chicago-condos & Chicago Real Estate pcherry on 28 Dec 2010 08:59 am

Superior 110 Down To 10

December 28, 2010 - River North is one of Chicago’s trendier neighborhoods, known for its variety of retail stores, arts & crafts shops, entertainment and restaurants. Chicago condos in this neighborhood have usually sold well, but sales have certainly suffered along with other neighborhoods in the past two years. One Chicago real estate project, Superior 110, only has 10 developer units left for sale but needs to move those last condos before the balance of a $39.9 million construction loan comes due in June 2011, according to a Crain’s report.

Developer Jonathan Zitzman of JFJ Development Co.has only closed on five condos since June, according to the article. Those sales were the result of a second round of price cuts. He first reduced prices in August of 2009 and right now prices are about 25% lower than they were a couple of years ago. The tower stands 27 stories tall and has a total of 57 condos. The article states that 47 of those are under contract, making the building 82% sold.

Back in 2009 when Superior 110 first started making deliveries it was 75% sold but 18 sales were lost as buyers walked away because they either couldn’t get financimg or just chose to walk.

Right now prices range from $457,900 to a bit under $1.3 million. There is a penthouse on the top floor though that is priced at nearly $2.3 million.

There are quite a few other Chicago condos for sale in River North at discounted prices as well.

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