Deal of the day: $1,500 a month toward your mortgage at 2715 W Adams St
Posted 5/21/2008 by Joseph Askins
Here's one that Val brought back to the Yo office this afternoon: Buy this new single-family home at 2715 W Adams St in East Garfield Park, and the developer will give you $1,500 a month for two years to help pay your mortgage. (My college education tells me that comes out to $36,000 over the course of the deal.)
The buyer will also have a choice of a custom paint package and a washer and dryer, or a plasma TV.
This three-bedroom / 3.5-bath, all-brick home has stainless-steel appliances, granite countertops, a kitchen island, a fireplace, a deck, and a two-car garage. It's priced in the $450s and is listed by Phil McCall and AnneMarie Garza of AMS Realty.
Comments
5/21/08
Dan said:
When incentives at this extreme level are required to sell a property, I think that's a pretty clear indication that it is way overpriced. Garfield Park isn't exactly a neighborhood of $450,000 homes. The owner would have to make sure that free plasma isn't visible from the outside if they want any chance of keeping a crackhead from breaking in to take it. Most buyers expect more than that at price levels like these.
5/22/08
garrett said:
I agree with Dan. There is a reason why the home is surrounded with a spiked gate, and the widows are boarded up with security devices.
Stokes said:
That porch is horrible. For $450k I'd expect them to avoid that ugly wood lattice that hides where the debri gathers and the rodents lie.
Stokes said:
And can the next posting title be 'Not another gentrification rant' ?
Carter said:
that is a lousy porch - it's way too narrow!
Matt said:
You'd be in really great shape when this developer files bk 6 months into your ownership…
Joe Zekas said:
Matt,
I was at the lunch where Val picked up this info, and raised the exact issue you pose. The answer is that the funds will be escrowed, so the buyer won't be subject to that risk.
I also questioned whether this is the most tax-efficient form of subsidy for the buyer's benefit.