Jeremy tracked down an @properties agent earlier this week to find out more about some new price adjustments at SoNo, Smithfield Properties‘ 28-story high-rise at 860 W Blackhawk St. All we really got were new price ranges for unit types, with little else to go on other than the price points we printed in our high-rise guide last winter.
Thankfully, enough of the reductions are showing up on the MLS now for us to get a clearer picture of how far prices are falling. Of the 22 homes listed right now, 14 have dropped in price in the past two weeks.
- Eight one-bedroom / one-baths have seen cuts of $27,500 to $47,500, or 10 to 14 percent off their original list prices, bringing the average price per square foot of listed one-bedrooms down from $347 to $322. One-bedrooms with new prices are now listed from the $240s for a unit with 796 square feet to the $310s for one with 1,195 square feet.
The four listed one-bedrooms that haven’t seen reductions range from a 788 square-foot home listed in the $290s to a 995 square-foot home listed in the $370s.
- Five of the seven two-bedroom / two-baths currently listed have dropped in price by $64,000 to $87,500, or 14 to 16 percent. All listed two-bedrooms have 1,416 square feet and range from the $390s to $450s, or $302 per square foot, down from an original price per square foot of $338.
- Of the two three-bedrooms currently listed, one has seen a reduction. That unit, a 2,300 square-foot home on the sixth floor, has dropped from an initial price in the $940s down to the $790s, a 16-percent adjustment that brings the price per square foot down from $413 to $348.
A fourth-floor three-bedroom with 1,656 square feet is still priced in the $490s.
Most of the homes have kitchen with granite countertops and upgraded stainless-steel appliances, marble bath finishes, washer / dryer hook-ups, and private balconies. Amenities at SoNo include storage lockers and a bike storage room, an exercise room, and a 24-hour door staff.
