Sales update: Centrum promoting closeout at The Fairbanks at Cityfront Plaza

The Fairbanks at Cityfront Plaza, 240 E Illinois St, ChicagoWith plans for The St Clair chucked into File 13, Centrum Properties seems to be eager to unload the last remaining homes at its other Cityfront Plaza tower, The Fairbanks, located at 240 E Illinois St in Streeterville.

This week we received a flier from Cityfront Plaza sales manager Nathalie Tourre promoting “rock bottom pricing” at The Fairbanks, with the “best deals given for quick closings!”

Centrum has 12 one- to three-bedroom condos listed on the MLS at prices ranging from the $390s to almost $1.1 million (or roughly $370 to $650 per square foot, if you prefer). The MLS also lists nine purchased units selling again from the $490s to the $590s.

The types of homes include:

  • Two one-bedroom / one-baths with 874 and 1,071 square feet, priced in the $390s and $510s, respectively. (Two resales of similar units range are priced in the $420s and the $510s.)
  • Three one-bedroom / 1.5 baths with 1,011 square feet each, priced in the $430s to the $450s. (One slightly larger one-bedroom / 1.5-bath resale is priced in the $440s.)
  • Three two-bedroom / two-baths with 1,293 to 1,473 square feet, priced from the $550s to the $870s. (Five resales of similar units are priced from the $530s to the $880s.)
  • Two two-bedroom / 2.5-baths with 1,529 square feet each, priced in the $620s and $650s. (One slightly smaller two-bedroom / 2.5 bath resale is priced in the $880s.)
  • One three-bedroom / two-bath with 1,673 square feet, priced at $1.07 million.
  • One three-bedroom / three-bath with 1,917 square feet, priced at $1.09 million.

The price range is almost identical to the one listed on NewHomeNotebook.com, so Centrum may have hit “rock bottom” with its prices months ago. It’s also possible that Centrum is keeping prices at or near their original amounts but packaging in some cushy incentives during negotiations, a practice that has become more and more common in the downtown market, according to the last Appraisal Research Counselors report. I couldn’t reach Tourre yesterday, but if I hear back from her today and get more details about those aforementioned “best deals,” I’ll post a follow-up.

All of Centrum’s listings are built out with marble bathroom finishes, Kohler and Grohe fixtures, granite kitchen countertops and stainless-steel appliances, according to Tourre’s release. Parking spaces are also available from $55,000 to $65,000.

Rate and review The Fairbanks at Cityfront Plaza at NewHomeNotebook.com.

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