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.

Technorati Tags: CA23, Chicago Condos, Chicago Real Estate

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.

Technorati Tags: Ritz-Carlton Residences, Chicago Condos, Chicago Real Estate

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.

Technorati Tags: Chicago Condos For Sale, Lakeview Condo Market Update, Chicago Real Estate