In late April @properties quietly listed five condos from Parkside of Old Town‘s first phase, as an initial step in a roll-out to a much bigger marketing campaign for the mixed-income development on the Near North Side. Presumably @properties and Holsten Real Estate Development have spent the past two months hammering out the details of that campaign, because it wasn’t until yesterday that the brokerage issued its first big press release promoting new “get off the couch prices.”
Holsten and @properties have lowered prices on Parkside’s condos by as much as 30 percent, and on townhomes by as much as 40 percent. One-bedroom condos now start in the $170s, two-bedrooms in the $240s, and three-bedrooms in the $320s. Two and three-bedroom townhomes are priced from the $330s. All condos have garage parking, and townhomes come with one- or two-car attached garage.
Parkside is approved for FHA-backed loans, meaning buyers can purchase homes with as little as 3.5 percent down. The City of Chicago and the Partnership for New Communities are still offering $10,000 grants to qualified buyers through the Find Your Place in Chicago program.
Phase 1 at Parkside of Old Town comprised 207 condos and 72 townhomes, as well as a number of public housing units, built near the intersection of Division Street and Cleveland Avenue. The development saw 10 new sales in the first quarter of 2010, according to Appraisal Research Counselors, but about 100 market-rate units remained unsold as of April. The next round of construction calls for 39 CHA homes, 53 affordable housing units, and 20 apartments with market-rate rents, built at a cost of $42 million, or $375,000 per unit.