757 Orleans shakes loose some rust

757 Orleans at Chicago

Looks like a mix of price cuts, low-rate mortgages, and “free equity” incentives have thawed some of the ice around 757 Orleans @ Chicago in River North. Twelve of the 26 closings at the building from 2008 to present have happened since mid-October, according to Redfin, which tells me that The Gammonley Group and @properties are getting someone’s attention out there. (They’re still a long way from 198 sales, though.)

Closing prices on those 12 units have ranged from $230,000 for a studio to $453,000 for a 1,325 square-foot two-bedroom / two-bath (one of the building’s most recent sales). The median closing price since October has been in the $360s, and the average price per square foot has been around $307.

Along with these closed units, a sale is pending on a one-bedroom condo priced in the $270s, and two two-bedrooms priced in the $400s and $440s are under contract.

Gammonley and @properties have 35 studios, one-bedrooms, and two-bedrooms listed at 757 Orleans from the $180s to the $480s. Many of the listings mention incentives like free parking for the first 20 buyers, $5,000 closing credits, and 2-point buydowns.

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