jameson in the news

November 29, 2007

Jameson Realty Group:
HOT HOLIDAY DEALS LURING CONDOMINIUM SHOPPERS TO THE CITY

CHICAGO-If we discount it will buyers come? That's the question some veteran developers are asking as they offer some of the best housing deals since the mid-1980s paired with today's near rock-bottom mortgage rates.

"This is the best buyer's market in decades," said Nicholas S. Gouletas, chairman and CEO of American Invsco, a company that has marketed 45,000 condominiums valued at more than $4-billion and weathered several downturns since it was founded in 1969.

To kick off the holiday new-home shopping season, many Chicago area condominium and townhome developers are offering multiple incentives between now and the end of the year.

The lucrative holiday deals for savvy buyers range from special below-market financing and free parking spaces to waived assessments and free options including a washer and dryer, crown molding, upgraded hardwood floors, granite counter tops and stainless-steel appliances, and more.

With benchmark 30-year fixed mortgage rates holding near a stable and affordable 6.20 percent late in 2007, developers also are offering some of the best home-loan deals in years.

"With 2008 not far away, developers want to get a jump start on sales and are willing to wheel and deal to generate buyer traffic," said Charles Huzenis, president of Jameson Realty Group, which is marketing several North Side and South Loop condominium developments.

"The buyers are out there, so offering incentives is a great motivator and creates a sense of urgency to make that purchase sooner rather than later. Homes get sold and buyers get a great deal, so everyone wins," Huzenis said.

Currently, there is a large supply of new-construction condominiums and adaptive-reuse lofts that have been completed and are ready for delivery. As demand catches up with supply, developers will begin to diminish these types of special offers, real experts say.

A sampling of some of the best holiday incentives found in the city listed by geographic neighborhood follows:

The Loop

  • 200 North Dearborn American Invsco is offing a selection of incentives valued at up to approximately $56,000 for an average $350,000 unit to condominium buyers at 200 North Dearborn Private Residences, a 47-story high-rise conversion in Chicago's Loop.

    "For a limited time buyers of selected 1-bedroom and 2-bedroom units may purchase a parking space valued at $45,000 for only $5,000-a savings of $40,000," said Stefanie Neuman, American Invsco sales manager at 200 N. Dearborn.

    In conjunction with the parking space incentive, American Invsco also is offering to pay 12 months condominium assessments and real estate taxes for buyers who purchase now, Neuman said.

    Depending on the type of units purchased, the assessment savings ranges from $3,550 to $7,285. And, annual real estate taxes are estimated to be 1.4 percent of the sale price.

    The total savings on parking, assessments at real estate taxes ranges from $42,000 to $85,700 depending on the unit purchased, Neuman said.

    For buyers who do not want the parking deal and 12 months free assessments and taxes, American Invsco also is offering to pay a buyers assessments and real estate taxes for 24 months. Depending on the type of units purchased, savings on 24 months of assessments ranges from $14,420 to $29,572.

    "More than 100 of 309 units at 200 N. Dearborn already under contract, one-third of the building is already sold, however a nice selection of residences remains," Neuman said.

    The sales center at 200 North Dearborn is located on the 35th floor in Suite 3507. It is open seven days a week from 10 a.m. to 6 p.m. and off-hours by appointment. Walk-in traffic is encouraged and welcome. Call 312-558-1200 or visit on-line:www.200NDearborn.com/event

  • The Metropolis A 4,061-square-foot duplex penthouse at The Metropolis, a historic 170-unit adaptive-reuse high-rise at 8 W. Monroe St. in Chicago's Loop, now comes with three free parking spaces in a special close-out deal.

    The top-floor penthouse, featuring private decks and spectacular Lake Michigan and downtown views, is drywalled and priced "as is" for $2.2 million.

    The parking spaces are valued at $43,800 each, for a total incentive of $131,400, said Brian Berish, sales manager for Frankel & Giles Real Estate, the exclusive sales and marketing agent.

    In addition to the penthouse, about a dozen residences are available, including 1-bedroom units and 2-bedroom layouts. Base prices of 1-bedroom units start at $279,800, while 2-bedroom layouts are priced from $338,800 range. One customized 3-bedroom, 2-bath residence is priced at $599,800.

    The 21-story office building, now being converted to condominium ownership, is currently showcasing two new professionally furnished and decorated condominium models. Metropolis' sales center and models are located at 8 W. Monroe. For more information, please call 312-384-0888, or visit www.metropoliscondominiums.com.

South Loop
  • Lakeside Lofts Condominium buyers seeking immediate occupancy and the bonus of a free parking and designer upgrades should tour Lakeside Lofts, a 96-unit environmentally friendly new-construction loft development at 2025-2035 S. Indiana in the South Loop.

    "Eighty percent of the units already have been sold at Lakeside Lofts, but we still have a nice selection of premium residences," said developer Roby Frankel, partner in Bluestone Development.

    Prices of remaining 18 units start at $261,800 for a 1-bedroom unit, while 1-bedroom-plus-den residences with 1.5 baths begin at $299,800, and 2-bedroom, 2-bath layouts start at $315,800. These prices include parking.

    For a limited time, buyers of 1-bedroom, 1-bedroom-plus den and 2-bedroom residences will receive a free parking space valued at $35,000, according to Frankel & Giles Real Estate, the exclusive sales and marketing agent.

    In addition to the parking incentive all of the remaining units feature up to $10,000 in free interior designer upgrades.

    The following designer features are included in the upgrades package: wide solid-oak flooring; surround-sound pre-wire system and kitchens with 1-inch-thick Uba Tuba granite counter tops, GE Profile stainless-steel appliance package, an upgraded Hans Grohe kitchen faucet and custom-made cherry flat-panel cabinets with crown molding.

    The Lakeside Lofts sales center is located on site at 2035 S. Indiana Ave. Sales office hours are noon to 5 p.m. daily, or by appointment. Please call 312-663-1500, or visit the website at:
  • 1349 South Wabash If you are shopping for a condominium downtown, better hurry if you want to take advantage of $5,000 in free upgrades at 1349 South Wabash Private Residences, an innovative new-construction residential development in the heart of the South Loop.

    "As a pre-ground breaking incentive to maintain our sales momentum we are offering $5,000 in free options on 2-bedroom layouts for buyers who sign a contract during the holidays," said developer See Y. Wong of Wabash Properties and partner in Michigan Avenue Group, LLC, developer of the 78-unit high-rise.

    The upgrades can be used to upgrade flooring, cabinets and granite counter tops, or add a free washer and dryer and custom paint, Wong said.

    Sales have reached the 55-percent mark at the 15-story contemporary brick, concrete and glass high-rise, Wong said.

    One-bedroom units in the contemporary building are priced from $229,500, while 2-bedroom layouts begin at $348,500. Purchasers include a mix of young professionals who work in the Loop and suburbanites seeking an in-town residence for grown children who are attending to school downtown, he said.

    Plans call for 10 studios, 38 one-bedroom residences, 28 two-bedroom, 2-bath layouts and four 2-bedroom, 2.5-bath penthouses with large private terraces on the 15th floor. The residences will feature 520 to 1,458 square feet of living area.

    The 1349 South Wabash Private Residences will be marketed by appointment only during the holidays. Please call 312-360-1818 or visit www.1349SouthWabash.com .

  • eco18 For a limited time, a free parking space valued at $18,900 is included with each residence at eco18, a green friendly condominium development located at 1818 S. Wabash in Chicago's South Loop.

    "eco18 is a very special condominium development that dramatically raises the bar on green living in Chicago," said developer Rick Turner, president of Dynaprop Development Corp. "It provides an opportunity for people to make an environmental difference in the housing they select."

    The 93-unit environmentally responsible new-construction condominium development's premiere geothermal energy system will consist of piping drilled 450 feet into bedrock, which will provide energy-efficient heating and cooling year round.

    "Condo residents at eco18 will pay about 40 percent less in energy costs, which is a substantial savings over a comparable building with traditionally designed mechanical, electrical and plumbing components," Turner said.

    "The result is low condo assessments, which average about $278 per month. The assessments included the energy costs for heating and cooling the condo unit."

    "Eco18 is unique in its pursuit of LEED Gold Certification with such green features as solar thermal hot water system and a green rooftop garden, in addition to geothermal heating and cooling," said Turner.

    Priced from $249,900 to $649,900, eco18 is already 25-percent sold, according to Jameson Realty Group, the exclusive sales and marketing agent.

    The sales center is located at 1830 S. Wabash and is open Tuesdays, Wednesdays and Thursdays from 1 p.m. to 5 p.m. as well as Saturdays and Sundays from 1 p.m. to 4 p.m. For more information call Jameson Realty Group at 312-751-0300 or visit www.eco18.com.

  • Pointe 1900 On State. Only one new-construction condominium is available for immediate occupancy at Dynaprop Development's 131-unit mixed-use residential and retail development located in Chicago's burgeoning South Loop neighborhood.

    The remaining 1-bedroom, 1-bath unit comes with a free washer and dryer and is priced at $239,900, according to Jameson Realty Group. Heated garage parking is available for $24,900. For more information, please call 312-751-0300, or visit


Streeterville
Near North Side
North Side
  • Cornelia Court One of the financing deals currently is being offered at Cornelia Court, a 63-unit new-construction townhome development on 2.4 acres at 3001 W. Cornelia in Chicago's West Roscoe Village neighborhood.

    To help buyers make up their minds on the remaining five townhomes in Phase II, developer Steve Frytz of Anchor General is offering a $10,000 buyer incentive that can be used to finance an interest rate buy-down on home loans, or be put toward purchase of options, including crown moldings, a Viking appliance package, window treatments, an upgraded fireplace mantel and custom paint options.

    "For buyers seeking immediate occupancy, the five units remaining for sale in Phase II can be delivered in 30 to 60 days," noted Gale Goldstick of Coldwell Banker Residential Brokerage, the exclusive sales and marketing agents.

    Construction also is well underway on Phase III at Cornelia Court, which will feature 12 units, Goldstick said. One Phase III building will feature two townhomes, the others will feature three and seven residences respectively. A new professionally decorated and furnished 3-story model-The Addison floor plan-also was open to coincide with the grand opening of Phase III. Two other floor plan models also will be opened during the holidays-the 2-bedroom Cornelia townhome and the 4-bedroom Bentley townhome.

    Nineteen townhomes are planned in Phase IV at Cornelia Court, which recently was cited as Chicago's "Best New Townhome development" by New Homes Magazine. These townhomes currently are priced from $475,900 to $659,900.

    The Cornelia Court sales center, located at 3005 W. Cornelia, is open Tuesday from 1 p.m. to 4 p.m. and on Saturday and Sunday from noon to 5 p.m. Call Gale Goldstick of Coldwell Banker Residential Brokerage at 773-477-3030.

  • Lincoln Crossing A final developer closeout offering up to $40,000 off the list price of six remaining luxury condominiums is underway at Lincoln Crossing, a 35-unit new-construction development located at 5588 N. Lincoln Avenue in Chicago's North Lincoln Square neighborhood on the North Side.

    "Construction on our 5-story luxury development is completed, more than 80 percent of the units at Lincoln Crossing already are sold, so this is a real opportunity for buyers who need to move into a luxury condominium before the holidays," said developer Richard Lettvin, president of Lettvin Development Co.

    "Closeout prices on available residences at Lincoln Crossing start at $309,900 for six remaining 2-bedroom-plus-study layouts with 2 baths," said Lettvin. The price includes one free indoor parking space and designer window blinds.

    "Two magnificent 2-bedroom and 2-bedroom-plus den penthouse residences with 2 baths are priced at $499,900 and feature 1,700 to 1,731 square feet of living space," Lettvin said. "The price of each penthouse includes two heated indoor parking spaces."

    Condominiums at Lincoln Crossing are 2-bedroom, 2-bath and 2-bedroom-plus-study residences. These homes feature between 1,280 and 1,338 square feet of living space. All of the 1-bedroom units are sold out.

    The penthouses showcase spectacular views with a huge outdoor terrace, and each has luxury upgrades, including a gas fireplace. The fifth-floor penthouses have a private elevator lobby accented with a barrel ceiling.

    The Lincoln Crossing sales office is open at 5588 N. Lincoln Avenue on Saturday and Sunday from noon to 5 p.m. For more information, please call the sales office at 773-907-9310, or the Lettvin Development corporate office at 847-390-1000. For further more detailed descriptions of the development, please visit: www.LincolnCrossingChicago.com.

  • Lincoln Center. Huge price reductions are being offered at the 36-unit mixed-use new-construction Lincoln Center Condominium at 2472 W. Foster Avenue in the Lincoln Square neighborhood.

    "A holiday special is being offered, with one 2-bedroom unit priced under $270,000," said Scott Schiller, partner with Michael Schwartz in S & S Home Builders, the project's developer.

    "Our pricing includes indoor heated parking in an elevator building, which is unprecedented in this location," said Barbara O'Connor of Baird & Warner, the exclusive sales and marketing agents for the development.

    The development is 70-percent sold. Remaining residences range in price under $250,000 for a 1-bedroom, 1-bath unit. Two-bedroom layouts with 2 baths start under $270,000 and go to $329,900.

    The Lincoln Center Condominiums on-site sales center and models are open Saturday and Sunday. For more information please call 773-883-2444 or visit www.sshomes.com.

  • Paulina Ridge Court Only two residences remain for sale at this beautifully rehabbed vintage condominium at 5909 N. Paulina in the Ravenswood neighborhood.

    The landscaped courtyard development features 2-bedroom, 2-bath duplexes and simplexes and 2-bedroom, 1-bath simplexes base priced from $229,900 to $279,900. A buyer incentive is free parking until April of 2008.

    All of the condos have private balconies, oak hardwood flooring, marble baths and kitchens with granite countertops and a stainless-steel appliance package. Condos also have gas-forced heating and air-conditioning systems.

    A furnished model is open Sundays from 1 p.m. to 4 p.m. A virtual tour is available at www.jameson.com.


  • Eastwood Court Free parking is available with purchase of the two remaining condominium between now and January of 2008 in this 32-unit vintage rehab development is at 3106-3108 W. Eastwood and 4634-4642 N. Albany in the Ravenswood Manor neighborhood just east of Albany Park.

    The development, which is walking distance to the CTA's Brown Line el, features completely rehabbed vintage 1-bedroom, 1-bath and 2-bedroom, 2-bath condominiums with hardwood floors throughout. The remaining 2-bedroom, 1-bath simplex priced at $169,900. The last 2-bedroom, 1.5-bath duplex is priced at $199,800.

    Kitchens are equipped with recessed can lighting, 42-inch maple cabinetry, granite countertops and a stainless-steel appliance package. Other features include marble baths with granite vanity tops and marble flooring, full-size stackable washer/dryer and an intercom entry system.

    A furnished model is open at Eastwood Court on Sundays from 2 p.m. to 4 p.m. A virtual tour is available and for more information call Jameson Realty Group at 312-751-0300.

Northwest Side

  • Edgebrook Glen Attractive buyer incentives now are available for a limited time at Edgebrook Glen, a development of 64 luxury single-family homes at 5200 W. Armstrong Ave. on the Far Northwest Side.

    "We have eliminated the lot-upgrade premium on the sale of the next five homes at Edgebrook Glen," said developer Paul Bertsche of C.A. Development.. "This means we are giving away up to an extra 4,000 square feet of free land-a value of $15,000 to $135,000." All homesites are a minimum of 45 feet wide. Lots range upwards to 60 feet wide and 200 feet deep.

    In addition, C.A. Development also is offering six months of free interest payments on a home buyer's new mortgage through the builder's preferred lender.

    "If you haven't sold your current home before closing on a home at Edgebrook Glen, the six months of free mortgage interest can help ease you out of your old residence and into your new one because you won't have to worry about paying two home loans," Bertsche said.

    Two model homes and a pair of "spec" residences now are open for viewing at Edgebrook Glen. The secluded 11-acre site adjoins the western border of the Indian Woods Forest Preserve at the edge of the Edgebrook and Forest Glen neighborhoods.

    The homes at Edgebrook Glen offer luxury finishes, oversized home sites and more-all pre-construction priced from $699,900 to $989,900, according to Tim Flannery, sales manager for Garrison Partners, the exclusive sales and marketing agent for Edgebrook Glen.

    The development showcases 15 exterior elevations and eight distinctive floor plans with 4 to 6 bedrooms, 3 to 4.5 baths and 3,635 to 4,968 square feet of living space.

    The Edgebrook Glen sales center and model at 5200 W. Armstrong Ave. is open Saturday through Wednesday from 11 a.m. to 6 p.m., or by appointment. For more information please call 773-631-9225 or visit www.cadevelopment.com.


South Side
  • South Side Deals Sutherland Pearsall Development Corp. is offering discounts ranging from $10,000 to $30,000 on sales that close before the end of this year at its eight active South Side residential developments, said Mark Sutherland, principle in the development firm.

    Sutherland Pearsall's largest project is the 59-unit Drexel Parc Lofts, a condominium conversion at 4537 S. Drexel in North Kenwood/Bronzeville. The 7-story building has available 3 penthouse units with prices start at $309,900, including parking during this year-end closeout sale.

    The company also has 2-bedroom and 3-bedroom condominiums in four South Side developments with prices starting at $224,900 during the closeout sale. The developments are located at 4715 S. Champlain, 4449 S. Lake Park, 4127 S. Drexel, and 4537 S. Drexel.

    Sutherland Pearsall also has four different townhome developments with 3-bedroom and 4-bedroom residences with prices starting at $324,900 during the closeout sale. They are located at 3601 S. Drexel, 3993 S. Drexel, 4450-4458 S. Drexel, and 6201 S. Drexel.

    For more information on Sutherland Pearsall's developments, please call First Chicago Realty, its exclusive marketing agent, at 312-467-9900. Or, visit .


Southwest Side

425 W North Avenue | Chicago, IL 60610 | 312.751.0300

2934 Central Street | Evanston, IL 60201 | 847.869.7300

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