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Downtown Chicago Condos Cut More Than 50 Percent

No half measures in Loop condos

One of the downtown condos listed at more than 50 percent off

LOOP $126,500 to $585,000

Constructed as an apartment building in 1989, the 47-story 200 North Dearborn began converting into condos in 2007. But with 129 of the 309 units lingering on the market, American Invsco instituted a series of price cuts. The latest, in February, reduced prices by as much as 55 percent of what the developer had originally asked—and buyers who pay cash get an additional 5 percent discount.

“Now they’re priced as low as short sales,” says Jim Feldman, the building’s sales manager. But since these are conventional sales, he notes, there is no overly long wait for bank approval. “People are getting fed up with the short sale rigmarole,” he says.

Priced at $126,500, the least expensive condo is a 560-square-foot convertible that seems more like a one-bedroom unit because the sleeping area is distinct from the living area. The costliest is a 1,200-square-foot two-bedroom unit on the 46th floor priced at $585,000. The building also features an unfinished space on the 47th floor that has the potential to become a 3,000-square-foot penthouse with a two-level 2,700-square-foot terrace. Read more about this unusual offering in the June 1st edition of Deal Estate: The Blog.

 

Photograph: © 2011 American Invsco

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