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'You Buy, We Pay' offered as models open at Chatham Square

Suburban Chicago Newspapers
August 12, 2006

As Gladstone Homes opens the first four model homes at Chatham Square, its new 322-home community in Plainfield, in August, homebuyers can "feel free to fall in love with the home of their dreams," according to Gladstone founder and president David Bolger.

Gladstone is introducing a "You Buy, We Pay" offer that will cover a buyer's current mortgage for up to a full year after closing.

"Builders are offering many different kinds of incentives, such as upgrades, price reductions and electronics, but we haven't seen one yet that so absolutely addresses buyers' top concern in the current market," Bolger said. "Our customers have said outright they are afraid they won't be able to sell their current home so we're addressing that issue head-on."

Another key concern for buyers is rising interest rates. So in addition to the mortgage assistance program at Chatham Square, Gladstone is offering a 2-1 mortgage buy down with interest rates as low as 2 percent below market rates for the first year and 1 percent below market in the second year.

Doors will open this Saturday on the four new single-family models, Gladstone's Premier Series Riverstone and Neostone plans, and its Signature Series Redstone and Penstone plans, but the mortgage assistance and buy-down programs will run the entire month of August for any new single-family or townhome purchase at Chatham Square.

The four models are among 22 floor plans available at Chatham Square, including selections from Gladstone's Premier Series, ranging from 2,896 square-feet to 4,043 square-feet and priced starting in the upper $300,000s, its Signature Series ranging from 3,073 square-feet to 3,204 square-feet and priced starting in the mid $300,000s, and its Luxury Townhome Series ranging from 2,145 square-feet to 2,617 square feet and priced starting in the upper $200,000s.

"These are our first models of the Neostone and Redstone plans, which we introduced earlier this year," Bolger said. "We have had a lot of interest in these plans on paper and are eager to see the response to the new decorated models."

The 3,578-square-foot Premier Series Neostone features a unique composition of first floor rooms. At the entrance is a covered front porch. Inside, the foyer leads to a 295 square-foot formal room, spacious enough to accommodate both a dining room ensemble and a living room-style seating arrangement, with access to a 245-square-foot private courtyard entertainment area. Across from the formal room is a 117-square-foot library open to the second floor.

"We first introduced the courtyard feature last year, with our Ashstone and Seastone plans, and it's very popular," Bolger said. "The library, which might be used as a family computer center, homework space, or two-story music room really makes the Neostone stand out among our Premier Series plans."

The first floor also features a 144-square-foot study with vaulted ceilings and a 344-square-foot family room with a fireplace and barrel vault ceiling, and more than 400 square feet of kitchen and dinette space, a powder room and laundry.

Upstairs, the 475-square-foot master suite includes a bedroom with a large walk-in closet, and a master bath with a dual-vanity, separate tub and shower, and a private water closet. A hall bath and three bedrooms ranging from 177 to 204 square feet complete the second floor of the Neostone.

The 2,896-square-foot Redstone, from Gladstone's Signature Series, also caters to the homeowner who enjoys the outdoors. It has a covered front porch and a 120 square-foot courtyard.

The Redstone's two-story foyer has a cathedral ceiling and open sightlines. The courtyard is surrounded on three sides by the living room, family room and kitchen. A dinette, study, powder room and laundry complete the first floor.

The second floor master suite is nearly 475 square feet and three remaining bedrooms range between 138 square feet and 171 square feet. The hall bath features a dual-vanity.

"At Gladstone, we're very customer-focused and customer-driven," Bolger said. "Our customers have shared their concerns about the current market; we're responding with mortgage assistance and buy downs. They've told us they want to enjoy the outside of their homes as much as the inside, we've responded with several plans designed for outdoor living."

Chatham Square is located on 145 acres at Heggs Road and 127th St. in Plainfield. When completed, it will be composed of 238 single family homes — 156 from Gladstone's Premier Series and 82 from its Signature Series — 84 luxury townhomes, and 40-acres of green space including nearly two acres of mature oak trees towering more than 60 feet.

For more information on Chatham Square and Gladstone's "You Buy, We Pay" program, contact the Chatham Square sales center at (815) 267-8262 or visit www.gladstonehome.com .