Historical December 1991 article. Dates, prices, services and contacts describe the source period; current availability has not been established.
Westminster Company’s innovative “work equity” program is proving popular at DeBaliviere Place West in the Skinker-DeBaliviere neighborhood. Since it was unveiled three months ago. five buyers have used the plan to cut up to two percent off the price of their condominium. “Work equity is helping us fill our upcoming buildings very quickly,” said Rich Emerson, sales manager. “Not all buyers have taken advantage of it, but those who don’t have a lot of cash to spare think it is a godsend.” Under the program, the buyer paints the home’s interior prior to closing.
The cash credit for the work — about $1,600 — can reduce out-of-pocket move-in costs to as little as $1,200. Complementing Westminster’s “work equity” plan is the city’s For Sale Incentive Program (FSIP) which provides up to $7,500 in free funds to buy down interest rates and apply toward closing costs.
The combination of plans makes ownership a reality for households with annual incomes of $30,000. “First-year principal and interest payments can work out to as low as $540 per month,” Emerson stated. “When you consider the quality of our product and our central location, we feel we offer an opportunity that can’t be beat” All condominiums at DeBaliviere Place are two-bedroom, two bath, single-level designs with approximately 1,100 square feet. Priced from the high $70,000s, they are found in the development’s circa 1900s buildings—•all of which are completely gutted and equipped with new mechanical systems and finishes. Likewise, exteriors are restored to their original grandeur including art glass sidelights and front doors.
The display at 5877 Nina Place is open daily from 11 a.m. to 5 p.m.
Originally published in The Times of Skinker-DeBaliviere, December 1991.
Read this article in the original newspaper issue.
Original source: SD_Times1991_12.pdf, printed page(s) 7; PDF page(s) 7.
