Yesterday we told you that the 1349 S Wabash high-rise is barely out of the starting gates and already developer See Wong is rolling out the buyer incentives. The same’s true at Michigan Avenue Tower II (pictured), where Russland Capital Development Group is offering a year of free assessments and $5,000 in upgrades to those who purchase by the end of March. Annual assessments range from $3,300 to $6,200. Yo’s truly doesn’t have the highest opinion of the “contemporary art deco” generi-tecture of this high-rise, and perhaps I’m not the only one. It’s good to see that buyers are discriminating and well-versed in the market.
ElamBend’s comment yesterday to the 1349 S Wabash post put it well: “This building is too 5 – 6 years ago for this neighborhood.” Yo reader Sam was also right yesterday: “In the type of slowing market we are in, heavy marketing and a well-defined and branded project (not to mention the standard prerequisites of the right location, design and price) are probably necessary.”
Is anyone surprised this isn’t selling? It’s a miracle Tower I was built. This P/H “design” is disgusting.
Gord – you are mistaken. Although this is inarguably junk design, the project has actually sold very well – I think at least 83% of the units are spoken for, and the developer – Russland – has very recently landed construction financing…
I didn’t swallow the claim of the 83 percent sales rate, but didn’t know it had done well enough to secure financing. Heaven help us.
Alison – yeah it was just announced last week – I think maybe it was Globest.com that carried the story. The loan was around $66 million I believe…by the way, i like the term “generi-tecture” – that’s a good one…