Several months ago, the new Silver Tower condo building in Chicago’s vibrant River North neighborhood was something of a ghost town. In the fall of 2009, though new owners had taken up residence in 75 of the tower’s condos, 154 units remained for sale. But this spring the receiver that took over the building from its developers tapped the realty company Jameson to sell the empty units—and within one month, 38 more units had been sold.
“Price is the number-one reason we’re selling them so fast,” says Jameson’s Lindsey Delrahim, who is representing the building (at 303 West Ohio Street) along with Amy Bumia. In late March, Jameson cut up to 34 percent from the condos’ asking prices. The smallest unit still available—a 785-square-foot one-bedroom condo—had been priced at $349,000; it’s now $230,000. The largest unit—a 1,810-square-foot three-bedroom condo with two-plus baths—dropped from $799,000 to $626,928. Parking spaces cost an additional $30,000. “The product and the location were already right,” Delrahim says. “Now the price is, too.”
Photograph: Todd Urban, (inset) © 2010 VHT Studios