Thursday, August 21, 2008

Bargain: Save Up to $100,000 at Avenue East

According to Mark Boyer at YoChicago, prices at Avenue East, 160 E. Illinois, just off Michigan Avenue, will be reduced by as much as $100,000 on certain units in the Streeterville high-rise until September 14. Writes Mark:

"That $100,000 doesn't all come off the listing price, of course. Susan Duffey from Keller Williams says that as much as $70,000 will be taken off the prices of homes in tiers 07 and 08, and parking, normally $45,000 to $60,000, will be sold at half price.

"In the 07 tier, 1,100 square-foot two-bedroom/two-bath units normally listed from the $550s to the $570s will now be priced from $510s to the $550s. In the 08 tier, 1,716 square-foot two-bedroom/2.5-bath units priced from the $900s to $1.8 million will be offered from the $820s to $1.75 million.

"Duffey says that 20 two-bedrooms and two one-bedroom condos are still available."

Incentives Now the Norm

In a related post, on the latest report by Appraisal Research Counselors, Yo's Joe Askins adds:

"One interesting but unsurprising trend that [ARC mentions] is that incentives are now the norm in the downtown market: Free upgrades, free parking and free assessments are common, although not always advertised, especially when it comes to completed units. Developers who have to compete with resales in their own buildings are opting to build out with upgraded finishes in order to make their homes more desirable."

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