“Seventy-five percent of the people purchasing from us are doing so because they like the walk-to-work, jump-on-an-El or get-right-on-the-expressway location,” reports Garrison Partners‘ Christine Lutz. “I like not fighting to get to the expressways like I do living in Lincoln Park,” is what buyers are saying, according to Lutz. “They see the value in getting in on what’s a newly-established neighborhood at our closeout prices.”
“A lot of the buyers are people who are getting sticker shock from their rental increases. People are jumping at the discounts at Trio,” says Lutz, “and the fact that we have attached, deeded garage spaces included in the pricing. The new Jewel next door has also been a big attraction. It’s beautiful, and the fact that they offer a lot of prepared foods is really nice.”
The closeout prices at the Loft Condominiums at Trio, 650 – 660 W Wayman St in the Fulton River District range from $199,900 to $359,900.
Trio’s remaining condos include one-, one-plus-den and two-bedroom layouts, with one or two baths and range from 653 to 1,259 square feet.
The loft-style homes have up to two balconies or a terrace, per plan, hardwood floors, 10.5-foot ceilings, floor-to-ceiling windows, custom cabinetry, glass tile backsplashes, granite countertops, stainless-steel appliances, and in-unit washers and dryers.
A newly-furnished model is a 1-bedroom plus den, 2-bath, 1,227 square foot unit priced at $324,900 that Lutz summarizes as “quite large.”
Trio’s on-site sales center and models are open from noon to 6 p.m. Thursdays and noon to 5 p.m. Saturdays and Sundays. You can get a glimpse of one of an earlier model in the video tour below:
umm, am I missiing something here?? closeout prices? 279k for a 1-bed, 359k for a 2-bed? in a decent, but not great neighborhood. these look like inflated 2007 prices…
cut these ‘closeout’ prices by another 40%, and they’ll look reasonable. are there recent examples of people actually paying these prices?
nwzimmer,
The 1+den mentioned in the post is down $100K from the previous asking price.
And yes, there have been contracts written at the current price levels.
I’m not expressing a judgment on the price, just reporting the few things I know.
Have you visited the units and seen the comps?
I haven’t seen the units; I was basing my opinion on the square footage, type of units, type of building, location and the photos I saw. I can’t think of any factor at the moment that would make change my opinion with regard to the substantial 40% discrepancy.
I just got a good laugh at the ‘closeout prices’ claim.
I’ve been casually checking out the market with the plan of possibly buying in Fall of 2012 based on the current market trajectory. However based on recent developments in the past two months it seems this market correction is going to drag out even longer, and I feel no particular pressure to buy (I’m still single, still value the flexibility of renting, ect.)
nwzimmer,
I think it’s completely legitimate to call these closeout prices. They’re the final units in the complex, the prices have been significantly reduced, and buyers are signing contracts.
Your 40% price chop would take the per-square foot price down to $159. I’m not familiar with any real comps in a similar location at that price per.
fair enough, I’m not an expert by any means, just a fairly enthusiastic soon-to-be first time home buyer, trying to be informed as possible.
I have a number of friends who have bought places in the past 1-3 years (mostly 2 and 3 bedrooms in Lincoln Park, Lakeview and Wicker Park), so I’ve started to get an idea of what’s out there at what kind of actual sale price (as opposed to all the asking prices out there).
We’ll see where places like these land in 2013 (or later) when the market finally corrects… 😉
nwzimmer
I’d suggest focusing on one or two very narrowly focused areas that you can afford and would really enjoy living in, and monitoring activity in those neighborhoods closely.
That will give you a better sense of pricing trends and a better fix on when “the correction” is over.
I’d also suggest being flexible on your timetable. The reason for that is that, in my take, there’s no such thing as “the market.” There are 1,000s of sub-markets and some of them are as small as an individual property.
If you’re following specific areas closely over time you’ll encounter properties that you’ll recognize as having bottomed out on price whatever your take is on general price levels in your target area. Don’t make a move before you’re ready to, but be prepared to move very quickly when those deals arise, especially in the case of one-of-a-kind properties.