A series of cuts have taken asking prices on the condos at Lake Park Crescent down to about 40 percent below their original costs—and a mixture of incentives and grants can trim even more. Among them are a city-sponsored grant of $10,000 for buyers paying less than $450,000; $5,000 and a free washer and dryer to buyers who work for the city’s police or fire departments, schools, or one of the nearby universities; and $10,000 off any of the remaining three-bedroom two-level condos.
The first units were occupied at Lake Park Crescent in the spring of 2008. Since then, as the Draper and Kramer agent Robbi Davis notes, “buyers have been sitting out the market.” There are 68 homes completed in the development (in the 4000 blocks of South Oakenwald and Lake Park avenues), including 13 rentals that are Chicago Housing Authority replacement units.
More than half of the homes have already been sold at the development. Of the remaining units, prices start at $168,900 for an 860-square-foot one-bedroom home with a private backyard and go up to $509,800 for a three-bedroom, three-bath duplex with 2,150 square feet of living space, two balconies, and a rooftop deck. Most units are ready for immediate occupancy, and all of them have fenced and garage parking included in the price.
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Photograph: Courtesy of Draper and Kramer Incorporated