June 26, 2009 – Smithfield Properties has released a bit more information about the price reductions at SoNo. There is still no definite word on whether these price cuts are temporary or will remain in effect until the units are sold, so if you’re interested in the Chicago condos in this 860 West Blackhawk tower, you may want to check it out personally in the near future.

The prices from the developer are lower, but not as high as the nearly 20% that was first announced. The reductions so far fall somewhere in the 10% to 16% range, though we may see higher cuts in the future if these don’t draw sales to this Chicago real estate project.

The one bedroom, one bath condos at SoNo that have been reduced are running in the $240,000s to $310,000s, with square feet ranging from about 796 to 1,200. The two bedroom, two bath units are all around 1,400 square feet and have been lowered to the $390,000s to $450,000s. The three bedroom, two bath units are fewest in number and are priced in the $490,000s to $790,000s with around 1,650 square feet.

While buyers will probably continue to see more price cuts from developers who are eager to close out sales, there are a few towers that are holding steady or offering smaller reductions in the hope that the market will rebound sooner rather than later. It always pays to compare prices on Downtown Chicago Condos to make sure you’re getting the best deal out there.

[tags]SoNo, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Friday, June 26th, 2009 at 3:55 pm and is filed under Mortgage Information.