Just prior to the end of the year a 2 Bedroom condo sold in the Illini Tower for $395,000.
These units are approximately 1600 square feet, and this relates to a sales price of about $246 per square foot.
In April of 2007 a unit sold for $795,000. On the surface it looks like prices have dropped almost 50%. This is not true.
The unit that sold for $795,000 had received a total, spectacular renovation that I would estimate today would cost today over $150,000.
This would place the price decrease from 2007 to 2010 at approximately 30%. This is a much more realistic number for this superior location.
The Illini is all about location, and it is not for everyone. It is located on a triangular piece of property where A1A's North and South bound…
