7/08/03 - Welbourn Row Attracts First-Time Buyers Whose Leases Expire This Fall

Tuesday, July 8, 2003
Welbourn Row Attracts First-Time Buyers
Whose Leases Expire This Fall
Lakeview condos priced competitively with rentals

Summer has just begun, but renters eager to become first-time homeowners are already anticipating the expiration of their apartment leases this fall. Many are showing interest in Welbourn Row, a new-construction condominium development in Lakeview by Chicago-based Dubin Residential.

Located at the corner of Wellington and Clybourn, Welbourn Row will comprise approximately 140 new condominiums, plus retail space. Sales are open for the first two phases, and construction on the first phase is underway. Homes measure 605 to 1,206 square feet and have one to two bedrooms, one to two baths and a balcony. Base prices range from $186,900 to $295,900. Deeded parking costs $24,900 for a garage space and $19,900 for an outdoor space.

“With first move-ins for Phase One scheduled for this fall, Welbourn Row is drawing many renters,” said Mike Kelahan, sales and marketing director for Dubin Residential. “Seven of the first 17 buyers in Phase One are currently renting. In particular, they wanted to take advantage of low interest rates and the great value available at Welbourn Row.”

Kelahan said that with mortgage-interest rates at 40-year record lows, buyers find that owning a home at Welbourn Row is comparable in cost to renting elsewhere in Lakeview. For example, assuming a 5 percent down payment with a 5-year ARM amortized over 30 years at today’s rates in the low 4 percent range, the monthly mortgage payment for available two-bedroom homes at Welbourn Row ranges from less than $1,100 to about $1,400.

“That price is extremely attractive to anyone who has ever shopped for a two-bedroom apartment in Lincoln Park or Lakeview, and it allows buyers to build equity with their monthly payments,” Kelahan said. “Buyers also like the variety of floor plans at Welbourn Row. They have a choice of one-bedroom floor plans with or without a den and two-bedroom homes with one to two baths.”

In Phase Two, buyers seeking a two-bedroom home with one bath can choose from six different floor plans, including the 09 Plan. A corner residence with north- and east-facing windows, the plan offers 893 square feet and is base-priced from $229,900.

Like all floor plans at Welbourn Row, the 09 Plan is anchored by an open kitchen/living/dining room layout. The kitchen is designed to accommodate an optional preparation island with breakfast bar and comes standard with hickory or oak cabinets; stainless steel, double-bowl sinks; and a Whirlpool appliance package, including a gas range, 18-cubic-foot refrigerator, five-cycle dishwasher and built-in microwave oven/hood fan combination.

The kitchen is open to the living/dining room, which draws natural light from three windows and opens onto a corner balcony, separating the two bedrooms to provide greater privacy. The master bedroom includes a pair of windows facing north and east.

“This floor plan also features an entry foyer that forms a mini-gallery perfect for hanging pictures,” Kelahan said. “Plus, the full bath opens onto the foyer, which includes a coat closet and a closet for mechanicals and a stacked washer/dryer. This makes for a very efficient use of space.”

Standard features at Welbourn Row include 9-foot ceilings; hardwood flooring in living rooms, kitchens, foyers and hallways; carpeting and pad in dens and bedrooms; and individual gas forced-air heat and central air conditioning.

Baths include 6-foot soaking tubs and/or a walk-in shower; designer ceramic tile floors, bath and shower surrounds; hickory or oak cabinets; and cultured marble vanity tops.

Welbourn Row is located just north of the Clybourn shopping corridor, close to such local stores as Costco and Old Navy. Nearby recreation includes the Diversey Bowl, the Webster Place movie theaters and Hamlin Park, which offers two city blocks of green space and numerous sports and fitness facilities. Dining options in the vicinity include the Meritage Café and Café Bolero.

The Welbourn Row sales center is located at 2975 N. Clybourn Ave., one mile east of the Kennedy I-90 Expressway at the southeast corner of Wellington and Clybourn.

If driving east on Interstate 90, take the 46A/California Avenue exit. Turn left onto Diversey, and left again onto Clybourn. If heading west on Interstate 90, take the 46B/W Diversey exit, go east on Diversey and turn left onto Clybourn.

Sales hours are Saturday through Wednesday, 11 a.m. to 5 p.m., or by appointment. For more information, call (773) 528-8000 or visit www.dubinresidential.com.

Building condominiums and townhomes in Chicago since the early 1990s, Dubin Residential has earned a reputation for quality and value. The company is currently developing more than 400 residences at such communities as Ainslie Row in West Albany Park, Arcadia Place in the West Loop, Emerson Point in Rogers Park, Kilbourn Court on the Near Northwest Side and The Courts of Evanston.

Prices subject to change.