A claim of eight sales in three weeks may raise a few eyebrows, but Jason Stratton says Koenig & Strey GMAC Real Estate accomplished just that at the Oakley Pointe building at the corner of Blue Island and Oakley avenues in the Heart of Chicago.
Buyers (including “a lot of suburban people”) signed contracts for 40 percent of the 21 one- and two-bedroom condos at 2520 S Oakley Ave in August, when Koenig & Strey took over the project’s marketing duties, Stratton says. He chalks that activity up to two factors.
One: “These things are cheap,” he says, and since he’s the project’s agent, I’m assuming he’s talking about prices, not quality. (“Inexpensive” is probably a safer choice.) All of the one-bedrooms in the elevator building have 940 square feet and range from the $170s to the $190s. Two-bedrooms have 1,220 to 1,520 square feet and range from the $220s to the $320s.
Two: Buyers who work with Oakley Pointe’s preferred lender will get 1.5 points off a 30-year mortgage, meaning they should see a fixed rate of 5 to 5.25 percent, Stratton says.
“About three-quarters” of Oakley Pointe’s units have views of the whole downtown skyline, Stratton says. I was skeptical about this point, seeing as how it’s a four-story building with no rooftop access, but I will say that the view to the northeast looks relatively unobstructed on Google Street View. Builders are finishing the homes right now, but buyers can still have some say over cabinets and granite countertop styles in certain homes.
Heart of Chicago isn’t seeing a whole lot of new-construction activity outside of Oakley Pointe, but there are a few similarly priced projects underway in the western parts of Pilsen. Chantico South at 1621 S Carpenter St, for example, still has one- to three-bedrooms starting in the $200s, and a single three-bedroom unit is still selling in the $350s at University 5, 1701 S Racine Ave.
– Rate and review Oakley Pointe at NewHomeNotebook.com.