Sales update: Big reductions afoot at Pure

Pure, 24 S Morgan St, West Loop, Chicago

In March we watched Roszak / ADC lower the prices of its Vetro condos across the board by about 19 to 25 percent. Now it looks like Pure might just have ’em beat.

Last Saturday, the eight units listed at 24 S Morgan St in the West Loop dropped in price by 17 to 39 percent. One-bedrooms with 764 to 915 square feet, once listed from the $260s to $360s, were cut down to a range of the $160s to $280s. The price of a 979 square-foot two-bedroom dropped by more than $115,000 into the $230s, and a combo unit with three bedrooms and approximately 2,000 square feet fell by almost $128,000 to just above $500,000.

The listings linclude:

  • Unit 501: A 2,000 square-foot three-bedroom / 2.5-bath priced in the $500s, or $251 per square foot, down 20 percent from the $630s, or $315 per square foot.
  • Unit 708: A 915 square-foot one-bedroom / two-bath priced in the $280s, or $306 per square foot, down 23 percent from the $360s, or $400 per square foot.
  • Unit 508: A 915 square-foot one-bedroom / two-bath priced in the $270s, or $302 per square foot, down 17 percent from the $330s, or $362 per square foot.
  • Unit 404: A 979 square-foot two-bedroom / two-bath priced in the $230s, or $240 per square foot, down 33 percent from the $340s, or $357 per square foot.
  • Unit 503: An 822 square-foot one-bedroom / one-bath priced in the $180s, or $227 per square foot, down 37 percent from the $290s, or $359 per square foot.
  • Unit 706: A 764 square-foot one-bedroom / one-bath priced in the $170s, or $232 per square foot, down 38 percent from the $280s, or $376 per square foot.
  • Unit 505: A 767 square-foot one-bedroom / one-bath priced in the $170s, or $228 per square foot, down 38 percent from the $280s, or $371 per square foot.
  • Unit 907: A 680 square-foot one-bedroom / one-bath priced in the $160s, or $239 per square foot, down 39 percent from the $260s, or $391 per square foot.

Prudential Preferred Properties agent Kevin Green confirmed in a short phone call yesterday that prices have gone down across the board at the 12-story tower and promised to pass along some more info on the reductions and the number of homes still for sale. These eight listings may not represent the only units left at Pure, as Green said in January that 26 of the building’s 67 units were still for sale. Cook County records show just four closings at the address — four one-bedrooms that sold from the $250s to $280s.

As Mark reported this winter, the Pure property is now held by the bank-owned Pure 67 LLC, which took over the project following the disappearance of original developer Salman Ibrahim. Pure 67 was finishing off the project according to most of the original plans, Green said at the time.

COMMENTS

WORDPRESS: 19
  • yoho 10 years

    The bank is insane. it doesn’t have to lower the price to this low to get the sales flowing.

    Now i am seriously considering buying another condo now.

    Folks, do you think it is a good deal here? I think it’s way too good.

  • yoho,

    You may be the first person here to suggest that prices are too low!

  • yoho 10 years

    Well, i thought i was just telling the truth… unless this building was built with very bad quality.

    Anyone here familiar with this building?

  • We did a pre-construction video several years ago. At that time 2 bedrooms were starting in the $350s. Don’t know whether the level of finishes is consistent with what’s in the video.

  • Francesca Rose 10 years

    Hi Joe – You don’t need to publish this, but I sold a unit here to my clients, and think it is terrific. The finishes are wonderful. The sales center was a feeding frenzy last friday.

  • Thanks for the update, Francesca. We’d love to have more reports from you on what’s happening out there.

    Disclosure: I’ve known Francesca for a number of years, and she’s an agent with one of our firm’s advertising clients – Prudential Preferred.

  • mimi 10 years

    I have put in an offer for the asking price on a condo in this building. According to Green who showed me the property over 20 other people have also ut in offers on the units.The bank (property owner)is considering rejecting all offers even though they are for the exact asking price… to raise the prices again!!! It’s practically fraud- advertising prices then rejecting offers for those exact prices. Just another greedy exec thinking he can get something better.

  • mimi,

    I just spoke with a representative of the property – someone I’ve known going back 20 years and consider credible. Here’s what I learned.

    The bank wanted some quick sales and slashed prices on 20 units. All 20 of those units went under contract very quickly at the prices we reported above. The bank did not, in fact, reject offers at the advertised prices except on units beyond the block of 20.

  • mimi 10 years

    Hi Joe,

    I am even more confused than ever.What you stated was not the case when I went to 24 S Morgan. I was told by the selling agent that the unit I offered full price for was available when I put in my offer. My realtor can no longer get a hold of the selling agent, and I still have an offer out there pending.
    There were some offers rejected after mine was made, however mine was not one of them. I cannot make heads or tails of this situation and don’t know who to contact for more answers. I am a motivated buyer with an impeccable credit score and the 20% down which they were asking for. Can you please help!?!

  • mimi,

    I’ll see what I can do to get an answer for you, with no guarantees. Your Realtor also should be able to find a way to get better info for you.

    Be aware that Prudential Preferred is a long-time client of my firm.

  • Mimi,

    The bank did not reject every offer. I know this with 100% certainty. If they get back to you, I would ask questions about the building. More specifically ask if there are any liens, law suites, and the situation with the ownership bank. They might be trying to clear up some issues before proceeding with your offer.

  • mimi 10 years

    Thank you to both of you for your suggestions and comments. I had heard that dealing with bank owned properties was complicated, but I am learning more everyday and hoping that this will end with a good outcome. I look forward to what you find out Joe.

  • mimi,

    I sent you an e-mail with a direct contact for the seller. If yu didn’t receive that e-mail for any reason, send me a note at yojoe at yochicago.com and I’ll resend it.

  • James 10 years

    I work for the owner of the bank who owns this building. We are trying very hard to get these sold. If anyone needs assistance or has questions or is interested please let me know.

    James AT arunre.com is my blackberry email.

    ADDED by Joe Zekas – I’d say the odds are extremely high that “James” has no relationship to this property whatsoever. No one should be foolish enough to respond to this type of comment from a completely anonymous source. On the odd chance that “James” is for real he’ll contact me directly to verify his identity.

  • That would be Shore Bank that was recently taken over by the FDIC.

  • Maybe it was Mutual bank.

  • kevin 10 years

    has anyone been able to close/come close to closing on these recently reduced units?

  • mimi 10 years

    no, I never was. I never even got a reply for my offer.