Penthouses getting price cuts at 550 St Clair

550 St Clair in Streeterville, Chicago

When we spoke with Weichert Realtors First Chicago‘s Ron Ruby back in March, he said it was quite likely that Sutherland Pearsall Development would trim more prices at its 550 St Clair high-rise at 550 St Clair St in Streeterville. In December the developer slashed its one-, two-, and three-bedroom units as much as 30 percent, but left its penthouses alone.

Until now, that is. Since penthouse sales have been sluggish – eight of the original 12 are still on the market – Sutherland Pearsall and First Chicago are dropping prices from the original $2 to $1.4 million range down to $1.533 and $1.078 million.

Ruby says the building is 82 percent sold and has a couple studios, two one-bedrooms, four two-bedrooms and a handful of three-bedroom / three-bath units left. Prices for the studio “lofts” start in the $210s; the one- and two-bedrooms are priced from the $340s to the $520s; and the three-bedrooms are priced from the $730s to $880s. Garage parking is $50,000 per space.

The developer is willing to do some negotiating off the reduced prices, and that they’re also trying to find some lenders to get better rates and terms for jumbo loans to accompany the higher-end units, Ruby says.

“We lost a deal recently where people could only put 10 percent down and they couldn’t get a jumbo loan,” he said. “So we’re trying to find some lenders that will work with us on that a little bit.”

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