September 29, 2007 – We’ll highlight 235 Van Buren to close out the week. CMK Development Corporation announced plans for this tower back in January. As with most high-rise development projects, the real challenge after getting the go ahead from the Plan Commission will be to sell the required amount of condos to qualify for construction financing.

The developer held a kick off sales event on September 7th. There have since been unconfirmed sales figures floating around that vary widely from 50 to 70 percent and there must be some truth to at least the lower of those numbers because demolition work and some site ground prep work has occurred. CMK is marketing most of the units towards buyers who are looking for a condo in the price range of under $350,000, with some as low as $170,000.

The forty-eight story tower is slated to contain around 714 individual condo units. Interestingly, there are only 570 deeded parking places planned. The delivery date for the condos would be sometime in the first quarter of 2009. Architectural firm Perkins & Will are the designers of 235 Van Buren and this project is the biggest they’ve tackled thus far.

If you’re not quite sure a new condo is an investment you want to make right now, there are plenty of Chicago Apartments available for rent.

[tags]235 Van Buren, Chicago Illinois, Chicago Condos for Sale[/tags]

September 28, 2007 – They say imitation is the highest form of flattery, so the Chicago Spire should be duly complimented by a newly proposed hotel and condo tower that if built could pass for family. It was probably only a matter of time before other developers decided to rework the Spire idea and scale their versions to suite their market niche, which should make for some interesting projects in the future.

This particular building in the works is a product of developer Christopher Carley of the Fordham Company and also developer Michael Reschke. Interestingly, Carley once owned the land on which the Spire is now in progress. This proposed Streeterville building would be a one hundred story tower with roughly half hotel and half condo units, not unlike the Spire. It would also sit just two or so blocks from the Spire and have a tapered top that rises to a knife edge of sorts, similar to the Spire’s look.

The Waldorf-Astoria group has already verbally signed on to manage the hotel portion of the tower. The units would be more affordable than those of the Spire, with pricing starting at close to $800.00 per square foot. That’s certainly not cheap, just less than some of the other luxury condos in the neighborhood.

The proposed Waldorf-Astoria tower has a long way to go yet before it makes it from paper to pilings. If everything gets approved and sales are good, construction could start in 2009 and wrap up three years later. It will be interesting to track the progress of this potential Chicago Condo in Streeterville.

[tags]Waldorf-Astoria, Chicago Illinois, Chicago Condos for Sale[/tags]

September 27, 2007 – Another new condo is in the works for Lake Shore Drive, despite the slowing market. The tower is slated to be built on 515 N. Peshtigo Court, hence the moniker The Peshtigo. Related Midwest is the developer for this project and Ralph Johnson is the architect.

When completed, The Peshtigo will stand as a fifty-seven story building with a total of 358 individual condos. The developer describes the units as ranging from 882 to 3,793 square feet of living space with prices starting at $480,000 all the way up to over $2.7 million dollars each.

The design of the tower is described by the architect as being angular and unique. The idea was to create a building that was original enough to attract potential buyers even when sales of new condos are in a slump. From the renderings released by the developer, The Peshtigo definitely is angular with a bit of a fold, for lack of a better term, slightly off center.

This is another development we’ll be watching over the next few months to see how sales progress. Lake Shore Drive is certainly one Chicago Neighborhood that seems to be experiencing growth despite the market trends.

[tags]The Peshtigo, Chicago Illinois, Chicago Condos for Sale[/tags]

September 26, 2007 – Lennar Homes just launched sales on a new condo named Parc Huron that they intend to build on 469 West Huron Street in River North. If all goes according to plan, they estimate a completion date of 2010.

Lennar has over fifty years of combined experience in the construction of luxury homes and Parc Huron should showcase that talent. The developer’s website describes the future tower as being 21 stories tall and having 221 condo units. The square footage will range from 614 to 1,443 per condo. Floor plans will include one to three bedrooms, the standard floor to ceiling windows, balcony or terrace per plan and red oak hardwood floors in the common areas. GE appliances, including a 21 cubic foot refrigerator, will deck out the kitchens and baths will have marble counter tops and floor tile with maple cabinets, soaker tub and separate shower.

Building and site amenities planned include a landscaped green space for residents, internet cafe, theater, fitness center and deeded parking.

Park Huron is one we’ll keep an eye on and see how sales progress over the next few weeks. Lennar’s experience and full service building company may be enough to push sales past the midway point needed to make this high-rise a reality. You can check out other Condo Builders in Chicago to see what new developments are in the pipe line for the remainder of the year.

[tags]Parc Huron, Chicago Illinois, Chicago Condos for Sale[/tags]

September 25, 2007 – Since the furnished model on Carpenter Street is ready for potential buyers to tour, the building dubbed CA23 is creating a fair amount of attention in the West Loop on 23 North Aberdeen Street. The Brixton Group wanted to balance this project with both modern design architecturally along with ample amounts of green space, touching both ends of the spectrum. If all goes according to plan, the end product looks promising.

CA23 will be comprised of two 5 story buildings that will house a total of 48 condos. Half of those are expected to be delivered in early to mid 2008 with the others to follow soon after. Only two residences are located on each floor and are accessed by private elevator.

A unique feature from historic design that builders incorporated into this project is a central atrium that provides every condo with natural light and exposure. The extra two bedrooms and part of the hallway in each unit will be partially flush against the atrium, making for some fascinating views during both rain and shine. In addition to that, there is some 9,000 square feet of landscaped courtyard between the two buildings that is visible to all residents.

Following in the new trend of maximizing space, CA23 has subtle nooks in the larger than normal hallways that can be used as a computer work place or window seat for relaxing with a good book. It seems as though every space has been thoughtfully utilized here, but in such a way as to retain the open feel of the units. CA23 is another example of innovative Downtown Chicago Condos being built this year.

[tags]CA23, Chicago Illinois, Chicago Condos for Sale[/tags]

September 24, 2007 – Unless something spectacular happens during the remainder of the building process, this should be the last post dedicated to the Trump International Hotel and Tower until the actual grand opening next February. A couple of days ago we passed on a report that the so called soft opening set for this December was being pushed back eight weeks, but Trump himself has stepped forward to rebuke that statement made by a company public relations employee.

In an article published in Crain’s, Donald Trump went on to say that not only was the December 3rd date still on track but that construction work was moving along two weeks ahead of schedule. He does admit that they previously discussed the possibility of a later date because of concerns over how smoothly the bar and lounge facilities would operate at first, but that plan was scrapped once faster progress was made.

Rumors of slower than expected sales have dogged this project even though there has been a huge amount of publicity about it. Trump also made headlines after he decided to cancel discounted “family” contracts given to professionals working on the project, reasoning that he was entitled to full profit from each sale.

So we’re back to the holiday hotel opening in a couple of months for Trump and early spring for the other 486 condos. Pencil or ink it in on your calendar, depending on how daring you are. Or you can check out other Chicago New Construction Condos that are ready for occupancy right now.

[tags] Trump Tower, Chicago Illinois, Chicago Condos for Sale[/tags]

September 22, 2007 – Construction on 1400 Museum Park will wrap up this fall and interior work be completed during early winter, just in time for January deliveries to start 2008 out right. So while Trump delays opening until February, residents of 1400 Museum Park should be unpacked and already working on their New Year’s resolutions.

The thirty-two story building has 260 luxury condos that have been designed to accommodate the ever increasing needs of today’s new home buyers. Developer Enterprise Companies and architect Pappageorge / Haymes kept in mind the growing number of people who don’t just bring work from the office, but actually work from home. Space was dedicated to making office areas and dens where business can be done.

Another design feature is the location of bedrooms on each side of the shared or common rooms in the condos such as the living or dining room and kitchen. The idea behind this type of floor plan is to provide some sense of privacy for two separate individuals or couples while still sharing the home. This is perfect for couples who have boomerang children returning after college or even parents who come for either a short or long visit.

1400 Museum Park should be a welcome addition to the South Loop/Museum Campus neighborhood in the coming year. For more information on developments that make their début in 2008 and beyond, check out the list of Chicago Condos currently under construction.

[tags]1400 Museum Park, Chicago Illinois, Chicago Condos for Sale[/tags]

September 21, 2007 – For those of you thinking about a December stay at the Trump International Hotel and Tower in Chicago, better think again. An article in Crain’s this week reported that the planned December opening was now being pushed back to February. So instead of celebrating winter holidays, first guests will have Valentine’s on tap for Trump.

The reasoning behind the eight week delay is that the special amenities touted including the lounge and five star quality restaurant portion of the hotel will not be ready by the original date. Rather than risk having less than stellar services at the ready, Trump decided to forgo the early opening and opt for more time to prepare.

The buyers who purchased one of the hotel condos will be allowed to occupy their suites in early December, but the rooms will not be placed into rotation for public rental until two months later. The available units are currently still not sold out despite all of the hype and publicity heaped on the project. An estimated seventy percent of the condos are under contract at this time. The official grand opening of the finished building and river walk is still on tap for the first quarter of 2009, adding to the rising stock of All Condos for Sale in Chicago.

[tags]Trump Tower, Chicago Illinois, Chicago Condos for Sale[/tags]

Monday Evening, September 17, 2007

Interesting article in the Trib yesterday about
the prices of Luxury Chicago Condos…

In 2007 so far, 34% of all pre and new construction
condo sales have been between $500-$700 a square foot.

At the end of June there were 5,772 new or
pre-construction downtown Chicago condos
for sale. And over 25% of them, 1,500, are priced
at about $700/square foot. 845 of these units
are sold.

Gail Lissnar from The Appraisal Research Counselors
was the source of the article and she continued
with this assessment…

$300/ square foot – “entry level”
$300-$400/ square foot- Middle Market
$500/ Square foot – Luxury
$700+/ Square foot- Ultra Luxury

And “Brand New” entry level has almost disappeared,
with only aobut 90 Chicago condos listed.

So the trend is for higher end “product.”
Interesting thought…Have you ever seen a Developers
sign that doesn’t say “Luxury Condos For Sale?”

Thursday Afternoon, September 13, 2007

Sales at the Chicago Spire Pushed Back Till 2008…

Hmmmm…What’s Really Going On?

A spokesperson for Shelbourne Development announced earlier
today that condo sales for the proposed 1,193 units is being
delayed until January 2008. The stated cause is because of
a delay in regulatory paperwork that the Federal Governnment
requires.

This news may lend credence to skeptics, most prominent among
them Donald Trump, (who’s own Trump Tower Chicago sales have been
lagging) who doubt the project in it’s current form will ever be built.

Foundation pilings and other onsite work has been going
on for about two months now. But, this foundation work could
be used for a smaller building.

Sales plans for the Chicago Spire have been unusual because most
condominium developers don’t begin construction until they’ve pre-sold
half the condos in the project. This is primarily because the banks
demand this to finance the project.

Garrett Kelleher, head of Dublin based Shelbourne Development,appears
to be financing the lion’s share of the project himself.
What’s really going on here?

Right Now…We’re betting on Kelleher and his audacious dream.
And that the Chicago Spire will be built.

[tags]Chicago Spire, Chicago Condos, Chicago Real Estate[/tags]