Why buy new? “Besides pristine floors and walls and fresh appliances, the associated costs — from assessments to potential repairs — can be lower because of new state-of-the-art building materials and mechanicals that offer energy efficiencies and sport warranties,” says Coldwell Banker broker Stephanie Englund-Siegel. Unfortunately, new construction residences can be hard to find thanks to the housing market crash in 2008. In fact, last month Home Builders Association of Greater Chicago President John Wozniak noted that new residences have dropped from a high of 36,000 six years ago to less than 3,000 annually.
That makes spanking new places a rarity until housing starts to gain traction, but there are still some intriguing pre-crash options on the market with improved pricing. A 10 percent lower ask is one of the reasons why this condo in Lincoln Square Homes at 4950 N. Western (above) is an exceptional deal. Now $265,000, the one-bedroom (plus den) two-bathroom is the last developer-owned unit in the concrete, steel and brick construction building, which is quieter thanks to those materials. It has high-end finishes, stainless-steel appliances and custom-made Amish cabinets in the kitchens and bathrooms. This unit is also a penthouse and sports an exceptionally large outdoor terrace, notes Englund-Siegel (773-750-6423, Stephanie.email@example.com), who is marketing the residence. Indoor heated parking spaces are also still available.
The 11 units left in the Columbian (1160 S. Michigan) (above), a 47-story luxury building that went up in 2008, are now “probably the best value on Grant Park because they’ve been reduced to $300-$400 per square foot, compared to $500-$700 at two nearby buildings,” notes the development’s marketing chief, Garry Benson. (Contact Kay Varga, 312-341-0000, Kvarga@garrison
Prices range from $329,900 for an 850-square-foot, one-bedroom one-bathroom to $1,899,900 for a 3,483-square-foot, two-bedroom 2.5-bathroom.
Also enticing is the Legacy at Millennium Park (60 E. Monroe) (above), where there are about 100 units left, including an 845-square-foot, one-bedroom one-bathroom for $393,000; a 2,400-square-foot, three bedroom 3.5 bathroom; and $6 million half-
and full-floor penthouses.
Contact the sales center at (312) 252-0060.
Story by Lisa Skolnik