Deal of the day: Two incentives for Renaissance at Beverly Ridge buyers

by Joseph Askins on 7/11/08

Renaissance at Beverly Ridge
In an attempt to spur on some new sales of their single-family homes and townhouses, the developers of the Renaissance at Beverly Ridge are offering buyers two incentives.

Buyers who finance their homes through National City Bank will see their mortgage rates reduced by 1.5 points, says sales associate Ebonie Taylor-Brookins. Government employees at any level – city, county, state or federal – will also receive $5,000 toward upgrades, she says.

Approximately 20 percent of the 123 single-family homes and 50 townhouses in Renaissance’s first phase had already sold when MGM Construction and The Terrell Group broke ground in April 2007. Taylor-Brookins said today that sales are at about 25 percent, so it’s been a slow year down in Beverly. If these incentives are relatively new, it’ll be interesting to see if they kickstart sales. If they’ve been around for a while, then buyers are probably needing a sweeter pot than the one they’re seeing right now.

Renaissance at Beverly RidgeTaylor-Brookins sounds pretty upbeat about things, though. The people who have purchased homes seem to “enjoy the idea of a big, new-construction community instead of infill homes, which they’re used to seeing around here.”

Prices at Renaissance at Beverly Ridge start in the $290s for a 1,423 square-foot, three-bedroom home (the “Regal A,” whose floor plan is at right) and reach up into the $560s for a 3,165 square-foot, three-bedroom home, according to MGM’s Web site. Three models are nearing completion, and first deliveries will begin this August.

Edit: As reader Rory pointed out, the name on this one will fool you. It’s in Washington Heights.

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{ 7 comments… read them below or add one }

Rory July 11, 2008 at 8:18 PM

Just where in “Beverly” is this place?????

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Rory July 11, 2008 at 8:22 PM

LOL – 105th & Vincennes????? You gotta be kidding.

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Joe Zekas July 11, 2008 at 8:37 PM

Rory,

Thanks for the nudge – our writers really need to get in the habit of including addresses in the post and being skeptical about neighborhood boundary claims.

The project is south of 105th on the east side of Vincennes, per the Web site. That would technically be Washington Heights, across the street from East Beverly.

It’s not, as you’re suggesting, in what most people consider Beverly.

Added: Rory’s second comment was posted while I was working on mine! Since the Expressway created a barrier between this piece of Washington Heights and the rest, to the east, it makes some (marginal) sense to add this stretch to East Beverly.

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milly July 11, 2008 at 10:18 PM

I think its in the gray area between Washington Heights and Beverly. I frequented the area alot between home on the south east side and Evergreen Plaza back when it was an interesting place to shop at.

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irishpirate July 12, 2008 at 10:18 AM

Conceptions of neighborhoods change. The Beverly Theater, now a church, is located on 95th just east of Ashland. Into the 70′s many people would have called that Beverly. Few would today.

In any case one street west is clearly Beverly and from the angled streets has the feel of Beverly.

It’s clear from the marketing materials and my uncommon sense that the builder is targeting black city or school employees who have to live in Chicago. Some of the other more recent developments near there have done the same thing.

I hope it is successful. It’s nice to see some new homes added to the tax base.

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Joe Zekas July 12, 2008 at 10:46 AM

irishpirate,

Your point’s a good one – neighborhood boundaries evolve.

When the original boundaries were drawn, Vincennes was a logical break point. Once the expressway was added to the mix, it became the more logical boundary between Washington Heights and East Beverly.

And, more to the point, new construction on this scale would make this site more akin to Beverly than to Washington Heights.

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irishpirate July 12, 2008 at 11:07 AM

It looks like a nice site plan. Decent sized park in the middle of the community. Alleys with garages. I’m surprised it isn’t selling faster. Although once it starts getting built out that may change.

Now Trinity United Church is only 2 miles from there. Perhaps instead of buying their former pastor, Reverend Jeremiah “God Damn America” Wright, a million dollar home in Tinley Park they can find something for him here. Perhaps a bit more modest to fit his demeanor. He could encourage the black middle class to stay devoted to the city by his sacrifice and example.

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