Deal of the day: Live for free at Marquee
Posted 7/15/2008 by Mark Boyer
The building was topped off months ago, and I'm ashamed to report that we still don't have an updated photo of Marquee at 1454 S Michigan Ave in the South Loop. Developer Sedgwick Properties is currently offering a couple of incentives, including an offer to "live free all summer long." Sales agent Norge Clemente from Koenig & Stray GMAC Real Estate says that buyers will be able to move in immediately and delay closing on units for two or three months.
Recently, I've been hearing a lot of developers and agents mention the difficulty of getting buyers to sign contracts for condos in developments that are either under construction or that have yet to break ground. This incentive seems to reinforce the notion that buyers in this market need material evidence that developers will deliver on their end of the deal.
The other incentive being offered at Marquee is $15,000 off of two- and three-bedroom corner units in tiers 01 and 04 on the floor plate. The least expensive of those corner units is a two-bedroom priced in the $350s, and the highest is a three-bedroom on the northeast corner priced in the low $500s.
Clemente says that 27 of the 208 units in the building are still available. Many are ready for immediate deliveries, as people are living in the lower floors, while some interior construction is still being done on the upper floors. Garage parking is an additional $35,000.
Comments
7/15/08
Allison said:
I'm a first time buyer and was looking into buying here but then my realtor mentioned that they hadn't closed any units that had pre-contruction contracts in the past couple of weeks. She is worried that the building will not get finished. Any thoughts?
CG said:
I'm not by any means an expert here, but I thought they could only close on preconstruction when it was within 30 days of being delivered? I was looking at X/O and was told that we could close at during 30 day timeframe (or maybe it was we had 30 days to close)… anyhow, I highly doubt they would top off a building and not finish it… that doesn’t mean they will finish it on time. If you are seriously looking just go to their sales center (or others) and get a feel for how the whole preconstruction sales work. Your realtor may just want her commission sooner than later?