chicago-condos & Chicago Real Estate pcherry on 25 Aug 2009 09:04 am

Developers Hope To Gain From Roosevelt Lofts Loss

August 25, 2009 - With the Lofts At Roosevelt Collection out of the sales business and into renting, there are probably a lot of other developments with Chicago lofts that are hoping to capitalize on the buyers who will have their sales contracts voided. About 60% of the lofts were under contract, so there will be a lot of displaced buyers with a deposit and no place to go. The Lofts at 1800 aren’t wasting any time trying to court those buyers.

The Kopley Group is encouraging former Roosevelt buyers to bring in their old contract, leave their deposit in escrow at the Chicago Title Company and transfer that 5% down payment to an 1800 purchase. Kopley will then let them close on a loft without having to pay an additional deposit.

Even though the Lofts At Roosevelt were originally planned as a for sale, not rental Chicago real estate development, the Lofts at 1800 also point out that there are a few more desirable points to their project. For the hardcore loft fan, 1800 is a real conversion where Roosevelt is new construction. The units at 1800 come with hardwood floors in every room, an in-unit Whirlpool brand washer and dryer and luxury baths with marble counter tops and tile plus a whirlpool tub. The Lofts at 1800 also have a lounge, green roof, door person and concierge service, all things that Roosevelt has had to give up in the switch to rental units.

Prices for the one to three bedroom Lofts at 1800 run from the $250,000s to $750,000s and the two year buyback guarantee is still in effect. And remember, before you make a decision it’s important to check out other Chicago Lofts to see which ones really fit your lifestyle.

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