March 31, 2008 – The empty parcel of real estate known as Franklin Point may finally get a new lease on life according to Crain’s. The Russland Capital Group has purchased the land from the CSX railroad corporation based in Florida for roughly $40 million. This particular tract of Chicago real estate is about 6.5 acres and sits in a coveted spot along the river, which makes it prime for development.

Right now the parcel, which runs from Polk Street to four blocks south of the Sears Tower, is basically empty and has been for nearly 37 years. In the past four years two other developers have made failed attempts to launch construction there. Last year Rokas International had planned to build a huge mixed-use development there that would have had 3,000 residential units plus a marina, but could never secure the funds.

Russland Capital has been developing smaller projects for about 20 years now, including a couple of more recent condominium towers along South Michigan Avenue. The group hasn’t made public any firm plans for the land as of yet, but the article stated that they will probably try to secure tax increment financing to help with initial improvements to the property, such as building a new sea wall. The area is zoned for around 2.5 million square feet of building space, but if the developer wants to increase that allowance it will have to be ran past the City Planning Commission and Alderman Robert Fioretti, who is best known for his stand against the height of X/O Condominiums.

It will be interesting if Russland decides to sit on the sidelines for a while with this property or go ahead with developing more Chicago Condos.

[tags]Franklin Point, Chicago Condos, Chicago Real Estate[/tags]

Sales of Suburban Chicago Condos hit a 9-year low in 2007.  According to recent data from the Chicago Association of Realtors, a total of 21,871 condos and lofts were sold around the suburbs in 2007.

This represents a 25 percent drop in sales from the previous year, when 28,776 units were sold around the greater Chicagoland region.  It is also the weakest annual sales seen in the Chicago suburbs since 1998.

Condo owners and developers are facing one of the slowest markets in recent memory as the average turnover time crossed the 100-day barrier for the first time in more than 16 years.  It took an average of 109 days to find a buyer for condos sold in 2007 around the Chicago suburbs, up from 74 days in 2006.  This is the longest average turnover time seen in the region in more than 16 years.

Despite falling demand and the slow market for condo owners, prices continued to rise in the region.  The average sales price for units sold in 2007 rose by nearly four percent.  However, buyers are already starting to see lower prices in many neighborhoods, including Roselle and Deerfield, which both saw prices decline by 7 percent during the year.

[tags] Chicago Condos For Sale, Chicago Suburban Condo Market, Chicago Real Estate  [/tags]

March 29, 2008 – If you’ve had a chance to look at the progress of Aqua recently, then you’ll know that the tidal wave of undulating balconies has risen to the 24th floor. When architect Jeanne Gang’s design for the 82 story building was first unveiled to the public, there were those who doubted that the unconventional and daring high-rise would be able to stand up to the hype. Now that the tower is nearly a third of the way up, it is not only gaining height but fans as well.

The process to create those waving balconies was described in a recent Chicago Tribune article. The specifications for each balcony curve had to be programmed into a computerized surveying instrument so that the steel forms could be bent exactly right. The concrete was then pumped and poured to fill those forms and create each unique curve. Gang also allowed the balconies to extend 12 feet in some cases so that residents would be able to see beyond the restrictions of neighboring towers. This fancy bit of architecture only added 1.5 percent to the total construction budget.

Aqua is a mixed-use real estate project, with 268 condos, 476 apartments, 210 hotel rooms plus retail space and an 80,000 square foot deck outdoors. The most recent sales figures put the building at more than 90 percent sold, making it one of the more successful Pre Construction Condos in Chicago of late. The units that are still available range in price anywhere from the mid $600,000s to over $1.5 million. Construction should be complete in early 2010, with first deliveries possible in late 2009.

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

March 28, 2008 – The year and a half tug of war between Chicago real estate developer Joel Pickus and community group West Loop Concerned Citizens may have finally ended. Both groups have been at odds over several aspects of the original plans for the 1260 West Madison site. With support from the citizen’s groups and alderman plus a zoning change from the Chicago Plan Commission that could take place next month, the project could move on for approval from the City Council.

According to the Sun Times, Pickus and the community group reached an agreement on the heights of the two future towers planned for the site. Pickus had originally presented plans for the height to be 115 feet, but scaled it down to 90. The development is designed by Antunovich Associates and will have a total of 350 units when completed. Whether or not those units will be condos or apartments is still being decided, but either way 18 of the units will be offered at a reduced purchase price or lower rent.

The affordable housing factor had been a point of contention about the project. The Sun Times article said the West Loop Concerned Citizen’s group was pleased that Pickus agreed to change unit sizes to accommodate more families and also removed studio and convertible floor plans from the development. The new design calls for units that are at least 700 square feet. There will be 318 units combined in the two 90 foot towers plus another 32 units in a four story building on 1300 West Madison. The amount of retail space was also reduced from 68,000 to 25,000 square feet, again demonstrating the amount of input that Chicago Neighborhoods have when it comes to developments.

[tags]Pickus Companies, Chicago Condos, Chicago Real Estate[/tags]

March 26, 2008 – Not all Chicago real estate developers are having difficulty securing financing for their projects. JFJ Development Company, probably best known for their Superior 110, has gotten a $18.9 million head start on a new Lakeview mixed-use project. The Globest reported that M&I Bank of Milwaukee and First Bank in St. Louis have provided a loan to JFJ and Dionysus Enterprises for a two phase condo and retail development on 3030 North Broadway Street.

This early financing will be a definite boost for the project. The project will have two phases, the first of which is estimated to cost about $50 million. Phase one will consist of a five story building anchored by a 45,000 square foot Dominick’s grocery, a 3,200 square foot National City Bank, and 53 condos on the upper floors.

The condos are expected to run from $650,000 to $2.2 million and have about 1,544 square feet of living space along with 400 square foot outdoor terraces. There will also be a heated underground garage with parking spaces for 111 cars, plus another 82 spaces available above Dominick’s for shoppers to park. Phase two calls for 35 more condos in a four story building that would be positioned on a an adjoining lot that would front Waterloo Court.

If all goes according to plan, ground will be broken this summer. Late 2009 is the target date for Dominick’s to launch and move-in for the 53 condos would start three to four months after that. At properties is handling sales for the units.

There seems to be more developers who are opting for a smaller number of Chicago Condos in their projects, which can help make it easier to gain financing and sell out the building.

[tags]JFJ Development, Chicago Condos, Chicago Real Estate[/tags]

March 25, 2008 – After several days of speculation and rumors, Centrum Properties has confirmed that they are switching the Lofts at Lakeview condo project to a luxury rental apartment project. The new plans outline what will be a mixed-use Chicago real estate development still located at the corners of Ashland, Belmont and Lincoln Avenues at an estimated cost of $100 million.

John McLinden of Centrum was quoted in Crain’s as saying that market conditions were the deciding factor for the project change. With more new construction units coming on the market this year and overall sales figures down, the competition for pre-sales is tough. The rental market has been very healthy, and even with a slight recent moderation in demand it is often less risky for developers. The article also pointed out that in this particular North Side neighborhood, the trend over the past few years has been to convert apartments to condos, so there should be demand for new rental units.

The 131 Lofts at Lakeview had been marketed for around $300,000 to $700,000 for the one and two bedroom units. Centrum confirmed that around 30 percent of the condos had been under contract, but they have since refunded deposits. The new project will contain 130 luxury apartments plus 90,000 square feet of retail. Hirsch and Associates are the architects of the six story building. Bank of America has signed on as a tenant and the David Barton Gym that was a holdover from the loft project is still committed.

Financing hasn’t been secured yet, but current plans call for ground to be broken this fall. Completion of the project probably won’t take place until sometime in 2009, but the market for Chicago Apartments may still be strong then.

[tags]Lofts at Lakeview, Chicago Condos, Chicago Real Estate[/tags]

March 24, 2008 – With construction on Emerald close to being complete, the first closings should start to take place soon. The two buildings that make up the 125 South Green Street development are basically topped out, and Crib Chatter spotted what is evidentially the first flip for Emerald. A one bedroom plus den condo located on the fifth floor is being listed for sale on Craigslist and the seller says that occupancy for this unit is possible in May.

There are 212 total units, and the developer is still marketing some. The asking price for this first flip is $385,000. The ad mentions a heated indoor parking space but doesn’t state if it‘s included in the price. The developer was throwing in free parking with new contracts, but the offer on the building website stipulates it was good only through March 2nd.

The ad lists the condo as having 900 square feet, a balcony, stainless steel appliances as well as counter tops, bamboo cabinets, “unique” flooring, “huge” marble bath with separate walk-in shower, garden tub, LCD television and double vanity.

There was also what seems to be the first unit listed for rent in Emerald. It’s an 800 square foot one bedroom, one bath condo for $1,400 a month. It states that utilities are included and mentions a parking space but doesn’t specifically say it’s included. This condo will be available a little sooner, with April move in possible.

Emerald is a green building, and that coupled with the West Loop/Greektown location close to Restaurant Row makes it an appealing piece of Chicago real state to younger buyers. If you were an investor who bought in hopes of turning a profit, these points should help Sell your Chicago Condo.

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

The Federal Reserve acted again to keep the economy on track by cutting interest rates by 0.75 percent. However, homebuyers may not see a drop in mortgage rates any time soon.

Despite the best efforts of the Fed, mortgage rates can continue to rise even as key interest rates come down. Inflation, or the fear of inflation, can keep mortgage rates high as investors demand higher annual returns. The rising cost of oil and a weak dollar have many investors worried that inflation could soon become a major issue in the economy.

The Fed started cutting rates in September, when the interest rate stood at 5.25 percent. After this last round of cuts, the interest rate now stands at 2.25 percent. Rates for 30-year fixed rate mortgages are generally about 2 percent higher than the Fed rate. However, buyers are now starting to see mortgage rates as much as 4 percent higher than the Fed rate.

A quick comparison of rates in the Chicago region for a $200,000 mortgage shows rates between 5.92 percent and 6.30 percent for a 30-year fixed loan. Nationally, mortgage rates fell from a high of 6.70 percent in September to a low of 5.76 percent in January. However, even as the Fed continues to cut interest rates, mortgage rates rose to an average of 5.92 percent nationwide in February.

Browse through the best Chicago Condos For Sale in neighborhoods around the city today.

[tags] Chicago Mortgage Rates, Chicago Real Estate, Chicago Condos for Sale [/tags]

March 22, 2008 – Smithfield Properties may have passed on the Bucktown Chicago real estate development that MCM is working on, but they are keeping busy with deliveries on MoMo and SoNo. Modern Momentum, or the Joffrey Tower as it is being renamed, has been closing contracts for a while now and is up to floor 22 with occupancies. According to recent sales figures released has only about four condos left for sale.

According to a recent write up in Yo Chicago, the units that are still up for sale include one two bedroom condo and three one bedroom units, all located on high number floors of the 33 story building. The two bedroom is listing at just under $500,000 and the buyer can have immediate occupancy. The other three one bedroom condos range in the mid $300,000s and won’t be ready for move-in for another couple of months.

As for SoNo, first deliveries are scheduled for the later part of this year. The tower will reach 28 stories when construction is complete, and is at the halfway mark already. The most recent sales figures released for this development put it at around 65 percent on contract. The building will contain a total of 200 condos. There will be a selection of one, two and three bedroom units available at SoNo, with prices ranging anywhere from $270,000 on up to $570,000. Parking isn’t included however, and runs $30,000 per spot.
These two projects have sold pretty well compared to a few other Chicago Condos that are still marketing units.

[tags]SoNo, MoMo, Chicago Condos, Chicago Real Estate[/tags]

March 21, 2008 – Construction on Belgravia Group’s Union Row is coming along nicely, and if you drive by the area you can begin to envision how the neighborhood is going to shape up in the near future. Not only will the addition of the 35 townhomes spruce up the neighborhood, but the Chicago Park District is planning on major improvements to the Jefferson Playlot Park which sits a little south of the townhomes. Yo Chicago stated that the park will actually increase in size by nearly 40%. Since Belgravia intended for Union Row townhomes to feel like single family homes, residents with children will probably find this bit of news especially appealing.

These townhomes have plenty of room, with from 2,288 to 2,901 square feet. Prices range from the low $500,000s on up to $690,000. Layouts vary from 3 to 4 bedrooms, 2.5 to 4 baths and 8.5′ to 9′ ceilings. Heated two car garages come with the townhomes, and with the close proximity of the El, Dan Ryan Expressway, and CTA bus line there are plenty of transportation options. The Pilson-University Village also provides a wide variety of shops, restaurants and art galleries, which plays into the community theme of the Union Row development.

The townhomes are on schedule to be delivered sometime in the first half of next year. Sales numbers release indicate that there are only nine residences not contracted. With the advent of warmer weather and the buildings really starting to take shape, potential buyers may be starting to see a lot of potential for the neighborhood and location. Belgravia Group has been developing quality Chicago real estate for over 50 years and Union Row is an example of some of the better Townhouses in Chicago.

[tags]Union Row, Chicago Condos, Chicago Real Estate[/tags]