At the start of 2007, developer See Wong was offering $5,000 in upgrades for buyers who purchased two-bedroom condos at his 1349 South Wabash development. The offer was set to expire in March – nothing like a little urgency to motivate consumers – but the same deal is on the table seven months later.
Why? Well, even before the market began to sag considerably, the competition to sell new homes in the South Loop was pretty fierce. Wong apparently got some mileage out of his incentives (he had been offering an upgrade special on one-bedrooms too, earlier this year, and that deal is now finished). He has passed the half-sold mark, which means he will be breaking ground “this autumn.”
That’s a little vague, but assuming autumn means within the next month or so it should put 1349 South Wabash pretty close to on schedule. Back in January, the project was slated to break ground in August or September. We’d be amazed if every project scheduled to break ground in the South Loop during the next year actually does.
The project was conceived for the budget-conscious. One-bedrooms are priced from the $220s, and two-bedrooms from the $340s. Unlike many nearby buildings, there are few amenities (no health club, swimming pool or 24-hour door staff here), so assessments are comparatively low. According to Wong, a two-bedroom has assessments of $300 to $400 a month, and they include heating.
You can check out our earlier video tour of 1349 South Wabash here.