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.

Technorati Tags: X/O Condominiums, Chicago Condos, Chicago Real Estate

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.

Technorati Tags: Trump Tower Chicago, Chicago Condos, Chicago Real Estate

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.

Technorati Tags: Chess Lofts, Chicago Condos, Chicago Real Estate