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 are  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 // Please leave a comment.

Prices plunge at SoNo development in Lincoln Park

filed under: Buyers, Developments, Lincoln Park posted on June 16th, 2009

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SoNo slashed prices by up to 20% this week to lure buyers.

Developers around town are slashing prices this summer in an effort to move their inventory before the sluggish winter months return. Even brand-new highrise buildings with modern finishes can now be found in the bargain bin, at prices significantly lower than they stood just a month ago.

At SoNo, a stylish pair of new towers near North and Halsted developed by Smithfield Properties, prices plunged this week. One-bedroom units originally priced at $316,750 are now being sold at $275,900. Spacious two-bedroom units, with 1650 square feet, have dropped more than $100,000 — from $579,900 to $475,900. Even parking spaces are now on sale, for $9,000 rather than the $30,000 they once cost. The new prices are certain to irritate exisiting owners who spent more, but it’s a good deal for newcomers. Sales have reportedly been brisk, with at least ten units going under contract over the weekend. (Disclosure: The property is being marketed by @properties, but I have nothing to do with it.)

While SoNo is a particulary visible example, the story is much the same all over Chicago. Developers who planned projects two or three years ago are hurting, facing tough lending climates and far fewer qualified buyers than they expected. With profit margins shrinking — and many of them pressed to pay back their construction loans — some builders are now swallowing the medicine and cutting prices to levels that will actually attract buyers.

Among the deals my buyers have snagged in the last 3 months:

* A Bucktown 3-bedroom, 3-bath duplex for $399,000, in a building where the developer expected to sell each unit in the mid-$500s.

*A Rogers Park 2-bedroom, 2-bath condo for $200,000, in a building where similar units sold for about $245,000 two years ago.

* A Logan Square 3-bedroom, 2 and a half-bath condo for $380,000, on a block where smaller units sold for $50,000 more in 2006.

Such deals are no longer the exception in Chicago. For buyers with good credit, verifiable income, and some money saved for a down payment, the whole city is basically on sale.

Written by Sue Fox // 2 Comments »

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