Sue Fox, @Properties. Direct 773.816.1788
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Condo sales in downtown Chicago continued to sink this fall, dropping 9% over this time last year. Developers closed just 229 sales downtown in the third quarter, according to a new report from Appraisal Research Counselors, a Chicago consulting firm.
In a weak market, some buyers were inspired to make the move only after steep price reductions. A recent story by Crain’s Chicago Business said that Parkside of Old Town, a redevelopment built at the site of the old Cabrini Green towers on Division Street, had the highest number of closings in the third quarter — 26 units — after chopping prices 30% to 40% over the summer. One-bedroom condos priced at $259,000 were reduced to $155,040 with a free parking space, while two-bedroom units went from $379,900 to $229,500, including parking. Parkside also offered buyer incentives like a $10,000 grant from the city.
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