Cutting Edge

Developer encourages condo sales with novel payment plan

WEST RIDGE
FROM $134,900
TO $179,900

A vintage slate-roofed Tudor apartment building from the 1920s, converted to condos in 2008, still has half of its 16 units available for sale. The developer, Vince Tan of Architrend, cut prices to their present level in the spring, and he is also offering a “payment participation” plan.

As the building’s agent, Rubloff’s Ron Goldstein, explains, buyers get a credit from the developer at closing that brings down a buyer’s monthly payment without bringing down the recorded sale price. (The amount of the credit—in the thousands of dollars—is negotiated separately for each unit.) “That way you aren’t damaging the other people who already live in the building by paying less than they did,” Goldstein says. “Market value stays the same.”

The building, at 2641-2643 West Estes Avenue, is in a section of West Rogers Park known as Indian Boundary—after a nearby park—that is populated by apartment buildings and classic Chicago bungalows. Parking, in an alley garage, is included in the price of all two-bedroom units. Neither of the one-bedrooms, both on the ground floor, gets a parking space, but there is usually sufficient parking on the street.

 

Send tips about high-end home sales to Dennis@Rodkin.com

Photograph: © 2008 VHT Studios

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