It may seem counterintuitive to say that right now is one of the best times for a first-time buyer to step into the ownership game. With most banks still skittish about giving out home loans, many are asking for down payments of 20 to 25 percent, which can be a pricey endeavor for someone without equity from a previous property.
But Realtor Carmen Allen of Jameson Real Estate says that for many new condo developments in town that are getting approval from the Federal Housing Administration, there’s a trifecta of deals available. For starters, first time buyers can qualify for an $8,000 tax credit on a new home purchase until Dec. 1. They’re also getting offered low interest rates on home loans and are buying at a time when many developments are slashing prices.
“I’m working with a lot of first time buyers, and they’re attracted by the low price points, the tax credit and the interest rates,” Allen said. “We’re working towards getting all our buildings FHA approved so that people don’t have to put as much money down, and also working with banks to get buyers in for less than 10 percent. A first time homebuyer in Chicago is looking at spending between $250,000 to $300,000, and 10 percent of that is a lot of money when you have student loans and stuff. So we’re trying to help them by getting them engaged with a banker that can give them something like three to five percent down.”
Jameson agents have listed four of Trio’s mid-rise units at 660 W Wayman St: three two-bedroom / two-baths priced from the $250s to $370s, and a one-bedroom / one-bath priced in the $210s. The brokerage still has not listed units for Trio’s high-rise, still under construction next door at 670 W Wayman St.
Mondial, located at 900 W Huron St, still has a mix of available one-bedrooms priced from the $230s to $250s, two-bedrooms from the $360s to $420s, and three-bedrooms from the $550s to $990s.