The Vetro is 85% Sold After Lowering Prices to Auction Levels: 611 S. Wells
Thanks to the tipster who sent me information regarding the current state of sales at The Vetro, the new modern high rise at 611 S. Wells in the South Loop.
Many of you have sent me e-mails inquiring as to how sales were progressing now that the developer lowered prices on ALL units to prices equivalent to the sales at the March 7 auction where 50 units were sold for well-below prior list prices.
See our prior chatter on the auction here.
85% of the units have now sold, including all of the studios, 1-bedrooms, 1 bedrooms with den and the smaller 2-bedroom units.
Some of the large 2-bedroom plus den units still remain as well as 4 penthouse units.
See pictures of the larger two bedroom units in our prior chatter here.
03-tier: 2 bedrooms, plus den, 2.5 baths, 1667 square feet, Northwest and east exposures
- 6 units remain
- Priced from $400,000 for the 10th floor to $435,000 on the 20th floor (were listed in the low $500,000-range with parking extra in 2008)
- Parking is included
- Assessments run from $582 to $641 a month
07-tier: 2 bedrooms, den, 2.5 baths, 1525 square feet, Southeast and West exposure
- 6 units remain
- Priced from $371,000 on the 9th floor to $413,000 on the 27th floor (were listed in the mid-$400,000s with parking extra in 2008)
- Parking is included
- Assessments run from $454 to $513 a month
Penthouse units include:
02-tier: 2 bedrooms, den, 3 baths, 2067 square feet, Northeast and west exposure
- Unit #3102: $615,000 (parking included)- assessments of $858 a month
- Unit #3002: $605,000 (parking included)- assessments of $809 a month
04-tier: 3 bedrooms, den, 3 baths, 2003 square feet, Southeast and west exposure
- Unit #3104: $590,000 (parking included)- assessments of $746 a month
- Unit #3004: $580,000 (parking included)- assessments of $769 a month
According to the tipster, the sales agent in the model unit also said that even these current lower prices were “negotiable.”
Are The Vetro prices setting a new floor for new construction condo prices in the South Loop?
Compared to nearly all other new construction buildings in the area, The Vetro offers a lot of square footage for your buck.
Baird and Warner is handling the sales. See pictures and one of the listings here.
Vetro Chicago [website]
I wonder how the 07 and 08 buyers feel about those prices… If the 1600 sq ft 2 BD units come down into the 300s, I would definitely look at it. Not the exact location I want but I can walk to work!!
But I thought the auction was going to set a price floor! Lol, silly realtors, economics is for kids!
Lauren
The 03 Tier is already at $400,000. If you like a unit, make an offer in the $300,000s. At this stage of the game I would think that the developer is anxious to be totally out of the building. If not, you have lost a litle time.
Here are the units that closed prior to the auction in the 03 and 07 tiers (unit#,close date,sale price,pkg,mort total):
1803 CLSD 9/29/2008 $480,000 p205 $432,000
2703 CLSD 9/11/2008 $513,000 p217 $410,400
807 CLSD 11/7/2007 $539,500 p115 $442,000
1007 CLSD 11/22/2007$550,500 p197 $499,999
1507 CLSD 8/21/2008 $438,000 p54 $350,320
1707 CLSD 7/18/2008 $425,000 p49 NONE
1907 CLSD 8/21/2008 $442,500 p23 $398,250
2007 CLSD 8/27/2008 $440,000 p37 $396,000
2107 CLSD 7/9/2008 $425,000 p226 NONE
I knew the entry level units would sell out quickly once FHA financing was approved. Every 20-something who wants to “own” is going to jump at these as its a nice status symbol.
Thats the problem with these FHA programs–they are the back door into high LTV loans. Anybody can save up a 3.5% downpayment. It doesn’t make the mortgages any less toxic than subprime or Alt-A in my estimation.
Until we get rid of the financial chicanary of second mortgages/PMI/FHA loans and return to 20% down and drop the mortgage interest tax deduction I don’t see real estate coming close to equivalent rental yields. Theres just too much dumb money to lend out there and our government fosters an entitlement attitude towards ownership.
Thanks god. it’s finally sold. Let all units sold asap, so the downtown condo market can look better.
all the people who owns condo in downtown now hate this developer!!! Why lower the price this low!!!
Of course, i wish i had bought a condo this year, not last year…
Only until the next one does the same.
And the one after that.
And the one after that…
“all the people who owns condo in downtown now hate this developer!”
Because its 100% this particular developer’s fault they are in the financial pickle they are in. Absolutely. This developer is single handedly responsible for billions of dollars in evaporated equity. Had this particular developer not existed surely the Chicago condo market would be leaps and bounds better than it is today from a valuation standpoint. lol.
Sounds like the same entitlement and self-aggrandizing attitude typical of the GenX and GenYers. Nothings ever their fault, absolutely. Its all due to mistakes of others.
In looking at the floorplans, there is so much impractical and wasted space that even at these low prices they are not at all worthy of an investment, even for rental units.
How is buying an auction rate, discounted condo in any way considered a ‘status symbol’? I would be ashamed not only to buy in this building, but also to tell anyone my address. Either you look like a dumbass for paying full price or a cheapskate for buying at an auction. Thanks, I will pass.
westloopelo,
Cheapskateness/thrift is the new “in”. Finally a trend I agree with, actually. I think there are a lot of redeeming qualities of this building and like some of the floorplans. I’m a big fan of the blue glass every fourth floor, too. I guess its all a matter of taste.
The one positive from the FHA financing is it appears those who bought bought with the intention of living there.
People aren’t being cheap because it’s ‘in’ – people are being cheap because they have to.
I somewhat agree with the new ‘trend’, but it is carried off better if done discreetly and not by showing off an auction sold condo.
While there are a ‘few’ redeeming qualities in this building, the negatives far outweigh them. Location and limited views are two of them, having your living/sleeping space cut in half for an odd shaped terrace is another. Re: the blue stripes, it was done at a late stage to make the building ‘distinguishable and unique’ from other buildings in the area…this according to the agent we spoke with pre auction. Actually there were plenty of “fun facts” shared, almost to the point of desperation.
I think what yoho was referring to “the developer being hated”, was that someone had finally stepped up to ADMIT their prices were overinflated to begin with and was now a target of scorn by those who were foolish enough to buy at their inflated rates.
Living downtown definitely has advantages, but the way Chicagoland is organized, living downtown appeals to a small niche demographic. Chicago is not New York; we are not an island that is a center of the western world. The developers overbuilt the loop market by an amount completely unproportional to real demand (as opposed to investor demand). The only way they’re going to fill those buildings is to lower the price and lower the assessments to appeal to a broader range of people.
Even if the developers lower the prices it’s still more expensive to live downtown than elsewhere in the city; everything just costs more: going out to eat, groceries, shopping, parking, etc, taxis to get around, etc. Money for most people is a limited resource and especially now that ‘cheap is in’ who wants to spend every penny they have to live in a small box in the sky with high assessments?
“who wants to spend every penny they have to live in a small box in the sky with high assessments?”
Some people enjoy living close to work/entertainment and not needing a car. And who says that people that live in the city are spending every penny on their mortgage?
Just move to Schaumburg already, sounds like you’d be a lot happier and around people who think like you do.
Yoho: “… Why lower the price this low!!! “
So Vetro can unload to 20-something knife-catchers instead of waiting for Godot. It was a smart move.
“living downtown appeals to a small niche demographic.”
Add up all the households in the Loop, River North, Streetville, West Loop, and South Loop… I wouldn’t say that is a small niche.
funny, i just checked out the 03 open house yesterday (and they told me the same thing too about 85% sold). for some odd reason, it feels… small, esp given the sq. footage. but that’s just my opinion.
what really got me thinking was, i wonder how it’s proximity to the toxic river city would affect it’s resale later on. Granted that they’re many nice residential buildings in the area (not to mention new construction such as the new 235 van buren going up kitty corner to vetro), but i have heard horror stories about river city. thoughts?
I wonder if “assessments” can actually be reduced. Is there anyone who has an accounting background that lives in a high-rise, and has looked at the expense budgets line by line by line?
I’ve always wondered who wanted to buy a small box in the sky with assessment of $600+ a month. Assessments have to be the most irritating thing to these owners.
bunt,
I for one would never consider River City a comp to almost anything nearby. River City in my view is ugly as sin and looks like a giant beehive. Wasn’t it a conversion?
River City is an example of 80’s contemporary that didn’t age well. Kind of like lower back tattoos on younger women.
****Add up all the households in the Loop, River North, Streetville, West Loop, and South Loop… I wouldn’t say that is a small niche.****
Add up all the residents in the Loop, etc….then divide by the 8-9 million or so people in the Chicagoland area, then yes it is a niche. (I’m just doing the math.)
Bob,
Heh! River City = Chicago’s tramp stamp. Rough! (and funny)
There’s nothing wrong with Schaumburg (other than totally sucking) but it’s proof that downtown city living isn’t for everyone. I wouldn’t mind living downtown for a few years but the SO is dead against it. Schaumburg is totally out of the question though. I’d rather shoot myself than live in some townhouse out there.
I’m just saying that with lots ‘o people being poor and broke lately it’s not as ‘cool’ to live downtown and pay through the nose for it. I’m sorry if the truth hurts your feelings or offends your sensibilities.
homedelete said:
“It’s still more expensive to live downtown than elsewhere in the city; everything just costs more: going out to eat, groceries, shopping, parking, etc, taxis to get around, etc.”
How do you figure? Last time I checked, the prices and sales at Jewel in the South Loop were very similar to the prices and sales at my Jewel in Oak Park. (And I think having a Target and a Home Depot nearby can definitely help South Loopers shop within their budgets.) Also, how is it more expensive to eat downtown? The loop is packed with places where you can get a meal to go for under $7. Granted, most of them close fairly early and some aren’t open on the weekends, but there are plenty of students around to support affordable take-out. Plus you’ve got easy access to every train line and parking spaces are being given away with most new construction in the south loop.
I really wanted to add a “here, here!” the other day when Jill said this blog is full of people who rarely have anything positive to say about the properties/neighborhoods discussed here. I went to Vetro with a friend yesterday, and I thought the views from the units I saw were breathtaking. Granted, there are things I would change. The floorplans had some odd uses of space, but how many places have any of us looked at that have the exact floorplan as we would have designed it? My friend likes the South Loop for the same reason I do: it’s close to work, close to the lake, there’s a 24-hour huge grocery store, and it’s full of young people who stay out late and keep the neighborhood relatively safe for other night owls. I thought the pricing at Vetro was pretty reasonable. Sure, they might have to continue to come down a bit on the few units that no one seems to want, but I hardly think the people who have bought at the new pricing are fools.
I’d agree with anyone who says the assessments are too high, but if that’s how you feel, high-rise living probably isn’t for you, period.
hd,
Downtown living in Chicago is downright cheap compared to NYC. If you compare NYC and Chicago incomes to cost of living you will see that its far more affordable to live in downtown Chicago.
I don’t know how NYC residents do it other than that: 1) they have no savings, 2) those fortunate enough to own were counting on their real estate for their retirement. Epic fail is in store for many NYCers.
Also, I think living in the city can actually be considerably CHEAPER than living in the ‘burbs when you factor in the cost savings of living without a car.
Bob, regarding NYC:
“Desire to live in Manhattan is limitless, the means to do so however is limited.”
Faster Pussycat, Sell Sell
As I recall River City is yet another American Invscamco conversion gone wrong. This company must be paying off someone in city hall since they have yet to be banned from doing business here despite many years of shady practices.
“Schaumburg is totally out of the question though. I’d rather shoot myself than live in some townhouse out there.”
What happened, HD? You used to boost the NW ‘burbs.
If you go without a car, you save a ton. If you live downtown and keep a car you get kind of raped. Plus friends who don’t live downtown a reluctant to drop by b/c parking is tough. Probably not as much a problem at ventro (and cheap meals can be had in the south loop)… but streeterville parking blows and they’ve closed almost all the cheap diners and hot dog stands. ( CND gyros is going strong, hopefully they don’t leave).
HD- So your girlfriend wants to move to the burbs and you want to stay in the city?
Oh boy, this is going to not end well for you man! Thankfully my wife loves the city!
Enjoy being miserable out in Yorkville or wherever you wind up.
CH,
With the new parking rates to take effect in downtown Chicago you better believe parking is going to be a problem for guests.
Luckily there are pay lots nearby which will likely be a lot cheaper than the meters but you’re deluded if you think your guests are going to be able to find spots nearby and park on the street for free right where the Eisenhower starts.
Sonies, you sure are cranky this Monday. Maybe I wasn’t very clear. The SO is against living downtown not against living in the city. River North and Yorkville aren’t the only two options in life you know. The city has dozens of neighborhoods – some of which are not adjacent to the lake front.
“Enjoy being miserable out in Yorkville or wherever you wind up.”
__________________________________________________________
Anon(tfo) Schaumburg universally sucks – no point in trying to defend it. Inverness and Barrington are also NW and those are also nice places to live. I’m not here to pimp the suburbs; merely mentioning that some places are nice places to live.
‘
well, it all might change, maybe already has but i’ve never found printers row to be a big destination of those arriving by car. you have a couple of restaurants and bars. nice scene and not super packed. parking is much worse in streeterville (though I see more and more empty metered spots on the weekend there due to the new rates)
I’ve always been cheap, regardless of income. And it’s still “cool” to live downtown. The best deals were at auction. The remaining units have higher assessments relative to purchase price/s.f. than the earliest selling units or the auction units.
I couldn’t be more pleased with my purchase at auction. Location is a big plus here.
I suspect the ’07 and ’08 buyers may not feel so great, but there was no guarantee that prices would keep climbing.
On the parking issue – the recent hike in rates actually freed up a lot of street parking in the area, if you can manage to find enough quarters ($2 an hour). And there are lots galore for your Schaumburg friends to park in after work hours….
I live a few blocks away. Happy that vetro got the process moving. Much prefer to have some low comps than to have ghost town buildings (especially since Roosevelt Collection will start delivering soon — that’ll really test the market). What this neighborhood really needs is more residents to get businesses to come in…
And, love the tramp stamp comment… too funny.
Am i the only one a little surprised at the 600k + units given the fact this was an auction especially? I don’t know this area well though… maybe that’s right for over there?
“I live a few blocks away. Happy that vetro got the process moving. Much prefer to have some low comps than to have ghost town buildings (especially since Roosevelt Collection will start delivering soon — that’ll really test the market). What this neighborhood really needs is more residents to get businesses to come in…”
Tom: Isn’t the Astoria also closing soon?
I can’t think of any sold out new construction buildings (from the last 2 years) within 5 blocks of The Vetro actually. They all seem to be “testing” the market.
Another issue is the vacant land then highway just to the west and the trains to the east. Looked here last week and overall a nice, cleanly designed building. Not a fan of the ceiling-less hallways though…
Sabrina – Yeah, Astoria must be closing very soon if it hasn’t started already (businesses have been in for a couple months).
Roosevelt Collection is still a few months off by the looks. Think it’s more comparable to Vetro in location. Clark to the River between Congress and Roosevelt is kind of a micro-market — and one that desperately needs some commercial development. There are TONS of rental units in the area (Burnham Pointe and the Amli development), most empty. One other new condo building at Polk and Wells. Thank goodness a few of the other planned developments didn’t break ground.
235 VanBuren will probably also compete directly with this area…
“Bob on April 20th, 2009 at 10:16 am
I don’t know how NYC residents do it other than that: 1) they have no savings, 2) those fortunate enough to own were counting on their real estate for their retirement. Epic fail is in store for many NYCers.”
NYC probably has the lowest rate of car ownership in the United States, which helps.
That being said, they probably have the same crappy savings rate as the rest of the United States, which helps the lifestyle in the short term.
Yes- there are lots of undeveloped parcels near the Vetro. All you have to do is ask Wells Street Tower how that works (the circa 2000 high rise directly to the south of the Vetro). They know all about blocked views now.
“NYC probably has the lowest rate of car ownership in the United States, which helps.”
Beju,
I doubt it helps much. Here in Chicago I can get a small studio with all amenities included sans electricity for $930. This includes parking. Lets add in $60 for monthly insurance and I’m up to $990.
Compare that with Manhattan. Estimated cost for what I have in NYC is 2k.
Now that the financial services sector is going to be hit hard for a long time look for NYC to flame out bad.
Manhattan cost of living is supported by two subsets I suspect. Old money (10%) and poseur zero savings rate people livin’ the dream (90%). The latter half is going to learn the harsh economics of reality in this downturn.
Honestly if I were an employer in NYC and not in the service sector, I’d can my employees and relocate elsewhere either in the US or overseas. No point in paying premium wages so they can live the NYC dream at an incredible cost of living and tax burden.
“Old money (10%) and poseur zero savings rate people livin’ the dream (90%).”
You’ve heard of “rent control”, no? There are 10s of thousands of apartments in Manhattan that are cheaper than yours. And, in addition to the “no cars” savings, there’s also the “no space = less stuff” savings. Not that any of this applies to the carpetbagger finance folks, but there are lots of NYC natives who live just fine on NYC median income (or less).
“but there are lots of NYC natives who live just fine on NYC median income (or less).”
They live on Staten Island!
“They live on Staten Island!”
No, HD, plenty of them live in Manhattan. You or I couldn’t pull it off, because we haven’t lived in the same apartment since 1976, but there are lots of people who do.
You mean like Carly Simon and Mia Farrow?
http://www.spoa.com/pages/03rent-control.html
“You mean like Carly Simon and Mia Farrow?”
Yeah, and thousands of others who also aren’t “poor” but aren’t rich or famous either, so there’s no point in Stossel trying to embarass them.
I don’t think rent control is good policy, but that doesn’t change the fact that it exists and it keeps a lot of middle to upper middle class NY’ers living in Manhattan on the cheap and refusing to move no matter what.
Bob:
“Downtown living in Chicago is downright cheap compared to NYC. If you compare NYC and Chicago incomes to cost of living you will see that its far more affordable to live in downtown Chicago.
I don’t know how NYC residents do it other than that: 1) they have no savings, 2) those fortunate enough to own were counting on their real estate for their retirement. Epic fail is in store for many NYCers.”
Having lived in NYC for a number of years off and on (and I still retain a long term residence and rental units in Manhattan) there is just no way whatsoever that you can compare the two cities in terms of housing, living expenses and the economy.
While it is true the financial sector employees did have a much needed reality bitch slap over the past year +, there are many other sources of income for long term residents to survive quite well on.
When you compare median income for Chicago vs living expenses, there is just no way that what you get for your money here compares to what you get there. The fact of rent control housing adds to this NYC bonus living. I can assure you there is a TON of available funds for most of Manhattan residents.
I was there last week and still see new construction or renovation projects on a massive scale despite the claims that all of those projects were cut back. The only real cut back in construction has been in the uber expensive housing market. There are still thousands of MLS listings for under a million and sales are going strong now.
This is the opposite of Chicago where so many proposed medium to high end buildings have come to a screeching halt with no promise in sight of resuming construction.
NYC will always survive while other cities fail, it is just a fact of life.
“This is the opposite of Chicago where so many proposed medium to high end buildings have come to a screeching halt with no promise in sight of resuming construction.”
Really? “so many?”
Which ones?
Only The Spire and Waterview tower have come to a “screeching halt” in the luxury category. Otherwise, a few others that never started construction won’t get built (but that’s the same everywhere.) The Legacy, one of the tallest residential structures in the country, is about to start closings in a few months.
NYC prices are expected to fall 25%- mainly due to the loss of financial sector jobs. It’s long overdue in NY. The prices there were hugely out of whack for the general population.
“NYC prices are expected to fall 25%- mainly due to the loss of financial sector jobs. It’s long overdue in NY. The prices there were hugely out of whack for the general population.”
This is again where you are wrong Sabrina. The “general population” deserves to live in Iowa. The cream of the crop deserves to live in the best place in the US. NYC may fall off indeed because the cream of the crop lost their jobs but the general population will NEVER be entitled or will they deserve to live in the best area or neighborhoods in the country. You and HD think every average person should enjoy what the top 1% enjoy. We have classes in this country for a reason. You want equality, move to Cuba!
The “general population” includes Wall Street lawyers who make “only” $250,000 a year and, frankly, can’t afford to live in NYC. It’s absurd. No city can survive without a middle class.
It will revert back to the mean – as it did in the 1970s and again in the early 1990s, when prices dropped 30% and “normal” people could afford to live there again.
Thank goodness.
“the general population will NEVER be entitled or will they deserve to live in the best area or neighborhoods in the country”
Have you been to Manhattan? It’s not like the island is completely full of the “best people”.
“It will revert back to the mean – as it did in the 1970s and again in the early 1990s, when prices dropped 30% and “normal” people could afford to live there again.
Thank goodness.”
Will normal people be able to afford single familes in Lincoln Park and the Gold Coast too?
Baird Warner is playing games and keeping the remaining units off of the MLS. Guess they aren’t that interested in selling the remaining units afterall.
They do have an open house for the remaining units: 2307, 3102, 1107, 1003, 1106, 1206, 3004 & 2806. Saturday 9/26 from noon to five. If anyone goes ask them why they are flagging all these units as “contingent” yet still doing open houses.
The ask PPSF numbers range from $232 for unit 1106 to $298 for the penthouse unit 3102. $232 would be the lowest PPSF sold yet in Vetro if 1106 sells at ask.
I know I won’t be using B&W to purchase my property in the future as this strategy seems somewhat dishonest to me and it appears as if they aren’t truly interested in selling the remaining units.
Unit 3105, a non-top floor, “penthouse” came onto the MLS on 8/5/2011. This specuvestor got the unit for 556k at auction and is asking 625k for it.
Err it appears this one is indeed top floor. It is the units on the 30th floor below that are also billed as “penthouses” that aren’t on the top floor.
Bob, as usual you’re talking out of your a**. I am not that familiar with the building. I like how it loks from the outside, but never been inside, but that lobby is sure ugly as hell.
In any case, Bob, it’s not dishonest not to put all the units in the MLS, it’s useless, what matters is that they have a good smapling of the units listed on the MLS.
And for dumb a**es like you who don’t have a clue how things work and make malicious assumptions for god knows why, the fact that a given unit may be contingent doesn’t prevent a seller to show it, because until the unit is closed, it’s not closed, so especially right now, with so much volatility in the mortgage market and the economy, a buyer’s ability to close is not always granted. There is nothing wrng with a seller, playing it safe and keep showing the unit in case the contract falls apart.
Why people buy in an auctioned building, is another matter that goes beyond my understanding. Given your intellectual capacity, I’m certainly not surprised though that you are interested in it…
You are a freaking idiot Spinoza and obviously my comments have struck a nerve with you. Where you the specuvestor who purchased unit 3105 at auction and is now trying to bail and eek out a profit?
Spinoza you need a new skillset because I don’t think you’re going to hack it in the RE industry or speculating on RE. It is not going to turn around in time to save your personal financial situation from outright ruin is my assumption.
Spinoza it is my sincere belief that this brokerage was indeed playing with the MLS to give an unrealistic perception among those not as versed to search things that supply was lower than it actually was.