Market Value

In light of today's uncertain economic climate and the troubling state of the real estate market, it is a challenging environment to sell residential condominium homes. I have teamed with Accelerated Marketing Partners to conduct an auction of 40 homes at Vetro. It is difficult to break the stalemate between buyers and developers with respect home prices. By having an auction, we are providing a transparent sales process that enables the buyer to determine the market value for the homes. We trust the market to conduct their due diligence and are willing to accept the price that they deliver on Auction day. We want Vetro to be a fully sold and stable building for our homeowners and see this auction as an opportunity to achieve that goal. The Chicago Tribune wrote about the Vetro auction today and our move to jump-start sales in Chicago.

http://www.chicagotribune.com/business/chi-thu-developer-auctions-feb12,0,3047266.story

Vetro Real Estate Auction Sat., March 7 at 1 p.m. W Chicago Hotel – City Center, located at 172 West Adams Street in downtown Chicago.

Sales center & model homes are open daily through March 6 at 611 S. Wells in the Printers Row district. Call 312.675.0601 or visit http://www.vetrochicago.com

New Urbanism

The concept of New Urbanism is on the rise in metro areas across the country. While advocates have been touting its benefits for several years now, rising gas prices just might help New Urbanism gain the momentum it needs.

For those not familiar with the concept, New Urbanism is a way of designing more self-contained communities so people travel less and can use alternate means of transportation for their daily needs. New Urbanism starts with a busy central business district, like Chicago’s Loop, with surrounding areas designed to minimize the challenges of transportation from high density to low density. Communities are walkable and bicycle friendly, encouraging less driving but still accessible by car. The key is to accommodate all types of transportation.

You see this concept growing in Chicago’s River South neighborhood – where Vetro is located – as the community becomes more pedestrian-friendly thanks to cores of businesses, services and entertainment. For example, the abundance and variety of shopping and services along Roosevelt mean residents don’t have to leave the neighborhood to get their errands done. The community also scores high marks for public transportation options. New Urbanists cite studies that people are most likely to take mass transit if it’s within a quarter-mile of their home. Within this radius River South residents can catch six different El lines, a suburban commuter train, and several bus lines.

With rising gas prices and concerns about the environment, developers can band together to do their part by planning communities that encourage a New Urbanism lifestyle. Our customers will thank us for it.