Closings to Begin in the Vetro in 2008
The Vetro, the new 31 story high rise in the South Loop at 611 S. Wells (at Harrison) is about to start closings. It has 233 units.
The building looks good from the street. It looks a lot like its original renderings, with its glass dominated facade. It will be a nice addition to the Printers Row area.
At least one re-sale has appeared already on Craigslist.
21st Floor: 1 bedroom, 1 bath, 719 square feet
- Re-seller is asking $315,000 with upgrades and parking
- Claims that it is “at cost”
- Closing expected January/February 2008
What is the market for a $300,000 one bedroom in the South Loop? (even if it’s new?)
You can almost get a two bedroom for the same price in the older buildings nearby (such as 701 S. Wells- Wells Street Tower.)
The building is not sold out. The last number I saw was about 60% sold.
Per Vetro pricing sheet, dated 10/29/07.
Unit 809, 719 sq. feet – 263,500
Unit 1409, 719 sq. feet – 273,000
Unit 1509, 719 sq. feet – 276,000
Unit 1809, 719 sq. feet – 290,000
Parking is usually $35000 +, but I heard that they are or were giving away parking with a condo purchase for a limited time…maybe I am wrong
Aleks: You are right. They are now giving away free parking (per their ad in the Chicago Tribune.)
No flipper is going to make money in this building with that many units from the developer competing with them (and when the developer is giving away things- like the parking.)