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Saturday, July 03, 2010

Condos: Post Tax Credit Price Cuts

by Calculated Risk on 7/03/2010 10:48:00 PM

From the Chicago Tribune: Price cuts mount as condos linger

A trio of condo developments — one small, one medium and one large — announced price cuts recently as the market readjusts in a post-tax credit market ...

Among the developments with recent price cuts is Parkside of Old Town, where prices were cut by up to 30 percent on 75 condos and up to 40 percent on 27 town homes ...

In Bucktown, Wabansia Row has dropped the price by up to $100,000 on 11 new town homes. At The Columbian, a 46-story condo tower that overlooks Grant Park and was taken over earlier this year by Fidelity Investments, prices on 20 of the remaining 60 unsold condos have been cut by an average of 25 percent.
The $100,000 price decrease at Wabansia Row was from $800,000 to $700,000 (12.5%). And the other 40 unsold condos at "The Columbian"? Those prices will be reassessed next year.

"Price reduced" is a common sign where I live ...