April 16, 2009 - JMB Realty Corp. senior vice president Pat Meara isn’t losing any sleep over the fact that he hasn’t sold even one of the remaining 10 Chicago condos left in his 47 unit, 66 story 900 North Michigan tower so far this year. In fact, he has no intention of lowering the prices on the luxury condos in this tower. The pricing starts in the $800 per square foot range, and that’s where it will stay for now, according to a recent write up about the high-rise in Crain’s.

The advantage that JMB has with 900 N Michigan is that unlike the bulk of Chicago real estate developers that have pretty large construction loans that either are already due or have a payback date fast approaching, JMB has no debt left on this tower. They paid back their $75 million loan last year, and owe nothing on the conversion project that transformed office space into luxury condos. This allows JMB the time to wait out the market and hold prices steady. “We can afford to be patient, and we will,” Pat Meara was quoted as saying.

Only four condos at 900 N Michigan sold in 2008, but JMB is hopeful that with several big name high-rise projects facing foreclosure, there will be customers with cancelled contracts who are going to give this building another look. The tower began selling units in October 2005 and had 34 of the 47 under contract two years later, while deliveries began in October of August 2007, according to the article. The prime location of the high-rise, as well as the luxury finishes should make it a strong contender with the other Downtown Chicago Condos that are for sale right now.

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This entry was posted on Friday, April 17th, 2009 at 1:15 pm and is filed under Luxury Condos(t) . You can leave a response.