June 20, 2009 – With the recent news from Appraisal Research Counselors that several other Chicago real estate developments were either at or below 50% in sales and could potentially be candidates for rental conversions, we thought we would take a look at one that made the list. 1555 Wabash is a New West Realty product and according to a quote in a June ’09 Gazette Chicago article from Ted Mazola who has been with NWR for 30 years, sales are “doing pretty well.”

Gus Mauro, also of NWR, said in the same article that the $8,000 Homebuyer Tax Credit plus the fact that the building had FHA approval were helping sales. Mazola added that, “We haven’t seen any fall-outs at the 1555 location, half of the building is already sold, and we’re going to start closing in about two weeks. Of course the velocity is a bit slower, but it [the development] is doing pretty well.”

We expect developers to be upbeat about their projects, and their take on the sales stats is a bit higher than the numbers put out by ARC on the 14 story, 176 unit 1555 Wabash tower.

Condos at this high-rise have one to three bedrooms (some with dens) and one to two baths. The units range in size from 767 to 1,189 square feet for a one bedroom, 949 to 1,376 for a two bedroom and 1,508 square feet for a three bedroom. Prices run from the $200,000s to $500,000s depending on the floor plan. Building amenities include a fitness center, bike storage and landscaped terrace.

Until 1555 Wabash either makes more sales or deliveries, we probably won’t know what the final verdict for this development is. Like so many other Chicago New Construction Condos, it’s a long climb getting over that halfway mark in sales.

[tags]1555 Wabash, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Saturday, June 20th, 2009 at 7:56 pm and is filed under Mortgage Information.