It’s just not the easiest time to be selling condos in the $1 million-plus range. The folks at 30 West Erie found that out the hard way. Despite the fact that owners began moving into the development in September 2007, the two penthouse units in the 11-story, 20-unit building in River North remain unoccupied, even after recent price declines.
The larger of the three-bedroom / 2.5 bath units spans 2,775 square feet and exposures to the north, east and south. According to the MLS, its price dropped from $1.61 million to $1.49 million in early April.
The second unit, which has 2,888 square feet and exposures to the north, west and south, dropped from $1.39 million to $1.24 million in April as well.
“We did a market study and looked at what comparable properties have been selling for in the area and and we listed them at what units in that area have sold for in the last six months,” @properties agent Cary Eldridge said.
Designed by Hartshorne Plunkard Architecture and built by Schillaci Birmingham Development, the building has two units per each of its 10 residential floors and is anchored by a Starbucks Coffee and FedEx Office.
Eldridge said sales were moving briskly until about eight months ago. “The general response has been positive. These units are really, really attractive,” he said. “They’re more a victim of bad timing than anything else. The market is what the market is.”