Loop Condo Building Going All Out to Sell Out

May 09, 2010

200 North Dearborn

There’s a luxury condo building in the Loop, called 200 North Dearborn, that’s recently been FHA approved. If that’s not attractive enough, how about this: The developer has slashed unit prices by 40 percent.

The 47-story tower was constructed as apartments in 1989, then recently developed into condos by developer American Invsco. Located at Lake and Dearborn Streets, it’s in the heart of downtown Chicago and boasts a fully enclosed pedway system that will lead you to places like banks, stores, food courts, the Thompson Illinois Center and more. It also connects to public transportation stations.

The perks: Five floors of resident parking, a heated indoor pool, a state-of-the-art fitness facility, an outdoor sundeck and a 24-hour doorman.

The condos: There are studio, convertible, one- and two-bedroom units — each 570 to 1,205 square feet — all with beautiful city, park and lake views from windows that are floor-to-ceiling, double-glazed and energy-efficient. There is a modern feel to the building, the condos are carpeted and have big, walk-in closets.

The incentives: FHA-backed mortgages means that you only have to come up with a 3.5-percent down payment. American Invsco has also cut prices by 40 percent. Here are a few units and how far the sales tags have dropped: A studio, once priced at $250,700 is now $150,420; a convertible, once $304,400, is now $182,640; 1 bedroom, once $357,900, is now 197,088; a 2 bedroom, once 498,300, is now $297,980; and a 2-bedroom model once priced at $661,000 was recently dropped to $396,600 and sold.

One more convenience: Your assessment fees, which range from $295 to $522 a month, covers your home’s individual heat, air conditioning, water and daily trash removal.

The discount: Available units are 40 percent off through July 19.

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