Grand Plaza Lowering Penthouse Prices

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July 11, 2009 - Yesterday we told you about 550 North St. Clair reducing prices on their penthouse units. Another Chicago real estate development that is cutting penthouse prices is the Grand Plaza. The building website states that it’s a, “Bank-forced closeout sale,” and that, “The bank has forced us to drastically reduce our prices, so act now. Penthouses are to be sold on a first come first served basis. Prices reduced as much as $350,000.”

A 965 square foot unit with one bedroom and one bath had been priced at $505,900 and has since been lowered to $319,860. A 1,766 square foot unit with two bedrooms and two baths that was priced at $885,900 has now been reduced to $691,776. And another two bedroom, two bath condo with 1,232 square feet is now being sold for $525,059 when it had been priced at $728,900.

The Grand Plaza has 283 Chicago condos and the penthouses are located on floors 30 to 36. The developer is also advertising a “Personalization Account” with every penthouse purchase. That gives a buyer $100,000 to be used for upgrades and finishes.

Finishes and details include semi-private entrances. two-story living rooms in the duplexes, some units with oversized wrap-around skydecks, fireplaces in all duplexes and some other penthouses plus individual heating and cooling controls. The kitchens come with 36″ maple cabinets, granite counter tops, double bowl sinks, GE stainless steel appliances and ceramic tile. The baths also have ceramic tile plus soaker tubs.

The Grand Plaza also has the 50,000 square foot Club Floor with a health club, running track, putting green, basketball court, pool, whirlpool, sauna and steam rooms. There is a business center, internet cafe, library with fireplace, movie room, party room with kitchen, winter garden atrium and 24 hour doorman. Residents also have the convenience of the Grand Plaza Market on the lower building levels.

As we’re seeing, even Chicago Luxury Condos are feeling the effects of the slow housing market and finally cutting prices.

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