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Developers Offering “Deals” to Move Product

Did you see all the incentives developers were throwing around in this weekend’s real estate ads?

The ad for The Emerald, which is being built in the West Loop near Greektown, said:  “Limited Time- Leap Year Promo”

Now thru March 2, leap into Emerald for special offers! Plus get $1000 off closing costs and put only 5% down. See sales rep for details.

They don’t say what the “special offers” are but if you go to their website it says they are offering free parking through March 2.

At the Terrazio at 1935 S. Wabash in the South Loop, you can get a “New Year’s Special” of $25,000 off purchase. It is limited to the first 15 contracts only. The ad says to “hurry”.

The Marquee at 1454 S. Michigan is also offering a “New Year’s Special” of a $25,000 furniture credit. Now that’s unique. Imagine how much furniture that could buy you in a one bedroom condo? That is only available for the next nine contracts. The ad says to “hurry” too.

At the Residences at the Grand Plaza at 545 N. Dearborn in River North, you can get up to $100,000 in personal upgrades for your penthouse. Those start over $1 million. The ad says the “allowance” differs by unit and purchase price.

2930 Sheridan Tower at 2930 North Sheridan in Lakeview, an apartment to condo conversion, is offering $5,000 cash at closing. A few months ago when I visited the sales center, they were also offering a $5,000 “credit” towards upgrades like getting rid of the popcorn ceilings.

Eco 18, the “green” building at 1830 S. Wabash in the South Loop, is offering free parking “for a limited time.”

The Emerald [website]
Terrazio [website]
The Marquee [website]
The Residences at Grand Plaza [website]
2930 Sheridan Tower [website]
Eco 18 [website]

This entry was posted on Monday, January 21st, 2008 at 6:35 am and is filed under Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “Developers Offering “Deals” to Move Product”

  1. big thanks for the update on the Emerald. the free parking sealed the deal for me. I heard it was limited to the first 10 buyers, though.

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  2. I just learned that the Terrazio is offering a rent-to-own program, basically you live at the Marquee for a fraction of the cost until the Terrazio is ready. What a great idea, I heard its like $600/month for a one bedroom.

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  3. I’m holding out until next year for the buy one get one free sale.

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