Sales update: Lennar cuts prices, adds parking for remaining Library Tower condos

Library Tower, 520 S State St, ChicagoA new pricing structure and the offer of free parking has helped Lennar pick up the pace at its recently completed Library Tower development at 520 S State St in the Loop.

The developer picked up about 30 new contracts since trimming prices on the tower’s one- and two-bedroom soft lofts in late winter, says sales consultant Simon Collings. The price ranges we’ve listed have differed slightly from post to post, so it’s hard to tell which tiers received adjustments, but a sample of listings on the MLS suggest cuts of $27,000 to $37,000 on select one-bedrooms with 1,055 to 1,080 square feet and $19,000 to almost $60,000 on two-bedrooms with 1,265 to 1,680 square feet.

The new price ranges are:

  • One-bedroom / one-baths with 865 to 1,080 square feet: $240s to $360s
  • Two-bedroom / two-baths with 1,265 to 1,805 square feet: $300s to $670s
  • Two-bedroom / two-baths with dens and 1,530 square feet: $590s to $680s
  • Two-bedroom / 2.5-baths with dens and 1,680 to 1,790 square feet: $680s to $790s
  • Three-bedroom / 2.5-baths with 2,030 to 2,130 square feet: $790s to $950s

Looking at prices per square foot in the immediate vicinity, Library Tower’s units fall somewhere in-between Vetro‘s discounted homes, where prices don’t exceed $300 a square foot, and Astoria Tower‘s condos, which start around $383 a square foot and reach up into the luxury range on its penthouse levels.

Indoor parking spaces, which once sold $35,000 to $40,000 apiece and saw price cuts of their own in December 2008, are currently included with all units at no additional cost, although this may prove to be a limited offer, Collings says.

Many of the units are completed and can close in 30 to 60 days. Interested buyers should contact sales manager Andrew Baasen for more information, Collings says.

Interior of Library Tower, 520 S State St, Chicago Interior of Library Tower, 520 S State St, Chicago

Related posts:
Library Tower’s condos, furnished and bare (Dec. 14)
Up-to-date pricing at Astoria Tower (April 29)
Vetro rolls out new post-auction prices (March 13)

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