Jameson Realty Group sent out a quarterly report yesterday evening covering yearly sales-to-date numbers (down about 13 percent from last year) and listings numbers (down by 6 percent) and boasting about the increases in its number of agents, number of contracts, and number of Web leads since the turn of the new year.
Tucked into the middle of the e-mail was an overview of buyer incentives and agent bonuses offered at a handful of area developments, including new discounts at Sedgwick Properties‘ two new South Loop projects, Marquee (top right) at 1464 S Michigan Ave and Terrazio (below) at 1935 S Wabash Ave.
According to agent Akos Straub, Sedgwick is offering several different incentives for select units at Marquee, such as taking up to $60,000 off the list price off their three-bedroom / three-bath units (which are priced in the $940s), knocking $10,000 to $20,000 off one-bedroom / one-bath units originally priced in the $240s, and offering free parking spaces.
Sales are still going strong at Marquee despite the fact that Koenig & Strey GMAC Real Estate has begun marketing rentals in the building, he says.
About 55 percent of Terrazio’s 180 condos are under contract, the building is nearly topped off, and Sedgwick is “upgrading the heck” out of its units instead of dropping prices, Straub says. The homes now will have crown molding on top of cabinets, higher-end granite choices for countertops, stone baths and “more than just one gray marble to choose from.” (Note that the development was only 40 percent under contract by the end of the first quarter of 2009, according to this recent Crain’s graphic using data from Appraisal Research Counselors.)
As of March, one-bedrooms in the development were priced from the $190s to the $250s, two-bedrooms from the $270s to the $400s, and three-bedrooms from the $400s to the $440s.
Related posts:
• Construction checkup: Terrazio (March 26)
• Sales Center Saturday: Inside Marquee (November 19)