“With the change in the market right now, people want to see what they’re getting,” says James Pieczonka, president of Thomas James Realty, which is developing Old Irving Condos, a 10-unit building at 3952 W Eddy St in Avondale. That’s why Pieczonka waited until construction was nearly finished to begin marketing the building.
We’ve been hearing the same thing from developers of smaller condo buildings all over town: Why waste time and money trying to secure pre-construction sales when nobody is willing to pull the trigger? Most, like Pieczonka, are finding that it’s necessary to have a few units finished out before buyers are willing to consider making a purchase.
In the case of this development at the corner of Eddy and Pulaski, Pieczonka has set up four of the ten condos with finishes that range from traditional to very modern, he says, giving potential buyers a full range design options to work with.
Thomas James is also participating in the Chicago Partnership for Affordable Neighborhoods program, offering two of the ten homes at affordable rates. Qualified first-time buyers can get either of the 825 square-foot two-bedroom / one-bath units for $185,000.
“Community groups are more amenable to zoning changes” for developers that participate in affordable housing programs, Pieczonka says, “and it’s a real nice opportunity to get people in there who couldn’t otherwise afford it.”
The building also has eight two- and three-bedroom condos with 1,160 to 1,470 square feet of space that are priced from the $300s to the $380s. All homes will have access to the common roof deck and a party room, and the building will have a heated parking garage. All of the homes can be ready for delivery within 45 days.
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