Trio Condominiums Cuts Prices by $25,000: 650 W. Wayman
The Trio Condominiums at 650 W. Wayman in the Fulton River District on the near west side is the latest new construction condo development to announce price reductions.
The new ad says prices have been cut $25,000.
- 1/1 was $294,900 and now is $269,900
- 2/2 was $270,900 and now is $245,900
The marketing ad says “hurry, this deal won’t last.”
There’s no indication if parking is included or not. I also don’t have the info on the square footage or views of the units that are still available and reduced.
Is this even a “deal”?
There is a 2/2 currently available for sale that is a re-sale unit. It seems competitively priced with the developer’s pricing.
This listing will also give you an idea of the finishes of these units.
Alejandra Benitz at Re/Max Partners has the listing. See the pictures here.
Unit #303C: 2 bedrooms, 2 baths, no square footage listed
- Sold in September 2007 for $251,000
- Originally listed in March 2009 for $277,900
- Reduced several times
- Currently listed for $250,000 (parking available for extra)
- Assessments of $174 a month
- Taxes are “new”
- Bedroom #1: 11×11
- Bedroom #2: 8×8
- Living room: 21×18
- Kitchen: 10×5
Jameson is handling sales at the building. See more info on the building here.
Trio Condominiums [website]
Ad says “Great View to the City” — this unit’s only view is the building across the street… and down into Wayman, which is basically an alley. That said, it is cheap, and has ultra low assessments.
So the Case Shiller just came up and Chicago is actually up a bit. So now we are only back to August of 2002 levels, having dropped 26.6% from the peak and down 17.5% in the last year.
Look for the NAR to trumpet the month over month data and ignore any seasonal effects.
Considering how many 25-30 yr olds have been priced out of SV and GC with the stricter lending guidelines (they just don’t know it yet), I think this building is a decent option for someone looking to be walking distance to work, stumbling distance from happy hour….and the EBC. Drop it another 30k and I’d be willing to buy there.
This place embodies all that went wrong with the last of the bubble construction. Wife and I went to go look at these months ago, when prices were still higher (but still lower than other new construction in the area). Whoever had the great idea to go ahead with building this place was dreaming. The units are small, and poorly laid out. “Italian ‘style’ kitchen” was worse than Ikea. In fact, all finishes were chosen with lowest cost as the objective. The place is a nightmare to find – tell your cabbie to take you to this part of Wayman and see how long it takes. Any view below the 7th floor are of a charmingly dark and dirty alley (now THAT is italian style!).
A shined turd is still a turd, even at a lower price.
Lauren,
I live about 2 blocks away. There is no reason to buy at Trio. You can rent a bigger place with a better layout for less money all day long. Apartment towers are springing up like weeds over here and the competition for tenants is fierce. It will be years before rents stabilize. Until then, no way is Trio (or R+D659) a good deal.
8×8 second bedroom? Why not call it what it shoud be, a walk in closet!
This place blows and its no wonder you see no lights on at this place at night.
i guess these buildings should just close down and board up the windows lol sure they have issues and market this and that.. but does that mean they should just board up the windows or blow up the damn place? lol i always thought of myself as a pessimistic person… i’m starting to re-think that after reading this blog for a month or so now.
Bob,
Seasonally adjusted C-S (for condos, anyway) was also slightly up for Chicago. As opposed to NY (down) and LA (down even further). C-S Condo is at Nov 2003 levels.
Don’t blow up the building just sell the 2/2’s for $150k and the one bedrooms for slightly more than $100k. The building will sell out fast. And as long as other buildings in the area lower their prices accordingly, the real estate market will seemingly revive overnight. But the lenders won’t allow it; the developers need to keep juicy profits; the kool-aid drinkers believe the real estate is at/near the bottom so prosperity is right around the corner….and yet we’re at a standstill, and the real estate depression continues…..The solution is so simple: lower prices to levels that people can easily afford and can save a down payment that achievable without family intervention or winning the lottery.
The solution is so simple yet the implementation is so hard…
I do like the fact this is only 53 unit building. There are some advantages to not having a huge building.
If the prices came down, this wouldn’t be a horrible place to live.
homedelete,
The government won’t let the lenders go into bankruptcy if they are a large financial firm. Thus they have no incentive to expeditiously do any sort of workout arrangement with the developer. Instead they are incentivized to drag out their losses as long as possible so that they can raise capital from idiotic institutional investors and sovereign wealth funds to keep their capital ratios adequate enough.
Welcome to the USSA, comrade!
Sanburg Village iirc had a reputation as being an affordable place to buy during the late 80’s and 90’s. On the otherhand, sellers couldn’t expect much appreciation. Oh how prices shot up during the bubble years.
bob, don’t most lenders just sell the mortgages to freddie/fannie anyways?
Not the developer’s construction loans. Those are done with bank loans and syndication.
I dunno. I went to visit this place a few months back and it is seriously bad. I would have just walked out if I didn’t make eye contact with one of the agents there.
The “2nd bed” is basically 2 half wall dividers that can be opened up or closed. It barely would function as a closet. If prices were to go down to $150k (the cost of a decent 1 bed) i can see it selling, but never, ever would I buy it as a 2 bed.
i know most of the 2 BR’s are terrible “1+Den’s”, but has anyone visited one of the duplexed units? either the 3 BR or 2 BR units.
Those don’t look entirely bad,(based on floor plan alone via website) although I do wonder what the price drop on those particular units are.
I remember looking at these units a few months ago. Some of the units do not have true 2nd bedrooms. They have a large closet dividing up the main room into a living room and the 2nd bedroom. In addition, the units in the lower end of the price range are dark and have as a poster already mentioned – cheap IKEA cabinets.
Also a number of flippers are now competing with the developer.
Totally trash development. No views whatsoever from any of the units. Well, there is a view of a Jewel parking lot or I-90 if that does it for you.
You do get what you pay for, so I would offer $90k for one of their fake two bedrooms. YUCK.
That sink looks ridiculous. Where do they expect people to put their bathroom cleaning supplies?
Are uber hip, chic urbanites different from the rest of us in that they don’t get things dirty after time and have no need for cleaning supplies? This neighborhood stinks too.