Price competition sells Printers Row condos
May 28, 2009
WINTHROP PROPERTIES
Whoever said “price kills all ills” hit the nail on the head when it comes to today’s real estate market.
Case in point: two condominium buildings on the same block in Printers Row, Printers Corner and Vetro, recently experienced over 100 sales in six weeks as a result of price reductions by their developers.
“The market bears what the market demands,” said Bob Horner, co-principal of Evanston-based Winthrop Properties, the developer of Printers Corner. “And it was apparent that the market was demanding lower pricing. We responded, and now we have just two homes left.”
A 17-story building of 88 condominiums at Polk and Wells streets, Printers Corner began facing the same sales challenges as most downtown condominium buildings in the fourth quarter of 2008.
But after Vetro, a 31-story building of 222 condos on the same block as Printers Corner sold 45 condos during a March 7 auction, Winthrop Properties took notice.
“The Vetro auction was actually a great thing for us because it proved there was pent-up demand, plus it gave us a benchmark for what buyers were willing to pay in this challenging market,” said Horner. “So we changed our pricing structure and in six weeks sold 17 of our 19 remaining condos.”
Vetro also adjusted its pricing as a result of the auction and saw post-auction sales activity pick up as well. In the end, the two buildings combined to sell just over 100 condominiums between March 7 and April 27.
“Printers Row has always been a stable, desirable neighborhood. Buyers want to live here. Retailers and restaurants want to be here. There’s no question we were offering the right product in the right place. We know the value is here, and now buyers know it is as well,” said Horner.
Located at 170 W. Polk St., Printers Corner has two two-bedroom, two-bath homes available for immediate delivery. Both homes offer 1,145 square feet and are northeast corner units.
Each home includes granite kitchen countertops, imported Italian cabinetry, G.E. stainless steel appliances, hardwood floors in living areas, a built-in tech center, crown molding, a washer and dryer, Grohe bath faucets, 10-foot floor-to-ceiling windows and a terrace.
One home is located on the 12th floor and priced at $329,000 while the other home is on the 17th floor and priced at $389,000.
Both homes include one parking space in the price of the home. Dining and retail options surrounding Printers Corner abound and entertaining family and friends is a breeze with Grant Park, the Chicago Theater District and the Museum Campus a short walk away.
To reach the sales center, take Lake Shore Drive to Balbo Drive and head west. Turn left onto State Street, then right at Polk Street. Continue west on Polk Street to Wells. The entrance to Printers Corner is located on the northeast corner of Polk and Wells, and there is parking on the street across from the entrance. Use the call box to dial the sales center. Sales center hours are 10 a.m. to 5 p.m. daily.
For more information call (312) 880-1800. Winthrop Properties is a joint enterprise of developers Bob Horner and Ibrahim Shihadeh. Horner and Shihadeh share more than 40 years of real estate experience, during which time they have built and sold more than 5,000 homes, including buildings in Printers Row, the West Loop and downtown Evanston.
