July 11, 2008 – If you think that the Trump Tower and the Chicago Spire are out of your price range, you might want to think again because rental units are now a reality in one and may also be in the other. The first deliveries on the Chicago condo units in Trump should start happening later this month into next and already there are listings popping up from investors ready to rent as soon as they close on the units.

One of the one bedroom condos at Trump is currently being offered for rent at $3,000 per month. Parking is extra. With that three grand you also get access to the highly touted hotel amenities such as the spa services, fitness center, business center plus catering and housekeeping services to name a few. Both the Rebar lounge and Sixteen restaurant have gotten rave reviews, so that’s an added perk to renting there.

And according to a recent article in Crain’s, Garrett Kelleher is advertising an investor’s deal that basically offers to pay a guaranteed 7.5% of the purchase price for two years and then rent out the units for buyers. This is a somewhat unusual sales tactic because many buyers prefer to live in a high-rise with permanent residents as opposed to a large number of renters. The article states that around 400 of the smallest units at the Spire, those that range from 550 square feet and $750,000 up, are included in the deal. This incentive of sorts is more so aimed at foreign investors and not U.S. buyers.

Obviously there are, to say the least, some innovative developers and investors out there who will do what they can to market and get a return on Chicago Luxury Condos even in a slow Chicago real estate market.

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

July 10, 2008 – A few posts ago we told you about Bankside, a new townhome development that Belgravia Group is launching, as well as mentioned that 565 Quincy is at the 50 percent sales point and first deliveries will take place by the end of the year. So it’s only fitting that we take a closer look at Hartland Park II, their other townhome development.

This Chicago real estate project of Belgravia’s will consist of 45 residences when construction is completed. According to a sales representative, there are five homes still available for purchase with two of those all set for move-in and the other three should be finished sometime towards the end of this year. These traditional brick townhomes are spacious with four bedrooms and baths and from 3,074 to 3,362 square feet of living space. Prices run from the high $800,000s to the upper $900,000s.

Another Chicago condo tower that will be making deliveries soon is Library Tower. First residents should be moving in within the next couple of weeks and according to Lennar, a grand opening will be held on July 26th. There are still units available in this 17 story building and prices range from the mid to upper $300,000s to the high $800,000s.

You can find other great Townhouses in Chicago like Hartland Park II by following the link.

[tags]Hartland Park II, Chicago Condo, Chicago Real Estate[/tags]

July 9, 2008 – Terrapin Properties, once one of the better-known Chicago real estate developers, is still dealing with foreclosure suits stemming from a chain reaction of financial troubles that began back around the first of this year with a project in Wisconsin called Regal Point. That situation has resolved itself somewhat due to the fact that IndyMac Bank, which filed the original suit, sold the loan to an investor there who is willing to run the development as a rental project and work with Terrapin, according to Crain’s.

Terrapin is searching for an investor to buy Burnham Point, their 28 story, 298 unit South Loop tower that is mostly finished but only about 50 percent sold. Their plan is to sell to an investor who will operate the tower as a rental project, although it may be difficult to get the $98 million to pay back the construction loan. Even the fate of some of the unsold units in Madison 901 may be questionable.

The latest foreclosure suit Terrapin is facing involves some of the Chicago condo units it converted at The Residences at Grand Plaza. LaSalle Bank claims the developer defaulted on a $3.8 million loan taken out to purchase 16 units. Terrapin had sold out most of the 283 units in the high-rise to Jaeger Equities, but bought those 16 units more than two years ago. Terrapin’s two partners, James Geleerd and Michael Ezgur, are hopeful they can salvage that project. And the last foreclosure suit mentioned in the article is for a large residential development in Cherry Valley, which is outside Rockford.

Several Condo Developers in Chicago have been facing not only some sobering sales figures but also difficulty in securing financing and then repaying loans once they mature. Potential buyers should take a good look at a developer’s past track record and also the current sales figures for ongoing projects before making a purchase.

[tags]Terrapin Properties, Chicago Condos, Chicago Real Estate[/tags]

July 8, 2008 – Another River North high-rise is getting ready to wrap up construction soon and start welcoming residents in September. At 757 Orleans workers are putting the finishing touches on the building’s 198 Chicago condos and the 22 story tower still has quite a few units available for purchase. The last sales figures released by the developer put the condos at around 55 percent sold, and the Gammonley Group is offering incentives in the form of about $5,000 in upgrades or a discount on the closing costs.

757 Orleans sits on the corner of Orleans and Chicago Avenues and offers some great views of the surrounding River North neighborhood. The building has a contemporary design and the outdoor terrace with swimming pool and sun deck located on the 6th floor provides a nice retreat for residents. Other building features include fitness and business centers, indoor parking, bike room, storage lockers, mailroom, 24 hour doorman, high speed Internet service and an adjacent park.

Standard unit features such as floor to ceiling windows, granite kitchen counter tops, marble bath vanity tops, 42 inch cabinets, hardwood flooring, security system plus stainless steel appliance package come with each condo. There are 11 floor plans for the one to three bedroom, one to two bath condos with from 644 to 1,325 square feet. Prices at this Chicago real estate development run from the middle $200,000 mark on up to the high $700,000s. Parking spaces go for an additional $35,000.

You can check out other deals on Chicago New Construction Condos like these and compare incentives and upgrades to see which ones best fit your budget and lifestyle.

[tags]757 Orleans, Chicago Condos, Chicago Real Estate[/tags]

July 7, 2008 – With sales reaching the halfway point for 565 Quincy and first deliveries scheduled for December of this year for the lofts and March for the Chicago condos, the Belgravia Group is already launching their next Chicago real estate project called Bankside.

Bankside will consist of 33 townhomes and 4 single family homes located on a 1.8 acre spot at the corner of Oakley and Oakdale Streets along the Chicago River in Lakeview, according to a Tribune press release. The developer is billing this project as “Chicago’s first-ever townhome community building towards LEED and Energy Star certification.”

There will be six townhome floor plans that run from 3 to 4 bedrooms, 2.5 to 4 baths and 2,300 to 3,400 square feet of living space. These residences are being offered at introductory prices between $550,000 to over $900,000. Buyers interested in the four single family homes can expect to pay from $1.2 million and up for the five bedroom, four bath and 4,250 square foot homes.

Belgravia plans on breaking ground next spring and first move-ins for the townhomes are scheduled for late fall of 2009. The Bankside development will also sport a riverfront walkway that in the future will connect with the river walk that is already in place.

Bankside is destined to be another great development from Belgravia, and you can check out their other work at Union Row, Hartland Park II and of course the aforementioned 565 Quincy for your Chicago Lofts fix.

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

July 6, 2008 – The market for new and re-sale condominiums in Chicago continued to suffer from a drop in demand in June.  According to data from the MLS, sales of condominiums were down by 32 percent citywide, while the average sales price rose by just over 6 percent from June 2007.

A total of just 1,600 new and re-sale condominiums were sold during June across the city of Chicago, down from 2,371 units sold during the same month last year.  It was the second straight year that sales have fallen during the month, after reaching a high of 2,566 units sold in June 2006.

Prices citywide were up by 6.5 percent during the month.  However, neighborhoods south of downtown experienced a drop in the average sales price, while neighborhoods north of downtown saw the largest gain in prices.  The CAR north region, which includes neighborhoods north and west of downtown, as well as the Near South Side, saw an increase of 6.5 percent in prices, while sales were down by 30 percent.  Demand for the highest priced units also fell during the month.  Just 27 units were sold for more than $1 million during June, down from 46 units sold in that price range a year ago.

However, the CAR south region, which includes the poorest neighborhoods in the city, saw a decrease in sales of more than 55 percent.  Prices in these neighborhoods fell by nearly 16 percent.  Just one of every 16 condominiums sold citywide during the month were sold in these neighborhoods in June.

The market has come to a virtual standstill in poorer neighborhoods in the southern half of the city.  However, for the high end of the market, prices for the most luxurious Chicago Condos continue to be resilient despite falling demand.

[tags] Chicago Real Estate, Chicago Condos For Sale, Chicago June Sales, Chicago Real Estate Report [/tags]

July 5, 2008 – The West Loop is looking a bit more modern with the construction of Mod picking up pace. Work on the project started last fall and while the five story building isn’t topped out yet, you can certainly see the structure’s shape begin to resemble that of Stillpoint Development’s renderings of the low-rise. If all goes according to plan, residents should be able to move in late this year or early next.

Both the building and the 96 Chicago condos of Mod were designed to have a sleek, contemporary look and feel. The units come with one to two baths and one bedroom, two bedroom or two bedroom with den layouts. Square feet ranges from 860 to 1,470 and prices run anywhere from the $280,000s to the $490,000s.

The master baths at Mod may be a big selling point for many potential buyers. Grohe fixtures, full sized mirrors, quartz vanity tops, frameless glass shower doors and teakwood cabinets are all standard with these units. Building amenities include bicycle storage, a fitness room an unique yoga loft. Deeded indoor heated parking is also available.

Even though this Chicago real estate project is completely modern in name and design, it also has some eco-friendly features as well. Besides a green roof, Mod will run two energy efficient elevators, have floor to ceiling windows to maximize natural lighting and be close to the Expressway, CTA and Metra to make leaving the car behind an easy option. And the 1222-24 West Madison location puts residents close to Restaurant Row, Greektown and a growing assortment of art galleries.

If you’re shopping for Downtown Chicago Condos or just want to live in a new building with a contemporary design, Mod may fit the bill for you.

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

July 4, 2008 – Chicago real estate developer The Kopley Group has had so much success with their two year money back guarantee offer for anyone how purchases one of the units at Renaissance Lofts that they are applying the same offer to another loft project. The Lofts at 1800 are now also covered under the same nearly unheard of offer.

The Lofts at 1800 are still under construction on 1800 West Grace Street and according to the sales team 10 of the total 91 units there are already under contract. But for the next 15 buyers, the developer will guarantee a buyback for the first two years with no questions asked. As far as we know, no other developer of Chicago condos or lofts has made this type of offer. For anyone who is undecided about purchasing a new home with the current market turmoil, this definitely is the deal to beat.

Kopley plans to have two models available for viewing sometime in the next month and a half. Residents can expect to begin to move in mid 2009. The project has a selection of one to three bedroom layouts and prices run anywhere from about $260,000 on up to the $720,000s. Indoor parking is available but not included in the purchase price. Other perks include floor to ceiling windows, ceiling heights as much as 16 feet, a fitness center, balcony or patio with gas grill hook-up, roof top deck and bike storage.

Chicago Condo Lofts with guarantees like this don’t come along often, so its worth your time to check them out.

[tags]Lofts at 1800, Chicago Condos, Chicago Real Estate[/tags]

July 3, 2008 – Eco18, one of the most well-known of Chicago’s green developments, is planning on breaking ground this fall with a target date for first deliveries in 2010. According to the sales team, about 25 percent of the project’s total 93 condos are under contract, and there are still plenty of affordable units available for purchase.

Judging from the development’s sales sheet, the units most popular with buyers have been the one bedroom, one and a half bath plus den layouts. Those range in price anywhere from the $330,000s to the $420,000s and have from about 966 to 1,031 square feet. A number of one bedroom, one bath units have also sold, and remaining one bedrooms vary in price from $269,900 to $349,900 and 808 to 886 square feet. A handful of two bedroom, two bath condos (some with a den) have also sold, with those still available running from $419,900 to $645,900 and from 1,272 to 1,583 square feet of living space.

A big draw for these Chicago condos is not only the eco-friendly construction factor, but also the low assessment fees that residents will most likely have because of the energy efficient features. A geothermal heating and cooling system is expected to supply 100% of the building’s needs approximately 78% of the time. This will translate into savings for residents, and those lower assessments include heating and air conditioning, use of the fitness center and dog run (the building is pet-friendly), Internet access and cable television. The only thing not covered is electricity. Also for the time being, one parking space is included at no extra cost at this Chicago real estate development.

You can compare other Pre Construction Condos in Chicago with Eco18 and see how they size up, both in pricing and features.

[tags]Eco18, Chicago Condos, Chicago Real Estate[/tags]

July 2, 2008 – Construction on 235 West Van Buren has moved above ground a few floors, and the building is so far a pretty imposing concrete structure. That’s keeping in synch with developer CMK Companies advertising these Chicago condos as having plenty of exposed concrete. Whether you classify it as minimalist or modern design, if concrete is your thing, then 235 Van Buren may be perfect for you.

The high-rise will house 714 condos when the dust settles in 2009. This is a mixed-use Chicago real estate project, so there will also be retail and office space on the lower floors. Individual condo plans range from one to two bedrooms and prices run from the low $200,000s to around $550,000.

CMK is also the developer behind 1720 South Michigan, another tower that featured exposed concrete. Both buildings are also pet-friendly.

In local hotel news, a new buyer has emerged for the McCormick Place parcel where the Alter Group had planned to construct a mixed-use development that would have brought around 1,500 new hotel units to the area. The American Book Company building currently resides there and Alter ran into trouble after learning that the city intended to assign landmark status to the historic brick building. The structure would have then had to be preserved, and that didn’t fit into Alter’s plans, neither financially or logistically. New York based Extell Development is the new pending site owner and while no official details have been released, they will most likely construct a hotel on the site and preserve the existing building in the process.

Condo Developers in Chicago have had to get creative and diversify to bring a product to market that will sell well. As evidenced above, many developers are still turning to hotel and apartment projects to take up the slack in condo sales.

[tags]235 West Van Buren, Chicago Condos, Chicago Real Estate[/tags]