I doubt anyone is kicking themselves for missing the "free" TV offer. That's the thing about incentives and price drops; they'll just keep getting sweeter.

Jane,

I've already made two of our juvenile commenters disappear.

Due to the repetitive and random nature of your comments, you're next to hit the spam filter.

If you do have something to contribute to the discussion, we're looking forward to hearing it.

If this continues to be all you have to offer, no one will miss you.

Jane's comment seemed pretty relevant to me… Incentives WILL keep getting sweeter. Moreover, why consider it an "incentive" at all, when if you are doing a proper job negotiating, you could have gotten the concession anyway? For instance, alert to anyone interested in buying one of those price-dropped one bedrooms: I betcha if you tell 'em you won't buy unless you get both the lower price AND the free parking, they'll probably give it to you. (Ask for some cash back at closing, too.) It's a buyer's market, kids, and inventory on condos in Chicago is much, much higher than average.

Kenworthey,

For many buyers the relevant category is "move-in ready new construction downtown" rather than "condos."

The inventory in that relevant category is low.

It is a buyer's market, but the kids need to know that "much, much higher" is simply not accurate as to downtown new construction inventory for immediate occupancy.

Joe Zekas,
I am curious if the "downtown new construction inventory for immediate occupancy" includes the flipper units that have not been lived in?

Also, what is "low" inventory for the "relevant category" you refer to? Do you have the comparable numbers for the last few years?

Please enlighten me since I find it hard to believe that "immediate occupancy" inventory has not increased, perhaps substantially.

You obviously know more about this than I do, but just so I understand you: there are not more "move in ready new construction units" available now than there have been in the past? Because it seems to me that there are a LOT of new construction units on line right now, in comparison to average. Just because there are fewer new units compared to old or unbuilt units doesn't diminish the point.
Also, maybe we just are disagreeing on the semantics of "many," but I'd be surprised if a significant percentage of the potential buyers out there would not consider used inventory a reasonable substitute for new at the right price. In other words, I doubt that new construction can fetch THAT much higher a price than used construction.
I guess the proof is in the pudding, though. Anyone want to volunteer to make an offer for one of the 1BRs contingent on getting free parking, and see if they are successful?

These are not 1 bedroom units, more like a long studio with a creepy dark den at the back.

Buyers like windows!

My guess: These units will finally sell at studio prices, $150-175K.

Joe, what is typical rents for 1Br +Den in West Loop?

Guessing that with finances, taxes, and assessments this will run about $1700 per month before any interest tax credit.

Kenworthey,

What "a significant percentage" of buyers would or would not do is not terribly relevant to the person who wants new construction and wants it now.

For that person there are, I'm guesstimating, fewer than 100 move-in ready new units in the West Loop.

Buyers should always ask for everything they can - but should be realistic about what they can get.

Jeff,

Don't know what rents are.

Zekas, your new "spam filter" is merely an opinion filter. Put me in it and see if I care. And good luck selling your remaining flip homes before the few remaining buyers disapear.

Joe, your guesstimate is actually HIGHER than mine–100 seems like a lot to me.
An you are right that what a "'significant percentage' of buyers" want is not "terribly relevant" to the person who wants new, wants it now, and will pay a premium to get it–but it sure ought to be relevant to the sellers of new units!
Of course you are right that people should be realistic about what they can get–but in this market, I think what I suggested IS something they could get. But like I said, we'll know when we see people either buy those units at the asking price, or not…

Ok, Jane. You're in from here on out.

As usual, you know nothing. I have no homes for sale, so don't need any luck.

Joe,

fighting real spam on message board is an uphill battle. fighting unfavorable opinions of real estate in a bear market is the most sisyphean of tasks.

Odjoko (sp?)

Even more sisyphean is dealing with people who dishonestly misrepresent what they see on this site, or see only what they want to see. Your comment is an illustration of that approach.

Look around you a bit. There's no attempt to stifle anyone's thoughtful opinions, and unfavorable opinions of real estate are often expressed here. Including yours.

This is, I believe, the only real estate site in Chicago that allows unmoderated comments and lets negative responses stand. And periodically we fend off flak from advertisers over that openness.

I've barred several people who had nothing to say and continued to say it ad nauseam. If their opinions had been mindlessly positive and equally inappropriate the result would have beeen the same.

These are not studios paulj. Look at all length wide built units in the city - the second bedroom/den is always in the back. Price per square footage at VB1224 ia better and less expensive that all new/rehab developments going up in the West Loop.

vb1224 is a HUGE disappointment. my husband and i bought in 2005 and were promised ammenities that were not delivered. where's our greenroof and state of the art work-out facility? there are a total of FOUR machines in our joke of a work-out room we are looking into taking legal action because of this.
i would not recommend buying from this developer to anyone.