Vetro Condo Prices Still Shattering
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February 2, 2009 – One new construction condo tower that still has nearly 100 units left for sale and has cut prices recently is Vetro. Crain’s reported back in December 2008 that developer Thomas Roszak, facing an April 30th due date for his construction loan from Corus Bank, had negotiated an extension of more than a year. The article went on to say that with just over 50% of the 232 units in this Chicago real estate development sold, the project had some distance to go before reaching the 70 to 80 percent of sales needed to pay off a loan.
With that in mind, it’s to be expected that there would be some revved up marketing for the 31 story tower located on 611 South Wells Street. Free parking has been offered to buyers for some time now. But the best deals are in the price reductions that are showing up in everything from studios to three bedroom Chicago condos in this high-rise.
The studio units that run around 524 square feet in size are now being priced in the low $160,000s. If you’re looking for something bigger, there are plenty of two bedroom, two bath condos at Vetro that have around 1,130 square feet of living space that are listed in the $340,000s. And you can now find three bedroom, three bath condos in the building that have about 1,877 square feet for between the low $700,000s to high $700,000s.
Vetro is Italian for glass, and that’s fitting with the tower’s sleek design and liberal use of glass. It’s also appropriate because the developer is shattering the old prices with these latest cuts on units. Chances are buyers who purchased a condo here at a previously higher price aren’t particularly happy at the devaluation of units in the building. But for those who may be opting to buy now at Vetro, the lower prices are a welcome incentive. Buyers may be able to find more deals on Cheap Chicago Condos as developers try to clear out inventory this year.
[tags]Vetro, Chicago Condos, Chicago Real Estate[/tags]
