chicago-condos & Chicago Real Estate pcherry on 27 Aug 2009 09:06 am

Creative Price Cuts From One Developer

August 27, 2009 - It seems as though almost every Chicago real estate developer who has units left for sale is trying to offering some kind of incentive or deal to prospective buyers that will set them apart from the pack. A development in West Rogers Park is a prime example of that kind of creativity. The 16 unit condo conversion building is located on 2641-2643 West Estes Avenue and Vince Tan of Architrend is the developer, according to a recent article in Chicago Magazine.

To keep current owners happy yet still net new sales, Mr. Tan is promoting what the article calls a “payment participation” program. He is willing to give a credit to new buyers when they close that will then be applied to make their monthly payments lower. Because the credit is issued after closing, the actual sale price of the condo isn’t affected so other units in the building aren’t devalued. The credits are made on a unit-by-unit basis and run into the thousands of dollars.

The building, which previously was a 1920s apartment building, began making deliveries in 2008 but only about 50% of the units are currently sold. For those who like a traditional look and slate roof for their Chicago homes, this could be a good deal. Prices range from $134,900 to $179,900 on the one to two bedroom condos. A parking space in a separate garage is included with the purchase of the two bedroom condos, but the one bedroom units aren’t so lucky. Buyers of those units will have to find a spot on the street to park.

With so many New Chicago Condos for Sale, you can find some interesting offers if you take the time to look for them.

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