Trying to Sell in Wells Street Tower After The Vetro’s Price Cuts: 701 S. Wells
Wells Street Tower, at 701 S. Wells, in the South Loop was the hot new construction building of its time in 2002, when there was little new product in the Printers Row neighborhood.
This 2-bedroom corner unit is on a high floor and has northeast views of both the city skyline and the lake.
It has some upgrades, including bamboo floors in both bedrooms and 42-inch cabinets in the kitchen.
Can this unit compete with the Vetro price cuts right next door?
Nick Hira at @Properties has the listing. See more pictures here.
Unit #3001: 2 bedrooms, 2 baths, 1263 square feet
- Sold in October 2002 for $358,500 (included the parking spot)
- Sold in December 2003 for $396,500 (included the parking spot)
- Originally listed in May 2009 for $394,000 (parking $40k extra)
- Reduced
- Currently listed for $389,000 (parking $40k extra)
- Assessments of $746 a month (includes heat, air conditioning, cable/internet)
- Taxes of $5114
- Washer/Dryer in the unit
I’d much rather be in a stable building who has established reserves, low rental rates, and high occupancy than in any of these half-empty buildings in the South Loop. God knows what you will have to pay in them in the long run and even if the assements look good they are bound to at least double in the next two years if not worse. This looks like a nice building with great view and its proximity to the loop (you can walk year round) makes it really desirable. Seems like a much better value than Vetro, despite the auction.
Try $350K with parking.
I hope for these sellers that the Vetro is sold out. I doubt any buyer is going to give them 389k when for the same price they can get a 1600 st 2 BD +den +parking for the same price next door.
“Try $350K with parking.”
Umm no there is a 2/2 listed now for 300k, 330k with parking (unit 2402). Also last year a 2/2 went for 280k in this building IIRC, probably without parking.
All 2 bedrooms are not created equal.
The unit might also be trying to price in a premium for the east views.
Price is way too high still. There is no way you can justify $339 a sqft with high assessments & high taxes in the south loop right now. There is just too much other stuff out there since 50% of the new construction in the south loop hasn’t sold yet!
Vetro appears to have closed 193 of 232 units to date. 3 more are currently pending in the mls.
Sonies,
I’m with you there. I’m just repeating the marketing pitch.
Those assesments do seem steep for the building..perhaps they are building their reserves….
south loop is already glutted and will continue to see prices falling, lookout below!
Assessments don’t seem that bad when you consider $400 of that is recurring cost (heat/air, cable, internet, commute). Parking seems a little high.
Last 3 sales of that unit in that building:
10/01/07 $412,500 2801
08/21/07 $433,500 2901
11/22/06 $428,500 2001
How far do we think the Loop (I wouldn’t call this the South Loop since all of the building is much further south) has fallen in two years? 10% – 20%? Anyone think the Olympics will do anything for the neighborhood.
Does anyone remember what the average $/sq ft was for 2/2’s from the Vetro auction? I have to imagine that the most anything could sell in this building would be at that range. The view and floor might be premiums but with so much supply (and fear) in the market, those premiums become worth less and less.
$250/ sq ft + parking would come right in at JPS opinion of $350. Thats also the 2002 price which as I remember from other chatters is where the level Case Shiller is at.
Vetro 2BR/2BA sale prices from auction (and later):
05 units 2BR 2BA 1,133 sf sold for $241-245 psf with pkg.
06 units 2BR 2BA 1,343 sf sold for $223-240 psf with pkg.
07 unit 2BR 2BA 1,525 sf sold for $262 psf with pkg.
09 units 2BR 2BA 1,248 sf sold for $256-261 psf with pkg.
“Thats also the 2002 price which as I remember from other chatters is where the level Case Shiller is at.”
CS Condo index was at Sep-03, as of Mar-09. Unless Apr shows a truly breathtaking drop (over 6.5), we won’t see a report of ’02 prices, yet. Not that any of those Vetro sales go into the index, not being repeat sales.
It would be interesting to see how CS has handled the flipping transactions, where 10%+ increases happened in a few months.
if i need a 2 bedroom condo, 1200sqft is about right size wise. 1500+ is too big, the assessment can be really high a few years later. So even though right now a 1500+ vetro condo is priced at 380K, a very good price… i don’t want to buy it still.