February 28, 2008 - For those who bought a unit at Motor Row Lofts, the construction finish line is in sight and first deliveries are pretty much on target for this spring. Motor Row Development Corporation scored a triple play of sorts with the conversion of these three classic buildings. Not only are they architecturally unique, they occupy a great South Loop location on Michigan Avenue and buyers will receive a substantial tax break because the buildings are part of the Motor Row Historic District.

Anyone who bought one of the lofts will qualify for an eight year property tax assessment freeze and may also be able to get a three to four year partial freeze after that. The Motor Row Lofts development was featured in the February edition of New Homes Magazine and a representative of Koenig and Strey GMAC confirmed that the tax break has proven to be a big incentive for buyers.

You could call these units the Cadillac of lofts since the largest of the three buildings once housed a showroom for that particular automobile. There are a total of 52 lofts and 36 different floorplans, so there isn’t much repetition in this development. The lofts vary in layout from one bedroom and one bath to three bedrooms and two and a half baths. Dens are optional. Ceiling heights of 13 to 21 feet, 12 foot high windows with low E glass, a choice of bamboo, maple or oak flooring, KitchenAid appliances, lots of exposed brick and timber plus 2 Otis high speed elevators are just a few of the features that make Motor Row Lofts one of the best additions to the Chicago Condo Lofts inventory this year.

Technorati Tags: Motor Row Lofts, Chicago Condos, Chicago Real Estate

February 27, 2008 - Chicago developer Terrapin Properties LLC received some free press from the Sun Times today, but not the kind any developer wants. The article disclosed that due to an unusual foreclosure suit filed by Indymac Bank over a project in Kenosha, Wisconsin, Terrapin could possibly lose control over their other developments in Chicago and other states. The loan in dispute is for over $13 million, but because Terrapin’s executives personally guaranteed the loan, resolution in Indymac’s favor may mean the bank can lay claim to some of the debtor’s other projects and force the dissolution of the company.

Terrapin is still marketing apartment units in their 545 N Dearborn tower conversion as well as condos left in Madison 901. But the biggest backlash may come over the fate of Burnham Pointe, their newest project on 710 S Clark Street. The development is under construction and will contain 298 condos, which according to the article are more than 50 percent sold. First occupancies had been expected to occur sometime in the spring of this year.

The article also went on to claim an unnamed source told them Terrapin’s executives were attempting to convince their lenders to give them more time and that they had a prospective buyer who was willing to take over the Burnham Pointe project. Apparently that claim was not substantiated either, and other sources expressed some doubt as to the validity.

Until any more information becomes available, the best course of action for anyone who bought into one of these projects is to try and contact the developer. News like this may make some buyers of Pre Construction Condos in Chicago check out the financial stability of the developer before purchasing a unit.

Technorati Tags: Burnham Pointe, Chicago Condos, Chicago Real Estate

February 26, 2008 - If you want a better than average sneak peek at what condo life at 1720 S Michigan is like, you can tour 15 furnished models that developer CMK Companies has opened. The high-rise still has between 50 and 60 units left for sale, according to figures reported in a recent Yo Chicago article. CMK is hoping that the large selection of models will convince potential buyers that there is a perfect space for them at 1720 and move those final condos into the sold category.

The 33 story tower has a total of 498 units and was designed by architectural firm Brininstool and Lynch. The residences have the expected luxury details like select hardwood flooring, plush carpeting, European style kitchens and baths, expansive floor to ceiling windows and lofty 10 foot high ceilings. A one bed and bath condo will run from the very low $200,000 mark and a three bedroom, two bath layout is priced from the low to mid $400,000 and up.

Building features include indoor parking as well as roof top parking, a luxuriously detailed lobby, 24 hour doorman, dog run, landscaped garden area and bike storage room. The lower level of the tower will contain retail space in excess of 8,000 square feet and a restaurant is also in the works.

With 15 models to visit, a prospective buyer should be able to find one that feels comfortable and imagine how life would be like in these Chicago Condos.

Technorati Tags: 1720 S Michigan, Chicago Condos, Chicago Real Estate