Tuesday, August 2, 2011

An Update on Parkside of Old Town, Just Because

A few months ago I blogged about mixed income housing in Chicago, particularly with respect to the Parkside of Old Town development, which had slashed prices considerably on its market rate units.

I wondered then how many of the 177 market rate units were still available. The answer now is 27 market rate and 2 affordable, out of 279 total units. Better than I thought, actually. Well, guess what? Prices have been slashed again, and you can get a brand new market rate one, two, three bedroom or a townhouse for around 50% of the original asking price:
In the market-rate units, one-bedroom, one-bath condos start at $160,140; two-bedroom, two-bath units start at $229,500; and three-bedroom, two-bath units are priced from $295,800. The town homes are priced from $306,000 to $331,500. Condos include one garage parking space, and town homes include attached parking.

The two affordable condo units are for buyers earning 80 percent or less of median area income. The one-bedroom floor plan is $115,000, and the two-bedroom, one-bath unit is $125,000.
This is a steal – provided you don't mind living in mixed income housing. I honestly can’t believe how cheap this is for a brand new unit with parking that is close to the el and the Old Town neighborhood. I remember when the townhouses first went up for sale and they were asking in the 500s and 600s. Is the lure there yet? I still haven’t heard much about the living conditions other than anecdotal stories. I suppose time will tell.

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