It’s all well and good to track down updates on individual projects, but it’s also worthwhile to take a step back every once in a while and look at everything at once.
A lot of the projects we track are down in the South Loop. Several of the neighborhood’s newer high-rise and mid-rise projects are still under construction and will not see closings until later this year, but most are finished and delivering at this point.
The following is a summary of what’s going on at all the new South Loop high-rises that have homes ready for occupancy:
- 1400 Museum Park, 100 E 14th St: The Enterprise Companies had 29 units still for sale at the recently completed Michigan Avenue high-rise in the first week of January.
Prices range from the $370s for a one-bedroom up to the $700s for a three-bedroom. One-bedroom floor plans in 1400 Museum Park have 837 to 927 square feet, two-bedrooms have 1,238 to 1,387 square feet, and three-bedrooms have 1,667 to 1,684 square feet. (Rate and review)
- The Columbian, 1160 S Michigan Ave: At the end of 2008, inventory at The Columbian consisted mostly of 1,231 to 1,800 square-foot two-bedrooms priced from the $450s to $1.09 million. Neighborhood Rejuvenation Partners recently cut the prices of parking spaces from $42,000 to $21,000 for buyers of two-bedroom condos.
Several resales and rentals are also listed at the building. (Rate and review)
- One Museum Park, 1211 S Prairie Ave: Approximately 200 units have closed in Enterprise’s flagship tower, but about 30 percent of its units were still unsold as of last week, according to Coldwell Banker agent Ralph Oliva.
Buyers have snatched up most of One Museum Park’s 35 one-bedroom homes, leaving mostly two-bedrooms and a “heavy” stock of three-bedrooms for sale. Price points range from the $850s to $2.6 million. (Rate and review)
- Michigan Avenue Tower II, 1400 S Michigan Ave: The remaining units in Russland Capital Group’s second Michigan Avenue Tower range 580 square-foot studios priced in the $210s up to 1,260 square-foot two-bedrooms with dens priced in the $520s. The developer continues to offer “luxury upgrade package” of an undetermined amount as an incentive.
Fifteen rentals (including one through exclusive marketer Frankel & Giles) were listed in late 2008 from $1,250 to $2,600 per month. (Rate and review)
- Marquee, 1464 S Michigan Ave: Jameson was still trying to sell 28 one-, two-, and three-bedroom condos at Marquee in late 2008. Prices of those homes ranged from the $240s for a one-bedroom / one-bath to the $490s for a three-bedroom / two-bath.
Resales include three 24th-floor penthouses with three bedrooms and 2.5 baths, priced from the $840s to the $940s. At least six units are available to rent from $1,550 to $2,500 a month. (Rate and review)
- Prairie Pointe, 1600 S Prairie Ave: Two years after construction wrapped, The Gammonley Group still has 10 condos left in its South Loop high-rise. Most are one- and two-bedrooms priced from the $380s to the $550s, although one 24th-story three-bedroom was still available for $1.8 million in December. Each home comes with a parking space.
There are a number of resales in the building, ranging from a one-bedroom / 1.5-bath unit priced in the $330s to a three-bedroom / two-bath selling in the $950s, as well as several rentals. (Rate and review)
- Printers Corner, 171 W Polk St: Winthrop Properties has 19 units left for sale, including one-bedroom / one-bath homes with 743 to 769 square feet, priced from the $310s to the $350s, and two-bedroom / two-baths with 1,145 to 1,168 square feet, priced from the $390s to the $480s. Buyers can take advantage of a “Live Free for Six Months” incentive, or opt for a rate buydown of up to 1.25 percent, which Winthrop claims could save as much as $425 a month over the life of a 30-year fixed loan.
The next 10 sales will come with free parking spaces (which normally sell for $36,000 to $40,000 apiece), and qualified buyers can make down payments as low as 3.5 percent (about $12,000 for the average Printers Corner unit). (Rate and review)
- 1720 South Michigan, 1720 S Michigan Ave: CMK Companies was down to 35 unsold units — including at least one of each of the building’s 14 floor plans — going into December. One-bedroom / one-bath floor plans start in the $190s, two-bedroom / one-baths start in the $240s, and two-bedroom / two-baths start in the $330s. Prices top out in the $450s, the cost of a two-bedroom / two-bath penthouse on the 33rd floor. Parking spaces in the tower’s heated garage sell for $36,900 apiece.
At least four one-bedrooms at 1720 South Michigan were up for resale from the $220s to the $300s in late 2008, and at least 11 two-bedrooms have been relisted in the $240s to the $440s. Another eleven units were available for rent from $1,000 to $2,200. (Rate and review)
- Vetro, 611 S Wells St: Approximately 100 of Vetro’s 232 units were still for sale going into 2009. Roszak / ADC and Baird & Warner have implemented an “aggressive re-pricing of certain tiers,” resulting in prices points including the $160s for a 524 square-foot studio, the $340s for a two-bedroom / two-bath with 1,133 square feet, and the $710s to $780s for three-bedroom / three-bath units with 1,877 and 2,003 square feet. Parking spaces that once sold for $37,500 now come free with every unit.
Studios and one-bedrooms were also renting for $1,095 to $1,280 a month as recently as last month. (Rate and review)
NewHomeNotebook:
• View our list of new South Loop high-rises