No Downpayment? No Problem: 170 W. Polk in the South Loop
Thanks to the tipster who sent me this marketing e-mail from Printers Corner, the 88-unit building at 170 W. Polk in the South Loop.
I don’t know how much of the building has sold- but there are only 4 listings on the MLS.
Does this kind of marketing lure you in?
Don’t wait for the government to solve our problems!
PRINTERS CORNER ANNOUNCES THE ONLY FINANCE PROGRAM IN THE SOUTH LOOP DESIGNED TO:
1. Lower the down payment needed to purchase a new condo. The maximum down payment required under this program is 3.5% and some purchasers may be qualified for assistance that will provide them with 100% of the down payment.
2. Allow buyers to live free for up to six months with the developer paying principal, interest, taxes and condo fees or as an alternative provide a reduction in your interest rate of 1.25% for the life of the loan.
3. Provide realistic underwriting standards for first time and repeat homebuyers in owner occupied homes.
4. And in addition to all of the above, gives free parking to the first ten buyers
Here’s the listing and some pictures from a 1-bedroom unit currently on the market.
GORGEOUS BRIGHT 1BR/1BTH CORNER HOME IN EXCITING PRINTERS ROW NEIGHBORHOOD. HOME INCLUDES 10′ CEILINGS, FLOOR TO CEILING WINDOWS, CROWN MOULDINGS, HARDWOOD FLOORS IN LIVING/DINING ROOM AND KITCHEN, PRIVATE BALCONY, AND 6 FT WHIRLPOOL TUB. PARKING AVAILABLE ON-SITE.
Winthrop Marketing and Sales LLC has the listings. See more pictures here.
Unit #1706: 1 bedroom, 1 bath, 769 square feet
- Currently listed for $349,000 (parking extra)
- Assessments of $270 a month
- Taxes are “new”
$349k??? For a SE View? They were selling same size units for $250k in 2006…
The pics are horrible, they don’t really show you the space, just whats in it. If it has ten foot ceilings, then show a pic that shows the high ceilings, after all, that is a selling point. The kitchen is pretty bland.
You can find out more on the developers website:
http://www.printerscorner.com/
Offering 100% financing for 350k is just asking for disaster, have we not learned?!?!
JUST LOWER THE PRICE, sellers! Yeesh!
Which bank would be dumb enough to finance this? I want to make sure I don’t own their stock.
Who would be dumb enough to buy here? Even if you are financially responsible buying in a building that offers 0% financing via the developer like this is begging for disaster. Your neighbors will help set comps on the way down when they default.
Pete–What difference will it make? With the government’s new bailout mentality, you and I will end up paying for these people continuing to live beyond their means anyways.
that price seems really high considering size and location.
Just imagine how screwed up the association is going to be once the developer stops paying the fees.
What I don’t understand is that the price for the new development is all over the place. The library tower is a good example. Except the side that face state street, the other end of the tower is right next to the neighbor’s the wall, literally. Yet the units in that building are ridiculously expensive.
The prices in Chicago market really haven’t come up that much at all. And I wonder how long it is going to stay this way before it finally just drops to the bottom, or not?
First off all there is something wrong with the financing they offer, it is just unrealistic, and the asking price per sa.ft is over $450 per sq.ft??? Check out Lofts on the Row asking price $550,000 for 1,500 sa=q.ft 3 story unit with roof deck and all custom finishes in a Landmark building approved for a tax freeze.