Monday, December 08, 2008

RECESSION FORCES CHICAGO DEVELOPERS TO OFFER ‘MOVE-IN NOW’ DEALS

With the nation’s housing market now officially in recession mode, Chicago area developers are pulling out all the stops to liquidate immediate-occupancy home inventory, experts say.

If you have been sitting on the fence thinking about purchasing a home or condominium this fall, now may be the best time to buy and move in for the holidays. However, you must have down payment cash, job security, a good credit score, and be able to qualify for a mortgage, consumer advocates say.

“We recently reduced our townhome prices more than $100,000 at Fletcher Row, and between now and December 31st we are offering seller financing with a down payment as little as 10 percent and interest rates as low as 4.99 percent on jumbo loans,” said developer Roby Frankel, partner in Bluestone Development.

The 20-unit new-construction townhome community at 2424 West Fletcher St. in West Roscoe Village was recently voted Chicago’s Best Townhome development by New Homes Magazine. It has 3-bedroom and 4-bedroom units with 3 or 3.5 baths and 2,179 to 3,044 square feet of living area. Base prices range from $499,900 to $749,900. Call 773-281-6600 or visit: www.fletcherrow.com.

Here are some of the other great immediate-occupancy housing deals in Chicago:

• Cornelia Court. Developer Steve V. Frytz of Anchor General recently reduced Phase II prices about $50,000 at this townhome community in West Roscoe Village.

“Now, Frytz is offering six months free mortgage payments to qualified buyers in Phase III of the development,” said Gale Goldstick, of Coldwell Banker Residential Brokerage, the exclusive sales and marketing agent.

Two reduced-price townhomes are available for immediate occupancy in Phase II at Cornelia Court, an award-winning 63-unit townhome development at 3001 W. Cornelia Ave. Phase II is 85-percent sold, Goldstick said.

The Cornelia is a 2-bedroom townhome with 2,242 square feet of space. It features a family room, 2.5 baths and a 2-car attached garage. This unit is base priced at $449,900. The Addison is a 3-bedroom, 3-bath townhome with 2,242 square feet of space and a 2-car attached garage. The Addison is priced from $475,000.

“We also have seven units in Phase III that still can be customized,” Goldstick said. “Buyers can still pick their finishes and move in 45 to 60 days. And, qualified buyers in Phase III will receive a major incentive—no mortgage payments for six months, a cash value of about $15,000.”

• Oakwood Shores. Special buyer incentives from the City of Chicago currently are being offered, including a $20,000 down-payment assistance grant at Oakwood Shores and six other city mixed-income communities provided by The Partnership for New Communities.

“The special $20,000 grant is available between December 13th and December 19th,” said Joseph A. Williams of Granite Development, co-developer of Oakwood Shores, a 94-acre mixed-income community at 39th Street and Ellis Ave. in North Kenwood. Twelve immediate-occupancy duplex townhomes and condominiums Oakwood Shores currently are eligible for the $20,000 grant, Williams said. Condominium prices start at $234,900, and duplex prices begin at $379,900. “We are offering an additional $20,000 price incentive on one 3-bedroom, 2.5-bath duplex priced at $379,900,” he said.

The Oakwood Shores sales center is located at 3744 S. Cottage Grove. Call 773-538-0001 or visit www.oakwoodshoreschicago.com.

The “Find Your Place in Chicago” program is part of a new city campaign to help Chicagoans become homeowners. More than 200 homes priced between $150,000 and $450,000 in 22 neighborhoods are available under the program. Visit www.findyourplaceinchicago.org for details.