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1400 S. Michigan Avenue
Prices Slashed, Auction: Saturday, November 15th
Michigan Avenue Tower II
Click Here To Get Up To Date Pricing & Availability
Nothing’s moving in the South Loop...
Slash prices, up to 62% and hold a quick auction to raise cash, and set a new “market” price.
1400 S. Michigan Avenue, “Michigan Avenue Tower II” condos announced that they will move 40 of the remaining 97 units from the 257 units in the South Loop.
Auction day is November 15th, the same day as the Sheldon Good & Co, Motor Row Lofts auction.
Quoted prices at 1400 S. Michigan are up to 62% below those previously advertised, with one of the units starting at the jaw dropping price of $99,000 and last listed at $135,900 and another three bedroom is listed at $375,000, previously at $682,000.
With prices like these, the message from developers is clear... help me, help me cut my carrying costs and buy my condos now so I can minimize the amount I owe to the bank.
The South Loop has seen a lot of new development in recent years. Buyers are choosing the neighborhood for its affordable units that are the perfect choice for young professionals looking to enjoy an urban lifestyle in the heart of Chicago.
There are currently several major developments under construction around the South Loop. One of the largest is Michigan Avenue Tower II, located at 1400 S. Michigan Avenue. This building is a project by Russland Capital Group.
Michigan Avenue Tower II
Buyers can choose from a number of floor plans in this high-rise tower located just south of Grant Park. One studio model is available, offering a total of 580 square feet of living space. One-bedroom condominiums offer from 741 square feet to as much as 933 square feet of total living space.
Two-bedroom units are also available, with floor plans starting from 826 square feet and ranging up to as much as 1,425 square feet. Families will love the extra space in the largest three-bedroom units, which offer 1,540 square feet of living space.
The development is currently 90 percent sold, with delivery planned for fall 2008. Remaining units are priced from $309,990 to $359,990 for a one-bedroom unit. Two-bedroom condominiums are priced from $400,000 to $589,900.
Residents of Michigan Avenue Tower II enjoy a number of luxury amenities. The gourmet kitchen comes with stainless steel appliances, granite countertops, and 42-inch cabinets. The master bath offers a marble vanity, soaking tub, and separate shower. Each unit also enjoys incredible views from the private balcony and large windows that led in plenty of natural light. Hardwood floors are offered throughout the main living areas, and bedrooms come with plush carpeting.
This new construction development will offer a number of luxury amenities for all residents to enjoy. The building comes with a 24-hour doorman service, club house with full kitchen, outdoor pool with large sundeck and garden, and a modern fitness center. Deeded parking is available, with prices ranging from $37,500 to $65,000.
The neighborhood is one of the biggest draws for new buyers at Michigan Avenue Tower II. The neighborhood offers plenty of opportunities to enjoy a night of fine or casual dining. Several of the city's best clubs and bars are within walking distance of home.
Residents also enjoy easy access to the Museum Campus, home of the Shedd Aquarium and Field Museum of Natural History. Just south of the museum is Soldier Field, home of the Chicago Bears. Parks and lakefront trails are found throughout the area.
Commuters will love the convenient location of Michigan Avenue Tower II. The development is steps from most of the downtown Chicago business district, making it easy to enjoy a leisurely walk to work throughout the year. For those who travel to other neighborhoods in the city, the Roosevelt Road El and Metra stops are located just three blocks away.
The Loop real estate market is on fire. A total of 304 condominiums were sold during the first quarter, the most ever sold in the neighborhood during the first quarter. However, a large increase in the number of new Chicago developments, particularly in the South Loop, has led to long market times for units on the market. Buyers should take care to negotiate for a price that reflects current market conditions in the neighborhood.
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