One investor that crossed the finish line on a broken condo project, the Trio at 670 W. Wayman St. in the West Loop just off the Kennedy Expressway, later this month will launch a new sales effort — with new pricing — for 13 of the 21 unsold condos in Trio’s two seven-story buildings. Those units had all been off the for-sale market, and some were rented out.
The new owner, a venture of Naperville-based Marquette Cos. and Boston-based AEW Capital Management L.P., also plans to rent out all the units in Trio’s 23-story tower as apartments.
To bolster sales of the condos in the low-rise buildings, the units now include a free garage parking spot, newly installed smart home features and an offer from the owner to pay mortgage points so a buyer can secure a lower interest rate, says Christine Lutz, a senior vice-president with the Chicago-based residential marketing firm Garrison Partners.
Ms. Lutz says one-bedroom units will now start in the $190,000s, while units with two bedrooms and two bathrooms will start in the low $300,000s.
“Doing the same thing over and over again in this market is a form of insanity,” she says. “You’re not going to get a different result.”
Units currently for sale in Trio’s two mid-rises (located at 650 and 660 W Wayman St) include one-bedroom / one-baths priced in the $210s and two-bedroom / two-baths priced from the $230s to $260s. Four two-bedrooms are also available for rent from $2,000 to $2,500 a month.
In Trio’s high-rise, 670 W Wayman St, one-bedrooms are available from $1,580 to $2,487, and two-bedrooms from $1,980 to $3,051, according to Apartments.com. Several apartments are also listed for rent through Craigslist, but I wouldn’t trust these ads — in every case, the price mentioned in the headline is less than the amount (or low end of the range) offered inside the listing text, by an average of 12%.