Century Tower offers incentives for cash buyers

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This model living room at Century Tower shows just how comfortable living at the Loop condominium can be, especially with incentives to cash buyers being offered. | SUPPLIED PHOTO


Downtown Chicago condominium buyers who pay cash will receive hefty final closeout sale incentives at the landmark Century Tower Private Residences at 182 West Lake Street in Chicago’s Loop.

“With only three units remaining at Century Tower, we now are offering special pricing and incentives to cash buyers,” said Nicholas S. Gouletas, Chairman and CEO of American Invsco.

“Sales response to these limited-time deals has been brisk. The remaining three units won’t last long on the market.”

Here is an outline of the new cash-buyer incentives now available for a limited time at Century Tower:

Cash buyers will receive a hefty price discounts ranging from 41 percent to 49 percent off already reduced original prices. Cash-discount prices at Century Tower range from $170,000 to $270,800.

Closing costs for cash buyers will be paid by the developer. Attorney’s fees are not included in the closing-cost incentive. The value of the closing costs ranges from 1 percent to 2 percent of the purchase price.

Cash buyers will receive 12 months of assessments paid by developer. However, buyers pay two months of assessments into the Reserve Fund.

In addition, outside brokers whose clients buy for cash at Century Tower will receive a $5,000 bonus commission.

“Prospective buyers at Century Tower include young professional first-time buyers who work in the Loop, second-home buyers from the suburbs seeking a pied-a-terre downtown, and future empty-nesters who are purchasing a residence for a student son or daughter attending college in the Loop that they can then use for themselves,” Gouletas said.

Here are details on the three units that are now available for cash purchase at Century Tower:

Unit 1603, a two-bedroom, one-bath condo with 879 square feet of living area is closeout priced at $170,000, an additional total savings of $119,900 off the original sales price.

Unit 2301, a three-bedroom, two-bath condo with 1,414 square feet of living area is closeout priced at $270,000 for cash buyers, a reduction of $239,900 off the earlier sales price.

Unit 2601, a three-bedroom, two-bath residence with 1,278 square feet of living area is now priced at $255,600 for cash buyers, reduced by $239,300 off the original sales price.

All Century Tower residences feature 9-foot ceilings, and individual climate-controlled heat and air conditioning as well as high-speed Internet access.

Although the available units currently are leased, they are readily available for immediate purchase and occupancy this spring and summer, Gouletas said.

Built in 1930, the historic Art Deco-style high-rise is listed on the National Register of Historic Places. Century Tower features an architecturally restored exterior façades, entrances, elevator lobby and 23rd-floor landscaped roof deck.

American Invsco renovated the former office building on the northeast corner of Lake and Wells at a cost of $30 million and transformed it into rental apartments and luxury corporate suites in 1998. Recently, the 292-unit building was converted to condominium ownership.

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