May 31, 2008 – With so many luxury Chicago real estate projects facing financing problems, some experiencing stagnant sales and others being scrapped altogether like Canyon Ranch, the South Loop development X/O is still a go according to sales staff and the project manager. It’s been a more drawn out process than developer Frankel and Giles probably envisioned from the beginning, but the Lucien Lagrange designed “dancing towers” are expected to break ground late this year, according to the sales office. First deliveries on these luxury Chicago condos are then planned for December of 2010.

The two towers have so far survived everything from an attempt by the Alderman to trim their height, sluggish sales due in part to the legal battle that followed that dispute and the slump in overall condo sales city wide. The numbers haven’t really budged much, with 40 percent being the most often quoted figure, but the developer is still optimistic and pushing forward.

No discounts or incentives have ever been offered on units at X/O, and the sales agent contacted today said they were standing firm on that. The believe a luxury product such as this shouldn’t need incentives to sell units and that the project amenities and services will sell themselves. True, you get a deluxe package with a unit at X/O. The project website has even broken down the amenities into X and O categories. X units have a choice of beech, white oak or gunstock oak flooring while O units offer Brazilian cherry, maple or walnut. There are other subtle differences in finishes, but all are top of the line. The Spa X/O, which will be located between the two towers, will have a misting park, Aqua grotto, saunas personal trainers, lifestyle advisors and just about every other service to pamper and improve your health.

With the Illinois Association of Realtors recently reporting that Chicago condo sales were down 30.9 percent this April, it may still prove difficult for X/O to convince more buyers that they need to invest in a health oriented lifestyle and not just shop for Chicago New Construction Condos.

[tags]X/O Condominiums, Chicago Condos, Chicago Real Estate[/tags]

May 29, 2008 – Progress on the Trump Tower has been impressive, with the floor count reaching past 75 now. With the high-rise climbing to a final height of 92 stories when complete, it will hold the title of second tallest in Chicago. And with only foundation work ongoing at the Chicago Spire, Trump should be able to retain that title for some time.

Sales manager Leah Harriet said in the Chicago Journal this week that concrete crews were managing to get two floors of the tower poured about every seven days. She also said that crews were doing “staggered construction,” so work on several floors at once was occurring. According to Harriet, the hotel condos and residential Chicago condos in the high-rise are still about 75 percent sold at the moment. While occupancy on the hotel units began earlier this year, the residential condos will start delivering this summer. She estimates that all of the building’s units will be ready for occupancy by mid 2009 and all aspects of this Chicago real estate project should be wrapped up by the end of ’09.

The building units boast all of the expected luxury that goes with the Trump name. Access to the hotel services, Rebar lounge, 16 restaurant, spa and health club is available to all residents and guests. But the project still has its detractors who argue that for those who can’t afford to live in one of the condos or stay in the hotel portion, the development has only served to raise property taxes in the neighborhood. The price range for the condos starts in the upper $500,000 range and the hotel units run from $850,000 up, putting them out of reach for many would-be buyers. But a project of this size will almost always generate controversy, and Chicago Neighborhoods need to weigh the economic benefits versus the overall impact of the development in the long run.

[tags]Trump Tower Chicago, Chicago Condos, Chicago Real Estate[/tags]

May 28, 2008 – Chess Lofts began closings back in late fall of last year but the sales team has confirmed that there are still more than 40 units available in this building. The project has stood at close to 70 percent sold since deliveries started and that number hasn’t changed much. But don’t let that deter you if you’re looking for a Chicago condo loft in the South Loop. Chess Lofts offers a pretty good deal on pricing and assessments, plus the good vibes music buffs will get from living in the converted Chess Records building.

There are a total of 119 units in this Chicago real estate development and the bulk of those left for sale are two bedroom, two bath residences. You can also pick from several one bedroom and bath lofts that remain, and floor plans number about a dozen. The lofts have the expected interior finishes and come with stainless steel appliances and granite counter tops in the kitchens, tub and shower in the baths, high ceilings and expansive windows. Each unit also has a balcony. Building amenities include a fitness center, roof top deck, storage space and indoor parking, although spaces are not included in the purchase price, cost an additional average sum of $35,000 and are only available to those who opt for the two bedroom lofts.

Prices for the remaining one bedroom lofts start at around $220,000. A few of those have dens as well. The two bedroom lofts are priced from about $259,900 and up. Buyers are also being offered free assessments for a year, depending on application qualification. The last touches are still being put on the upper floors of the conversion, but construction is expected to wrap up by early to mid summer. If exposed timbers and ductwork are your thing, then be sure to check out the other great Chicago Lofts available.

[tags]Chess Lofts, Chicago Condos, Chicago Real Estate[/tags]

May 27, 2008 – Construction on the Brixton Group’s latest West Loop development, CA23, is progressing nicely, with first deliveries on the 48 Chicago condos expected to happen in early to mid autumn this year. The developer coined the phrase “Generation Next” and whatever age group that encompasses, CA23 is trying to entice them with full floor units that size up from 1,900 to 4,000 square feet.

The project has a furnished model available for viewing and the developer is encouraging potential buyers to consider the convenience of having that much living space located on all one level as opposed to two floors in a townhouse. Both from the standpoint of having older family members or small children, the lack of stairs may be appealing to many buyers.

Each residence also has private elevator access, giving the condos an exclusive feel. This Chicago real estate development consists of two five story buildings joined by a courtyard that is sectioned into twelve individual yards. The condos will each have two balconies and those who purchase a penthouse will have the option of putting in a private deck on the roof.

Interior finishes in the two to four bedroom units include 11 to 18 foot high ceilings, an interior atrium, Fisher and Paykel stainless steel kitchen appliances, Pedini cabinets and Italian hardware. Fixtures by Grohe and Toto, oversized shower, soaking tub, floating vanities, linen closet and natural stone tile dress up the master baths. Prices are currently ranging from the upper $600,000s to over $1.5 million.

The name CA23 refers to the project location of 20 North Carpenter Street and nearby Aberdeen. A unique layout and hip neighborhood may give these Chicago Condos an edge with buyers.

[tags]CA23, Chicago Condos, Chicago Real Estate[/tags]

May 26, 2008 – With construction finally imminent for the Ritz-Carlton Residences, a couple of neighborhood landmark businesses will make their last sales at the building site either the end of this month or early next. Both Hanig’s Footwear and Garrett Popcorn are vacating the Michigan Avenue parcel as Prism Development finalizes paperwork and gears up for demolition.

Crain’s reported that Hanig’s has a new store in the same tower as the John Hancock Center Chicago Condos and Garret’s is still looking for a new place to pop. The Ritz struggled with obtaining financing for longer than expected, so the store closings are actually much later than were initially expected when sales for the high-rise first began in 2006.

The Ritz secured $137.5 million in financing only a few weeks ago from German-based Helaba bank and also $40 million from Kuwait Finance House. Negotiations with the city and preservation groups also slowed the construction plans as an agreement was reached to save the facade of the historic Farwell Building on site. But now that everything seems to be falling in place, look for activity at the building site to pick up soon.

No word from the developer about any increase in sales activity yet. The 88 Chicago condos marketed in this 40 story tower have been around 40 percent sold for a long time, but that number could move up along with the tower as the project becomes a reality. Prices for units at this Chicago real estate development reflect the level of luxury and amenities offered. Buyers planning on putting on the Ritz can expect to pay anywhere from $1.5 to $10 million for a condo there, putting them in the same class as several other Chicago Luxury Condos.

[tags]Ritz-Carlton Residences, Chicago Condos, Chicago Real Estate[/tags]

May 25, 2008 – Sales of new and re-sale condominiums were down sharply in Lakeview in April. According to data from the MLS, sales fell by 28 percent from April 2007. Sales of one-bedroom units fell the most in April, with sales down 45 percent from the same month last year.

All other types of condominiums also saw a drop in demand. Sales of studio units fell 17 percent with just 10 units sold during the month. A total of 86 two-bedroom condominiums were sold in April, a 13 percent drop in sales from the same period last year. Sales of condominiums with three or more bedrooms fell by 34 percent.

Prices for most units around Lakeview rose during April. The average sales price for all new and re-sale condominiums was up by 4 percent from the same period last month. Only studio units saw a drop in prices during the month. The average sales price for these units fell by 18 percent in April.

Prices for one-bedroom condominiums in Lakeview rose by 8 percent, despite the sharp drop in demand for these units. Condominiums with three or more bedrooms also rose in price, with the average sales price up 8 percent during the month. Two-bedroom condominiums saw a slight one percent increase in prices in April.

Lakeview currently has more than 6 months of market supply for one, two, and three-bedroom condominiums. Buyers are starting to see great prices on some Chicago Condos For Sale in Lakeview, particularly for studio units.

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

May 24, 2008 – Lakeside Lofts, the 5 story, 96 unit new construction Chicago real estate development located on 2035 South Indiana in the South Loop is offering free parking for a limited time to buyers who close on the remaining lofts. Immediate occupancy is possible, and with the building around 80% sold anyone interested in making a purchase still has several units to tour and make a selection from.

The parking space is valued at $35,000 and developer Frankel and Giles is also throwing in $10,000 worth of interior upgrades. You can opt for kitchen perks like GE Profile appliances and Grohe faucets or go with custom built cabinets in cherry and inch thick granite counter tops. Other upgrade options include wiring for surround sound or extra wide oak hardwood floors. The flooring is solid wood tongue and groove and these Chicago condo lofts were designed with extra insulation which not only aids in heating and cooling efficiency but also reduces noise levels.

The units are one to two bedrooms and baths with optional den. Ten to seventeen foot high drywall ceilings and large aluminum windows with awnings maximize natural light and give a spacious feel to the residences. There is also a four season garden on the roof of the parking garage. Loft sizes range from 668 to 1,160 square feet, with prices on the unsold units running from about $267,000 and up.

Well constructed and attractively designed Chicago Lofts continue to be popular with buyers.

[tags]Lakeside Lofts, Chicago Condo, Chicago Real Estate[/tags]

May 23, 2008 – In case you’d been wondering what’s new with the Piedmont Group’s Glashaus development, you can pencil in next spring for deliveries on these Chicago condos. This project has been in the works for quite a while, but apparently things are moving forward now. Ads have been showing up more frequently in the newspapers and the building site is seeing some action. With foundation work in progress, the construction timetable is on schedule for early to mid 2009 completion.

At 25 stories, Glashaus will contain 262 condos with one to two bedrooms. The project was designed by Brininstool & Lynch. Interior finishes are standard high-quality with hardwood flooring, stainless steel appliances, granite kitchen counter tops and stone details in the baths. The building will sport the typical 24 hour doorman, fitness center, spa, yoga room, theater room and business center. An outdoor terrace with a reflecting pool and dog run will be on tap for some warm weather fun. And for residents who love a clean car, this Chicago real estate development is unique in that there will be a car wash bay on site.

Prices for these residences start at around $230,000 and up for the one bedroom units, $270,000 and up for the one bedroom plus den, $310,000 and up for the two bedroom condos and the penthouses range from the mid $450,000s to in excess of $1 million.

The 1327 South Wabash Avenue location is a prime spot in the South Loop and this development may appeal to a lot of first time buyers looking for an upscale, modern design. Downtown Chicago Condos are usually popular with young professionals who prefer a home close to where they work.

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

May 22, 2008 – JFJ Development is planning on launching sales either the end of this month or early next for Broadway 3030, a new Chicago condo project they are building on of course 3030 N Broadway. The development will occupy the site of the Dominick’s store that was lost due to fire a few years ago. JFJ intends to put a new grocery in the building to accommodate the needs of the future condo residents and the Lake View neighborhood.

The low-rise will stand only five stories and house 53 units. Buyers will have a good selection of floor plans though, with 23 different ones to pick from. The condos will come with one to three bedrooms and right now prices are starting at the upper $300,000 mark. The condos are expected to be ready for delivery sometime in mid to late 2010, while the Dominick’s grocery will open before that.

Even though Broadway 3030 may be smaller in size than a lot of new Chicago real estate developments, JFJ isn’t planning on cutting corners with this project. Residents can expect to have perks usually associated with a larger building, including an elevator, bike room, fitness center, business room, doorman and even a small park to enjoy some time outside.

Superior 110, one of JFJ’s other developments, is another luxury tower in River North. The 62 condos in that high-rise all have fantastic corner views since there are only four units per floor.

Condo Developers in Chicago are scaling back the number of units in some projects in an attempt to make it easier to sell the building out. If they offer a high quality home and good pricing they just may be onto a new recipe for success even in a depressed market.

[tags]Broadway 3030, Chicago Condo, Chicago Real Estate[/tags]

May 21, 2008 Renaissance Lofts, a Kopley Group Chicago loft development at 1791 Howard Street, is featuring a two year, no questions asked, money back guarantee to buyers.

Finally… A Developer Who Puts His Money Where His Mouth is…

We spoke with Nick Copley last week. He’s determined to prove that Renaissance Lofts is the best Chicago loft that money can buy, so he’s offering what appears to be Chicago’s only unconditional money back guarantee on a Condo development.

“If in two years you don’t still love your loft. The Kopley Group will buy it back from you with no questions asked.”

We’re wondering… will other Chicago Condo developers will step up to the plate and offer hesitant buyers this kind of guarantee?
We’ll update you soon about the effect on sales…

[tags]Rogers Park, Chicago Lofts, Chicago Real Estate[/tags]