Here’s another deal I found out about via Bob Darrow‘s price reduction roundup post on his Your Windy City Guide blog yesterday: In an effort to spark sales at the Motor Row Lofts, developer Paul Zucker is taking 20 percent off the next five contracts.
The deal comes about four months after Zucker was hit with a $9-million foreclosure suit filed by First Bank of Missouri, and sales at the rehab development have been at a standstill.
“It’s been absolutely horrendous,” @properties sales agent Peter Diaz says of the recent sales history at Motor Row, which is located at 2301 S Michigan Ave in the South Loop. Not a single sale has been recorded since @properties took over sales about a year ago, and in that time some of the condos have been put up for rent.
Initially, it was announced that all of the remaining homes would be offered for rent, but Zucker later pulled back and is now offering just four rental units. He’s reluctant to rent them all, because the development’s landmark status enables the first occupant of a unit to get an eight-year tax freeze, so if Zucker rents a unit, the tax freeze applies to him. Then, if he chooses to sell the same unit, the tax freeze isn’t transferable.
Before calculating the 20-percent discount, prices for the 26 available condos range from the $270s to the $660s — with the discount, it could be from the $210s to the $520s. The four rental units are priced from $1,550 to $2,350 per month.