Sales update: Property Consultants helping investors rent out Emerald condos

Hedrich Blessing photo of Emerald, 123 S Green St, Chicago

On the Emerald Web site, potential buyers can find a “rent vs. buy fact sheet” (PDF) that breaks down several mortgage and leasing scenarios, presumably to argue that the latter choice trumps the former.

At this point, however, we all expect to see rentals springing up in any new-construction condo building with lots of unsold inventory, and Emerald’s two high-rises at 123 – 125 S Green St in the West Loop are no exception. While I’ve seen no sign that developers Harlem Irving Companies, New Frontier Companies, and Senco Properties, or Senco’s affiliate, Property Consultants Realty, are advertising any developer-owned units for rent, Property Consultants is helping investors in the building find tenants for their condos, says agent Scott Broene.

Broene has listed a handful of rentals on the MLS and Craigslist, including one-bedrooms priced from $1,600 to $1,750 a month and two-bedrooms priced at $2,400 a month. Property Consultants is marketing between 15 and 20 investor-owned rentals in total, he says.

Finishes vary from unit to unit, but most are described as having bamboo or eucalyptus floors, granite countertops, stainless-steel appliances, and maple cabinets. Parking is available for a monthly fee of $150.

Meanwhile, Emerald’s Property Consultants sales staff is promoting the extension of its buyer-referral incentive through July 15. Any owner who refers a new buyer will receive up to $5,000 in free upgrades or a year of paid assessments, according to the development’s Web site. FHA financing is also available at Emerald, allowing buyers to make as little as a 3.5 percent down-payment on a new home.

The Web site’s price list (PDF) currently advertises:

  • One-bedroom / one-baths with 765 to 794 square feet, priced from the $270s to $320s, with average monthly assessments of $225
  • One-bedroom / one-baths with dens and 900 square feet, priced from the $310s to $380s, with average monthly assessments of $265
  • Two-bedroom / two-baths with 1,250 to 1,297 square feet, priced from the $390s to $620s, with average monthly assessments of $345

Parking spaces sell for an additional $35,000 apiece.

Related posts:
Emerald makes sales, gets new retail tenants (March 12)
Emerald’s amenities through the lens of a pro (Nov. 19)
Inside one of Emerald’s one-bedrooms (June 6, 2008)

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