May 31, 2008 - With so many luxury Chicago real estate projects facing financing problems, some experiencing stagnant sales and others being scrapped altogether like Canyon Ranch, the South Loop development X/O is still a go according to sales staff and the project manager. It’s been a more drawn out process than developer Frankel and Giles probably envisioned from the beginning, but the Lucien Lagrange designed “dancing towers” are expected to break ground late this year, according to the sales office. First deliveries on these luxury Chicago condos are then planned for December of 2010.

The two towers have so far survived everything from an attempt by the Alderman to trim their height, sluggish sales due in part to the legal battle that followed that dispute and the slump in overall condo sales city wide. The numbers haven’t really budged much, with 40 percent being the most often quoted figure, but the developer is still optimistic and pushing forward.

No discounts or incentives have ever been offered on units at X/O, and the sales agent contacted today said they were standing firm on that. The believe a luxury product such as this shouldn’t need incentives to sell units and that the project amenities and services will sell themselves. True, you get a deluxe package with a unit at X/O. The project website has even broken down the amenities into X and O categories. X units have a choice of beech, white oak or gunstock oak flooring while O units offer Brazilian cherry, maple or walnut. There are other subtle differences in finishes, but all are top of the line. The Spa X/O, which will be located between the two towers, will have a misting park, Aqua grotto, saunas personal trainers, lifestyle advisors and just about every other service to pamper and improve your health.

With the Illinois Association of Realtors recently reporting that Chicago condo sales were down 30.9 percent this April, it may still prove difficult for X/O to convince more buyers that they need to invest in a health oriented lifestyle and not just shop for Chicago New Construction Condos.

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This entry was posted on Saturday, May 31st, 2008 at 2:27 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.