chicago-condos & Chicago Real Estate & Chicago Mortgage pcherry on 30 May 2009 06:57 pm

Emerald, Opera Lofts Get FHA Approval

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.

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