The XXI (21 Kristin), a 12-story, 357-unit high rise in Schaumburg, has undergone a$5 million renovation and now offers luxury condominiums starting in the low $100,000s.
Improvements include fully remodeled lobby with Wi-Fi access, swimming pool, sport court, 24-hour business center, professional quality theater room, recreation room with pool table and guest suite.
New stainless steel balconies were added, in addition to a new state-of-the-art boiler system. The building features all brick and concrete construction, with concrete floors and ceilings. One outdoor parking space is now included in the purchase price, and buyers have the option of purchasing garage parking. The homeowner association dues include the following utilities: heat, air, gas, water, common insurance, landscaping and snow removal. Over 70 percent sold, this project has recently become FHA approved.
Located on Kristin Drive, just off of I-90 and Roselle road, The 21 is a short drive from the O’Hare international airport and is also close to downtown Chicago. Local attractions down the street include restaurants, breweries and a variety of recreational activities, both indoor and outdoor.
There are a number of floor plans available, and units include one bedrooms, two bedrooms with one bathroom, two bedrooms with two bathrooms and three bedrooms with two bathrooms. Buyers can choose the Platinum Upgrade Package if desired, which allows them to select from a number of cabinet, flooring and granite options to customize the new home.
THE XXI – 21 KRISTIN DRIVE
Location-21 Kristin Drive, Schaumburg
Housing Type-Condominium conversion
Number of Units-357
Price Range-$119,900 – $250,900 Co-op-3.5% if close by 12/31/09
Developer-21 Kristin, LLC (Tom Meador, Robert Judelson Jerry Reinsdorf)
What the agent has to say: How long have you been FHA approved?
Was the process difficult? We received FHA approval on November 3. David Kasprisin and his team at Bank of America facilitated the approval process for us. Bank of America set the expectation that the approval process would take 60 to 90 days from start to finish, and they were right on. One reason we partnered with Bank of America is they are one of the largest lenders of FHA loans in the country. They have a dedicated team committed solely to working with the FHA.
What are some creative incentives you are offering?
In addition to low purchase price, we are currently offering a below market interest rate incentive. When working with Bank of America, purchasers at 21 Kristin are offered a 2-1 buy down. This incentive allows the buyer to lock a 30-year fixed rate, but reduces the interest rate for the first two years. In addition, Bank of America is offering to pay the buyer’s lender associated closing costs. While all of the units at 21 Kristin are nicely appointed, we offer an upgrade package that transforms the unit. Providing buyers with what they want is a key to staying competitive in this turbulent market.
What do you think draws agents into The XXI?
Value – since June 1, we have sold 35 units, making us 70 percent sold. 21 Kristin has more amenities than any other property in the Schaumburg area. We offer a product that is superior to the competition, at a price that is below the competition. With the ever-increasing number of short-sales hitting the market, sellers are forced to contend with them. Short sales equal lower prices for everyone; however, at The 21, buyers are able to close in 30 days or less, do not have to worry about third-party approvals and are buying a quality product, rather than a distressed property at a low price. Currently, we are also offering 3.5 percent co-brokerage commission to any agent whose client closes by the end of the year. FHA approval, bonus commission and the extension of the first-time homebuyer tax credit has gone a long way to drive our sales effort and meet the demands of the buying public.
When do you expect to be completely sold out?