chicago-condos & Chicago Real Estate pcherry on 29 Apr 2009 07:36 pm

Six North Michigan Residents Get Tax Relief

April 29, 2009 - Motor Row Lofts isn’t the only new construction Chicago real estate development in town that has a tax freeze in place. Now Six North Michigan has made it to the National Register of Historic Places, so the Illinois Historic Preservation Agency granted eight years of frozen taxes to the condo owners. Work on the conversion of the old Montgomery Ward catalog building began about three years ago, so the tax freeze locks in for whatever amount taxes were at that point. After the eight years are up, then residents will gradually over another four years go back to paying present day tax rates.

While all work on the tower is a few weeks from being completed, residents have been moving into the conversion project for almost three months. There are a total of 120 condos and just over 60% of those are under contract. There is still a fair selection of units for sale, including some lower priced one bedroom condos in the $300,000s that however don’t including a parking space or balcony. The two bedroom condos that are still available are a bit pricier in the middle $700,000 to $800,000 range. If you want one of the larger three bedroom units or a penthouse condo you’ll have to put up between $1.25million to $1.7 million.

No matter the size, the condos at Six North Michigan all come with what is commonly considered luxury finishes. All of the units have high quality hardwood floors, not laminate, European kitchens with Italian cabinets and top of the line stainless steel appliances plus marble tile and vanity tops in the baths. The tower also has the expected perks like a fully equipped fitness center, theater room, common outdoor terrace, lounge and 24 hour doorman.

More developers are deciding to take on conversion projects for a variety of reasons. The historic buildings could qualify for tax breaks which are attractive to potential buyers, the construction costs are often lower and inventory is often lower as well, making it easier to sell out. You can find other conversion projects as well as other Luxury Chicago Condos in out development pages.

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