You can time-travel back to the frothy days of the mid-00s if you want to find condo projects selling out prior to their beginning to rise out of the ground. Or you can head for Adams and Aberdeen in the West Loop, where demolition of an existing structure has just wrapped up on the site of a 40-unit condo project that sold out before construction began.
We’ve seen a number of single-family to 24-unit projects sell prior to completion in the past two years, but Belgravia Group’s CA3 is the first project of its size that we’re aware of to sell at such an early stage. Twenty-five of the 40 units were under contract in mid-March when we checked in on the project. Prices for the 3-bedroom, 3-bath units ranged upwards from the high $500s.
The above photo shows the state of the site yesterday afternoon. Rick Gray, one of the buyers, talks about his decision in this sponsored video: