Most of the units at the highrise Marquee (1464 S. Michigan) are condos, but given the fact that the building came on the market essentially as the bubble burst, they had issues selling their final units. With this predicament in 2008, the developer opted to rent out the remaining units.Well according to a recent story from Chicago Magazine, once the leases on the rentals expire, the units will once again try to be sold as condos:
When the 20-story condo tower Marquee, at 1464 South Michigan Avenue, was completed in 2008, about 85 percent of its 208 units had been sold. The developer, Sedgwick Properties, rented out many of the unsold units, but with their leases expiring, those homes are once again for sale. Prices have been cut 3 to 5 percent on the 35 remaining condos (not all of which were rented out), and Tim Sheehan, the Conlon agent selling them, emphasizes that further bargains are a possibility. “Parking spaces were $35,000, but we’re considering that a negotiable,” he says.
Never a dull moment in the real estate market around the Sloop. This seems to buck the trend as far as we can tell. If you're a real estate expert reading this post, please give us some theories as to why the change or heart (especially since we continually read that the rental market is the hot).
