Want to Buy in the South Loop? Take the South Loop Tour
The South Loop can be overwhelming for buyers. There seems to be new construction going up everywhere. Imagine going to the sales centers down there? Where would you start?
In a brilliant bit of marketing, one agent, Rebecca Thomson from Re/Max Vision, is now offering the “South Loop Tour.”
This Sunday, January 13, she is renting a tourist trolley to take buyers around to all of the South Loop developments. From the website, the southlooptour.com:
I will take you to some of the top projects in the area and save you the hassle without any cost to you! The developments on this tour reflect a wide variety of price points, floor plans, amenities and delivery dates with move-in dates as early as tomorrow or as late as 2010. Whether you are looking for yourself, for a second home, or for an investment, you will find what you are looking for.
Enjoy an informational tour of the neighborhood as well as free parking, great food, prizes, and absolutely no pressure!
You get on the trolley at 1 pm and off you go. The website says reservations are required.
In a Craigslist ad, she also touts special deals for those on the tour:
Offering big incentives (Free Parking Space, 10k in upgrades, 5% off list price- by development and only for tour participants)
What she should really do is let the hotel concierges know about the tour. There must be some European tourists who would love to go on something like this and buy an investment property at the same time.
southlooptour.com [website]
Thanks for the laugh.
Note to most used home salepeople: That ‘whoosh’ you hear is the sarcasm going over your heads.
I have a feeling that it won’t be long before these locations are included in a couple of established tour routes:
http://www.gangstertour.com/
http://www.chicagohauntings.com/
Well, Sabrina doesn’t strike me as a particularly sarcastic soul. In fact, I actually DO think telling concierges about this is a good idea. Just because far, far fewer people are buying than before, doesn’t mean that NOBODY is buying. And as the market continues to fall, if they want to stay in business, real estate agents will have to do things like this to sell places.
I’m actually really curious about the South Loop, and though I doubt I’ll buy for another year or two, I think this tour sounds really fun. I’ll report back on Sunday! 🙂
Kenworthey: Definitely report back in if you go on the tour. You are right, I wasn’t being sarcastic with the post (though I DO think the concept is funny). It IS a good way to see the buildings in the south loop. Who wants to drive from place to place and try and find parking? This sounds like a great solution.
I’d be curious as to how many people are on the tour and what the special “deals” are from the developers (that she is touting.)
I just found a place in the south loop. It is a one bedroom in printer’s row, listed at $235,000.00. There is rental parking that is of course additional. The place sold in 2004 for $190,000.00 There is a mortgage on the property for about $180,000.00. I would be pretty happy if I could get the place for $180. Do you think that is reasonable? 523 South plymouth, unit 203. My biggest fear is that I would be paying to much. I am not taking another hit on Real Estate. Good location for my. Thoughts?
BTW, for you following 1107 W. Lawrence, it is still on the market despite the listing agents representations that the bank had accepted an offer above asking price.
Jason:
Who’s going to pay the transfer taxes, commission, etc.? Are you going to ask seller to come out of pocket? That’s the biggest thing I’d find unreasonble in offering to just pay off the mortgage.
Well, that’s not my problem. If that’s what I think it is worth, that’s what I want to pay. Nobody wants to write a check to get out of a place, but hey, that’s reality these days.
Hey, whatever, but they listed it at a price to give some room to negotiate and still make a couple shekels; if you actually want it, then you should offer enough that they break even. Otherwise, it’s a definite “No”–it’s probably still a no at absolute break-even, but they might consider it.
If you want to buy from someone who will take a loss, look at those HP co-ops; they’re just trying to dump them.
Jason: I really like 523 s plymouth. It has parking in the building but this unit doesn’t seem to have any (but you can apparently rent it.) It is one of the few printers row buildings with parking AND w/d in the unit.
It is also a concrete building, which is important in lofts.
I saw the pictures of this unit and my only concern, given that the shades are drawn, is that it is east facing and looks straight into the new Library Tower high rise that is going up on the parking lot behind the building. Library Towers is going to crush the east facing units.
Let us know if that’s the case- after you see it.
Also, personally, I don’t give a darn if the current owner is going to make money or not off the transaction. I’m going to offer what I consider to be “market” and the price I want to pay.
This is a falling market. I saw a stat today that the banks are expecting 30% of mortgage holders to be underwater if prices drop even 10%.
That’s not MY problem (as a buyer.)
But, of course, if you want to buy right now, it’s easier to find someone who isn’t going to be underwater- in order for the transaction to go through more easily (as you stated.)