We’ve heard rumblings from buyers, bloggers, and rival sales staffs for some time now about significant price cuts at Vetro, Roszak / ADC‘s 31-story tower at 611 S Wells St in Printers Row. Nothing approaching a half-price slash, Patel, but reductions of double-digit percentages, at least. A look at current MLS listings and Redfin price histories confirm these rumors on a limited basis, although it’ll take a call or e-mail back from the building’s sales team to know if they’re reflective of larger, across-the-board cuts.
A 524 square-foot studio that once was priced in the high $190s is now listed at $161,000, a cut that represents a $73 reduction in the unit’s price per square foot. A two-bedroom / two-bath with 1,133 square feet, once listed in the mid-$380s, is now selling in the mid-$340s. Prices on other listed one- and two-bedrooms, which range from 719 to 1,667 square feet, have seen cuts of $7,000 to $33,000 per floor plan.
There’s no pricing history available for the two penthouse floor plans on the MLS, but there’s a chance they’ve seen reductions as well. The three-bedroom / three-bath units have 1,877 and 2,003 square feet and are priced in the $710s and $780s, or $381 to $392 per square foot, respectively. (Mark recently toured a 1,869 square-foot two-bedroom penthouse priced in the $750s, but that particular unit isn’t surfacing in a listings search.) Those prices are all significantly lower than the $950,000 price tag attached to a three-bedroom / three-bath with 2,067 square feet this summer. No Vetro condo is listed for that much right now, and Cook County records don’t show a sale above $780,500 at the building. Make of that what you will.
Interestingly enough, there don’t appear to be any resales listed at the building right now, and only two units are listed for rent.
I’m supposed to get some more detailed pricing info in the near future and will post a follow-up if there are any new prices or incentives to report. In the meantime, click any of the “related posts” links to have a look at the building’s units and amenities.
NewHomeNotebook:
• Rate and review Vetro
Related posts:
• Video: Touring Vetro’s penthouses (Oct. 16)
• Video: Vetro’s grand opening party (Oct. 15)
• Video: Inside a Vetro two-bedroom (July 10)