A few nice Real Estate, images I found:
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Real Estate — Image by © Royalty-Free/Corbis
Real Estate, Deal Estates, Steal Estates
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Real Estate, Deal Estate, Steal Estate: One man’s bargain is another man’s bad luck in The Columbian
Located in Chicago’s South Loop neighborhood at 1160 S. Michigan Ave., The Columbian is a prominent new addition to Chicago’s skyline. This handsome 46-story structure combines state of the art construction with cutting edge style and a tremendous location with every luxury amenity a discerning homebuyer could hope for. Located at the southwest tip of Grant Park and completed as recently as 2007, The Columbian was set to be one of the most desirable pieces of new construction in all of Chicago. However, as with most things in life, timing is everything.
Despite the over-the-top luxury lifestyle afforded by The Columbian, the poor housing market of the past two years has hit The Columbian hard. Unbelievably, The Columbian has reverted to pre-construction prices not seen since 2004. Such substantial price reductions can be both good and bad in the eyes of a condo developer. While they certainly have the affect of making left over inventory more appealing to current buyers, they can also ruffle the feathers of existing homeowners who bought into the development at much higher price points. Not only will existing homeowners resent their “over”-payment, but they will also be angered by the reduced re-sale price their condos will fetch. So, what is a developer to do? To maintain current prices at pre-economic downturn ones would be to carry units at a cost and losing money by the day. Slashing prices, on the other hand, damages the integrity of the development and also that of the current owners. Of course, short of living on the Moon, we’re all aware that the anticipated appreciation of the past few years has been entirely wiped out. Still, it’s a hard pill to swallow if you’re one of The Columbian’s current residents.
One bedrooms have been reduced by as much as 30% while three bedrooms with spectacular views have dropped 16%. As frustrating as these price reductions may be for current owners and as damaging as they might be in terms of re-sale value, they also represent an excellent bargain for those homebuyers currently on the market. The Columbian truly represents the lap of luxury. With not a detail overlooked, The Columbian provides a lavish lifestyle replete with every amenity one could ask for. Additionally, The Columbian’s prime location means that residents enjoy easy access to Lake Michigan, Grant Park, Museum Campus, work in the Loop and Michigan Avenue shopping. One thing is for sure, property at The Columbian has transformed from real estate to deal estate, maybe even steal estate, and offers enticing bargains for current buyers.
Ted Guarnero is a Realtor in Downtown Chicago and loves the City. If you have questions about Chicago real estate stop by www.seechicagorealestate.com or Call Ted Guarnero @ Baird & Warner 312-810-6693