Ok, so the housing bubble has officially burst, or started to deflate depending on your take, but new-home sales are proving stubbornly resilient. The U.S. Commerce Department offered proof (PDF file) of that yesterday, but a more practical indication is the still-small scale of giveaways compared to the perks of the last downturn. Yo found just one development, University Commons, unconditionally giving away the coveted amenity of a free parking spot in the Sunday Trib’s real estate section. Fancy pants 1600 Museum Park is advertising free parking for buyers of “select units.” (The most expensive units, the cheapest and smallest units, the ones with the worst views?) An ad for 1555 Wabash, one of many new condo projects in the South Loop, offers $5,000 in furnishings and a one-hour session with an interior designer for the next 10 buyers.
But what’s the deal with Van Buren Lofts? Advertising for this West Loop project, which claims to be “the last of the true lofts” in the area, is the real estate equivalent of a car dealership commercial. The loft condo development’s print ads and Web site greet readers with a bright yellow text box containing a checklist of freebies: free washer and dryer, free assessments for one year, free rate buy-down, paid closing costs and $3,500 in upgrades. All that’s missing is the monotone developer intoning his cue-card lines: “Van Buren Lofts: where you always save more money!”