Tuesday, March 24, 2009

Vetro Auction Sets New Highrise Condo Prices?

Back in February we mentioned a high rise in Printer's Row (Vetro) that was auctioning off some of its remaining units. Well the auction has come and gone and has now sparked some debate on how this affects other housing (mainly high rises) in the South Loop, Loop and West Loop:
"The market is speaking. The market has adjusted," said Millie Rosenbloom, a broker associate with Baird & Warner who is heading Vetro's sales and market efforts. "What we tried to do here is figure out what people are willing to pay in a declining market. It was our choice to accept that but other developers don't have to accept that. We got less than we wanted to, there's no question."
The article goes on to state that other high rises in the area claim to be holding prices and not adjusting based on this auction.

1 comment:

Anonymous said...

Long-time reader, first-time poster...I enjoy these types of articles and discussion points. Keep up the great work Sloopin.