July 31, 2008 – Cityscape Condominiums, the six low-rise, 42 unit Chicago real estate project from Westward Development is finally ready to welcome first move-ins. Four of the buildings are completed and the last two still on tap for construction soon. There are also still plenty of condos available at Cityscape, so you can pretty much have your pick of the bunch if you’re interested in living in the St. Ben’s neighborhood. You can also check out some models that are now ready for touring.

Cityscape initially started out with 86 Chicago condos planned for the development on 3905-3935 North Western Avenue. But the developer decided to reduce the number of units to 42 in a concession to neighborhood concerns. With only a little over a third of the units under contract, that might have been a good decision in the long run.

The condos at Cityscape vary in size from 1,200 to 1,860 square feet and have two to three bedrooms. The two bedroom units come with a den and balcony while the three bedroom units have either a roof top deck or private terrace. Prices range from the $350,000s on up to the low $600,000s. All units come with indoor parking space, Viking appliances, cherry cabinets, kitchen island and wine cooler, steam shower and Whirlpool tub in the bath plus a washer and dryer. The condos are also pet-friendly and there is a dog run.

Cityscape may be a good fit for you, especially if you’re looking for a fairly quiet neighborhood. Or you can always opt for one of the Rent to own condos in Chicago if you’re just not quite ready to make a purchase right now.

[tags]Cityscape Condominiums, Chicago condos, Chicago real estate[/tags]

July 30, 2008 – A few weeks ago we told you about Chicago real estate developer Sedgwick Properties’ offer to “live free all summer long” at the Marquee Michigan Avenue. Buyers can still take advantage of that deal by buying one of the remaining units and moving in right away but not closing until September 1st. So for another month or so you can take a vacation from reality and delay any condo payment. Residents have already moved into the lower levels and construction is almost completed.

Another incentive being offered at this high-rise is a $15,000 discount on a couple of different unit floor plans. You can apply this incentive to a two bedroom condo that is currently priced in the $350,000 range and a three bedroom condo priced in the low $500,000 range. The developer has about 27 Chicago condos left for sale in the 208 unit, 25 story Marquee.

The one to three bedroom units vary in price from the $230,000s to the $500,000s. The Marquee condos are pre-wired for a state of the art surround sound system and can be wired for a touch screen Inteliplex system that will allow for one touch control of heating and cooling. Nearly all of the condos have balconies and city or lake views. Besides the standard fitness center, movie room and bike room, the building is also pet-friendly.

Sedgwick is also busy building The Terrazio and recently held an open house for prospective buyers. Some experts are again predicting that a flood of incentives will be offered this fall for a good portion of All Condos for Sale in Chicago.

[tags]Marquee Michigan Avenue, Chicago condos, Chicago real estate[/tags]

July 29, 2008 – Another hotel condo that isn’t nearly as large as Trump Tower is getting closer to topping off. TheWit, located on the corner of State and Lake Streets plans to be open for business in May of next year and has just announced details about the restaurants that will occupy the first and second floors of the tower.

The first floor will contain a restaurant dubbed Cocentrics that will serve standard American meals while the second floor restaurant will have an Italian menu. According to a press release in Crain’s, there will also be a “rooftop eatery.” The Cocentrics Restaurant company has previously only had establishments in southern locations, at the moment totaling ten, and theWit will be the first foray north for the chain.

ECD is the developer of the 27 story Wit, which will contain a spa, private screening room that can be rented by the residents or guests and an upper level lounge. The 238 hotel suites will be situated on floors 6 through 20 and floors 21 through 26 will house a total of 48 Chicago condos. The condo floor plans will range from studios and one and two bedroom units. TheWit’s close proximity to both Millennium Park and the River, plus all of the new retail additions to State Street should make it a popular Chicago real estate location for many prospective guests and buyers looking for Downtown Chicago Condos.

[tags]theWit, Chicago condos, Chicago real estate[/tags]

July 28, 2008 – In the real life game of Chicago real estate, Trump may be trumped by flippers who are aggressively marketing their hotel condo units at the high-rise. Prices on these units are sometimes as much as 30% lower than what similar units are being sold for by the developer, Crain’s reported. Appraisal Research Counselors noted that despite healthy initial sales at Trump Tower, the number has since remained at about 70%, and a developer usually takes his profit from the last 20% of units sold, so it could potentially cut into the profit margin if those final units don’t sell or have to be reduced.

There are a minimum of 34 hotel condos for sale right now by investors. One of those is a one bedroom suite listed at $1 million, while the developer is selling them for $1.5 million. Another investor has a two bedroom unit for sale for $2.6 million, and trump is asking $3.2 million for a similar one.

Many investors bought condos and hotel suites at Trump Tower at pre-construction prices, so they got a relatively good deal. And as the 92 story tower progressed, Mr. Trump raised those prices. To move those last units, he may have to lower them again because his range of $1.3 million to $1.6 million for the one bedroom units versus resale prices starting at $879,000 will be difficult to compete with.

According to property records, one flipper bought a studio unit for $438,000 and sold it for $890,000. Another investor paid $1.4 million for a two bedroom and resold it for $1.8 million. Those numbers don’t account for the added expense of finishes though, which would be about $45,000 for the studio and $135,000 for the two bedroom, according to the article.

Ivanka Trump was quoted as saying she wasn’t concerned about the secondary market and attributed the lower resale prices to investors “fallen on hard times.” But anytime you can make a decent profit is a good time to Sell your Chicago Condo.

[tags]Trump Tower, Chicago condo, Chicago real estate[/tags]

July 27, 2008 – The overall sales statistics for the Chicago Loop show a marked increase in activity and prices in recent months.  According to data for the second quarter from the MLS, sales were up by 18 percent and prices rose by an incredible 67 percent.

However, these stats hide some interesting trends in the neighborhood.  Sales of the largest units were up the most during the second quarter, helping prices soar.  Sales of condos with three or more bedrooms were up 92 percent from the same period last year, while the average sales price for these units rose by 89 percent.

When we look at the smallest units on the market in the Loop, the reality is quite different.  Just 6 studio units were sold during the second quarter, a 75 percent drop in sales from the same period last year.  However, prices were still up for these units, rising by 19 percent.  Low sales of studio units doesn’t mean there isn’t a number of choices for buyers.  There are currently 46 studio units listed on the market.  At the current pace of sales, the area has a market supply of 23 months for studio units, a staggering number when we consider that anything over a 6-month market supply is considered a buyer’s market.

We’ve worked to put together the most comprehensive and current list of Chicago Sales Stats available online.  Check out the latest numbers for neighborhoods around the city today.

[tags] Chicago Real Estate, Chicago Condos For Sale, Loop Condo Sales [/tags]

July 26, 2008 – If you’re shopping for a single family home on the Northwest Side, then you may want to take a look at The Residences of Old Irving Park from C A Development. It may not qualify as the deal of the day, but they are taking off $75,000 from the price on four of the residences there, according to a press release in the Tribune. The discount is in effect if you close on one of the homes in the next sixty days.

The residences vary in reduced price from $624,900 to $724,900 and square feet ranges from 3,080 to 4,126. One two story home called the Greenwood has four bedrooms, 3.5 baths, a brick exterior, two fireplaces, roof deck plus front porch and a two car garage. This home come with $100,000 in upgrades thrown in. The other homes are similar in size and details, all with fireplaces, porches and decks.

If you’re more into Chicago condo lofts, then Prairie District Lofts on South Indiana Avenue still has units available. Kargil Development is behind this Chicago real estate redevelopment that has turned a former century old building into traditional loft units. Once rental apartments, the condos are now renovated with exposed concrete, timbers, brick walls and new kitchens and baths. The lofts have from one to three bedrooms and one to four baths and prices range from the $200,000 range on up to the low $500,000s. If you are either creative or adventurous enough, you can also purchase one of the units as is and move right in. Otherwise it will be at least a couple of months before these Chicago Lofts are ready.

[tags]Prairie District Lofts, Chicago condo, Chicago real estate[/tags]

July 25, 2008 – Superior 110 has finally reached the top of its 27 stories and JFJ Development plans on making first deliveries for this Chicago real estate project in November, according to a press release in the Tribune. LaSalle Street in River North is the location of this contemporary high-rise and the slim, slightly curved design of the building is a nice addition to the neighborhood.

Superior 110 only has a total of 58 residences, so each Chicago condo in this tower has some eye-catching views. The units come with one to three bedrooms with optional den, 1.5 to 3.5 baths and have from 1,150 to 2,820 square feet of living space. Each unit features nine and a half foot ceilings, oak flooring, Snaidero cabinets, Sub-Zero, Wolf and Bosch appliances, kitchen island, glass tile backsplash, stone counter and vanity tops and porcelain tile in the baths. Additionally, each condo has the option of a GE Smarthome System.

Pricing on these condos varies from the mid $500,000s on up to over $2 million. Secure heated indoor parking is offered for $42,000 to $48,000 per space. The River North location where this tower sits puts residents in a prime spot to experience the dozens of art galleries, unique shops, cafes and trendy restaurants that the neighborhood has to offer. With 2008 already more than half over, Superior 110 is one of a smaller number of Chicago Condos that will make deliveries this year.

[tags]Superior 110, Chicago condo, Chicago real estate[/tags]

July 24, 2008 – The West Side is going to see a boost in the number of apartment towers located there. Chicago real estate developer Keith Giles of Kargil Development and X/O fame is planning on constructing two different projects, with one scheduled to begin the first part of 2009. When both projects are completed, it will add a total of 625 new apartments to the area, according to Crain’s.

The first of the two projects also happens to be the smaller of the pair. A twelve story tower with 225 units and 12,000 square feet of retail space will go up on the corner of Blue Island Avenue and 15th Street. Kargil purchased the parcel about a year ago and even managed to get the Plan Commission to rezone the property from residential to industrial last year, so it looks as though the project has a head start already. FitzGerald Associates Architects designed the building for Kargil Development and the estimated cost of the project is roughly $70 million.

The second project is a little more up in the air with no firm plans announced yet except that it will contain around 400 apartments and be located on the southeast corner of Blue Island Avenue and 15th Street. Some speculate that the site would be ideal for student housing since it is so close to the U of I Chicago campus. Right now the main facility of Testa Produce is there, but the article states that they plan to relocate to the Stockyards Industrial Corridor sometime next year, so nothing will be done with the site before then.

As for X/O, the once mentioned May groundbreaking date has come and gone with no real activity. The name X/O was taken from the phrase extra ordinary, and with sales being rather slow you could say it’s taking an extra ordinary length of time for marketing this Chicago condo project. This could be one reason why Kargil’s next two towers are going to be Chicago Apartments.

[tags]X/O Condominiums, Chicago condo, Chicago real estate[/tags]

July 23, 2008 – At least one Chicago real estate developer is optimistic about the market. We told you about Ireland-based Chieftain Group purchasing part of the Franklin Point site back in May. The sale did indeed go through, and Chieftain has announced plans to construct two 25 story high-rises on the two acre tract. The mixed-use project would have 250 Chicago condos, 200 hotel units and 200 rental apartments, according to Crain’s.

Sean O’Sullivan of the Chieftain Group says they aren’t anywhere near the marketing phase, but they are confident that the time will come sooner than many might think. “We’re using the time well to get through the planning process so when the market does turn we’re ready to break some dirt. The market will turn in 2009,” he was quoted as saying in the article.

The towers would be built at the corner of Wells and Harrison Street. Numerous other developers have attempted to launch projects at Franklin Point, but in 37 years none have succeeded. Russland Capital Group purchased the other eight acres of the parcel and plans to develop it in the future. Chieftain had Brininstool and Lynch to design the towers and the estimated construction cost is around $150 million. They will seek approval from the Department of Planning in October. One potential obstacle may be Alderman Fioretti who says he won’t support the project until he sees a finished plan for all of Franklin Point, and Russland isn’t yet ready to commit to any firm construction plans.

Lexington Park Condominiums is the Chieftain Group’s current development on Indiana Avenue. The 333 unit high-rise is over 40% sold so far.

If more developers feel that the Chicago real estate market will pick up in the next year or two, we may see more plans for Pre Construction Condos in Chicago.

[tags]Franklin Point, Chicago condo, Chicago real estate[/tags]

July 22, 2008 – If you’ve been watching the Trump Tower climb and waiting for the last floor to go up, it won’t be much longer. According to the Tribune, the tower’s architectural and engineering firm, Owings and Merrill, states that all 92 floors of the Chicago condo luxury high-rise will be standing by the end of August. You can probably expect a topping out party in typical Trump fashion to commemorate the occasion. That will still leave the addition of the top spire, but that too will be completed by early next year.

You might want to keep a couple of days free this week if you’re interested in The Residences of Bradley Place 2. An open house is scheduled for July 23rd from 4pm to 6pm and on July 27th from 11am to 1pm for four single family homes in that Chicago real estate development that are being auctioned on July 31st at 7pm. The auction will take place at Maggiano’s Little Italy on North Clark Street and Rick Levin and Associates is handling the sales.

The addresses of the homes are 2505, 2509, 2533 and 2537 West Patterson Avenue. These homes have about 4,600 square feet with five bedrooms and 3.5 baths. The developer didn’t skimp on these residences. They come with a basement, three car garage, 9 foot ceilings, oak staircase, spacious kitchen plus breakfast nook, fireplace in the living room, traditional brick exterior, covered front porch and a large landscaped private lot.

The homes had originally been priced from $900,000 to $1.4 million, but the Tribune reports that the minimum bid will start at $750,000. You must have a $28,000 cashier’s check in hand to be able to bid at the auction. These residences can’t be classified as Cheap Chicago Condos, but you may still be able to get a great single family home for a reduced price.

[tags]Residences at Bradley Place 2, Chicago condo, Chicago real estate[/tags]