Feeling the pain at Wells Street Tower

Wells Street Tower, ChicagoRiver City isn’t the only building on South Wells Street where prices have tanked — it’s tough to be a seller at Wells Street Tower, too. Six of the seven condos that closed in the building this year sold for the same amount or less than they sold for in 2002 and 2003, when the tower was first delivering units. The one exception was a developer-owned, 4,000 square-foot penthouse on the 32nd floor.

The nine homes currently listed at Wells Street Tower, 701 S Wells St, sold in the mid-2000s from the $240s to $370s, according to Blockshopper; today, they’re listed from the $180s to $330s, or anywhere from 8% to 37% less than before.

The 170-unit high-rise, developed by D2 Realty and designed by Solomon Cordwell Buenz, was billed as “one of the tallest buildings in Chicago south of the Loop” during its construction. The development’s website, which is still active after all these years, describes the homes as having “soaring views…complimented by nine foot lofted ceilings and seven foot tall windows…full granite kitchens, imported wood cabinets, fireplaces and whirlpool baths,” and building amenities like an exercise room, a landscaped sun deck, an entertainment / party room with kitchen, a business center, a library / reading room with a fireplace, and secured indoor parking.

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