Monthly ArchiveMay 2009
May 30, 2009 - Another Chicago real estate developer that has been advertising several different incentives and deals over the past few months is American Invsco. Their 200 North Dearborn project has been the focus of much of the attention, and the latest is a “200 North Dearborn Chicago Stimulus Program” according to a press release in the Tribune.
The program basically locks a 2.5 percent rate on interest only 10 year mortgages. Some of the stipulations are that buyers must be able to make a 20 percent down payment. There will also be 2 percent closing cost added. So in this deal buyers won’t make any principal payments for those 10 years and according to the advertisement, no points or loan origination fees will accumulate. This is for buyers who intend to live there, not making an investment purchase.
The 47 story conversion tower still has a fairly diverse selection of studio to two bedroom condos. The current prices range anywhere from the $270,000s to $590,000s. You can also rent units at 200 N Dearborn, so keep that in mind as well. All of the condos have been completely remodeled and have the expected finishes like hardwood flooring, new kitchen appliances and wood cabinets, granite counter tops, updated baths and most units have a balcony as well.
The ad claims this offer is only temporary, but a lot of developer offers stay on the table for quite a while. Still, you may want to check sooner rather than later if you’re interested in these condos. While you’re at it, be sure to check out the other Downtown Chicago Condos for sale right now.
May 29, 2009 - We can add two more Chicago real estate developments to the list of FHA approved projects. With Chicago condo sales still down there will probably be more projects that seek FHA approval to entice first time buyers who qualify with the low 3.5% down payment. But for now at least the two latest towers to jump on this trend are Opera Lofts, which is also offering rentals, and Emerald.
Opera Lofts is located on 2545 South Dearborn Street. The converted former storehouse for the opera props has a pretty good selection of one to three bedroom lofts for sale and rent. The units vary from around 830 to 2,912 square feet and floors 3 and 5 have the most units with 33 per level. Those floors also have the highest occupancy, with floors 4, 6 and 7 having fewer units and fewer residents so far. Prices run anywhere from $239,900 to $890,000 and rents are set between $1,300 and $3,000 per month.
Finishes at Opera Lofts include oak hardwood floors, 13′ to 30′ ceiling heights, traditional exposed ducts and timbers, GE stainless steel appliances, granite counter tops, marble baths and 6′ tubs. The building has a dog run, bicycle storage area, garage parking, fitness center and landscaped roof deck.
At Emerald on 123 Green Street, just over 60% of the 212 condos are under contract in the two 12 story towers. There have been no big price breaks at Emerald, and in fact that is developer’s plan to reassure buyers that their condo won’t suddenly be devalued. The units at Emerald are pretty much still in the $270,000s and up for the one bedroom units and the $629,000s and up for the two bedroom units. In keeping with the who eco-friendly theme, free parking is thrown in with the bigger condos but residents of the one bedrooms will have to pay an additional $35,000 for a garage space. The two towers sport the standard amenities of fitness center and furnished lobby with dining room and bar for entertaining.
Remember to check back with us often to find out all the latest news about Condos In Chicago.
May 28, 2009 - Construction on Millennium Park’s Legacy high-rise is scheduled to wrap up this September but there are still around four dozen units available for purchase right now. The Legacy has some interesting perks that were profiled in a recent Chicago Mag article, namely the close proximity of the Art Institute and the University Club. The Legacy residents will have the much-touted squash courts on the 72 story tower’s 13th floor, along with the catering services of the University Club kitchen.
Of the condos still unsold in the 60 East Monroe Street high-rise, the article pointed out that the bulk of the condos have good views of Grant Park and Lake Michigan. The units limited to Loop views are the one bedrooms that face west. The pricing ranges anywhere from $486,901 for a one bedroom with 929 square feet on up to as much as $4.25 million for a penthouse. The penthouses vary in size from around 4,378 to 4,757 square feet. An indoor parking space will add another $60,000 to your bill.
And for those of you interested in buying a townhome from Lexington Homes, they have a new Homeseller Assistance Program. This is for prospective buyers who have a current home to sell. The company is offering a free one hour session with a certified home staging professional plus an opportunity to list your current home with one of their brokers such as Remax or Coldwell for only a 4% commission rate. The offer is good at Lexington’s Willow Place, Lexington Square and Lexington Park townhome projects.
You can also find plenty of other Chicago Townhomes for sale right now if Lexington Homes doesn’t have what you’re looking for.