It’s been a slow year for Fletcher Row, Bluestone Development‘s multi-phased townhouse development at 2424 W Fletcher Ave. Two homes have closed since sales began in mid-2006 – one for $625,000 and another for $654,000, according to county records – but the rest of Phase I sits empty.
In response, Bluestone recently cut the prices of the eight remaining three- and four-bedroom townhouses by more than $100,000, dropping the price points from the $600-to-$850s range down to the $490s to the $740s. The units, which have three or 3.5 bathrooms and 2,179 to 3,044 square feet of living space, can be delivered within 90 days.
In addition, the developer is “offering seller financing with a down payment as little as 10 percent and interest rates as low as 4.99 percent on jumbo loans” through Dec. 31, according to a media release.
The reduction brings Fletcher Row’s prices per square foot down into the low to mid-$200 range, close to the prices per square foot at Cornelia Court, which is located across the river and to the north in Avondale. There, two-, three- and four-bedroom townhouses currently are selling from the $440s to the $640s.
Fletcher Row’s plans call for an eventual second cluster of 10 townhouses to go up next door to the first phase of homes.
NewHomeNotebook:
• Rate and review Fletcher Row
Related posts:
• Chicago’s best new homes in 2008 (Nov. 4)
• Touring a Fletcher Row townhouse (March 25)
