When Jameson Real Estate assumed sales and marketing duties for Lipe Property Company‘s Chantico South, 1621 S Carpenter St, in September, prices for the nine condos were reduced by $10,000 to $30,000 each. Now, some of those prices are coming down more. According to Redfin‘s listings, the prices for two two-bedroom condos are being reduced by $20,000 to $25,000.
Unit 101, a 1,748 two-bedroom / two-bath that was previously priced in the $370s ($217 per square foot) is now priced in the $350s ($205 per square foot), and Unit 201, a 1,016 square-foot two-bedroom / one-bath that was previously priced in the $290s ($295 per square foot) is now priced in the $270s ($270 per square foot).
Jameson agent Jim Miller says the two-bedrooms are the only home that are currently experiencing price changes. So far, two of the nine condos in the Pilsen development have been sold, and the remaining one- to three-bedroom condos at Chantico South are priced from the $190s to the $440s.
ADDED: Lipe principal Steve Lipe emailed to clarify that buyers who are interested in FHA financing may rent their homes at market rate until the project is 50 percent sold (which is a requirement for FHA financing). Here’s what Lipe had to say:
“We are offering pre-closing occupancy so a buyer who would like FHA financing can go ahead and move in. When the 5th unit is under contract, FHA’s 50% requirement will be satisfied and the buyers who moved in early will close.
We as a developer are not putting any restrictions on buyer’s ability to close, but we are allowing them to wait to close to take advantage of FHA financing (basically a low down payment). This allows buyers who want FHA to buy now instead of having to wait for the rest of the sales.”