With 58 unsold condos remaining, the Ritz-Carlton Residences on Michigan Avenue is charting a new sales course with @properties, according to an article in Crain’s.
Previously brokered by Coldwell Banker, the Ritz-Carlton Residences has faced bumpy terrain since its marketing began in 2006. An 89-unit condominium, the Residences opened it sales office as Chicago’s condo bubble was losing air, and in the ensuing years faced lawsuits from not only the Terra Foundation, but also the Metropolitan Water Reclamation District of Greater Chicago; many buyers backed out of their initial contracts, and those who stayed were delayed in their moves.
But now, as one of only two boom-era condominiums with unsold units, the Residences is rebooting its sales efforts, and has brought in John Buck to manage and @properties to market.
“The Ritz-Carlton Residences, Chicago, is one of the premier luxury buildings in the city,” said Matthew Havey, a John Buck executive, in a statement from @properties. “We look forward to reintroducing the development to the marketplace in the coming weeks and guiding the building to a timely sellout.”