Crib Chatter

 

Let’s say, for whatever reason, you’ve decided to sell your downtown Chicago condo right now.  The peak buying period has passed (which is March through August in Chicago).  To add insult to injury, the housing market is flat in the city and inventory is still very high.

How do you sell it?

You price it with a “drama price”- meaning it is such a good deal people will HAVE to come and look at it.

Take a newly listed unit at 200 W. Grand- Unit #1304.  200 W. Grand is a newer high rise in River North that first closed on its units in 2004.  There are a dozen units for sale in the building ranging from a 4 bedroom penthouse priced at $2.295 million down to a one bedroom priced at $309,000.  There are also a handful of 2 bedroom, 2 bath units in the mid-$400,000s.  Unit 1304 has decided to just go for the drama pricing right out of the gate.

Unit #1304: 2 bedroom, 2 bath, 1250 square feet

• Currently listed at $399,000
• Sold in December 2004 for $394,000

This seller is going to take a loss.  He’ll likely sell below what he paid for it (even before subtracting realtor’s fees.)  But this unit is also the only 2/2 priced under $400,000.  It’s priced $40,000 below Unit #1504, which is the same tier, which is listed for $439,500.  Presumably they are the same floor plan. 

If you were a buyer, which unit would you look at first?

Exactly.  In this market, you have to drama price to get noticed.