Update: 550 St. Clair only 85% sold; closings in February
The developer at 550 St. Clair issued a press release a few days ago stating that “sales buck trend in Streeterville”.
The press release states that they recently sold four units in the building, even as the housing market has stalled. From the press release:
“Sales have rebounded now that buyers have had a chance to walk through the building and see for themselves how well designed our interiors are,” Sutherland said. “We’ve sold four units in the last week alone and we think buyers are responding to our superior design and great location.”
“Another reason that sales have been so strong is the building’s relative value to other high-end projects in the city,” said Ron Ruby, Managing Broker for Weichert Realtors First Chicago, the exclusive marketing and sales agent.
The building has 112 units. The press release states that 17 units are still for sale. That’s 85% sold.
The press release also states that closings will begin February 7. These are the units left from the developer:
• Two studios with 550 square feet of living space. Prices are $288,500 and $314,500.
• Four 1-bedroom units with 800 to 1,000 square feet of living space. Prices range from $398,500 to $443,500.
• Three 2-bedroom residences with 1,200 to 1,225 square feet of living space. Prices range from $498,500 to $598,500.
• Eight 3-bedroom and luxury penthouses with 1,675 to 3,075 square feet of living space. Prices range from $798,500 to $1,728,500.
Located on the top four floors of the building, available penthouses offer 3 bedrooms, 3 or 4 baths, amazing views and outdoor space—both balconies and terraces.
It’s not surprising that the most expensive units are still available. New penthouse condos are a dime a dozen all over the city right now. Every new building has them available, including 600 N. Fairbanks.
I also wonder how well the studios will sell (especially the flips.) I can’t imagine someone paying $350,000 for a studio – even in that location.
We shall soon see.
“Nearly Completed, 550 St. Clair Sales Buck Trend in Streeterville” [press release]
550 St. Clair [website]
I wonder how many people who need to sell a unit to move into this building will end up bailing thus adding to that number of 17.
I know someone who is bailing on their contract and willing to forego thousands to get out of a 3 br…
$550 per sf for a studio? I’ll take two!!
Seriously, what kind of deposits are we talking about here? And how much lower were the developer’s prices when those contracts were struck?
Those are the two questions we need to ask. Anyone closing near current asking prices and only standing to lose a few % in deposit funds is significantly mentally impaired IMO.
john