Deal of the day: Free parking spaces at Vetro

Vetro, 611 S Wells St, Chicago

As expected, the price changes we’ve seen at Vetro, 611 S Wells St, in recent weeks indeed apply to more units than the ones listed on the MLS. “We, as a team, are committed at Vetro to be constantly reviewing and adjusting our sales strategy to stay ahead of the market, hence our aggressive re-pricing of certain tiers that needed a jump start,” says Brian Morand, a development specialist with Baird & Warner.

Along with the price changes – which range from a $7,000 reduction on a 1,667 square-foot, two-bedroom / 2.5-bath floor plan to a $41,000 cut on a 1,133 square-foot two-bedroom / two-bath – developer Roszak / ADC is now throwing in a free parking space with every unit, Morand says. Spaces had sold for as much as $37,500 per space, so my math skills tell me that if you were interested in a two-bedroom and a parking spot at Vetro earlier this year, you now have the possibility of paying as much as $78,500 less before you even reach the negotiating table.

Roszak isn’t ready to manage rentals at Vetro, Morand says, but anyone who’s interested in leasing a condo can “keep a look out on Craigslist for investors who bought and are renting out there units privately.” At least one studio and two one-bedrooms are available for rent from $1,095 to $1,280 a month at the moment.

Crain’s reported on Sunday that Roszak has sold about 57 percent of Vetro’s 232 units and has worked out a one-year extension on the building’s construction loan.

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Related posts:
Crain’s: Developers beg for loan extensions (Dec. 15)
Vetro listings show signs of price changes (Dec. 13)

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