Many of you have been writing me asking about Coldwell Banker’s nationwide “10 Day Sale” that began on Oct 10th and is supposed to have properties reduced by 10% for the next 10 days.
Coldwell took out a two page ad in the Sunday Chicago Tribune promoting the event.
If you just read the ad, you would think that all of the listed properties were reduced especially for this sale. But that’s not completely right.
I didn’t look at all the properties. Tipsters sent me info on a handful of them. But from those that I saw, to call those particular properties “on sale” was misleading. And that’s being generous.
For instance, take 1129 W. Newport #D, a 2-bedroom plus den Lakeview townhouse. The ad says the price has been slashed from $489,000 to $439,000.
And it has.
But over the past 7 months!
Here’s the price history:
Unit #D: 2 bedrooms, den, 2.5 baths, 1 car parking, townhouse
- Sold in September 2001 for $381,000
- Sold in March 2004 for $425,000
- First listed in April 2008 for $489,000
- Several reductions over the months
- Reduced on Sept 17, 2008 to $439,000
- Currently listed at $439,000
- Assessments of $150 a month
- Taxes of $5,987
- Brian Eugenio and Jim Humes at Coldwell have the listing. See more pictures here.
The property had no “special” reduction just for the 10-day event.
Same with this 2-bedroom unit at 500 W. Superior. The ad says it was slashed from $529,900 to $450,000.
It HAS been reduced. But, again, over the last 7 months.
Unit #802: 2 bedrooms, 2 baths, 1170 square feet
- Sold in May 2005 for $387,000
- First listed in April 2008 for $519,000
- Reduced several times over the next few months
- Reduced on Sept 22, 2008 to $450,000
- Currently listed at $450,000 (plus $45k for tandem parking space)
- Under Contract as of Oct 3.
- Assessments of $693
- Taxes of $5,087
- Gale Goldstick at Coldwell Banker has the listing. See more pictures here.
I did see one property, 2248 N. Fremont #1, that looked to be reduced especially for the sale. But it was the second reduction in the last 6 months.
2248 N. Fremont #1: 3 bedrooms, 2 baths, no square footage given
- Sold in August 2000 for $437,000
- Originally listed in May 2008 for $699,000
- Reduced in August 2008 to $665,000
- Reduced on Oct 9 to $600,000
- Currently listed at $600,000
- Assessments of $350 a month
- Taxes of $7,242
- Listing says: 10 DAY SALE…PRICE 10% REDUCED FOR 10 DAYS ONLY!
- 1 Year of Pre-paid parking across the street
- Central Air
- Elizabeth Ballis at Coldwell Banker has the listing. See more pictures here.