Sales update: Big reductions afoot at Pure

Pure, 24 S Morgan St, West Loop, Chicago

In March we watched Roszak / ADC lower the prices of its Vetro condos across the board by about 19 to 25 percent. Now it looks like Pure might just have ’em beat.

Last Saturday, the eight units listed at 24 S Morgan St in the West Loop dropped in price by 17 to 39 percent. One-bedrooms with 764 to 915 square feet, once listed from the $260s to $360s, were cut down to a range of the $160s to $280s. The price of a 979 square-foot two-bedroom dropped by more than $115,000 into the $230s, and a combo unit with three bedrooms and approximately 2,000 square feet fell by almost $128,000 to just above $500,000.

The listings linclude:

  • Unit 501: A 2,000 square-foot three-bedroom / 2.5-bath priced in the $500s, or $251 per square foot, down 20 percent from the $630s, or $315 per square foot.
  • Unit 708: A 915 square-foot one-bedroom / two-bath priced in the $280s, or $306 per square foot, down 23 percent from the $360s, or $400 per square foot.
  • Unit 508: A 915 square-foot one-bedroom / two-bath priced in the $270s, or $302 per square foot, down 17 percent from the $330s, or $362 per square foot.
  • Unit 404: A 979 square-foot two-bedroom / two-bath priced in the $230s, or $240 per square foot, down 33 percent from the $340s, or $357 per square foot.
  • Unit 503: An 822 square-foot one-bedroom / one-bath priced in the $180s, or $227 per square foot, down 37 percent from the $290s, or $359 per square foot.
  • Unit 706: A 764 square-foot one-bedroom / one-bath priced in the $170s, or $232 per square foot, down 38 percent from the $280s, or $376 per square foot.
  • Unit 505: A 767 square-foot one-bedroom / one-bath priced in the $170s, or $228 per square foot, down 38 percent from the $280s, or $371 per square foot.
  • Unit 907: A 680 square-foot one-bedroom / one-bath priced in the $160s, or $239 per square foot, down 39 percent from the $260s, or $391 per square foot.

Prudential Preferred Properties agent Kevin Green confirmed in a short phone call yesterday that prices have gone down across the board at the 12-story tower and promised to pass along some more info on the reductions and the number of homes still for sale. These eight listings may not represent the only units left at Pure, as Green said in January that 26 of the building’s 67 units were still for sale. Cook County records show just four closings at the address — four one-bedrooms that sold from the $250s to $280s.

As Mark reported this winter, the Pure property is now held by the bank-owned Pure 67 LLC, which took over the project following the disappearance of original developer Salman Ibrahim. Pure 67 was finishing off the project according to most of the original plans, Green said at the time.

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