March 7, 2008 – A couple of well-known developments are jumping on the spring incentive bandwagon and offering free parking again. Both Michigan Avenue Tower II, slated for delivery this fall, and Printers Corner which is new construction, are throwing in a parking spot worth an estimated $35,000 to $36,000. With spring typically being the season when Chicago real estate sales pick up, a few market analysts believe that some of the incentives developers have been offering will thin out.
The 28 story Michigan Avenue Tower II on 1400 S Michigan recently ran an ad stating they have around 30 condos left, many of them with Lake Michigan views and corner layouts. One bedroom units start at about $300,000 and two bedroom, two bath condos begin at just under $400,000.
Printers Corner sits on 170 W Polk in the Printers Row neighborhood and like its name suggests only has corner units. Winthrop Properties is advertising free parking for anyone who buys a unit and closes before April 1st of this year. The building website uses the catch phrase “something better is always right around the next corner” and relies on the notion that corner units are more desirable. One and two bedroom condos are available and prices start in the high $200,000s.
Appraisal Research Counselors recently predicted that this year developers will concentrate on moving units in buildings already in progress before launching more large projects. If that holds true, buyers may see incentives like free parking hang on past spring. This may not be true for All Condos for Sale in Chicago, but possibly for those towers pushing for a sell-out.
[tags]Michigan Avenue Tower II, Chicago Condos, Chicago Real Estate[/tags]