TO $2.299 million
Price reductions can cut two ways for a condo developer: While they surely make the leftover inventory more appealing to buyers, they can also anger existing owners who bought at higher prices.
At The Columbian, a new condo tower at 1160 South Michigan Avenue, cuts have been deep but sensitive. “We went back as close as possible to our preconstruction prices from 2004,” says Bridget McClendon, the project’s sales manager. “So in many cases, the closeout price we’re offering now is similar to what earlier buyers paid.” The hoped-for appreciation of the past few years is wiped out—but that’s true all over the market now.
Of the building’s 220 units, 162 are sold. On the remainder, the deepest cuts are on one-bedrooms with unexceptional west views; slow to sell all along, they’re now $279,900, 30 percent off their old price. Northeast-corner three-bedrooms are now $799,900, or 16 percent off.
No matter what the discount, condos at The Columbian all come with a stellar location at the corner of Grant Park, with South Loop dining and Loop workplaces all within an easy walk or CTA ride. Parking spaces in the building are priced from $42,500 to $50,000.
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Photograph: Todd Urban