September 30, 2008 - Shelbourne Development did what many thought couldn’t be done in today’s Chicago real estate market; sell the penthouse unit at the Chicago Spire. The Tribune is reporting that billionaire Ty Warner, CEO of Oak Brook’s Ty Inc. Beanie Babies, is the buyer. Shelbourne isn’t disclosing exactly how much the luxury condo sold for, but the original price was $40 million.

The penthouse is slated to be a 10,293 square foot duplex that will be located on floors 141 and 142 and have its own private elevator up from the ground floor. Four states are supposed to be visible from the 360 degree views from this unit.

In the interview with Pat Curry of WGN Channel 9, Kim Metcalfe of Shelbourne Development stated that over 30 percent of the 1,194 Chicago condos at the Spire are under contract and that sales are still being made. She also confirmed that construction on the foundation is complete and above ground work on the 2,000 foot tower will commence as soon as the market and economy improves. The current timetable is for the high-rise to be finished in 2012.

If this sale does indeed go through, it not only is a major coup for the Spire but may also give a morale boost to the Chicago Luxury Condos market. Standard and Poor’s latest report finds that single-family home prices fell a record 16.35 percent in July, down from the previous year. Chicago performed better than the national average though, with a 10 percent drop from July 2007 to July 2008.

Technorati Tags: Chicago Spire, Chicago condos, Chicago real estate

September 29, 2008 - ParkView Condominiums, previously known as ParkView West, began making deliveries this summer, but the finishing touches were still being put on the two acre park that sits on top of the parking garage. Landscape workers have been busy planting through the first part of this month and the project was even singled out in a recent Tribune feature about the growing popularity of green construction.

The 47 story East River high-rise from Chicago real estate developer MCL Companies has garnered a lot of praise and also a bit of debate about its design. Placing parking below ground allowed the tower to blend in better at street level. The rows of yellow balconies that the architects from Solomon Cordwell Buenz used to add some color to the project received a mixed bag of reviews though.

The Chicago condos at ParkView come with one to three bedrooms and offers views of the park, city skyline and lake or river. The views, along with the yellow balconies, must have done the trick because the building is more than 80 percent sold. Prices on the units range anywhere from the high $300,000s for the one bedrooms, low $500,000s and up for the two bedroom units and the three bedroom condos start in the mid $800,000s. A parking space will add roughly another $60,0000 to that. ParkView serves up all the luxury finishes like KitchenAid appliances, whirlpool tubs in the master baths, 24 hour doorman, dry cleaners, fitness room, theater room and plenty of other building perks.

ParkView Condominiums made it onto the short list of Chicago Condos that delivered this year and had pretty decent sales figures, so that in itself is an accomplishment.

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September 28, 2008 - The first deliveries have come and gone at Michigan Avenue Tower II. As the first residents move into this 28-story tower at 1400 S Michigan Ave, buyers continue see some great deals on remaining condos.

One condo that has seen a drop in the asking price is unit #1507. This one-bedroom and one-bath condo has a total of 751 square feet of living space. Even though this unit has been on the market for less than a month, the motivated seller has already dropped the price from $285,000 to $274,900. Monthly assessments are $285.

Buyers looking for a large floor plan can also take advantage of significant discounts on a four-bedroom and three-bath condo in this new construction development. Unit #1203 has more than 2,100 square feet of living space, and features unobstructed lake and city views. Originally priced at $816,000, this condominium is now listed at $753,383 after five months on the market. Assessments on this unit are $704.

The developer, Chicago-based Frankel and Giles, has been offering a luxury upgrade package to buyers since June. Building amenities include attached parking in the heated garage, a pool, fitness center, and round-the-clock security. The development is one of many New Construction Chicago Condos coming to the market in 2008.

Technorati Tags: Michigan Avenue Tower II, New Construction Chicago Condos, Chicago Real Estate