ChicagoNorthwest Side

Has Riverview Terrace cut its rents far enough?

by Joe Zekas on 7/11/14

Just over a month ago we noted that the failed condo project at 2609 W Belmont had come back to life as Riverview Terrace, a rental building.

We suggested at the time that quoted rents were “aggressive for the location.” Yesterday’s email brought news that 3-bedroom, 2-bath units that had previously been offered for $3,850 to $4,000 a month were now starting at $3,000.

That’s a fairly embarrassing price slash for Luxury Living Chicago Realty, the exclusive marketing agent for the property. The company’s website proclaims that “We market + lease downtown Chicago apartments and condos with precision.”

Is the latest iteration of precision doomed to rescission? You can probably guess my answer.

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