In early May, Lipe Property Company and Jameson Real Estate started trimming prices on two-bedrooms at Chantico South, Lipe’s colorful (and corrugated) condo building at 1621 S Carpenter St in Pilsen.
Last week the prices of those two-bedrooms and even a couple of three-bedroom / two-bath condos dipped once more, resulting in reductions of 11 to 17 percent since the homes went on the market last year.
A second-floor two-bedroom / one-bath condo with 1,016 square feet is now listed in the $240s, down from an original price in the $290s. A 1,748 square foot two-bedroom / two-bath on the ground floor is listed in the $320s, down from the $370s.
The two three-bedrooms — a 1,795 square-foot third-floor unit and a 1,469 square-foot top-floor unit — are priced in the $390s and $400s, respectively, down from original prices in the $440s and $430s.
Two 824 square-foot one-bedrooms are holding steady in the $190s and $220s.
Chantico South’s homes have oak floors in the living / dining areas, kitchens, and corridors, and carpeting in the bedrooms and dens; terraces, patios, or balconies per plan; 42-inch cherry or maple kitchen cabinets; granite countertops, stainless-steel appliances; marble bath countertops; ceramic bath tile; and washer / dryer hookups.
Buyers who are interested in FHA-backed financing can rent their homes at market rate until five of Chantico South’s nine homes are under contract, thus satisfying the FHA’s sales requirements, developer Steve Lipe told us in May. (View our growing list of FHA-approved new-construction condos in Chicago.)