November 2, 2009 – Back in May of this year we told you about the price cuts at Metropolitan Tower. But according to Chicago real estate developer Metropolitan Properties president Louis D’Angelo, buyers should take advantage of those discounts now because he may opt to take the unsold Chicago condos in the tower off the market and wait until home prices improve.

In a recent Crain’s article, Mr. D’Angelo stated that, “It’s not an easy decision to make. You’re betting on where the market will be in 12 to 18 months.” There are around twelve or so units still for sale from the developer at this 30 story high-rise located on 310 South Michigan Avenue. D’Angelo said in the article that the price cuts resulted in a sales increase that brought the 242 units up to being 80% sold.

Price cuts on the discounted condos run anywhere from about $50,000 to as much as $300,000 off. The one bedroom, one bath condos had been priced from $299,900 to $396,900 and are now about $249,900 to $269,900. The two bedroom, two bath units were priced from $534,900 to 919,900 and are now listed for about $399,900 to $649,900. And the three bedroom, 2.5 bath condos had been priced at $919,900 to 959,900 and are now running from about $649,900. Building amenities include a 24 hour doorman, fitness center, party room and sun deck.

There are other Downtown Chicago Condos that have opted to lower prices, so be sure to check back regularly for updates.

[tags]Metropolitan Tower, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Monday, November 2nd, 2009 at 5:51 pm and is filed under Mortgage Information.