We were skeptical when we came across an ad in Sunday’s Chicago Tribune for University Commons featuring several happy customers waxing ecstatic about their choice to buy a loft at the former South Water Market, near the intersection of 15th and Morgan streets.
In particular, one oversized quotation struck us: “We saved $50,000 by purchasing our home at the University Commons.”
The ad also went on to mention free indoor parking (a $30,000 value) and savings worth thousands of dollars at closing. Again, it seemed too good to be true.
But it is true, depending on the price of the unit you purchase. We called Christie DelGreco, one of the agents marketing University Commons, who explained how some of these deals work.
The biggest savings are the result of a tax freeze that applies to historic buildings. The freeze, which varies based on purchase price, stays in effect for eight years as long as the unit remains owner-occupied. A homebuyer would be paying that $50,000 in taxes – give or take – over the next eight years if they bought a comparably-priced unit elsewhere.
And for those of you who remain skeptical about whether or not the tax freeze will even become a reality — it already has, at least mostly. Three of the four buildings in University Commons have been inspected and approved by the city’s Landmarks Commission, according to DelGreco, which means the odds are in good that the fourth building will be approved as well.
There is also a closing incentive through Guaranteed Rate in which the buyer can receive up to 1 percent cash back at closing, according to DelGreco.
Finally, DelGreco confirms that one indoor parking space is included in the purchase price of a unit – a value of $30,000. Of course, if the price of parking is simply folded into the price of the condo, is it really “free?”
Of the 834 units at University Commons, fewer than 70 remain, according to DelGreco. The floor plans include two-bedrooms and duplexes, with prices ranging from the $280s to the $450s.
Oh golly too bad market conditions couldn’t have been such 3 years ago and maybe this greed-driven project wouldn’t have happened, and University Village pioneers (me) might still have street parking for their guests. Am I bitter? You betcha. The neighborhood has been wrecked by Schaumburg-on-Halsted retailers on the east, and 250K 800sf subprime condos with 1.5 cars per household and not enough parking on the west. This place must have 2-3 times the units that UV has on a comparable footprint comparison. Thanks Enterprise.
I agree Mike, but this actually feels just as suburban as Halsted does to me. This “little” project has pumped in excess of 800 condos into the environment, one that was already exploding at the seams. It’s also very secluded. At the same time, what could it have been otherwise? At least they saved the buildings.
Not much could have been done with the buildings, I agree. There had been talk of a possible CPS, but that didn’t materialize. I’m just bitter that they jammed so many units into the space. Look at the utilization of green space on the UV grounds, and then walk 2 blocks west, carefully as to not be hit by speeding traffic. I’ve lived in Rogers Park, Lincoln Park, among other neighborhoods, and UV offered something really unique in a neighborhood, low density for being so close to downtown. But now there’s a 6 square block area that resembles Lincoln Park in terms of density, and Morgan has practically turned into a major. Oh well whatch gonna do.