Wednesday, October 06, 2010

Buyers still pay premium for new construction, Wrightwood Crossing

One 1510 square foot three bedroom lower floor unit at Wrightwood Crossing in Lincoln Park closed this Monday October 4th for $575,000, or, $381.00 per sq/ft! Across the street, a new construction 2500 sq/ft duplex condo penthouse unit with ROOF TOP DECK at 1302 W Wrightwood closed for $840,000 or 336 sq/ft (with extra half bath... and oh yeah, roof top deck!). The green development here cost you more greenbacks at almost $50.00 a sq/ft.

Bob took some photos of Wrightwood Crossing last weekend ( a "green" new construction development at 1307 W Wrightwood) just around the corner from his house in Lincoln Park. We continually see Chicago buyers pay top dollar per square foot for over-the-top new construction finishes... period. These are not a comparable to your re-sale. I'm not talking cheap vanilla finishes either... but nice stuff. We also see people spending more for LEED envy developments that seem to walk the walk.

This is about driving off the lot in a NEW car. It does not matter to these buyers that they are usually far outpacing the median price per square foot for the market. They are the market.

At nineteen total units, Wrightwood Crossing has had five closings ranging from $575,000 to $1,171,000, the latter a four bedrooms, three bathrooms penthouse home including sizable great room, media room and two car garage parking. That means these folks have moved in to the construction zone already.

Five units at the Crossing are currently under contract ranging from $495,000 to $1,171,000 and seven units are actively listed on our member MLS ranging from $495,000 to $1,999,000. That adds up to 17, so there are two others possibly available if no units were combined.

Wrightwood Crossing is marketed by our brokerage Prudential Rubloff Properties. CLICK HERE for the BROCHURE

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