July 21, 2008 – The Park Monroe conversion has been progressing and by September you will be able to tour a two bedroom model located on floor 42 of the high-rise. This former office building on 55 East Monroe has sold fairly well, according to the sales staff. Of the 156 renovated Chicago condos in this tower, only around three dozen units are left for sale. The first residents will be able to start moving in sometime in November and every month after that an entire floor is scheduled to be delivered with construction wrapping up by early summer 2009.

The one bedroom condos, part of the development’s Citylights Collection, seem to be the hot sellers. There are only a handful of those left. These units have 950 to 1,100 square feet, GE appliances and are priced from the mid to upper $400,000s.

The LakeFront Collection has units with two bedrooms, two bedrooms plus family room or two bedrooms plus den layouts. Bosch appliances come with these 1,450 to 2,500 square foot residences and prices run from the mid $800,000s on up to as much as $1.7 million. And if you have more than that to spend, you can opt for one of the two or three bedroom Penthouse units that com with Miele stainless steel appliances, Sub-Zero refrigerator and Jacuzzi.

The Park Monroe has a wide assortment of building amenities as well. Fully equipped fitness center with separate men’s and women’s locker rooms, whirlpool spa, indoor swimming pool, roof top deck, garden and BBQ area, dog run, plus an entertainment suite with kitchen and DVD theater are available. Residents also have access to a variety of retail services such as a coffee shop, hair salon, pharmacy, dry cleaners, shoe repair, bank, package shipping, copy shop and a car wash.

If a condo at this Chicago real estate development isn’t in your budget right now, there are Rent to own condos in Chicago that might be of interest to you.

[tags]Park Monroe, Chicago condo, Chicago real estate[/tags]

July 20, 2008 – Sales of new and re-sale Chicago Condos were down again around the city’s North Shore region in June. According to data from the MLS for the month, sales fell by 36.5 percent from the same period last year. However, demand strengthened from the previous month, with sales up more than 40 percent.

A total of 146 new and re-sale condominiums were sold in neighborhoods around the North Shore in June, down from 230 units sold during the same period last year. However, sales were up more than 40 percent from May, when just 104 condominiums were sold.

Sales of the most affordable condominiums were down during the month. Just 58 condominiums were sold for less than $250,000 in June, down 34 percent from the 88 units sold in June 2007. Demand on the higher side of the market was stable during the month. 22 condominiums were sold during June for more than $500,000, down just under 10 percent from the same month last year.

The drop in demand for the most affordable condominiums in the area led to a slight increase in the average sales price during June. Condominiums sold for an average of $349,454 during the month, up 4.2 percent from a year ago.

As for the inventory of condos on the market, there are a total of 2,128 units listed around the North Shore. At the June sales rate, this is a 14.5-month market supply. A market supply over 6 months is considered a buyer\’s market.

[tags] Chicago Condos For Sale, Chicago Real Estate, North Shore Chicago Condos For Sale [/tags]

July 19, 2008 – Metropolitan Tower now has three unit models available for viewing. If you’ve been considering a move to this building, you can schedule a showing a get a good feel for what life in the 30 story former Encyclopedia Britannica high-rise would be like. Metropolitan Properties is redeveloping the historic tower and one of the best things about this 310 South Michigan Avenue building is that the condos have fantastic views of Millennium and Grant Parks plus Lake Michigan.

The residences at Metropolitan Tower are divided up into four categories or styles. Buckingham Townhomes, Burnham Residences, Avenue Residences, and Millennium Penthouses give buyers an interesting selection. The models that are open now are located on the 12th floor of the tower and include a two bedroom and bath, a three bedroom with 2.5 bath and a spacious three bedroom and three bath Chicago condo. There are 242 total units in this Chicago real estate redevelopment, and prices generally run from the mid $500,000s and up.

Besides the expected luxury interior finishes such as 9 to 11 foot ceilings, GE appliances and hardwood floors, the building amenities include a 24 hour doorman, fitness center, party room and sun deck. Again though, the location with its fantastic views plus close proximity to the Art Institute, Auditorium Theater and all of the cultural and entertainment attractions of the Historic are within steps from the condos. As far as Downtown Chicago Condos go, Metropolitan Tower is a good mix of location, luxury and architecture.

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

July 18, 2008 – Antheus Capital along with Studio Gang Architects , of Aqua and Solstice on the Park design fame, are planning an ambitious development in Hyde Park. They want to redevelop the Village Center mall into a fresh residential and retail complex. The proposal centers around a 24 story contemporary high-rise that would contain roughly 116,000 square feet of retail space framed by a glass storefront, according to an article in the Hyde Park Herald.

The design of this mixed-use project would place retail shops along Lake Park Avenue, Hyde Park Boulevard and Harper Avenue in an effort to bolster the night life and economics of the neighborhood. The retail portion is vital to both the approval of the development by the planning commission and the overall success of the project. In the article, Chicago real estate Developer Antheus told the TIF council that he believed the project was viable even in the slow Chicago condo market because retailers would be willing to locate in the new 2.5 acre spot and be a part of a larger retail section. Antheus did confirm that Original Pancake House will locate there and serve customers later.

There will be parking for 519 cars to accommodate residents and shoppers. The spaces will be situated in three levels; one below ground and two above on floors three and four. The building will house 170 condos with from one to four bedrooms. The project hopes to gain LEED certification.

If all goes according to plan, work will begin in late 2009. Nearly all of the current retailers located in the mall have agreed to vacate early to make way for the new building. The lone exception is Village Foods, and if they intend to stay until their lease is up then the development will be constructed in two phases. So far, the reaction to this development has been positive, and gaining the support of local residents is vital for a project to be successful in any of the Chicago Neighborhoods.

[tags]Hyde Park, Chicago condo, Chicago real estate[/tags]

July 17, 2008 – A new lawsuit is the latest development in the ongoing American Invsco controversy. Chicago real estate developer Ricker-Murphy had recently replaced Invsco as sales broker for their Lincoln Park 2520 project and put Rubloff Residential Properties in their place. This switch occurred on the heels of some less than flattering press about Invsco supposedly having the highest rate of foreclosures in their buildings. But now Invsco has filed a lawsuit against Ricker-Murphy over their termination, according to Crain’s.

The crux of the dispute over the Lincoln Park 2520 luxury high-rise project is that Invsco allegedly reached the sales figure benchmark by providing loans to prospective buyers without informing the developer. The suit claims that at least 20 contracts may be questionable because the buyers possibly would not have been able to come up with the deposits otherwise.

In the article, the lawyer for Invsco quoted chairman Nicholas Gouletas in court transcripts as saying that the sales were legitimate and that he “believes these are good sales that the developer ought to go forward with. And if the developer had accepted those sales, they haven’t, they rejected them, but if they had accepted them, more than 50% of the units would have been sold.”

Ricker-Murphy has filed a counter claim and hasn’t commented on whether or not the contracts in question will be honored. Lincoln Park 2520 will have around 250 luxury units when completed, down from the original 314 Chicago condos that had been planned due to buyers combining units. Prices range from the mid $500,000s to over $13 million.

Condo Developers in Chicago seem to be facing obstacles in places they normally wouldn’t expect when trying to reach that usual benchmark of 50% sales before groundbreaking.

[tags]Lincoln Park 2520, Chicago condos, Chicago real estate[/tags]

July 16, 2008 – It seems that Shangri-La can’t shake the cloud of trouble that keeps shadowing the project. Developer Teng and Associates managed to gain financing in the form of a $340 million construction loan from the Export-Import Bank of China that should have closed last month but as of yet hasn’t. According to an article in Crain’s, the Waterview Tower loan is still secure, although many are starting to speculate that it has hit some sort of snag.

Zac Henson, who is the CEO of the stateside branch of Beijing Construction Engineering Group, is assured that the financing is on its way. “It’s definitely happening,” Henson was quoted as saying in the article, even though if you’ve driven by the building site on Wacker you’ll notice that construction has been stopped for some time. Records also show that around nine subcontractors have filed liens against the 90 story project that add up to around $790,000.

Teng had moved forward in 2006 without a firm loan for the high-rise. He has invested an estimated $190,000 million of his company’s own equity plus another $20 million in the form of a loan from LaSalle Bank. Teng was bolstered back then by the stronger Chicago real estate market and booming Chicago condo sales. But as time passed and the market cooled, so did the chances of finding a bank willing to invest that amount of money in the project.

Sales figures in the article put the number of condos under contract at 68% and hotel units at 40%. There are 233 total condos and 200 hotel units planned. Teng is supposedly still in the process of developing a final budget for the project and may go beyond the original $470 million estimate. If the loan does go through, Beijing Construction will assume the role of general contractor but Teng will still be the developer.

We should know something for certain after the Olympic Games next month, as that event, coupled with the language difference and paperwork is being credited for the loan delay. Teng is also considering selling an equity share to any potential investor, should one appear. In the meantime, you can check the status of All Condos for Sale in Chicago if you don’t want to wait to live in Shangri-La.

[tags]Waterview Tower Shangri-La, Chicago Condo, Chicago Real Estate[/tags]

July 15, 2008 – Lakeside Lofts is about 90 percent sold, but if you’re interested in living there you could get lucky with some price reductions on the remaining two bedroom, two bath units there. One of the most recently reduced units is a two bed and bath with a 30 by 9 foot terrace, cherry cabinets, crown molding, GE profile appliances and kitchen islands for $334,800. Another two bed and bath condo loft has been lowered to $309,800. And there is also at least one single bedroom, 1.5 bath plus den unit in this development still available for purchase at $279,800.

There are 96 total Chicago condo lofts in this five story development. Probably the most attractive incentive to living at Lakeside Lofts is the 125 by 35 foot four season garden that is beautifully landscaped. The units have 10 foot ceilings and most are pre-wired for a home theater system. Assessments are low, from around $200 to $300, and includes Internet access and cable television and water. Immediate occupancy is possible and parking is an additional $30,000.

For those of you interested in the Terrazio, an open house is scheduled for this coming Saturday, July 19th, from 1:00pm to 4:00pm. This 180 Chicago real estate project just secured its construction loan about a month ago and the developer is planning on making first deliveries at the end of summer 2009. The Terrazio is around 50 percent sold and buyers have been drawn by the lower than average prices for these condos. Prices run from $189,000 to $450,000 for the one to three bedroom units, which is about $325 per square foot.

The Terrazio has no pet restrictions and other perks include what the developer is billing as an aria roof top lounge with a wading pool and pergolas plus a solavista courtyard complete with a fountain and extensive landscaping.

There are some decent deals on pricing out there in both Chicago New Construction Condos and Pre Construction Condos in Chicago.

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

July 14, 2008 – Park Boulevard, one of the larger ongoing projects in Bronzeville, is still under construction but a little over 70 percent of the 211 residences in phase one of the development are completed. There are still plenty of homes available for purchase and ready for move-in though, because according to the sales manager the current numbers show roughly 33 percent of the units sold right now. First deliveries began about a year ago and there have also been several quick-fix standards as Jimmy Johns and Starbucks move in as well.

The project website describes Park Boulevard as “37 acres of friendly parks, local shops, a neighborhood school and six distinctive home styles.” This mixed-income, mixed-use Chicago real estate development has something to offer almost everyone in terms of layout and pricing. Everything from one to two bedroom condos that start at about $140,000 and have from 725 to 1,115 square feet to two and three bedroom flats, three bedroom duplexes with 2.5 baths, two and three bedroom townhomes with from 1,987 to 2,469 square feet and 4 bedroom single family homes with 2,665 square feet plus two car garage from the $500,000s.

Sales at Park Boulevard had been reported at closer to the 50 percent mark several months ago, but this project isn’t the only one to have a number drop with the market conditions. Several other Chicago condo developments have also had a reduction in sales figures. It is worth noting though that there have been no foreclosed units at Park Boulevard, so perhaps the decrease in sales numbers is due to buyers simply deciding to walk away from contracts.

The South Side, especially 35th and State Streets where this development is located, is being revitalized and attracting more interest and attention from potential buyers and businesses. Even though Phase II of Park Boulevard currently has no set date to begin, Phase I is definitely worth a look.

[tags]Park Boulevard, Chicago Condos, Chicago Real Estate[/tags]

July 13, 2008 – The Loop has enjoyed a strong increase in sales over the past few months as buyers pick up some of the most luxurious new construction units on the market.  However, the market for new and re-sale condominiums is starting to show signs of cooling. 

According to data from the MLS, sales of new and re-sale condominiums and lofts were down by just over 6 percent during June.  A total of 73 condominiums were sold in the neighborhood during the month, down from 78 units sold during the same month in 2007.  Sales were also down 10 percent from just a month ago.  A total of 81 condominiums were sold in the Loop during May. 

However, buyers continue to show a strong preference for the most expensive condominiums on the market around the Loop.  The average sales price was up by an impressive 61 percent in June, rising to a record $554,653.  A total of 7 condos were sold for more than $1 million in June, representing nearly 10 percent of all units sold during the month in the neighborhood.  Last year no units were sold in that price range in June. 

On the lower end of the market, there was some increase in activity when compared to May, but year-over-year sales were off by more than 50 percent.  A total of 12 condos were sold for less than $250,000 in June, down from 27 units sold in that price range a year ago.  Just 9 condos were sold for less than $250,000 in May of this year. 

The Loop continues to see strong demand for the most expensive Chicago Condos For Sale, but overall sales are falling in the area. 

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

July 12, 2008 – The location isn’t downtown Chicago, but the VIP grand opening of the Grand Bend at Green Bay in Evanston is worth mentioning. The event is scheduled for July 18th and a public grand opening will follow on the 19th and 20th. A banner ad in the Chicago Tribune is encouraging any interested potential buyers to sign up for the event and qualify for the VIP incentives that doing so will net.

Chicago real estate developer Ferris Homes is offering a $5,000 grand opening incentive plus another $2,000 more if you register on the building website and schedule a showing. The early appointment gets you the grand tour and first pick of the remaining Chicago condos at Grand Bend that haven’t already been pre-sold. About 50% of the units in this project are already under contract, but there is a good selection of one to three bedroom condos left. Square footage ranges from 915 to 2,073 and prices run from the low $300,000s to the mid $700,000s.

“A curved building that looks really sharp,” is how the six story, 49 unit Grand Bend is described by the developer. The rounded architectural design is certainly modern but blends well with the surrounding buildings in Evanston. There are even two condos on the top floor that have a U shaped layout. The condos come with balconies or terraces, GE appliances, Wellborn Forest cabinets and vanities, Kohler tubs and Moen fixtures, low E Thermo Pane windows and doors and pre-wiring for cable, home theater and phone available.

With ample public transportation nearby, these condos in Evanston may be a good choice if you want to Sell your Chicago Condo and move to the suburbs.

[tags]Grand Bend at Green Bay, Chicago Condos, Chicago Real Estate[/tags]