Developer Cutting Prices at MoMo: 8 E. Randolph in the Loop
It appears that the developer is cutting prices at Joffrey Tower (aka MoMo) at 8 E. Randolph in the Loop.
But before you get all excited thinking this is similar to the price slash we saw in 550 N. St. Clair in Streeterville…it’s not.
But it’s a price cut, nonetheless.
And with flippers trying to flip properties in the building, it’s going to pain them the most.
The price cuts appear to average under $25,000.
Here are two examples of the reductions:
Unit #3305: 2 bedrooms, 2 baths, 1446 square feet
- Was listed for $525,000
- Reduced
- Currently listed for $509,900
- Assessments of $623 a month
- Taxes are “new”
- Parking is $60k extra
- @Properties has the listing. See more pictures here.
Unit #2301: 2 bedrooms, 2 baths, 1360 square feet
- Was listed at $499,900
- Reduced
- Currently listed at $480,900
- Assessments of $621 a month
- Taxes are “new”
- Parking is $60k extra
- @Properties has the listing. See more pictures here.
Now that’s chasing the market down. A price cut? A price nick is more like it at under 4 percent.
Not quite enough to encourage a round of dollar cost averaging from the current FB’s, though. It’s got to be easier to fool them twice than to find any greater fools, right?
Overmount sink in the kitchen!!!!! What a JOKE! I would cut 20K off the asking price for this reason alone. Luxury my ass.
Some of the 1br/1ba units can be had for around the 270s so on the low end I don’t think all units are overpriced. Of course that price probably doesn’t include parking but who knows.
Wake me up at $250 per sf including parking, thanks.
John
$250 psf? Supply and demand downtown is so out of whack I think we may hit sub $200 psf by 2010.
“JKD on November 26th, 2008 at 10:15 am
Wake me up at $250 per sf including parking, thanks.
John”
Developer price cuts are an important signal to the market. The game had been to raise prices every month or so to create an urgency to buy now. For those that have taken real estate marketing classes, a lot of it is about what motivates people to sign the contract and commit…everything else is just a dog and pony show. A signed contract is all that matters. Well, in a deflationary environment that urgency is dead and actually in reverse as buyers sit back and wait for the next round of price cuts….developers hold off and usually give very generous incentives and rebates instead of price cuts…once the actual price cuts begin, it is game over. The only hope is the secret “special” deals they will offer you one on one. Don’t fall for it, those deals will be offered to everyone. The buyer needs to go in there and dictate what terms they will buy under…it is clearly a very buyer’s market and will continue to be so for a long time.
I look right into this place. Its empty. I estimate at least 75% empty units on the west portion of the building. The first two floors I see two total units with lights on at night. A lot of the North East units are empty too.
Simply put, this place is just too expensive and not very luxurious at all.
Plus everyone that lives there just sits in front of the TV anyway. It is rather depressing. You live in such a great spot, go do something.
Well they can’t afford to do anything because they don’t have any money left after paying the mortgage!
“Simply put, this place is just too expensive and not very luxurious at all.
Plus everyone that lives there just sits in front of the TV anyway.”
“Plus everyone that lives there just sits in front of the TV anyway. It is rather depressing. You live in such a great spot, go do something.”
Uh, might there be no lights on b/c they *are* out doing something? Or are all of the units devoid of furniture–a better sign that no one lives there than lights on/off.
They’re devoid of furniture also. I’ve actually been watching for awhile to get an estimation of occupation. The building really is just…empty.
$60k for parking? LOL. They better include it and drop the price to move those units.
There is mechanics lien of $280 attached to every unit in this building. Do yourself a favor and do not buy it until the lien is removed.
I was about to offer to buy one of the units when I found about it.
And the only reason I found it is because I checked county records. Real estate agent and builder did not want to disclose it.
I have a corner unit #2204 for sale..Lake views from every room…priced right at $524,900. Where can you buy anything this size/quality/new construction for 500K. It is a buyers market, true, but these are great units with great amenities…
It seems that many prices here are already under $500k. Things are going down not up Ron.
Get out while you can (and slash the price to avoid future carrying costs).
Hi Ron and company,
Are the hallways still super dark? How has the elevators been with the real lobby/mailboxes etc being on a different floor?
Ron, you mean #2204 that a flipper contracted for in January 2008 and closed on in March for $480,900? You say it is “priced right” at $524,900 today?
Good luck with that.
Ron,
You forgot to mention that unit #2204 is also available for rent for $2850. Is that also priced right?
Let me help: Unit #2104 rented 10/08 for $2500 and #2304 rented 11/08 for $2400. Is that helpful?
HI.. Thanks for the rental info. We lowered the sales price to $508,900 last week to compete with the remaining developer units..Ron
The developer just got a contract for #2904 on 12/5/08 (last asking price of $490,900.) In addition, #2304 is still pending from a 1/30/08 contract while listed for $483,900 and #2404 is pending from a 4/28/08 contract while listed at $476,900.
Will they close? Yes or no, they are comp killers for #2204 either way.
This just goes to prove how disillusional the owners of units are in Chicago right now.
i just went saw some units and to answer some questions
– the hallways are still dark
– didn’t notice anything about the elevators
– the 1 br 1 ba still does not include parking
– supposedly when the mgnmt co takes over there will be a large increase in assessments, but they wouldn’t say how much
– the building is 90% occupied- this is verified by the sales office
some questions i have-
– how do i go about checking county records for the building regarding the mechanics lien of $280?
– can anyone recommend any buildings in the loop for a young couple that is a good property to purchase? we plan on living there at least 5 years?