chicago-condos & Chicago Real Estate pcherry on 31 May 2009 01:19 pm

2.5% Rate On 10 Year Interest Only Loans At 200 N Dearborn

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.

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