February 3, 2010 - There may be some significant price discounts on the horizon for the 30 unsold Chicago condos in the 28 story, 219 unit Pearson on the Park. The Streeterville high-rise was hit with a $6.8 million foreclosure suit back in July of 2009. Chicago real estate developer Ganeesan Visvabharathy opted for a deed in lieu and signed the tower over to PrivateBank & Trust, according to a Crain’s report.

The condos were then sold for around $173,000 per unit to an investor group which includes MCZ Development. PrivateBank loaned the investors the funds to make the purchase and also renovate the condos and common areas, according to the article.

The 30 unsold condos are a mix of one to three bedroom units. The investor group stated that they plan on marketing the remodeled condos for 25% to 40% less than they were originally listed. Prices on other one bedroom condos at Pearson on the Park are currently listed between $220,000 and $320,000. Two bedroom condos are running between $240,000 and $420,000. The other three bedroom condos up for sale in the high-rise are priced from $470,000 to $1.3 million. So if you apply a 25% to 40% discount to those prices, buyers should be able to score a pretty good deal.

There are also other Chicago Condos in Streeterville listed at discounted prices, so you’ll be able to compare the Pearson on the Park units and see which ones add up to the magic number for you.

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This entry was posted on Monday, February 8th, 2010 at 1:33 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.