Here’s a deal for those of you looking outside the Chicago city limits: Any buyer who puts down a 3.5-percent down-payment on any Lexington Homes townhouse between now and Oct. 19 will be able to “live free” for six months.
According to a news release, Lexington will offer buyers all of the following incentives:
- No assessment, real-estate tax or mortgage payments (excluding principal, per HUD requirements) for six months
- Up to $15,000 off the price of the home, or up to $20,000 in upgrades
- No closing costs
- A free one-year Metra pass
In the release, Lexington Homes co-principal Jeff Benach explains the deal this way:
“We realize it’s a tough market right now, but we hope these combined concessions will make it easier for buyers to find their next new home at a price they can afford … For example, if a monthly mortgage payment is $1,500, with our new program we pay the $1,280 in interest while the homeowner only pays around $220 in principal. That means buyers save $7,680 on interest alone in the first six months. Add our other incentives on top of that and buyers are saving a total of almost $25,000.”
Lexington has two townhouse communities in the northwest suburbs – Willow Place in Wheeling and Lexington Park (not to be confused with Chieftain Group‘s South Loop high-rise, Lexington Park Condominiums) in Des Plaines.
Willow Place (above left) has 58 three-bedroom townhouses ranging in size from 1,858 to 2,157 square feet and in price from the $320s to the $360s. Lexington Park (above right) has 120 two- and three-bedroom homes with 1,605 to 1,913 square feet, priced from the $320s to the $370s.
As Benach told Joe Zekas in February, Lexington Homes is also working Lexington Square, a new townhouse project in Bridgeport. That project will launch this fall, according to the press release.