For renters deterred from buying a home because they don’t want to break their lease, Winthrop Properties is offering a new lease buyout program at Printers Corner, a 17-story high rise of 88 condominiums in Printers Row. Renters can save thousands of dollars by taking advantage of the lease buyout program and closing on an immediate-delivery home at the building.
“Right now, it can be very frustrating for renters with good credit and solid financing who want to buy a home but can’t because they’re locked into a lease,” said Bob Horner, co-principal of Evanston-based Winthrop Properties. “We wanted to create a program that would allow them to stop throwing money away on rent, lock in at today’s low mortgage interest rates and also take advantage of our special pricing incentives, because who knows where rates will be when their lease expires?”
Located on the northeast corner of Polk and Wells streets, Printers Corner is 80 percent sold with immediate-delivery homes that measure 769 to 1,168 square feet and include one and two bedrooms with one and two baths. All homes are corner units and include a terrace, granite kitchen countertops, hardwood floors in main living areas and 10-foot, floor-to-ceiling windows. Select move-in ready homes include a plasma TV and a built-in tech center. Prices range from $319,000 to $489,000 and deeded parking is $40,000. However, for a limited time parking is included in the price of a home.
“One buyer has already taken advantage of the program,” said Horner. “We bought them out of a lease in River North, and they got the home they wanted at Printers Corner at the price they wanted. I think buyers who have been closely following the real estate market are starting to sense a turnaround and are realizing now is the time to come off the sidelines.”
The lease buyout program not only saves buyers money, as they are able to purchase one of the specially-priced immediate-delivery homes at Printers Corner, but it also gives them time and flexibility with their move, according to Ibrahim Shihadeh, co-principal with Horner of Winthrop Properties.
“One of our recent buyers probably had one of the easiest, most hassle-free moves we’ve ever seen,” said Shihadeh. “Usually there’s this mad scramble when you’re coordinating a move from one home to another. But because these homeowners had access to both their old place and their new home for almost three months they were able to take their time moving and scheduling their utility setups, which is a luxury most people don’t have.”
Renters who want to take advantage of the lease buyout program at Printers Corner, can choose from a handful of immediate-delivery homes, including unit 705, a two-bedroom, two-bath home with 1,168 square feet and an oversized terrace with views to the east, south and west.
Priced at $429,000, which includes one parking space and an installed plasma TV, the home has been upgraded with additional kitchen cabinetry and diagonal oak floors. The home opens into a gallery-style foyer with access to a double-door coat closet, laundry closet and full bath. At the end of the foyer is a built-in tech center that has been pre-wired to serve as a centralized station for the resident’s computer, cell phone and MP3 player. To one side of the tech center is the open kitchen/living/dining area, while the other side includes both bedrooms.
All homes at Printers Corner include 1¾-inch granite kitchen countertops, imported Italian kitchen cabinetry, G.E. stainless steel appliances, crown molding, a washer and dryer, Grohe bath faucets, marble baths and a Whirlpool tub.
Dining and retail options surrounding Printers Corner abound and entertaining family and friends will be a breeze with Grant Park, the Chicago Theater District and the Museum Campus a short walk away.
To reach the sales center and decorated models, take Lake Shore Drive to Balbo Drive and head west. Turn left onto State Street, then right at Polk Street. Continue west on Polk Street to Wells. The entrance to Printers Corner is located on the northeast corner of Polk and Wells, and there is parking on the street across from the entrance. Use the call box to dial the sales center.
Sales center hours are 10 a.m. to 5 p.m. daily. For more information call (312) 880-1800.
Winthrop Properties is a joint enterprise of developers Bob Horner and Ibrahim Shihadeh. Horner and Shihadeh share more than 40 years of real estate experience, during which time they have built and sold more than 5,000 homes, including new-construction loft buildings in Printers Row and the West Loop.
