This morning’s listing update from Redfin spotlighted several “new” listings at 757 Orleans. The listing copy describes the project as a “popular River North building” and recites a number of incentive offerings for the next 20 buyers. Here’s what we wrote, just 6 weeks ago, about a similar offering for the next 20 buyers:
The high-rise condos at 757 N Orleans in Chicago’s River North neighborhood first came to our attention back in March of 2006.
We wrote about the 198-unit project frequently while it was under construction, since we could monitor progress from our office window.
The project has offered lease-to-own programs, “huge price cuts” and a variety of incentive offerings over the years. It is currently offering a number of incentives “to the next 20 buyers.”
According to the Cook County Recorder‘s office, 66 units have closed at 757 Orleans, putting the project exactly at the one-third mark.
Unit 1012, a 2-bedroom, 2-bath, is listed at $429,373, parking included. According to Redfin, the last price adjustment on the unit was 3 years ago. Is price the issue at this building?
Joe, do you know when the construction loan for this place comes due? I really like the building and am interested in it, but I have two concerns. One, if I buy there, then soon after massive price cuts will come. Two, the condos remaining units will be sold to an investor similar to mondial, and there will be 2/3’s renters and 1/3 owners, which would be a disaster when going to sell my unit seven years from now. That’s why I was interested about the construction loan.
Mike,
I don’t know. If I did I don’t think the knowledge would be much help to you. It’s common for construction loans to be renegotiated and extended.
Your concerns are justified at this point.
I recently visited the building and the told me 75% had been sold. Is this not true???
MJ,
That’s a question you should be posing to the sales staff at the development, given the discrepancy between closings and claimed sales. I don’t have the answer.
Mike & MJ: @properties is running sales for this project, and there have been 125 closings to date, and several more contracts are pending, so the project is a little less than 75% sold. Unit 1012 is sold. I don’t know why Redfin shows it as Active, and I don’t know why the Recorder’s office only shows 66 closed. For more information, contact the sales center (link above). This project has sold pretty consistently since last fall. Thank you.
A current search of closings at the Tribune’s site – which generally lags in reporting data – shows 120 closings, including 36 this year, so Peter’s number is probably accurate.
Redfin still shows 1012 as Active as do a number of other real estate sites, so the likelihood is that @properties hasn’t updated the entry in the MLS.
Peter, could you tell me the POO% versus rentals at 757 Orleans? I have a client who is potentially interested, and I have the same concerns Mike does about the rental ratios and future resale for my client. Thanks.
Helen – Please contact Karen Howard of @properties who is directing sales for 757. She will get you whatever info you need. khoward@atproperties.com. Thank you.
Why not simply share the info with everyone, Peter?
Helen,
Let us know what answer you get.