January 17, 2009 – If it doesn’t sell, rent it. That may be the new plan of action for some Chicago real estate developers who are stuck with excess inventory on their books and can’t close out sales on condos in certain projects. One case in point is 200 N Dearborn. The developer, American Invsco, is now offering to lease unsold condos in the high-rise.

The building’s website has a banner ad stating, “”Now you can lease the 200 North Dearborn Lifestyle! Rent a spectacular condo today! Great move-in specials available through January 18, 2009.” Many developers don’t want to become landlords, preferring to sell the Chicago condos they build and move on to the next project. But unsold inventory doesn’t pay back construction loans and more developers are deciding that some income from the empty condos is better than none.

The ad states that the offer is in effect until the 18th, which is tomorrow. But if you can’t make it there by then there may be a good chance that you could still take them up on the offer if they are serious about leasing those condos. The last sales figures released about this project were that between 130-140 of the 309 units in this 47 story conversion project had sold. That doesn’t include the ones that are currently being leased right now. Of the one to two bedroom units that are for sale, the prices on them run anywhere from the low $200,000s to mid $500,000s.

You can find other Downtown Chicago Condos for sale if the 200 N Dearborn lifestyle isn’t for you.

[tags]200 N Dearborn, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Saturday, January 17th, 2009 at 4:11 pm and is filed under Mortgage Information.