August 19, 2008 - This past Saturday marked the topping off of the Trump Tower in Chicago. After three years of construction, 92 floors and 720 million pounds of concrete, the body of the high-rise is complete except for the spire, which will be added before the end of the year. Trump Tower now holds the title of largest concrete-reinforced building in North America.

McHugh Construction, the firm which built Trump Tower, used a piece of equipment called a Putzmeister 1400 to pump the equivalent of 20,000 truck loads of concrete up floor by floor, according to an article in the Tribune detailing the event. Without that pump, construction on the 92 floors would have taken much longer. Using so much concrete as opposed to steel not only reduced cost but also allowed for more windows and will help minimize wind effect on the tower. But even with that modern method, McHugh still followed the traditional ritual of hand lifting the last bucket of concrete to the top, complete with a flag. Following Saturday’s celebration, the crew will hold another one today for the managers and engineers, ahead of a formal ceremony planned for the end of next month.

With the structural construction wrapping up, Trump is now offering an additional 14 condos available for purchase at this Chicago real estate development. No word yet on price, but these new units are listed on the building website and have one bedroom, one and a half baths and are located between floors 72 and 85. There is some speculation that these new Chicago condos were actually the result of splitting up some of the two bedroom units that haven’t sold. In any case, these Chicago New Construction Condos may have a better chance of selling if the price is right.

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August 18, 2008 - Two more Chicago real estate developments are advertising discounted prices now, one with no time limit and the other good until the end of next month. Helios Realty and Development has reduced the price on the units at the planned 2800 Lincoln. The $30,000 condo price reduction is probably a trade-off for changing the free parking to $35,000 deeded spaces.

While this building certainly can’t be called large by any means with its 9 Chicago condo units, it can be called unique in its elongated, almost elliptical design. Ground hasn’t broken yet, but the developer is optimistic that construction can hopefully start later next month with deliveries by the middle of next year. 2800 Lincoln expects to qualify for Gold LEED certification. There are still 6 condos available, from two bed and bath to three bed and bath, with prices ranging from the upper $400,000s to the high $700,000s.

The other development that is offering reduced prices is Marquette Village. RDM Development, the company behind such projects as Trio and 1400 Lake Shore Drive, is marking down their single family homes by as much as $10,000 to $40,000 depending on the plan. There are a total of 139 homes at Marquette Village. These homes have three bedrooms and two and a half baths, private space in back plus a two car garage. The reduced prices start at about $250,000 and go up to the $310,000s. You can take advantage of these prices until September 30th.

Buyers should be on the lookout for more reductions on Chicago Condos as developers try to clear out inventory before the end of the year.

Technorati Tags: Marquette Village, Chicago condos, Chicago real estate

August 17, 2008 - Sales of new and re-sale single-family homes fell by more than 9 percent in July in the city of Chicago. Sales were off by more than 28 percent for the month when compared to the total seen in July 2006. According to data from the MLS, a total of 662 single-family homes were sold citywide in July, down from 730 homes sold during the same period last year.

The average sales price fell by more than 14 percent around the city in July. Homes sold for an average of $338,222 during the month, down from $393,989 in July 2007. The drop in prices was even more dramatic in neighborhoods south of downtown. The average sales price in these neighborhoods fell by just over 31 percent.

Buyers in neighborhoods north and west of downtown are also starting to see a lot more single-family homes priced under $250,000. A total of 74 homes were sold in that price range in July north and west of downtown, up from 33 units sold during the same month last year.

Falling prices for single-family homes in Chicago could have an adverse effect on prices of condominiums and lofts around the city. However, the market for Chicago Condos continued to show some resistance in July, with prices rising 5 percent.

Technorati Tags: Chicago Real Estate, Chicago Condos, Chicago Homes For Sale