Lennar ready to unload with two-day sale

Library Tower ChicagoFeeling spontaneous? Money burning a hole in your pocket? This post probably comes at short too short a notice for most buyers, but a few readers out there might take advantage of it: Lennar is holding a “48-Hour Super Summer Sale” on July 17 and 18 (that’s tomorrow and Sunday) at nine Chicago-area developments, including Library Tower at 520 S State St in the South Loop.

Even after registering at Lennar’s site, I couldn’t find any specifics about discounts on individual units or tiers at Library Tower, but apparently its one- to three-bedrooms and penthouse spaces are regularly from the $220s to $770s. However, there is a mention about a 4.25-percent (4.87-percent APR), 30-year fixed-rate mortgage with a 3.5-percent down payment (the tower is approved for FHA-backed loans), the inclusion of washers, dryers, and refrigerators at no extra cost, and as much as $2,500 thrown in toward closing costs.

Library Tower appears to be holding its own right now compared to a lot of other South Loop buildings. Redfin‘s records show 16 closings in the building in the past six months, at a median price of $272,495, putting the building behind Museum Park Place South and One Museum Park West, where closings have only recently begun, Astoria Tower and Prairie District Lofts, which have been aggressively marketing their own discounts, Prairie Pointe, where several homes were auctioned this spring, and River City, where distressed homes are selling at a median price below $100,000.

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