Sue Fox, @Properties. Direct 773.816.1788

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SoNo in Lincoln Park: Developer dangles crazy low interest rate of 3.99%

filed under: Buyers, Chicago home prices, Developments, First-time buyers, Lincoln Park posted on March 9th, 2010

SoNo SAYS YES: The modern Lincoln Park tower SoNo slashed prices last summer, and now it's chopping interest rates to boot. With a rate below 4%, the remaining condos here will likely fly off the proverbial shelves.

SoNo SAYS YES: The modern Lincoln Park tower SoNo slashed prices last summer, and now it's chopping interest rates to boot. With a rate below 4%, the remaining condos here will likely fly off the proverbial shelves.

“INCREDIBLE financing incentive!! Spectacular views!! Great values!! Location, location, location!!” So went the email I recently received from the team marketing the SoNo development in Lincoln Park, where the developer and MB Financial have just teamed up to offer an extremely low interest rate for buyers who are able to put at least 10% down.

I’ve written about the price cuts at SoNo in the past (see my June 16, 2009 post), but this new mortgage deal should really light a fire under the remaining units. The developer and MB Financial are now offering a 3.99% interest rate on a 30-year, fixed rate mortgage with no PMI (private mortgage insurance), which is, I must admit, a fabulous deal. But do you want to buy at SoNo?

Almost 70% of the building’s 232 units have now been sold, and prices areĀ  quite competitive, with 1-bedrooms starting at $250,900 and 2-bedrooms at $421,900. According to one agent marketing the project, “The developer and building isn’t in any kind of trouble. In fact it’s quite the opposite…It’s a last push to get the project closed out in conjunction with the home buyer tax credit.”

Let it be said that although my @properties colleagues are marketing the project, I have absolutely nothing to do with this development. If you’re interested in living in a new high-rise in Lincoln Park (in this case, a pair of towers near North and Halsted) this could be a good opportunity. The low mortgage rate would save you hundreds of dollars per month, depending on the price of the unit.

If you’re interested in checking out SoNo, give me a call at 773-816-1788.

Written by Sue Fox //

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