I was putting together a short post about resales at the long-since-sold-out Prairie Pointe in the South Loop when — whoops! — I remembered that the tower wasn’t sold out at all. That adds a whole new wrinkle to the story, huh?
The Gammonley Group is sitting on at least eight condos in the 156-unit tower at 1600 S Prairie Ave. Seven one- and two-bedroom homes with 997 to 1,274 square feet range in price from the $290s to $370s. Then there’s the outlier, a 2,800 square-foot three-bedroom / 2.5-bath penthouse priced at a cool $1.39 million.
In reviewing all the building’s listings, the 07 tier — a 1,274 square-foot two-bedroom / two-bath — stood out, primarily because the floor plan is available both through the developer or through resale.
Unlike buildings where sellers have the luxury of undercutting the developer’s prices and still turning a nice profit (Trump, for example), Prairie Pointe is an example of a developer playing hardball with the competition. Thanks to some very recent price cuts of 11 to 27 percent, Gammonley’s three 07-tier units, located on the 13th, 17th, and 21st floors, are all priced below unit #1107, a resale marketed by Coldwell Banker. The developer units range from $340,926 to $375,525, while the resale is priced at $379,900.
The 07 tier features a southern and western views, a wraparound kitchen, a balcony accessible off the living / dining area, a master bedroom suite with walk-in and wall closets, a second bedroom adjacent to a second bath, a space for a stand-up washer / dryer combo off the kitchen, and a single hall closet.
Other resales at Prairie Pointe include one-bedrooms from the $210s to $350s, two-bedrooms from the $310s to $740s, and three-bedrooms from the $850s to $890s.