As winter sets in and we proceed into what is traditionally the slowest season in an historically slow year, developers around the city face a common question: What to do with those unsold homes?
At The Superior at LaSalle, a 54-unit high-rise at 150 W Superior St in River North, Affinity Development and KBL Construction recently cut the prices of the remaining 15 condos by about five percent, according to Steven Maher of Maher Partners. Maher says a buyer just signed a contract for one condo this week, and negotiations are underway on another.
In the summer and fall, buyers made multiple offers that Affinity and KBL rejected. The developers are willing to negotiate, “but it has to be a viable offer,” Maher says, suggesting that some buyers come with unrealistic expectations. “Part of our job is to educate buyers on differences in product. We are a more expensive product, but from a quality standpoint, a far superior product to most of what’s out there.”
Prices for the homes currently listed on the MLS range from the $440s for a 1,156 square-foot one-bedroom / one-bath to $1.35 million for a 2,719 square-foot three-bedroom / three-bath. As far as price reductions are concerned, the MLS listing for Unit 702, a 1,530 square-foot three-bedroom / 2.5-bath condo, says that it was recently reduced in price by $75,000, and it’s now listed in the $690s.
NewHomeNotebook:
• Rate and review The Superior at LaSalle
• View our list of Hartshorne Plunkard designs
• View our list of River North high-rise condos
Related posts:
• We like to watch: The Superior at LaSalle in River North (Aug. 7, 2007)