April 17, 2009 - New West Realty, the developer behind 1555 Wabash and Ivy Hall is starting a new rent-to-own program with it’s Eastgate Village. The 300 unit Eastgate Village is located on 26th and King Drive, and prospective buyers can sign a dual lease and purchase agreement that will put 75% of their rent into an escrow account for a down payment to buy within a year. The Sun Times reports that the goal is to make it easier for first time buyers to purchase a townhome or Chicago condo, especially now when credit is tight and larger down payments are often required by banks before a mortgage can be secured.

Phase I of Eastgate has two bedroom, one bath condos with 840 square feet that are priced in the $270,000s with monthly rent for $1,650. Two bedroom, two bath condos with 1,299 square feet are priced from the $340,000s and rent for $2,300 per month. An average price for a two bedroom, two bath townhome with 2,046 square feet here starts in the $460,000s with monthly rent in the range of $2,888.

The walk-up condos in phase II of this Chicago real estate development include the Adler I model, which is a two bedroom, one bath unit with 823 square feet. Condo models Adler II and III have two bedrooms and two baths with 1,288 square feet. The townhomes at Phase II of Eastgate Village have two to three bedrooms and two to 3.5 baths with from 1,998 to 2,567 square feet. The condos run from the $270,000s to $340,000s and the townhomes from the $360,000s to $500,000s.

Standard finishes include 9′ drywall ceilings, wall-to-wall carpeting in the bedrooms, den, hallways and on the stairs, hardwood floors in the kitchen, living room and dining room, washer and dryer hook-up, linen closet, carbon and smoke detectors, pre-wired for Internet, cable and phone plus central air conditioning and gas furnace.

Remember that there are other Rent to own condos in Chicago if Eastgate Village doesn’t appeal to you.

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This entry was posted on Friday, April 17th, 2009 at 1:53 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.