SoNo Slashes Prices 16-20%: 860 W. Blackhawk in Lincoln Park
SoNo, the new construction high rise at 860 W. Blackhawk in the Clybourn Corridor (aka, west Lincoln Park), is the lastest development to cut prices in order to sell units.
Thanks to the tipster who sent me pricing information on the units.
Prices are being cut by 16-20% and the sale starts this weekend.
If anyone goes to the sales center- please report back in.
Here are some of the new prices in the Tower. There are some units on the MLS that appear to have the old pricing so I listed those for comparison purposes.
Click on the Unit links to see pictures.
01 Tier: 1/1, South view, 905 square feet
- Now priced: $302,400 to $338,400
02 Tier: 2/2, Southwest view, 1416 square feet
- Unit #1402 is listed on the MLS for $505,400
- Now priced: $421,400 to $469,400
03 Tier: 2/2, Northwest view, 1416 square feet
- Unit #2803 is listed on the MLS for $547,400
- Now priced: $394,900 to $463,900
04 Tier: 1/1, North view, 905 square feet
- Unit #1004 is listed on the MLS for $322,750
- Now priced: $275,750 to $331,750
05 Tier: 1/1, North view, 995 square feet
- Unit #2705 is listed on the MLS for $379,250
- Now priced: $287,500 to $348,250
06 Tier: 2/2, Northeast view, 1436 square feet
- Now priced: $426,400 to $466,400
07 Tier: 2/2, Southeast view, 1436 square feet
- Now priced: $440,400 to $481,400
08 Tier: 1/1, South view, 995 square feet
- Now priced: $316,900 to $366,900
According to the public records, 27 units have closed in the building out of 200 (this is likely not a complete list of closings as it depends on what the developer reports.)
6 of the 27 closed for over $500,000.
None of the current reduced prices are over $500,000.
Parking is also available and reduced. They’re currently asking $9,000.
@Properties is handling sales.
See SoNo’s website for floorplans and building details [Sono Chicago].
This is a cool building. I don’t think these prices are quite low enough to clear out this inventory. Needs another 5-10 percent.
Cool building.
Still will never be in ‘West Lincoln Park.’
You can’t be south of North Ave. and be in Lincoln Park!
Even Clybourn Corridor is a stretch, although I’ll give you that since your only other option is to call it by its real name, Cabrini Green.
Were they supposed to build two buildings or is what they have the final plan for the site?
Bridget,
Last I heard they were going to build another tower as a rental. Not sure of the timing or even if it will be a twin of the first tower as originally envisioned.
So basically one’s views could be blocked in the near future. Definitely not worth the risk until this is settled.
I’m always skeptical of abusing neighborhood names to sell things, but I’d have to say that Cabrini-Green as a moniker would also be a stretch, as this is west of Halsted. I guess “Near North” doesn’t pack that marketing pizzazz, eh?
Though it’s not on the actual island, I think this neighborhood is Goose Island. And anyway, calling it Cabrini Green will not be such an insult once the towers are down and all that’s left of the housing project are the low rises at Chicago and Larrabee over a mile away. It might even take on some cache.
Really cool building and units, positively miserable location.
I think that building looks cool and I love the fact that they have real 2 BD units with real square footage. But given the new condo building requirements, I wonder how one would get financing in a building that only has 18% of units sold.
The location isn’t that bad, there’s tons of nightlife, shopping and restaurants nearby on Weed St, North/sheffield, and the North/Clybourn redline stop is nearby as well as the expressway being sort of close too. As for getting to the lake, just hop on the North Ave. bus with all the crazy people!
I like the location but as lauren said – 18% units sold is very concerning. I saw the chance of the apt building going up is pretty small considering the financing requirements nowadays.
I actually kind of like that neighborhood; new whole foods, strip club and off track betting facility. Maybe I’m just a degenerate who likes organic food. There should be some concern about the other tower though as it will block views to the east. I’m guessing it doesn’t go up for at least another 5 years as there is no way they get construction financing.
As I said in the post- just 27 units show up in public records having closed. More may be under contract and more may have closed but just haven’t been reported. So take that number for what it is.
The location is great if you shop at the new Whole Foods, it’s practically a town in itself.
My roofdeck has a good view of this building. At night there are maybe 6 units with lights on.
$300k+ for a one bedroom? Hahahaha. Keep dreaming SoNo you’re going to be in foreclosure, its just a matter of time…..
“My roofdeck has a good view of this building. At night there are maybe 6 units with lights on.”
Kinda like my view of the Trump tower… where is everyone?!!
when banks look at unsold units before funding a mortgage, are they looking at sold and off the market or under contract?
Location is not great here. There really isn’t “tons of nightlife, shopping and restaurants.” There’s a strip club, some hotspot nighclub, Joe’s on Weed Street, an OTB, and the places on North Avenue. This area attracts some bad people. You have a high number of furniture stores, so I guess if you like furniture this could be your sweet spot. North Avenue turns into a parking lot between Halsted and Sheffield because of all the congestion, so while you are sort of close to the highway you can’t get there quickly at certain times of the day.
I think the views from the South would be especially impressive though. Because this is really one of a handful of tall buildings in that area you have great views.
SoNo is getting it’s pricing strategy from that new Whole Foods. 1.5x the quality for 2.5x the price.
with that being said, i think walking there for lunch and having a couple beers at their bar might be called for this wonderful Friday.
This location is not that bad as long as you are not driving. It can take upwards of 1/2 hour to get to and from the expressway from this place.
“Kinda like my view of the Trump tower… where is everyone?!!”
They’re trying to save on electricity so they can cover their inflated mortgage.
“$300k+ for a one bedroom? Hahahaha. Keep dreaming SoNo you’re going to be in foreclosure, its just a matter of time…..”
HD, what happens to the current unit owners in this building if banks start a foreclosure on it? I have a friend who purchased one of the units so I’m a little concerned for them. I’m not sure about the 18% sold, but last time I was in the parking lot, there were probably 50 private cars parked, so if that is any indication, the 27 unit number may be a little low.
I disagree laker, having worked in the area a few years ago before this thing was even built, there was always tons of nightlife and TONS of restaurants… Not to mention its well far enough East from the OTB and strip clubs, that patrons that attend those places usually go west to clybourn or kingsbury to get to their cars. Blackhawk here is a pretty quiet block. There are furniture stores but they are up on North Ave, and from what I remember there was a whopping two of them.
http://maps.google.com/maps?hl=en&q=860+w.+blackhawk+chicago+il&um=1&ie=UTF-8&split=0&gl=us&ei=-mcySuO5CZ2qtgfOpfD4Dg&sa=X&oi=geocode_result&ct=title&resnum=1
take a look if you don’t believe me! Just glancing there’s about 40+ places within walking distance to eat some GOOD food. And on the plus side, you can walk to Alinea from this residence!
they have a bar?… whole foods or sono?
“sono” such a terrible wannabe name. they should shorten it to “Snorth”
CH- Whole Foods
THey have a wine tasting bar and a traditional bar w/ about 6 microbrews on tap
Agreed of the good food. Alinea, Boka, and Landmark all a short walk away.
I spent a night at the Libertine as well last year and it was very packed.
I have been looking for a new 800+ 1 bedroom for 2 months. 1 car garage, storage, in-unit laundry, balcony, gas stove top, good sized frige, view of something other than someone else’s living room or a brick wall, and all in a neighborhood with a close grocery store and restaurants I can walk to. What’s left not to like about SoNo? Everything else that I have seen new or old has bits of my requirements but not all, especially in the 300k range.
I was told by SoNo rep that the next tower will be only rentals because they knew that it wouldn’t be fair to the folks in tower 1 to compete against tower 2 come re-sale time. I’m guessing they won’t put that in writting. Also, the architect decided against the pool (thank god) because no matter where they tried to “put” it, it was in the shade of tower 1 or tower 2. A pool for 3 months useage…why bother. It would only drive up the assestments anyway.
“Blackhawk here is a pretty quiet block.”
You do realize that the Expo Design Center/Homemakers/jukebox(?) factory building is being converted to a Grossinger AutoMall, don’t you?
And the WF (plus the British School and the Roundys on the New City Y site–if it happens) is going to change the south of north traffic patterns a *lot*.
I wouldn’t count on it remaining a “quiet block”, if that’s important to one.
“You do realize that the Expo Design Center/Homemakers/jukebox(?) factory building is being converted to a Grossinger AutoMall, don’t you?”
Yeah the car industry is booming, I’m sure that’s going to happen real soon… Roundys, seriously? Why would they put one of those there?
Plus its a high rise, so whether or not cars are driving past on your street (which they won’t on blackhawk) really doesn’t matter that much.
No matter what you do to this area, for the next 25 years it will be “Oh, so…you live right by Cabrini Green?”
No thanks.
this place has weed’s the bar pretty much kitty corner. that should add some character.
they didnt reduce the prices…. they SLASHED them!!!!
I was just in the building and talked to one of the sales people – apparently, the building is over 50% sold just not all closed. The prices seem like a good deal to me – many are under $300 a foot and the views are incredible. As far as the neighborhood – walk north a block and it is pretty cool.
The second building is planned for the north east corner of the site – it will only affect views of one of the two bedroom corner units – I was told nothing can get built in front – that is the real view.
If I ever go to Whole Foods it’s usually to the one on Halsted in Lakeview–fewer frantic strivers. But I did go check out the new store on Kingsbury the other day to see what the hubbub was about. The wine-tasting bar cracked me up. Who wants to enjoy a flight of wine with a friend in the middle of a busy supermarket filled with cellphone-yakking mommies? Ah, these degraded times…
The new Whole Foods is awesome.
This development’s location is not.
If one is going to live this far from the park/lake, why not live in Bucktown/WP? Why not the West Loop? For that matter, why not the South Loop?
I am not sure if the prices are low enough to make me seriously interested, but I don’t really have any problem with the location. It IS a highrise, so you have to figure that people looking at it aren’t really expecting the Side-Street Charm of the rest of Lincoln Park. Walkable to Whole Foods and Crunch Fitness. Easy access to the Highway. Not great for neighborhood strolls, but for High Rise life I think it is a pretty cool alternative for someone who doesn’t want to live right near the loop.
“Who wants to enjoy a flight of wine with a friend in the middle of a busy supermarket filled with cellphone-yakking mommies? ”
It might help defray the stress or anger if they realize how much they are getting ripped off on their groceries.
Buying one of these places is a great way to lose money.
All the contruction around there should be fun for the next 3-5 years. At least they’re putting in an APple store, which would be a plus for me, but the roads over there are in serious need of TLC
“Yeah the car industry is booming, I’m sure that’s going to happen real soon…”
Guess you haven’t been nearby lately. Construction is on-going; I believe they are consolidating several locations, so it’s non-insane. When one exits the parking on Dayton, where does one drive? Blackhawk will be a common route.
“Roundys, seriously? Why would they put one of those there?”
Do you really pay that little attention to what’s going on in the commercial real estate world in the city (I don’t care about the ‘burbs, so…)? The New City was torn down for a commerical/condo development, that’s now planned as a commercial/apartment development, anchored by Roundy’s (or new-brand-name operated by Roundy’s), but financing the apartment portion (supposedly) is slowing down the project.
And, altho you don’t have a car to necesasarily experience it, the traffic at the new WF is *insane*; it’s the worst of aggressive, overly-protective-of-their-beemer LP dirvers–was almost hit 5 times (no joke) driving down Kingsbury to the garage–by people pulling out w/o ROW, or “avoiding” the train tracks by driving on the wrongside of the street, etc. This will spill over to Blackhawk, as it provides reasonable egress from Kingsbury.
Unit 2803 says it’s “Northwest View” in the above commentary. If that’s the case, the photos are very misleading. Clear views of the skyline which indicates a south east view.
Also, agree with all the comments on here regarding North Ave traffic. It’s gridlock all hours of the day and it’s only going to get worse. As someone that drives this frequently, I’m frightened for the day they need to re-pave it/expand/etc..
“Do you really pay that little attention to what’s going on in the commercial real estate world in the city”
Yes I pay that little attention. I don’t shop all the time, and I don’t have a car. I used to work in that area about 5 years ago and would never have imagined they’d put all the crap you are talking about in that little section of town. Unfortunate really. And yeah from I-94 on north pretty much all the way to the lake is a god awful stretch of road.
“It’s gridlock all hours of the day”
Oh, c’mon. It’s usually fine Saturdays before 11am and Sundays after 6 pm. Even b/t T’giving and C’mas.
“I’m frightened for the day they need to … expand”
Well, that’s one thing you don’t need to worry about. Nowhere to go, except the 50 feet under the railroad bridge, next to the Kennedy, which could help a little.
It would help a great deal if the signals were actually synchronized. But CDOT apparently doesn’t believe in signal synchronization (based, in part, by statements made by CDOT management).
I’ve lived out here for 8 years. I love the convenience of the location. Easy to get downtown for work, subway, bus, bike or $8-10 cab fare in a pinch. It’s just easy to get most places from here for me.
I’ll regret moving out soon but I will not miss it too much as it has become more crowded these days. I miss how it used to be like a deserted island in the city after the work day. Quiet with little traffic. That is changing big time.
“it’s the worst of aggressive, overly-protective-of-their-beemer LP dirvers”
havent heard from steve heitman for some time now
You can see the panoramic view from a southeast unit at YoChicago:
http://tinyurl.com/lsswv6
Click on the pano photo for a very large version of it. We’ve also done video tours of the models.
Its named SoNo because when people ask if they should purchase there, all the crib chatter tightwads say “Its still too expensive, so no”
Post of the year ^^^
I laughed. cute.
Wow, talk about bad timing. This average building with way above average pricing would have sold out quickly 2-3 years ago. The market for a $300,000+ 1 bedroom outside of Streeterville died long ago. These units will be sold at half of the original listing price once the bank threatens to call the loan.
Maybe the developer can go ahead and build the second tower so it can be finished in time for the rental apartment bust.
Hello everyone? Someone asked where I have been. I am here!
This is not Lincoln Park and this is a building I have always quoted as being shit. Terrible location and terrible idea. Don’t touch it as half your neighbors will be rentals.
[Removed by the Editor.]
Who wants to spend $400 per st ft to purchase in a location the developer purchased for free? You can get lakefront property on the 47 floor for #300 per sq ft.
What the f are these people thinking?
Why is the parking up there so cheap for new construction… Only $9K? A parking spot in some SLOOP new construction creeps around $30K
“What the f are these people thinking?”
Lakefront property sometimes has a view of the lake. Some units in this place have pretty unique views of downtown. I could see upper floor 2/2s with a SE view going for 480 easily.
you still don’t get much for your space, and the kitchen cabinets are cheap. In the 905 sf units, there is only ONE closet. The best things about these units are the floor-to-ceiling windows, the balconies, and the views.
[Removed by the Editor.]
Sure Bob! So the places in the southloop with views of the lake should sell for $480k as well? This building in NOT in a good location. There hsould be a huge discount for the terrible location.
Some of those units in Cabrina have a great view of DT. [Removed by the Editor.] Some dumb bastard will put a contract in.
Editor’s Note:
Just a reminder: we’re not here to bash the realtors by name (or firm.) Thanks.
Drove past here at about 9pm, the side of the building facing Kingsbury couldn’t have been more than 6 units with the lights on.
Someone asked in the earlier posts about financing % on new construction.Most banks are requiring 70% pre sold(either closed and/or under contract).
As these new developments sit unsold and start to get stale,I see that number being reduced as we go along.
My lawyer told me this place is in big trouble, everyone trying to get out of their contracts.
“Housing may find a bottom”
CBS marketwatch tells me that the housing bottom is this week. Given their track record of calling bottoms the only conclusion is I should clearly go buy real estate.
http://www.marketwatch.com/story/housing-data-bond-yields-to-draw-early-heat
Want a word of advice? Don’t listen to the TV for advice! 8)
Why is this unit “in big trouble” please elaborate! I have never bought a condo before and I am new to this state & city. I’m coming from deep in the burbs so I was really looking forward to mid or highrise set up.If you would please refer to my previous post waaay above you will see what kind of hunt I am on. The more I read on the SoNo the more deeply afraid I become…but then when I click on postings of other new build condos everyone warns the buyers away from those too. Where the heck should I live people?!
Shouldn’t you consult your “expert real estate person” or realtard for that kind of advice?
Oh wait, they’re generally useless, so here’s a list.
When buying in a multi unit building make sure the following
1) The association is healthy and has good reserves, new buildings typically have no reserves and if less than 50% sold is still owned by the developer.
2) Read association bylaws. Some bylaws don’t allow for rentals or only a certain amount of rentals. That is good.
3) Make sure to check pre-construction financing options. If there was exotic financing incentives used to generate sales, stay far, far away.
4) Make sure the location isn’t terrible. I like SoNo’s location, but some don’t.
5) If you have pets you have a lot of extra crap to check on as well.
6) Typically anything just finishing up construction now that wasn’t pre-sold out will be forclosed on the developer.
“Where the heck should I live people?!”
I wouldn’t worry about Jim. I’ve never seen him around here before and if he’s using his lawyer to do market research he’s in big trouble.
Generally the sentiment of the regulars here tends to be negative (including from me). However if you like this place and want to own and the price is right I’d say go for it.
I looked at this building a week ago. Before the sales guy came down to greet us, I spoke with the guy working the security front desk. He was saying that the place is pretty empty, apparently there were making sales, but not many closings. The sales guy of course said all is well. He added that they will not lower the price because due to how well the building was financed, the developer doesn’t need to lower the price ever….lol…and 7 days later I see this. Love it. It’s like buying a car these days, I leave the parking lot and a week later, I get a call, “we have lowered our price for you!”.
The location is in a good neighborhood. This is not goose island as someone mentioned. GI is SW of here, this is still Lincoln Park It is near borders on North ave. http://search.realtyproducer.com/core/maps/chicago-neighborhoods-map.jpg The SE views are amazing, but with assessments for a 2-bed in the 500’s, I always feel like I’m throwing $ away. If you like closet space, the 2 bedrooms come with 2 large walk-ins. One is big enough that you would turn it into a small office and is connected with to the main hallway, so it could actually make sense for someone thinking about doing it (I did).
The terraces on the E side of the building are huge — if you’ve seen the building, you can tell. However, forget getting any sun tan on when you’re out on the terrace as all the terraces are pancaked right on top each other not leaving enough room for direct sun light overhead. But again, the city views are the best in the city.
Hey Bob I’m just telling you what I heard from my lawyer as I was closing on another place. He’s involved with other clients at the SoNo and told me deals are falling apart left and right. I’m not doing any research, just passing along what I heard. Take it or leave it!
After talking to some real estate guys familiar with the sales in the building, the price cut is more like 10-15%. Also, they aren’t negotiating past that point, so I wonder how close you could have gotten to these price cuts if you just negotiated from the old price points a couple months ago. I don’t know how much of a “deal” this is.
folks, received this today:
I wanted to drop you a short note to thank you for stopping by SoNo. It was a pleasure meeting with you and having the opportunity to show you around our sales center and models. I wanted to give you some inside information about a massive price drop the developer has just announced to my sales team. Sono is slashing prices to levels that have not been seen in a very long time. Starting prices are listed below:
1 bedroom/ 1 bath 905 square feet was $346,750 including parking, Now $284,900 with parking (17% discount)
2 bedroom/ 2 bath 1436 square feet was $542,400 including parking, Now $449,900 with parking(18% discount)
3 bedroom/2 bath 1656 square feet was $609,900 including parking, Now $484,900 with parking (20.5% discount)
THIS INFORMATION WILL NOT BE ADVERTIZED TO THE PUBLIC UNTIL FRIDAY JUNE 19, 2009.
Please let me know if you have any questions or would like to meet at the building to go through any of the units.
This price drop is for a limited time only.
Thank you again for your interest in SoNo and I look forward to hearing from you soon.
Thank you,
Tony Madonia
the 2br/2br+den penthouses at RD659 were the price of those 2br/2bath.. is this building/location that much better? still seems high to me but i’m just an average joe and not a RE guru.
“This price drop is for a limited time only. “*
*Until the next price drop.
“is this building/location that much better?”
In my opinion yes. This is the only high-rise in the immediate area aside from some old folks home or whatever. It really stands out alone in the skyline and its views from high floors, particularly southeast, can’t be beat. A lot complain about the location but I agree with Sonies in that its not bad (you can walk to bars, restaurants, even gambling, etc)
The major pain with this development aside from the occupancy issues is they plan on building a rental tower next door. I wouldn’t feel comfortable buying here as I don’t want to have to worry about a tower being built and blocking my views.
If the developer were to go BK or give up their grandiose plans for another tower in the biggest real estate bust in 80 years I’d be a lot more enthused about it.
“The major pain with this development aside from the occupancy issues is they plan on building a rental tower next door. I wouldn’t feel comfortable buying here as I don’t want to have to worry about a tower being built and blocking my views.”
The plan was not to build a rental tower you maroon. The developer can’t sell the units he has finished and had to turn the neighboring unit into a rental building. All the more reason NOT to buy into this nightmare!
I know that my company is trying hard to sell this building, the location is at north and Clyborn, very convenient to stores and the red line, I can’t believe that parking is only asking for $9,000 per space. I do not get a chance to view any of the units inside yet, but will try to do it this week.
steve,
the developer does not even own the parcel of land next to SoNo anymore. He sold it to a different developer, and what is with all the name calling? Wrong side of bed??
I personally like the location. As mentioned the new whole foods is awesome, there are bars and restaurants within walking distance, there is going to be a great new apple store about 1.5 blocks away, and the new project “New City” will reshape the area completely. You can view some details of that project at http://www.getintonewcity.com. I believe that huge lot there on Weed, Clybourn and Halsted was purchased for close to $50,000,000 and will have a lot of great retail shops and restaurants.
Oh and you are right by the “L”, close to lincoln park, and riv north/gold coast. Give it 5 years, and I think the property values here will be on the way up. just my opinion
These posts and comments all seem hilarious to me…. please let me know where else you will find 900+ square foot one bedrooms, 1400 sq/ft two bedrooms in a mid/high rise building – if you want 1000 sq/ft two bed floorplans and pay $400K feel free but with the views and the floorplans at SoNo, not to mention huge outdoor spaces – then there is not a question where to go. Individuals mention South Loop and West Loop – welcome to two areas that have never appreciated.
As for the location, isn’t amazing how Whole Foods has built an 85,000 sq/ft store, Apple is building a 15,000 sq/ft store (old BP station at Halsted/North), Roundys (grocery), Movie Theatres, West Elm, Williams & Sonoma, Pottery Barn, Crate and Barrel, Container Store, Steppenwolf, Landmark, BOKA, Alinea all are within 1-2 blocks – seems like a horrible location since all of these retailers have chosen this area for their locations – I enjoy the commentary but if you are never going to buy a place then just keep the comments to yourself – have you ever heard of someone saying “if I would have bought a place in that location before…..”, this is it…. if you can name any other buildings of comparison then you might be worth the argument.
Sincerely,
Current Home Owner in Chicago
When are people going to learn: real estate is a faltering asset class. These clowns are still trying to sell this building for over $300 a square foot. Thanks for the break. This stuff is going to keep coming down. “Pete on June 12th, 2009 at 8:02 pm” is correct, these units will decline significantly.
I’m a believer in that location. Does anyone know how their sales figures have been affected since this price drop?
Anyone know how many units have been closed? I had been quoted that about 65% have been “sold” but possibly closer to only 30% “closed”. Seems like a rather large gap. Is my information incorrect, or do you think it’s a timing issue since the recent price drop. Anyone with better info please correct me.
Unbelievable view, great layout, decent location, subpar finishes. Would be good enough for me if I didn’t drive by the place at night and see only 8 lights on.
Anyone have any luck negotiating prices beyond the recent price drop?
Mark, I’m finding issues with their quoted 65% sales figure as well. I’ve searched the public record and can only find 36 closed sales records. With 28 floors and 7 units per floor that works out to 18% closed. These numbers are just from my own research but public record is public record. The most recent sale I can find is for unit #1803 on 7/31/09. Let me know if you or anyone else finds anything different.
I’ve been told they are negotiable on the 3-bedrooms because they are on floors 8 and below and after people see the view from higher floors very few people are interested in them. That’s from the listing agent, so take it for what it is.
Since June only 9 units have sold according to public record
“I can’t believe that parking is only asking for $9,000 per space. ”
Chances are its not. Fair market value for a parking space in this area, even including an assessment of ~$75/month (typical on parking spots) is probably higher. Probably around 20k.
If it’s really 9k investors would jump on them then rent them out for $125-200/month for a quick buck.
The 9k is true. Your leverage completely depends on which unit you are interested in. Some are selling well, others not.
Tiffany, thanks for sharing your research. In general I like the units but the possible low sales numbers create a definite worry. Last thing I want to do is get in on a place and have the prices slashed 20% below my purchase price.
Another (though lesser) concern is the planned new development “New City”. As part of the plans on its webpage (www.newcitychicago.biz) it outlines a 289 unit highrise on the southern side of its lot. If built I’m thinking this may clip out some of the western skyline from some of the lower East facing units in SoNo. According to someone we talked to, the residential portion of the project has been cancelled but I haven’t been able to confirm that.
Anyway, keep me posted on any change to the confirmed number of units sold. I’m going to try and drive by at night again one of these days to count units with lights on.
Hello Current Home Owner – Perhaps you should look at the lack of sales and falling prices and then rethink your “Great Location” call.
The building is in a very inferior location and the units should be selling for $225 – $250 per sq ft.
They will eventually!
“As for the location, isn’t amazing how Whole Foods has built an 85,000 sq/ft store, Apple is building a 15,000 sq/ft store (old BP station at Halsted/North), Roundys (grocery), Movie Theatres, West Elm, Williams & Sonoma, Pottery Barn, Crate and Barrel, Container Store, Steppenwolf, Landmark, BOKA, Alinea all are within 1-2 blocks – seems like a horrible location since all of these retailers have chosen this area for their locations.”
I guess if you measure your location based on which retailers are your direct neighbors, good point… Along with that is traffic which is terrible in that area. To your point, perhaps we should all look into buying in that building across the Kennedy from Old Orchard then. Imagine – a giant mall just blocks away. What a dream!
This location is awesome on Tuesdays. Joe’s bar has 25c Coors Lites with a $3 cover charge. This special comes in handy, especially if you grossly overpay for a condo and your finances are stretched.
“Joe’s bar has 25c Coors Lites with a $3 cover charge.”
They pay you 25c/CL you choke down after handing you $3 at the door? So I could make … let’s see … about $9 over the course of 6 hours there? $36 a month won’t really put a dent in that mortgage payment.
I went to SoNo and they told me that the SE corner unit have been all sold out but 2 left. Wonder why the sale agents would say that if only less than 25% of the unit are sold.
I thinking of buying here becaue I fell in love with view (eventhough inside the unit is not very well built) but now I am not so sure. I heard mixed review about the area and now confused.
Advice? Comments? Thoughts?
I have been in the building and it looks good, really good. The location is fine. I hope the prices go down .
One thing for sure, sales agents at new condo developments will ALWAYS lie about the number of sales. Their usual answer is that there are “only two left” of whatever unit you are interested in. A developer’s sales agent should be trusted less than a used car dealer. At least there are a few regulations regarding the kind of lies a used car dealer can tell.
For what it’s worth, I drove by tonight at 8:30pm and counted 35 units with lights on. Assuming some owners were either asleep or out and about and you can generously round up to say 50 people who have moved in. At around 200 total units that comes to 25%. I’ll take another look in a few weeks.
“$36 a month won’t really put a dent in that mortgage payment.”
No you still have to pay them like any other bar.
But considering thats still lower than the cost to them or anywhere else you can get drunk enough to take the edge off your personal finances for really cheap.
I’m honestly quite surprised it doesn’t draw any hobos but I guess thats what door guys are paid for.
I think its quite illegal for any sort of establishment to _pay_ patrons to drink more. Not that I’m a legal scholar but I’d be surprised if it wasn’t.
Natalie, there are plenty of Southeast corner units left but the agents are leading buyers to believe that the only ones left are #707, 807 & 907. They obviously want to sell out the lower floors 1st and hold onto the higher SE units in hopes that the market will turn around. Check the illinois real estate sales record and you’ll see which units have sold. The ones ending in 07 are the SE units and I think there are only 5 of them sold and they sold for top dollar before the recent price drop.
Mark, thanks for the info. 25% sounds about right. As far as New City I thought that the zoning prevented any other building from being built above 5 stories? If that’s not the case there’s a lot of reason to be concerned.
My take-away on this project so far is that the units have sub-par finishes with great views and a location that is promising; however, given the misrepresentation of sales there is absolutely no way the developer will not have to drop prices significantly to sell his inventory. This is one to wait on, at least until they are negotiable.
Tiff,
not all the 07 units, or any tier of units for that matter, or listing publicly. Im pretty positive all that is left are the 707, 807, 907, and 1507 units now. I actually know people that live in the 07 units on higher floors, too….
*are listed…i meant to say…
a lot the listings are not on the mls or on other sites….including the ones that have sold
So I was walking by this place earlier this week (you can guess why I was in the area) and I saw the lot for the second tower all blocked off and heavy equipment parked there. Heavy equipment is expensive to lease. Its my guess they’re planning on going through with another project right next door to this one, even if not an identical tower per the original plan.
Chance of views being blocked in the near or medium term by an insane developer unwilling to recognize the worst bear market in RE history in eighty years?
So No, I still wouldn’t buy there.
“So I was walking by this place earlier this week (you can guess why I was in the area) ”
Quarter Beers at Joes?
Strip club? 😉
“Quarter Beers at Joes?”
“Strip club?”
I’ll go with: Both.
bob,
wait i know, someone stole your shoe laces, you tried dental floss but only enough for one shoe, so off to find the evil leprechaun that will give you back your refrigerator, now the flip flops you were wearing were not good to have a brisk paced walk, and that leprechaun was freaky fast cause he worked part time as a jimmy john’s delivery man, and at that point you decided to cut him off on an angle which then made you take a path of unforbidden arm hair which in hindsight didnt help with hemroids, thats never a comfortable thing,
so that why you were there
Walked through the building yesterday and checked out several different units. The views are some of the best i’ve ever seen , anywhere. The quality of the units leave a lot to be desired. I am not from Chicago nor am I familiar with the area but I didn’t think the location is as bad as some on here have said. There were a lot of cool stores nearby. From an outsiders POV, it would seem this area is up and coming.
From there we went and looked at 8 other condos/flats all over the city, LP, WL, in the heart of downtown, basically, all over. In our price range ($300-350) we liked SoNo the best for one reason, the view. I don’t believe anything I read and only half of what I see but some of the postings have made me a bit skeptical about moving forward. I’ve always loved Chicago and want to get a spring/summer home here, the question is, “where”?
MB financial (owners of the main loan through SONO) is offering ridiculous rates for this SONO project. From what I heard it is 3.75%-4.125% depending on if you are putting 5%-20% down. They are also waiving PMI.
They were not negotiating after their price drop (units are closing now so they dont need to) but they may include a parking spot. Now with this crazy financing offer, these units will fill up in no time.
I love this area – grocery stores, starbucks, clothing, about 100 yards away…then Panera, patagonia, best buy, ect ect near Clybourne. Cabrini is a ways away where it will never bother you, but it is still close enough that value of these units will go up when it is finally gone (of course that is a while away).
This new financing deal makes SoNo a bit more appealing. If you put 10% down on a 300K 1br your rate would be 4.125% with no pmi and 9k parking for a 900 sq ft place with a awesome view in a debatable location. The finishes are sub par. $335 asst includes everything.
The lower interest rate and no pmi results in $250 in monthly savings.
I dont know if you can find the space the size the view of SoNo else where for $225k plus 25k parking.
The monthly payment would be the same.
Hi all,
I just had two clients buy in this building, and they were able to get amazing financing options (I believe one client was able to secure 30 yr fixed at 4.125, dont quote me though). This developer is rock solid, with a very positive reputation in the city. I think people will look back on this project in 5-7 years and wish they had bought here at this time. No, I am not part of the sales team, yes I am a part of @properties (No it does not help me personally if this development sells out more quickly). The area is developing rapidly (see Apple Store currently being built, Whole Foods already built, and huge development across the street scheduled to break ground March 2010), and with the zoning restrictions in the area a lot of the units in the building will keep their amazing views (yes some will be blocked by the other tower, but the other tower does not obstruct the majority of the views for those units)….
Take a peek here, I know that the building is now %50 CLOSED and I believe slightly over 70% under contract. MB Financial has special financing available there until December 5th I believe.
And now, shameless promotion time, call me at 773-678-7082 with any questions. I’d love to help out!
John Vossoughi
My grocery bill would go up by roughly 100% if I lived within walking distance of that Whole Foods. But, I’d be eating like a king.
“I just had two clients buy in this building, and they were able to get amazing financing options”
It looks like the developer is indeed offering cheap financing by buying down the rate. This may be good for those planning on living in the building for awhile, but in five years time people with this subsidized financing should realize future buyers aren’t going to be able to get this sort of financing on their own. So the monthly payments they would pay to buy a unit would be higher.
I’m looking to buy in the ’07 tier. Please write me if you’d be interested in selling me your southeast facing 2-bed unit. My email address is jmoskopf@gmail.com.
We are now over 75% sold here and closing units continuously – we have extremely low financing at 3.875% on 20% down, 3.99% on 10% down and 4.125% on 5% down – NO PMI!!!! INCREDIBLE!! The financing is only available until the end of the month so do not miss out on this incredible opportunity……!!! Call Jeff Proctor at 773.517.6026 – will be at the sales center all weekend from 12-5pm – thanks
Thanks for the update Jeff.
What happens after the end of the month then? Without the low financing won’t you have to cut prices on the units in order to sell them?
Just wondering.
Not sure if anyone will read this but I read roughly 50% of the comments and all it just reminds me to not believe anything I read on the internet.
The location is great and will get better with time. Cabrini green in my opinion is a non-issue but people are complaining about it… and then complaining how whole foods is too expensive. HA!
SoNo is not in Lincoln Park, that is the SoNo neighborhood on the Near North Side (North Ave., Halsted St., North Branch of Chicago River and Division St.). Lincoln Park’s boundaries are Diversey Parkway, the North Branch of the Chicago River, North Avenue and Lake Michigan.