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The Grand Plaza Penthouses, the condo conversion tower at 545 N Dearborn St in River North, is hosting a close-out, and it’s not just any sale — it’s a bank forced sale, according to the ads in Friday’s RedEye. Because these days, buyers won’t jump at just any price reductions — they need a special sense of urgency, and nothing says ‘buy’ like a developer that’s under the gun to unload condos in a possibly distressed high-rise.
The ad directs buyers to view listings and prices at a new page on the Grand Plaza Web site: GrandPlazaPenthouses.com/banksale. However, that page is nothing more than a registration field that requires you to give up your home address and phone number. (Not likely!)
Fortunately, the newspaper ad gives a bit of insight into the sort of price reductions the bank is demanding. According to the ad, prices are being reduced by as much as $350,000, and four listings are shown:
- A 1,230 square-foot two-bedroom / two-bath originally priced in the $620s is now priced in the $440s
- A 1,786 square-foot three-bedroom / two-bath originally priced in the $910s is now priced in the $630s
- A 1,690 square-foot two-bedroom / two-bath originally priced in the $820s is now priced in the $610s
- A 2,459 square-foot two-bedroom / two-bath duplex originally priced at $1.30 million is now priced in the $940s
The ten new-construction homes in Grand Plaza that are currently listed on the MLS are priced from the $250s to $1.14 million, but it’s not clear if those prices reflect the recent price reductions.
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I trust the Ads also say something about “owning for less than rent”
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