Free Parking and Other Condo Upgrades

Free or discounted parking can often be worth more than closing costs or assessment deals. A complimentary parking space, depending on its location, can be worth $15,000 to more than $50,000. Buyers should research the cost of parking in comparable projects to learn the true value of a free space.

At Ontario Place, 10 E. Ontario St., American Invsco was offering free deeded indoor parking spots to the next 15 buyers when this article was published. The developer claims the spaces are worth $46,000. The Gammonley Group is giving away free parking spots valued at $35,000 at its 1111 S. Wabash high-rise in the South Loop, and Sutherland Pearsall was offering a second parking spot free, with the purchase of three-bedroom condos at 550 St. Clair, to a limited number of buyers. These condos are priced from the $800s, and Sutherland estimates the value of the free parking offer at $55,000.

Other developments offering parking perks include Jackson Square at West End, McKinley Park Lofts, Metropolis and The Sheridan Grande. But these discounts and giveaways aren’t just available in downtown projects. When this article was published, Jameson Realty Group was offering deeded parking spots at half-price for the next five buyers at Wilton Schubert Condominiums, a 24-unit conversion at 914 W. Schubert Ave. Jameson was also giving buyers a year or more of free rental parking at two other vintage conversions, Eastwood Court Condominiums and Paulina Ridge Court.

Free upgrades and appliances are very attractive incentives from the builder's point of view, largely because developers pay wholesale prices for these items.

There is a wide variety of upgrade packages available, many for only a limited time. Developments now offering free upgrades, often along with other perks, include 1349 S. Wabash Ave., Bridgeport Commons, Hubbard Street Lofts, H3177, Lake Park Crescent, Pointe 1900, Printers Corner and Vision on State. Visit the sales centers to get the latest information– and remember that builders are willing to be flexible about perks for truly motivated, serious buyers.

For example, one buyer was able to pare an extra $5,000 off the standard $10,000 price cut at a South Loop development for a unit that had "a New York view" of a nearby high-rise, rather than the city's skyline.

Some developers are offering a handful of different incentive packages, allowing buyers to choose which perks they want. Some are getting creative with games and other types of promotions. American Invsco, hot to sell the last five penthouses and 11 townhomes at its River City condo conversion—which has been on the market for years—is offering free assessments for three years, one year’s real estate taxes and three years of free outdoor rental parking. In addition, the penthouses and townhomes include $15,000 to $40,000 in free upgrades.

"After closing, buyers also will receive a $10,000 bonus check which they can use for anything," says American Invsco project sales manager Joey Clements. The builder chose to offer the $10,000 check because the development’s lender restricts the amount by which the price can be cut. At the time of publication, the River City penthouses were priced from the $460s to the $720s and the townhomes were priced from the $540s to the $610s.

Winthrop Properties is offering buyers at Printers Corner, 170 W. Polk St., a "blind incentive." Prospective buyers choose small gift-wrapped packages from a pile in the sales center, each containing a message that describes which random incentive they will receive. The prizes include $7,500 to $15,000 cash back at closing, a year of free assessments, free hardwood floors throughout (the standard package has carpeted bedrooms), upgraded appliance packages, and $2,000 toward a new computer or printer. All condo units at Printers Corner come with a 42-inch plasma television. When this article was published, one-bedroom units at the project were priced from the $260s and two-bedrooms were priced from the $320s.