Affordable prices, low rates spark Chicago condo sales

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Last, best chance: American Invsco is offering deep discounts at North Dearborn, a 47-story conversion in Chicago’s Loop, where only three residences are still available. | SUPPLIED PHOTO

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Rock-bottom interest rates and affordable condominium prices are sparking a housing revival in downtown Chicago, experts say.

The resale condo market in Chicago posted a sales increase of 17.7 percent to 1,037 units sold in December of 2012. And, the median price of homes and condos in the city of Chicago in December of 2012 skyrocketed 19.4 percent to $185,000 from $155,000 in December of 2011.

Fueled by low interest rates, affordable prices and the rebounding residential market, condominium sales boomed in 2012 at 200 North Dearborn, a 47-story conversion in Chicago’s Loop, boomed in 2012, reported American Invsco, Chicago’s leading condominium marketer. Only three residences are still available in the 309-unit building.

Also, American Invsco now is launching a closeout sale of six residences at Century Tower Private Residences, a 28-story condominium conversion at 182 West Lake St. in the Chicago Loop.

The good news for prospective home buyers in 2013 is benchmark 30-year mortgage interest rates are hovering at 65-year lows, and condo prices are still more affordable than they have been in years. In late January, lenders were quoting an average rate of 3.42 percent on 30-year fixed loans, down from 3.98 percent a year ago, reported Freddie Mac.

Condo buyers need to act quickly to take advantage of attractive price discounts with 200 North Dearborn, entering its final closeout phase. Cash buyers receive a 10-percent discount, according to American Invsco.

These include:

-- Unit 2703, a one-bedroom, one-bath condo with 870 square feet, is priced as low as $305,969, from the original $411,300. Enhancements and upgrades include bamboo flooring in the foyer, living room and kitchen; marble flooring in the bath, granite countertops, special lighting and faucets, stainless-steel appliances, and entire kitchen wall of glass tile below and above the cabinets.

-- Unit 4602, a two-bedroom, two-bath condo with 1,165 square feet, is priced as low as $668,918, from the original $779,800. In addition to an incredible vantage point, this residence is being upgraded with appointments such as 10-feet high ceilings, “surround sound” system and granite flooring throughout.

-- Unit 4701, a one-of-a-kind top-floor penthouse, showcases 2,875 square feet of raw space with 15-foot ceilings and spectacular downtown views. It is now priced at $1.7 million, reduced by $400,000 from the original price. The penthouse sales price includes a $200,000 build-out credit.

The sales center at 200 North Dearborn, located on the 7th floor, is open daily from 11 a.m. to 7 p.m. Call (312) 558-1200 or visit www.200ndearborn.com.

American Invsco currently is holding a final closeout sale for six units at the landmark Century Tower Private Residences. Built in 1930, the historic Art Deco-style high-rise is listed on the National Register of Historic Places. American Invsco renovated the former office building at a cost of $30 million into rental apartments and luxury corporate suites in 1998. Recently, the 292-unit building was converted to condominium ownership.

The six units include Unit 1603, a two-bedroom, one-bath condo with 879 square feet close-out priced at $219,000; Unit 2102, a two-bedroom, two-bath residence with 1,293 square feet close-out priced at $324,000; Unit 2301, a three-bedroom, two-bath condo with 1,414 square feet close-out priced at $354,000; Unit 2401, a three-bedroom, two-bath residence with 1,278 square feet close-out priced at $320,800; Unit 2501, a three-bedroom, two-bath condo with 1,278 square feet close-out priced at $320,800, and Unit 2601, a three-bedroom, two-bath residence with 1,278 square feet close-out priced at $320,800.

Call (312) 558-1200 for more information about Century Tower, or to make an appointment to view a residence.