August 31, 2008 – Sales of new and re-sale one-bedroom condominiums plunged in July.  According to sales data from the MLS, sales of one-bedroom units were off by over 29 percent from the same month last year.  The drop in sales from July 2006 was nearly 40 percent.

A total of just 363 one-bedroom condominiums were sold in the city of Chicago during July, down from 512 units sold during the same month last year.  The decline in demand for these units was even greater in neighborhoods south of downtown.  Just 10 one-bedroom condominiums were sold in neighborhoods south of downtown, or 1 in 30 of all one-bedroom condominiums sold during the month.

Prices, however, continued to rise.  The average sales price rose by just over 1 percent in July.  However, if sales continue to slow in the city, buyers could start to see some great deals on Chicago Condos with one bedroom.  The average sales price currently stands at $255,695, up from $253,269 a year ago.

Buyers interested in finding great deals on condominiums in neighborhoods around Chicago will soon have an indispensable tool at their disposal.  Keep an eye out for our new condominium search feature, as well as a comprehensive list of professionals who specialize in condo inspections in Chicago.

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

August 30, 2008 – The latest addition to The Enterprise Companies’ Central Station mega-project is the new 29 story Museum Park Place South, not to be confused with the 23 story Museum Park Place. This high-rise will be very similar in design to the first tower, and first deliveries on the Chicago condos there are expected to begin in either the second or third quarter of 2009. Construction didn’t start until late spring, but work is progressing much faster because there is no underground parking garage. With parking above ground, the tower climbs vertically much faster.

Museum Park Place South will have a total of 276 condos along with 8 townhomes. The condos range in size from one to three bedrooms, some with dens, and the townhomes will be very spacious with four stories. According to the sales staff, a little over 50 percent of the units are already under contract but there are still plenty of homes left for sale. The prices on these condos run from the mid $200,000s to the $600,000s. The townhomes at this luxury Chicago real estate development are pricer, starting in the mid $800,000s.

Any interested buyers can take advantage of the developer’s most recent incentive which basically could be described as an upgrade. Right now they are offering to include a washer and dryer with the unit, marble tile in the main bath and a stainless steel appliance package for the kitchen. Like always, you should compare these unit finishes and prices with other condos and Townhouses in Chicago before making a decision.

[tags]Museum Park Place South, Chicago condos, Chicago real estate[/tags]

August 29, 2008 – Just in time for the Labor Day holiday, 53 new spa guestrooms will open September 1st at Trump Tower. These ultra-luxurious rooms are set up to insure the type of spa experience you’d expect from Trump. Guests are paired with a spa attaché, receive personal body and skin treatments in their room, can pick from an assortment of bath packages and have a fully stocked minibar with health foods at the ready. The rooms also come with yoga kits, a dizzying supply of toiletries, fresh exotic flower arrangements and a huge selection of music available to listen to while you relax.

But if you’ve got more than massage on your mind and want to do some Chicago condo shopping in North Streeterville, you may want to check out Pearson On Park. This 27 story Chicago real estate conversion has about 19 of its 219 units left for sale. The condos come with either two bedrooms and one bath or three bedrooms and two baths. There are nine units per floor, and you can pick from four different floor plans. Prices for these units are running from roughly $364,900 to $533,900.

Right now, according to a press release in the Tribune, buyers of one of these remaining condos will also get indoor parking thrown in at no extra cost. Those spaces are otherwise deeded for $39,000. Building amenities at Pearson On Park include a 24 hour doorman, fitness center, green rooftop deck and dry cleaners on site. The location is probably a big selling factor too, being close to both Michigan Avenue and the Lake. You can also compare this development to other Chicago Condos in Streeterville to find the one that best fits your needs.

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

August 28, 2008 – In keeping with the whole green theme at Emerald, the developer is still offering incentives to save you some money on the remaining Chicago condos there. Buyers who bought a unit a few months ago scored a free scooter and upgrades, and Senco Properties is once again offering free upgrades plus $1,000 off closing costs if you go through their preferred lender, Corby Mortgage Services.

The $5,000 upgrade offered could be doubled if you refer another buyer to Emerald. Also, only a 5 percent down payment is required to purchase one of these condos, which is probably a big help to a lot of first time buyers. According to the building website, you can still get free parking with certain units that face east, which by what’s left on the price sheet seem to total about four. Otherwise a parking space will cost an additional $35,000.

A quick look at that price sheet shows that the remaining units at this eco-friendly Chicago real estate development are a handful of one and two bedroom condos that run from 765 to 1,297 square feet in size. The four one bedroom, one bath condos range in price anywhere from $290,000 to $339,000. A couple of one bedroom, one bath plus den units that have 900 square feet are listed from $340,000 to $377,000. And the four two bedroom, two bath units listed vary in price from $394,000 to $526,000. According to the price sheet, assessments on these units run from $225 to $345.

We’ll keep you posted on incentives on Chicago Condos as soon as we hear about them.

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

August 27, 2008 – It seems as though Teng & Associates, the Chicago real estate developer who has been trying to build the Waterview Tower & Shangri-La Hotel since 2006, has sprang another leak in financing. In April, news that the China-based Export-Import Bank would supply a $340 million construction loan bolstered hopes that this 90 story tower would get back on track for completion. But now according to Crain’s the loan, which has increased to $400 million, is on hold until trade credit insurance can be secured.

Teng began work on Waterview before actually having a loan in place, counting on the then healthy Chicago condo market to make financing simple. But credit for a project of that size is much harder to come by these days and without finances in place, workers have left the building site on West Wacker. So far there are 26 floors standing, and one sub-contractor has filed two liens against the project. Normally the China Export & Credit Insurance Corporation would insure the Bank’s loan, but they declined because of the instability of the housing market here. Teng is hoping to find another company to insure the loan and resume construction by sometime in October. He has also stated that he would consider a partnership with someone willing to contribute financing to the project.

Sales stats on Waterview aren’t exactly bad, considering all the difficulties they have had with the development. According to Appraisal Research Counselors, 40% of the 200 condo hotel units have sold along with 68% of the 233 residential condo units in the building. In the past, there have been Pre Construction Condos in Chicago that have gotten loans with sales numbers like those. Only time will tell if Teng can meet his own self-imposed deadline of once again attempting to secure financing or if the Waterview Tower sinks or swims.

[tags]Waterview Tower and Shangri-La Hotel, Chicago condos, Chicago real estate[/tags]

August 26, 2008 – If you’re looking for something to do this coming Labor Day weekend, Metro Place is having an open house for many of the units there this Saturday and Sunday, August 30th and 31st, from 11am to 5pm. Located on the Near West Side, this Chicago real estate development from MCL Companies includes a large selection of two bedroom condos in six flats and duplexes, two and three bedroom townhomes as well as four bedroom, 3.5 bath single family homes.

There are several two bedroom, two bath Chicago condos listed that will be open for viewing this weekend. These units have around 1,320 square feet and are priced at about $259,900. The condos come with one parking space, intercom and security systems, nine foot ceilings, kitchen island and Whirlpool appliances, separate shower and tub in the master bath, walk-in closets, fireplace and patio. This development has no pet restrictions either.

Many of the units at Metro Place are available for immediate delivery but there are still some that can be personalized with the buyer’s choice of finishes and still be ready for move-in this year. Residents of this development are only minutes from the Medical District, a number of great restaurants, museums, shops and dozens of other neighborhood attractions. It might be worth your time to visit the open house and see how these homes stack up against other Townhouses in Chicago.

[tags]Metro Place, Chicago condos, Chicago real estate[/tags]

August 25, 2008 – A few weeks ago we told you that phase one of Cityscape Condominiums was completed and models ready for touring. Westward Development and I & M Construction have completed the first four of the buildings, construction on the fifth one is already ongoing and the sixth building will break ground sometime in September. According to sales figures in a Tribune press release, the 42 Chicago condos at this North Western Avenue development in St. Ben’s are about 33 percent sold.

Prices for the remaining two bedroom, two bath and den condos start at $359,000 and increase to as much as $429,000. These units come with two balconies and have 1,200 square feet. The larger three bedroom, two bath units feature either a private roof top deck or terrace, have 1,860 square feet and run from $499,000 to $619,000. Residents of the two bedroom condos have elevator lobbies and the three bedroom condos are reached by private elevator.

Besides having heated garage parking thrown in with the purchase price, the units in this Chicago real estate project have a lot of luxury finishes. Kitchens come with 42 inch cherry cabinets plus island and breakfast bar, natural stone and marble baths with soaker tubs and walk-in closets in the master bedroom. Cityscape Condominiums are also pre-wired for plasma television and Dolby surround sound. And for the animal lovers, this project not only has a dog run but a dog washing station.

For creativity in design, the facades of these buildings are being made to look something like nearby vintage structures, including an apartment house, industrial building, loft and warehouse with ornamental architectural details. So if you can’t find any traditional Chicago Lofts that strike your fancy in this neighborhood, Cityscape may be a good substitute.

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

August 24, 2008 – While most neighborhoods in the city of Chicago continue to search for the bottom of the market, there are some areas that are starting to see improving condo sales.  The Near South Side saw an increase of 17 percent in sales of new and re-sale condominiums in July, one of the best results for any neighborhood in the city.

According to sales data from the MLS for the month of July, a total of 109 condominiums were sold on the Near South Side, up from 93 units sold during the same month last year.  However, condo sales were still 34 percent below the total seen in July 2006, when 167 units were sold in the neighborhood.

Prices of Near South Side condos were also up sharply during the month.  The average sales price of units sold in July rose by just over 20 percent, reaching $457,877.

The market enjoyed even stronger sales during the previous three months.  Data from the Chicago Association of Realtors for the second quarter showed that the Near South Side experienced record-breaking sales during the period.  A total of 457 condominiums were sold during the second quarter, up from 237 units sold during the same period last year.  It was the best result in more than 17 years for the Near South Side during the second quarter.

While sales of Chicago Condos on the Near South Side were not at their highest point in July, the neighborhood may finally be getting a reprieve from falling demand.

[tags] Chicago Real Estate, Chicago Condos, Near South Side Condo Sales [/tags]

August 23, 2008 – If you’re interested in purchasing a condo at the PRC Partners development The Residences of Uptown Park Ridge, the last group of homes in the project is being marketed, according to a press release in the Tribune. This mixed-use development will have 189 units and 85,000 square feet of retail space in the form of a plaza-type design dubbed The Shops of Uptown when completed.

The units available at Park Ridge have from one to three bedrooms and two or three baths. A few of the two bedroom condos have a den and some also have a separate dining room. The units all come with either a terrace or balcony, some with two, and open floor plan. Square feet of living space runs from 1,145 to 2,539 for these homes. Starting prices for the smaller condos begin in the $350,000s and increase to the high $700,000s. The project website is advertising the two and three bedroom units from $497,456 and up, with four condos available right now. They are also offering walk-throughs on many of the units.

PRC is a partner with Edward R. James Homes and these homes have many features you’d expect to find in a luxury Chicago condo. Brookhaven cabinetry, GE stainless steel appliances, granite counter tops, undermount bowl sinks and walk-in closets are a few of the details. The development also incorporates an outdoor plaza with fountain, benches and planters.

The Residences at Uptown Park Ridge may be a perfect fit for you if you’re looking for a condo outside the usual Chicago real estate projects. With many developers hoping to sell out projects before the end of the year, there should be some good deals on nearly All Condos for Sale in Chicago.

[tags]Residences at Uptown Park Ridge, Chicago condo, Chicago real estate[/tags]

August 22, 2008 – The most recent report on downtown Chicago condos from Appraisal Research Counselors puts the number of new construction, pre-sale condos and conversion project sales for the second quarter of this year at 466 units. Of those, 358 were from sales at the Chicago Spire alone. So that leaves 108 sales for the rest of the downtown Chicago real estate developments. The backlog of unsold units is around 7,300 and ARC says that is actually the equivalent of two year’s worth of normal sales. With those numbers in mind, the list of incentives and price reductions on condos keeps getting longer, and Avenue East is the latest to jump in.

The 27 story tower has been completed for a while, but sales numbers for the 133 units have been stagnant and according to the sales staff at Keller Williams Realty, some units at Avenue East could be lowered by as much as $70,000 and parking spots reduced to half price until September 14th. This offer is focused on a group of unsold two bedroom, two or 2.5 bath units located on levels 7 and 8 of the building. The reduced prices for these condos range from about $510,000 to as much as $1.75 million. Parking spaces will be offered from about $22,500 to $30,000.

The units at Avenue East include studios to three bedroom, but the twenty or so that are left for sale are two bedroom, along with a couple of one bedroom condos remaining. The units include Terrace Homes, which are sold out, Avenue Homes, Tower Homes and Penthouse Homes, with square feet on the available units ranging from 1,100 to 1,716 and over 2,500 for the penthouse units. Standard finishes include an appliance package with GE side-by-side refrigerator, granite counter tops, marble tile and soaking tubs in the bath and hardwood flooring.

You can find more luxury buildings like Avenue East by searching the listings for Chicago Condos in Streeterville.

[tags]Avenue East, Chicago condos, Chicago real estate[/tags]