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Ever since auctioning off 43 Chicago condos at Michigan Avenue
Tower II in November of 2009, price cuts have been commonplace.
Developers often adjust prices after an auction, lowering the remaining
condos in a building to prices close to the high bids. That practice
usually results in quite a few more sales and is a great marketing
technique. Check all Chicago real estate listings, homes, condos, new & resales.
The Chicago condos auctioned at this high-rise went for as little as $160,000 to as much as
$601,000. Every floor plan from 580 square foot studios to 2,120
square foot three bedroom units were put up for bid and buyers spent
about $11.2 million that day.
Shortly after the auction, marketing firm Weichert, Realtors / Frankel &
Giles adjusted the prices on the remaining unsold condos in this
Chicago real estate development to about 23% to 28% below original
list prices. Those reductions brought in almost as many sales as the
auction did.
The 28 story, 257 unit high-rise doesn't have a lot of condos left for
sale from developer Russland Capital Group, but prices on the ones
that are available have been reduced again as of early 2011. Right
now there are 6 of the one bedroom condos left for sale as well as 2
penthouse units with four bedrooms.
Of the remaining one bedroom condos at there is an 826 square foot,
one bedroom, one bath unit on up to a 751 square foot, one bedroom,
one bath plus den unit. These condos had been marketed in the
$300,000s but have since been cut and prices now range from
$199,900 to $259,900.
The smallest available penthouse unit has four bedrooms, two large
terraces and 3,400 square feet of living space. This residence had
been priced at $2.1 million but you can now purchase it for $1.599
million.
The other available penthouse condo also has four bedrooms and
4,063 square feet. This floor plan contains a very spacious master
bedroom suite as well as a large combination living/dining room and
kitchen. The previous price for this unit was $1.899 million but is now
priced at $1.199 million.
Free indoor heated parking is sometimes offered as an incentive, but
now is available for $37,500 per space.
There are also some resale condos on the market. Those range from
one to two bedrooms and prices vary from the low $200,000s on up to
the mid $400,000s. Rentals are also available from investors and those
run anywhere from about $1,700 to $2,400 per month.
The condos at Michigan Avenue Tower II come with a washer and dryer hook-up, hardwood flooring in the
kitchen and common areas plus wall-to-wall carpeting in the bedrooms.
Kitchens have granite counter tops, stainless steel appliances and 42
inch upper cabinets. Baths have ceramic floor tile and shower surround,
an oversized soaking tub and marble vanity top.
Residents of Michigan Avenue Tower II have access to a rooftop sun
deck, dog run, bike storage room, club room with catering kitchen,
outside swimming pool, fitness center and a 24 hour doorman is
present.
Be sure to contact us for the latest Chicago Real Estate information on pricing and availability at
Michigan Avenue Tower II. |
