August 21, 2008 – With sales of downtown Chicago condos down, developers are rolling out more and more incentives to entice buyers. The Chieftain Group is using the high gas prices to their advantage and offering a free parking spot normally priced at $34,900 plus a $5,000 closing credit to any buyer who reserves a condo at Lexington Park and puts a $1,000 deposit down on the unit. The five thousand is estimated to be a year’s supply of gas, according to Chieftain. This promotion runs from 11a.m. to 5p.m. this coming Saturday and Sunday at the sales center on South Indiana, according to the Sun Times.

The 35 story high-rise has 297 condos along with an additional 36 lofts in a 7 story low-rise. Chieftain says the building is over 50 percent sold, which it has been for a while. The one to two bedroom units in this Chicago real estate development range in price from the $230,000s to the $720,000s. Deliveries are expected to begin late this fall.

VB1224 is also still offering a free parking spot with the purchase of one of their condos. The project has been tagged as one of the last true concrete loft buildings in the West Loop, and units in this eight story conversion have ceiling heights from 12 to 14 feet. There are several floor plans available in the one and two bedroom condos, with prices varying between the mid $250,000s to the low $400,000s.

Many incentives aren’t widely advertised, so anyone interested in purchasing Downtown Chicago Condos should be sure to ask the sales center what discounts or offers might be available.

[tags]Lexington Park, Chicago condos, Chicago real estate[/tags]

August 20, 2008 – Apartment projects seem to rule these days, and two more planned condo developments have recently been scrapped in favor of rental units. Structured Development LLC is revamping their mixed-use project located at Halsted Street and North Avenue, removing the condo portion in favor of luxury apartments, according to a Crain’s article.

The original plans for the New City YMCA parcel included five buildings distributed over the eight acre site, containing around 220 apartments and 280 Chicago condos. Structured Development is now considering a smaller project with the 280 condos switched to 225 apartments. There will be over 400,000 square feet of retail, including restaurants, shops and a grocery. Construction should start before the end of this year and 2010 is the expected date for the retail portion to be ready for business.

Daniel Lukas, one of Structured’s principals, attributed the change in plans to current market conditions. “The condos market is in the toilet. With the market’s sales velocity, we could be selling one to two units a month,” he was quoted in Crain’s.

The other Chicago real estate project that is replacing condo lofts with apartments is located on 2620 West Washington Boulevard. Bold Development LLC and LK Growth LLC plan to convert the six story building into 68 apartments and name the development Bold L&H Lofts after the first company that occupied the space. The previous developer who owned the building had planned to increase the height and add more condo units before selling to Bold and LK. There will also be 3,400 square feet of retail and indoor parking. The building may be eligible for landmark status, which would mean tax breaks for the developers who say they approached 60 lenders before securing financing. Occupancy is expected by spring.

From the number of new projects in the pipeline, the demand for Chicago Apartments must still be outpacing supply, at least for the moment.

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

August 19, 2008 – This past Saturday marked the topping off of the Trump Tower in Chicago. After three years of construction, 92 floors and 720 million pounds of concrete, the body of the high-rise is complete except for the spire, which will be added before the end of the year. Trump Tower now holds the title of largest concrete-reinforced building in North America.

McHugh Construction, the firm which built Trump Tower, used a piece of equipment called a Putzmeister 1400 to pump the equivalent of 20,000 truck loads of concrete up floor by floor, according to an article in the Tribune detailing the event. Without that pump, construction on the 92 floors would have taken much longer. Using so much concrete as opposed to steel not only reduced cost but also allowed for more windows and will help minimize wind effect on the tower. But even with that modern method, McHugh still followed the traditional ritual of hand lifting the last bucket of concrete to the top, complete with a flag. Following Saturday’s celebration, the crew will hold another one today for the managers and engineers, ahead of a formal ceremony planned for the end of next month.

With the structural construction wrapping up, Trump is now offering an additional 14 condos available for purchase at this Chicago real estate development. No word yet on price, but these new units are listed on the building website and have one bedroom, one and a half baths and are located between floors 72 and 85. There is some speculation that these new Chicago condos were actually the result of splitting up some of the two bedroom units that haven’t sold. In any case, these Chicago New Construction Condos may have a better chance of selling if the price is right.

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

August 18, 2008 – Two more Chicago real estate developments are advertising discounted prices now, one with no time limit and the other good until the end of next month. Helios Realty and Development has reduced the price on the units at the planned 2800 Lincoln. The $30,000 condo price reduction is probably a trade-off for changing the free parking to $35,000 deeded spaces.

While this building certainly can’t be called large by any means with its 9 Chicago condo units, it can be called unique in its elongated, almost elliptical design. Ground hasn’t broken yet, but the developer is optimistic that construction can hopefully start later next month with deliveries by the middle of next year. 2800 Lincoln expects to qualify for Gold LEED certification. There are still 6 condos available, from two bed and bath to three bed and bath, with prices ranging from the upper $400,000s to the high $700,000s.

The other development that is offering reduced prices is Marquette Village. RDM Development, the company behind such projects as Trio and 1400 Lake Shore Drive, is marking down their single family homes by as much as $10,000 to $40,000 depending on the plan. There are a total of 139 homes at Marquette Village. These homes have three bedrooms and two and a half baths, private space in back plus a two car garage. The reduced prices start at about $250,000 and go up to the $310,000s. You can take advantage of these prices until September 30th.

Buyers should be on the lookout for more reductions on Chicago Condos as developers try to clear out inventory before the end of the year.

[tags]Marquette Village, Chicago condos, Chicago real estate[/tags]

August 17, 2008 – Sales of new and re-sale single-family homes fell by more than 9 percent in July in the city of Chicago. Sales were off by more than 28 percent for the month when compared to the total seen in July 2006. According to data from the MLS, a total of 662 single-family homes were sold citywide in July, down from 730 homes sold during the same period last year.

The average sales price fell by more than 14 percent around the city in July. Homes sold for an average of $338,222 during the month, down from $393,989 in July 2007. The drop in prices was even more dramatic in neighborhoods south of downtown. The average sales price in these neighborhoods fell by just over 31 percent.

Buyers in neighborhoods north and west of downtown are also starting to see a lot more single-family homes priced under $250,000. A total of 74 homes were sold in that price range in July north and west of downtown, up from 33 units sold during the same month last year.

Falling prices for single-family homes in Chicago could have an adverse effect on prices of condominiums and lofts around the city. However, the market for Chicago Condos continued to show some resistance in July, with prices rising 5 percent.

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

August 16, 2008 – If you’ve taken a look at South Prairie Avenue recently you may have noticed that construction on One Museum Park West, the sister tower of One Museum Park, has reached the point where the base can be seen above ground now. The 53 story tower is a little over 70 percent sold, with about 88 Chicago condo units left for sale from the 298 total in the high-rise.

The towers at Central Station have historically sold well, and this one is no exception. There are still residences available on most floors though, so potential buyers still have a good selection in terms of both price and view. According to the sales associates, there are a number of two bedroom condos located on the lower levels of the tower. The prices on those units begin in the mid $500,000s. Three bedroom condos on most levels are priced from about $1 million and up. And if you want a bigger space, there is a three bedroom, 3,000 square foot suite that can be yours for $1.8 million.

The luxury condos in this Chicago real estate development have floor-to-ceiling windows, oversized living and dining rooms, imported Italian marble and custom cabinets. Buyers can also consult with interior designers on site. A fitness center, saunas, 24 hour doorman and concierge service are some of the building amenities residents will have access to at this development.

First deliveries at One Museum Park West are planned for late 2009. If you need a condo sooner than that, you can find Chicago Luxury Condos with more immediate occupancy available.

[tags]One Museum Park West, Chicago condos, Chicago real estate[/tags]

August 15, 2008 – Another Chicago real estate project that plans to begin closing on units this month is Library Tower. The grand opening is in fact scheduled for today, and developer Lennar still has a number of units available plus there are condos showing up on the secondary market as well. Units currently advertised on the developer site start at $371,900 for a 1,080 square foot one bedroom, one bath and from $421,900 for a 1,265 square foot two bedroom, two bath unit.

Library Tower is located on South State in Printers Row and takes its name from the Harold Washington Library situated across the street from the high-rise. The Metra Station isn’t far and Michigan Avenue as well as the Theater District are within walking distance of these Chicago condos. The 184 residences come with the standard finishes including a GE stainless steel appliance package, granite counter tops, hardwood flooring, separate tub and shower in the master baths, gas fireplace and balcony.

Building amenities at Library Tower include a 24 hour doorman, rooftop deck with grilling area, fitness center, business center and dry cleaning service plus additional retail. Deeded indoor heated parking is available.

Printers Row is a vibrant neighborhood, rich in history. The condos at Library Tower may be a good fit if you’ve always wanted to live in that area. There are also many other Chicago Neighborhoods that have some great deals on new construction homes right now.

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

August 14, 2008 – You might not find the fabled pot of gold at the end of the rainbow, but you can find reduced prices on the remaining condo lofts at Rainbo Village. The Kinetic Condos, located at 4814-4846 North Clark and previously marketed as Kinetic Lofts, are currently priced from $224,900 to $419,900. Back in the early part of this year those same lofts were priced from the $250,000s to the $460,000s. That adds up to about $30,000 to $50,000 in savings depending on the unit.

As anyone interested in this Chicago real estate development probably already knows, Rainbo Village was once a popular skating rink on the outskirts of Andersonville, hence the name of the lofts. The two 5 story low-rise buildings in this phase of the development hold 44 soft lofts each. Theses soft lofts, which are new construction units with traditional loft features, come in 15 different floor plans and one to two bedrooms. Ten foot high ceilings, hardwood flooring, track lighting, stone counter tops and whirlpool tubs are some of the features.

There have been some delays on the delivery of a few of these units, but the third phase of Metropolitan Development Enterprises’ project is still going forward and will consist of a mix of condos, townhomes and duplexes for a total of 127 units in all. And if you want to compare these units to some others on the market, you can check out the Chicago Condo Lofts page to see what else is out there.

[tags]Kinetic Condos, Chicago condos, Chicago real estate[/tags]

August 13, 2008 – After several months of proposals, changes and negotiations, it looks as though the building site on 541 West Cornelia Avenue may finally see some construction action. This 10,000 square foot site has been the focus of controversy for some time, with at least three different Chicago real estate developers purchasing the lot with plans of high-rise construction. The most recent proposal was for a 22 story tower from the latest land owner JDL Development. But firm resistance from local residents and the alderman to reduce the size of the project finally persuaded JDL to revamp the development and the Plan Commission is on track to approve a new proposal consisting of four 3 story tall townhomes.

Normally there wouldn’t be such an interest in this small of a parcel of land, but the main concerns centered on packing that much high-rise construction onto a smaller lot. The aldermen and residents felt that a tower with a high number of Chicago condos would bring too much density to the neighborhood, so the townhomes stood a much better chance of approval. The plan is to build them back to back, according to a press release in the Tribune. Two of the homes will face towards Cornelia and the other two towards Stratford Place. The only point left to resolve is reworking the design so that the townhome 3 car garages open towards the side of the development and not directly onto the street.

On the West Side, the second phase of a large housing project on the previous Rockwell Gardens site between Maplewood Ave and Artesian Ave and Adams and Van Buren Streets is ready to begin. Work on the 175 rental units will start in 2009. Of those, 115 will be apartments with 101 of those leased as affordable rent. There will be 60 units offered for sale. The apartments will have one to four bedrooms and a 2 acre park is also planned for the site. You can also find a good selection of Rent to own condos in Chicago right now in many neighborhoods.

[tags]541 West Cornelia, Chicago condos, Chicago real estate[/tags]

August 12, 2008 – Huron seems to be a popular name for Chicago real estate developments and two of the more prominent that come to mind are The Huron which is planned for the northeast corner of Huron and State Streets and 451 West Huron in River North. But while the names are similar, the projects have some distinct differences.

451 West Huron is 95 percent sold, with only 9 developer units not under contract. Those nine Chicago condos are all two bedroom layouts that range in size from 1,025 to 1,470 square feet. Prices on those condos run from the high $300,000s to the mid to upper $500,000s. The units in this 15 story building have the usual finishes and amenities like hardwood flooring, appliance package plus washer and dryer, 24 hour doorman and fitness center.

The Huron on the other hand hasn’t broken ground yet and is a much pricier development. This other River North high-rise is scheduled to break ground sometime this fall, provided that sales reach the 60 percent mark. Plans had been to start construction this past spring, but sales of the million dollar units haven’t climbed fast enough. At one point Tricia Fox, the sales agent for this project, said that 19 of the building’s 47 condos were spoken for but the last actual contract number released was only about half that many.

The Huron’s condos have Italian kitchen cabinets, marble baths, fireplaces, 3.5 inch plank hardwood flooring, an owner health club with pool and rooftop garden. The units still left for sale range in price from about $1.14 million for a three bedroom condo to about $4.7 million for a four bedroom unit. We’ll have to wait and see if those lofty prices prove to be too much compared to other Chicago Luxury Condos and end up keeping this development grounded.

[tags]451 West Huron, Chicago condos, Chicago real estate[/tags]