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American Invsco has busted out a series of deals for 200 North Dearborn Private Residences, its 309-unit Loop condo conversion. The latest is a steep price reduction on parking spaces – from $45,000 to $5,000. The deal is good for a limited time for buyers of specified one- and two-bedroom units, according to a news release from Stefanie Neuman, sales manager for the project.
“We believe parking spaces at 200 North Dearborn have great investment value,” Neuman says in the release.” In fact, we will guarantee to buy back any parking space we sell for $5,000 under this incentive for $35,000. Or, if you do not need the parking space in the Loop, we will sell it for you and give you the profit.”
The parking space deal comes packaged with two other incentives: paid real estate taxes and assessments for one year. For buyers who don’t want the parking deal, American Invsco is offering two years of paid real estate taxes and assessments – incentives we posted on earlier.
Prices for studios to two-bedrooms at 200 North Dearborn range from the $230s to the $530s.
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{ 4 comments }
I guess that palm pilot auction didn’t turn out so well after all.
Would someone please explain what the heck this means? I must be daft.
“In fact, we will guarantee to buy back any parking space we sell for $5,000 under this incentive for $35,000. Or, if you do not need the parking space in the Loop, we will sell it for you and give you the profit.”
It means there will be no profit after the space is sold. Its the old music industry trick – charge enough expenses to the budget to consume any possible proceeds. Yet another gimmick to lure the naive into overpaying for a condo.
The parking deal could also mean “cash back at closing.”
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