Grand Plaza Penthouse News
Buy Now to "Evade" New Chicago Real Estate Tax
CHICAGO, IL, February 12 - April Fool's Day will be no joke for homebuyers in Chicago. That's the date-April 1-when the city's real estate transfer tax will soar from $7.50 per $1,000 of the sales price to $10.50 per $1,000. The buyer of a $400,000 home would thus face a tax increase of $1,200 (for a total of $4,200 due at closing). For an upscale buyer of a $1.2 million home, the rise would amount to a hefty $3,600 ($12,600 due at closing). What's the serious buyer to do-just grin and bear this new cost?
Ginny Kronsted, the project director of the Penthouse Collection at Grand Plaza in downtown Chicago, points to a more economical solution. "Buy now rather than later," she said while offering her condominium development as the perfect place to do exactly that. "You can choose convertible, one-, two-, and three-bedroom homes here that provide unsurpassed luxury and convenience for a price that starts at $400,000 for penthouses," she said. They all feature unobstructed city views from private panoramic terraces, and some provide dramatic two-story living. "You get a lot of value for the money at Grand Plaza. And it's one of the few downtown buildings where you can close on, and move into, your new home before April 1."
The thirty-seven-story building is centrally located on Dearborn and Grand streets. "Imagine: you're in a condo building that's just north of the Loop, just south of the Gold Coast, just east of River North, and just west of the Magnificent Mile. It's in the heart of everything-you're within walking distance of jobs, world-class shopping and dining, and the museums and Broadway theatres. There's a Jewel Foods and a Bed Bath and Beyond in the complex, an "L" stop just outside the door, and Millennium Park just about six blocks away. Many people would do anything to live in such a richly convenient location," said Kronsted.
But while the location may spark the interest, it's the individual home's layout that will cement that interest and close the deal. The homes feature spacious closets (including walk-ins), and elegant open kitchens with granite islands, paneled cabinetry, and a full range of appliances. The duplex residences provide two-story living rooms with fireplaces.
Each penthouse home boasts a uniquely distinctive floor plan, and each comes with an unparalleled personalization account, giving the individual buyer up to $100,000 to design their living spaces. Buyers can use those accounts to add touches such as Viking stainless steel appliances, Kohler luxury faucets, and many more upgrade options. "We can move walls for you, open up staircases, lay new floors, and install new cabinets. Simply imagine it, and we will pay to get it done for you. With this personalization account (and the money you save from avoiding the increase in transfer tax), you can essentially turn a promising but unfinished work of art into your own masterpiece. And you can finish this complete upgrade by April 1. It's a great way to use the tremendous savings," said Kronsted.
The Grand Plaza also includes a 24-hour door staff, indoor parking, high speed elevators, and a 50,000-sq. ft Club Floor-with a fitness center, basketball court/aerobics room, running track and putting greens, outdoor swimming pool and sundeck, indoor resistance pool and whirlpool, winter atrium garden, and saunas, steam rooms and locker facilities. A full-service business center with conference facilities and complimentary Internet access adds to the list of special features.
The Grand Plaza building was the award-winning Grand Plaza West Tower apartments until August 2005, when a joint venture led by Jaeger Equities bought and essentially remade the complex.
According to Kronsted, it now looks and feels like a new building, further adding to the value of its price. "We must have done something incredibly right, because we've sold about 95% of the building already. But there are still choice homes remaining, and the happy fact is that you can still finance them at interest rates that are historically low."
However, to get the last laugh over the tax collector, buyers need to close on their Grand Plaza home before April 1.
To see fully furnished models, visit the Grand Plaza Sales Pavilion at 545 N. Dearborn (Dearborn and Grand). Hours are Monday through Friday 10 a.m. to 6 p.m. and Saturday and Sunday 11 a.m. to 5 p.m. Parking is free for guests. For a virtual tour of the models, go to the CLTV HomesPlus website (www.cltvhomesplus.com)
