A sales associate at a downtown condo development told me last week that she was facing some stiff competition from Emerald, Senco‘s twin-tower development at 123 S Green St in the West Loop.
That’s because Senco recently cut prices on select one- and two-bedroom condos by 25 to 36 percent. The development’s Web site currently advertises three examples:
- A one-bedroom that was $344,000, now $224,700 (36 percent off)
- A one-bedroom with den that was $408,300, now $266,700 (35 percent off)
- A two-bedroom that was $471,400, now $352,000 (25 percent off)
Deeded indoor parking spaces, once priced at $35,000 apiece, are now included with the homes.
Senco has not updated the site’s price sheet (PDF), nor does it list condos on the MLS, so it’s impossible to tell if these units are loss leaders or if they reflect the new norm at Emerald. Judging by the comments from the competition, I’d wager it’s the latter.
(Image courtesy of Emerald and Hedrich Blessing.)