"We've already taken our medicine," Greg Eldridge from @propeties told Crain's when asked whether buyers might look forward to another round of price reductions at Superior 110. (That's a no, in case you're wondering.) According to the article, JFJ Development has managed to sell 47 of the 57 condos in the city's bluest high-rise, but the developer is under the gun to sell the remaining 10 before the $39.9-million construction loan matures this summer. Aldridge has been selling homes at a rate of less than one condo per month. Meanwhile, over at Silver Tower, prices were slashed by up to 35 percent in March, and in the nine months since buyers have closed on 75 condos. That's some tasty medicine. But of course, Superior 110 is in a very different position than Silver Tower, which went into receivership in the spring.
· Loan maturity approaches for River North project [Crain's]
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