C.A. Development, the builder of three Northwest Side single-family home developments – Edgebrook Glen, Mayfair Crossing and the Residences of Old Irving Park – is offering a handful of financing packages to entice buyers during these trying economic times.
According to Koenig & Strey‘s Barbara O’Connor, who is the exclusive broker for the properties, developer Paul Bertsche is offering a choice of the following incentives:
- A mortgage buy-down for qualified buyers that drops the interest rate to 4 percent for two years
A 3-2-1 mortgage buy-down where the interest rate will be 3 percent below the current rate for the first year, 2 percent for the second year, then the third year it goes to the current rate
Six months of free mortgage payments, including loan principal and interest on conforming loan
A $15,000 closing credit on immediate occupancy homes or on new homes planned for Edgebrook Glen and Mayfair Crossing
Bertsche is also offering jumbo loans at a 5.5-percent rate and a “no lot premiums” program at Edgebrook Glen and Mayfair Crossing that eliminates charges of $75,000 to $125,000 on oversized lots.
The incentives, coupled with the fact many of the properties are going for 20 percent less than what they were originally priced, makes them “an unbelievable value,” O’Connor says. “They’re almost a steal. I sold a four-bedroom for $700,000 last year and now we’re getting $550,000 for the same type of property.”
The 11-acre Edgebrook Glen development comprises 64 single-family homes located at 5200 W Armstrong Ave between the Edgebrook and Forest Glen neighborhoods. The homes have three to six bedrooms and vary in price from the $540s to $890s.
Mayfair Crossing at Kilpatrick and Berteau avenues in Portage Park has three homes available for immediate occupancy. Prices range from the $490s for a three-bedroom to $570s for the largest four-bedroom.
The final two estate homes are available for immediate occupancy at The Residences of Old Irving Park in Old Irving Park: a four-bedroom / 3.5-bath with 3,080 square feet at 4000 N Kolmar Ave, listed in the $550s, and a five-bedroom / 3.5-bath with 4,126 square feet, listed in the $650s.