Back in 2007, American Invsco was offering a free parking incentive at The Private Residences at Ontario Place, the 467-unit conversion tower at 1 E Erie St in River North. For most of 2008, parking was offered for $42,000 – $55,000 per space. Now, the parking incentive is back, only this time it’s more complicated.
According to Invsco agent Janet Seehausen, the developer is offering garage parking at the discounted rate of $5,000 per space. However, if you don’t have a car or otherwise aren’t interested in using the garage, you can sell the $5,000 parking space back to the developer for $40,000.
In effect, the developer is offering $37,000 to $50,000 to buyers that want parking and 35,000 that can pocketed by buyers that don’t want parking, but only after a transaction involving a parking space takes place.
Several 995 square-foot one-bedroom / one-bath condos are still for sale in the building, according to Seehausen, and prices range from the $380s to the high $400s, according to our most recent post on the development.
NewHomeNotebook:
• Rate and review The Private Residences at Ontario Place
• View our list of Downtown conversions
Related posts:
• Only one-bedrooms left at Ontario Place (April 15)
• Free parking is a common incentive (Jan. 23, 2007)
Does anyone have an idea as to why the $35,000 incentive/parking buyback deal is structured that way? What is the thinking behind this?
I’m genuinely curious.
This appears to be a rather thinly-disguised “cash back at closing” scheme.
Joe –
That was my thought when I read the description of the deal. I thought those things had largely gone the way of the dodo.
Are there many lenders left that would approve of such a transaction? I’m not sure, but it seems like it would be difficult to get lender approval for this.
A lender can only approve of it if a lender knows of it or understands it.
Caution: there are a lot of foreclosures in this building. Some buyers may not be bothered by this, but it’s worth knowing about.