200 North Dearborn cuts prices, sales jump
Models at 200 North Dearborn show that different lifestyle choices -- formal and modern -- are possible with both the decor and architecture. | SUPLIED PHOTOS
Condominium buyers flocked to 200 North Dearborn Private Residences, a 47-story luxury high-rise condominium in the heart of the Chicago Loop, resulting in a record 20 sales in June, reported American Invsco, the developer.
“Our June sales bonanza resulted in seven condo sales in one day, 14 units purchased in one week and a total of 20 sales in the month,” said Nicholas S. Gouletas, chairman and CEO of American Invsco, a leading Chicago condominium marketer.
Eight more units are scheduled to close in July, Gouletas said. Sixty-two units have been sold so far this year, and only 24 residences are still available in the 309-unit building.
“With a record 20 condos sold in June — and a total of 62 units sold this year — 200 North Dearborn now is Chicago’s hottest selling condominium,” Gouletas said. “The market has turned, and sales have taken off like a rocket. We are seeing the beginning of a new cycle in Chicago’s downtown housing market.”
“We still have a nice mix of one-bedroom and two-bedroom units to choose from located on both high and low floors,” said Karen Howard, sales manager at 200 North Dearborn.”
Gouletas said American Invsco’s marketing program offers special pricing that has been further discounted for both mortgage and cash buyers. This includes:
Cash buyers being able to save up to 47-percent off original pricing.
Mortgage buyers saving 5 percent off the sales price when they finance their residence through one of American Invsco’s preferred lenders,
Cash buyers saving 10 percent off the sales price when they close within 10 business days of the contract date.
Making the “Custom Deluxe” upgrade package available for selected units at no charge.
Closeout deals at 200 North Dearborn include:
One-bedroom condos starting at $201,236 for mortgages; $190,644 for cash purchases.
Two-bedroom condos starting at $264,437 for mortgages; $250,520 for cash purchases.
“These incentives have attracted international buyers from as far away as Hong Kong and Canada who are shopping for in-town units in a world-class city, where cultural attractions abound,” Gouletas said.
About a third of the condo buyers are Chicagoland suburbanites who desired a second home to use for weekend entertainment.
“They wish to acquaint their children to the city’s vibrant cultural offerings,” Gouletas said.
One of the major downtown attractions at 200 North Dearborn is the nearby Theater District. The building is just a short stroll from eight major theaters.
“200 North Dearborn is ideally located,” Gouletas said. “With the city’s indoor Pedway system and public transportation right at their door step, residents enjoy the convenience of comfortable travel throughout the Chicago and being able to take a train to either Midway or O’Hare Airport.”
Some buyers have purchased a condo for college-age children attending Loop colleges and universities, Gouletas said.
“With dorm rooms renting for $20,000 a year, the parents’ buy a condo that their child can use for school, then turn it into the perfect in-town home for the whole family.”
The 200 North Dearborn high-rise is also located just steps from dozens of Loop restaurants, entertainment, museums and excellent public transportation. Millennium Park, Michigan Avenue’s “Magnificent Mile,” State Street shopping and Lake Michigan are only a few blocks to the east.
Base-priced units come with the Classic Finish that includes two coats of fresh paint, professional carpet cleaning throughout the unit, all appliances in working order and a complete White Glove sanitizing of the residence.
Selected units feature the Custom Deluxe upgrades of new cabinet-mount microwave oven, kitchen glass tiles under and above the cabinets, new light fixtures and floor tile in the kitchen and bath, and new hallway and living/dining area light fixtures among other enhancements.
200 North Dearborn also offers several upgrade build-out packages — such as marble flooring, granite counter tops and glass tile kitchen walls — at additional cost. Model units with designer upgrades are also available for purchase.
“Our current condo prices are so low people now can buy below replacement cost,” said Gouletas. “Timing is right to buy now at the best prices ever. When the real estate market fully recovers material and construction costs will skyrocket.”
The sales center at 200 North Dearborn is located on the 35th floor in Suite 3506, with furnished and decorated model units on display. The sales center is open daily from 11 a.m. to 7 p.m. For more information, call (312) 558-1200 or visit www.200ndearborn.com.