December 21, 2009 - In case you haven’t heard, there are still several units for sale at discounted prices in the Michigan Avenue Tower II Chicago real estate development. The auction last month netted quite a few sales, but it seems to be the trend for developers to drop prices on unsold units down to auction levels after the event in a bid to sell more condos. At Michigan Avenue Tower II, the price cuts are about 23% to 28% below what the units had been listed for on the market.
These new lower prices are in effect on about 15 or so of the remaining unsold condos in the tower. For a one bedroom, one bath unit that had been priced in the $250,000s, you can now expect to pay from the $180,000s and up. The one bedroom, one bath and den units that were listed from the $260,000s are now priced from the $190,000s. The larger two bedroom, two bath units in this tower had been priced from the $490,000s and are now running from the $370,000s. For the remaining penthouse units you can expect to pay from about $1.8 million.
Chicago condo auctions have been a pretty popular way for developers to liquidate unsold inventory this past year. Those attending these auctions have gotten some good prices on units and other buyers have benefited from developers lowering prices to auction levels afterwards. But if you aren’t an auction fan, you can also find quite a few Chicago foreclosures at very low prices right now.
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