In March we wondered whether spring would bring a thaw to sales at One Museum Park, and speculated that the west tower was less than 50% sold.
According to Appraisal Research Counselors, via Crain’s Chicago Real Estate Daily, only 22% of the units at One Museum Park West had closed as of the second quarter of this year.
Crain’s speculates that price cuts may be in the offing:
The slow sales and high inventory at some projects will test the patience of lenders waiting for their construction loans to be paid off. Some will push price cuts to accelerate the process.
It might help if they actually made it easy to find their listings with prices. The marketing for this condo building has been horrific. I live in the South Loop and of course familiar with this tower and can only find the vanilla One Museum Park website…where are the listings?
With demand for rental apartments strong, the rational policy would seem to be to switch to renting.