According to Appraisal Research Counselors, via Crain’s
Chicago Real Estate Daily, only 22% of the units at One Museum Park West had
closed as of the second quarter of this year.
Crain’s speculates that price
cuts may be in the offing:
The slow sales and high inventory at some
projects will test the patience of lenders waiting for their construction loans
to be paid off. Some will push price cuts to accelerate the process.
A comment on this post suggested rental as an option. If the investors can hold out, we have to imagine the views from this building will eventually demand the prices they're asking for. But then again...what do we know.
(Image from: ChicagoArchitecture.info)