking for, there are plenty of other downtown Chicago condos for sale at reduced prices.