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.

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

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.

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

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.

[tags] Michigan Avenue Tower II, New Construction Chicago Condos, Chicago Real Estate [/tags]

September 27, 2008 – With all of the controversy and speculation surrounding Sunrise Equities and the apparent disappearance of the company’s founder, many may be wondering about the fate of Pure. The 13 story, 67 unit West Loop tower on 24 South Morgan was such a success for Sunrise in terms of sales that a second Chicago real estate development christened Pure2.0 was planned and approved for 4700 North Clarendon. But while Pure2.0 will probably never break ground, construction on Pure is nearly complete and deliveries on the Chicago condos there are expected to begin within the next month or two.

The two main features that have been hyped the most about Pure are the Pure Portal and the Skai Lounge. The Portal was aimed at the techno-savvy buyer who wants everything at their fingertips. With the Portal, a resident can have 24 hour access to neighborhood events, weather updates, traffic reports, restaurant menus and delivery service plus a personalized email account and building information.

The Skai Lounge is decked out with a top notch surround sound system, plasma televisions, a custom bar, plenty of furniture for seating and entertaining as well as a complete kitchen that can be used to cater events or parties.

The condos at Pure have from one to three bedrooms and vary on size from 679 to 1,969 square feet. Every unit comes with a balcony, bamboo flooring, Poggen Pohl cabinets and energy efficient appliances. Prices range anywhere from the mid $200,000s on up to the mid to upper $700,000s. Parking is an additional $35,000.

Despite the Pure’s developer problems, it looks as though it is still going to be on the short list of Chicago New Construction Condos that deliver this year.

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

September 26, 2008 – Construction has been progressing at Oakwood Shores, the neighborhood-sized Chicago real estate development going up on the South Side. The entire project will encompass 90 acres, 3,000 residential units, 300,000 square feet of retail and 200,000 square feet of arts and entertainment space. Phase I consists of 453 housing units, of which 323 apartments and 75 single family homes are already finished. Right now work on an additional 191 rental apartments is underway and half of those are expected to be done before the year is over, according to a Tribune report.

Current plans call for construction to start in the first quarter of 2009 on a mixed-use building that will house a 28,000 square foot medical center on the lower level and 48 apartment units on the upper floors. The entire project is estimated to come at a cost of $1.5 billion, which isn’t surprising when you consider that Granite Development, along with partners The Community Builders, MB Real Estate and Ujima, a nonprofit community group, are basically creating an entire neighborhood.

Another recognizable development that Granite has been a part of is Jazz on the Boulevard. Both Jazz and Oakwood Shores are eligible for the $10,000 grant that the Partnership for New Communities is offering to the next 100 buyers at certain qualifying developments in the area. The only stipulations are that the Chicago condo you buy is built by December 31st of this year, you sign a contract after September 1st, live in the home for 3 years and the cost falls within the price range of less than $450,000.

Oakwood Shores should be an interesting mix of residential and retail, work and play, when all the construction dust settles in a few years. As far as Cheap Chicago Condos go, you can usually find some competitive prices at large scale developments like Oakwood where you don’t have to sacrifice quality for affordability.

[tags]Oakwood Shores, Chicago condos, Chicago real estate[/tags]

September 25, 2008 – East Pilson could see some major new construction as early as the middle of next year if all goes according to plan for Chicago real estate developer R.M. Chin & Associates. A 5.5 acre lot centered around Desplains and Ruble, 20th Street and Jefferson that has sat empty for 20 years could be home to Renaissance Village, a mix of 446 rental and for sale Chicago condo units along with a park and retail space, according to the Chicago Journal.

Raymond Chin, president of the development company, plans to offer 21 percent of the residences as affordable units, both in terms of sales prices and rents. The Chicago Plan Commission unanimously approved the project this month, and the zoning was changed from manufacturing to mixed-use. Local residents have been supportive, unlike with previous large projects there. This is probably due to the affordable housing factor. The median income of the neighborhood is roughly $75,000 and the affordable units will be priced at 60 to 90 percent of that.

The current plan Chin hopes to follow is to begin marketing the units and lock in a construction loan. If he can do that, the next goal is to break ground in mid 2009 on two eight story low-rises that will contain 112 units. With the enormous strain on the housing market, many developers have starting including more affordable housing in their projects. This usually speeds up the approval process and also helps with sales. Additionally, projects like Renaissance Village can do a lot to revitalize Chicago Neighborhoods.

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

September 24, 2008 – A San Antonio based developer is in the process of building a new 29 story apartment tower on 161 West Kinzie in River North. Lynd Development Partners began construction on the project last month and the high-rise, named EnV, is scheduled for completion in early 2010 according to a press release in GlobeSt.

EnV will have 249 apartments available for lease with the average size around 900 square feet. The apartments at EnV will range from studios to penthouse suites with rents running from about $1,500 to $4,800 per month. According to the article, there will also be 129 parking spaces and 27,000 square feet of office and retail space in the 300,000 square foot tower.

Building amenities at EnV will include a fitness center, dog run, roof top pool and deck, lounge with movie room, kitchen, coffee bar and Internet cafe. Residents will also be able to access a virtual service called V-Connect where they can set security preferences, pay rent or use the concierge service. EnV’s goal is to offer a boutique-style building and services to renters. You can compare this project to other Chicago Apartments and see how it stacks up.

And for the football fans, Trump Tower’s most famous new resident is Chicago Bear’s second string quarterback Rex Grossman. He was the QB when the Bears made it to the 2007 Super Bowl. The Chicago condo he purchased is a 3,437 square foot, two bedroom, four bath unit with a den, large media room and two parking spaces, according to Crain’s. The price tag for this condo was $2.68 million, but the free advertisement this sale generates may be worth more than that for Trump. Crain’s puts the number of condo closings at this Chicago real estate development at around 20 since the first of August.

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

September 23, 2008 – Another tower that has recently topped off is 1555 Wabash. The South Loop high-rise from Chicago real estate developer New West Realty has 176 units that are expected to be ready for first move-ins by late November or early December. At last count, the building was around 70 percent sold, so there should still be a decent selection of residences left if you’re interested.

The Chicago condos in this 14 story tower have one to three bedrooms and baths and range in size from 767 to 1,376 square feet. Each unit comes with either a balcony or terrace to take advantage of the much advertised lake and city views from this development. Interior details include 10 foot ceiling heights, the expected hardwood flooring, granite countertops and stainless steel appliance package. Several of the floor plans also have a tech center worked in, which is a nice perk for anyone who does any kind of work from home. The building has a fitness center and landscaped terrace plus about 5,000 square feet of ground floor retail.

The prices of these Chicago condos are very competitive for the South Loop, starting in the $200,000s. Deeded indoor parking is an additional $33,000. From the current listings, there seems to be mostly two bedroom, two bath condos for sale right now that run from $298,000 to the mid $300,000s. The one bedroom, one bath units that are left are mostly priced from the mid to upper $200,000s.

You may want to check out the topped out 1555 Wabash if the emerging “SoLo” neighborhood suits your lifestyle. There will probably be more incentives on nearly All Condos for Sale in Chicago as the year winds down.

[tags]1555 Wabash, Chicago condos, Chicago real estate[/tags]

September 22, 2008 – In what some are calling an unusual move, Donald Trump is attempting to sell the 83,000 square feet of retail in the Trump Tower. So far, no retail tenants have signed on to the development, although Trump states in a Crain’s article that he is in the midst of talks with seven possible renters for the space. Trump’s original plans were for the lower four stories to house roughly 20 high-end boutique shops, preferably clothing or jewelry and restaurants. But according to the terms of sale, buyers for the retail space would have the option of renovating it however they wanted and opting for something larger, such as a grocery.

That’s the sticking point that seems out of character for the image of the 92 story luxury high-rise. Some are speculating that the sluggish Chicago condo market has prompted Trump to look for ways to generate some immediate income, although he denies this. “We’re just looking to see whether or not there’s value there. I think it’s unlikely I’ll do it. . . . If the right price came along, it’s something we’d consider,” he was quoted as saying in Crain’s today.

That asking price is said to be in the neighborhood of $115 to $130 million. The construction loan for this Chicago real estate project was about $640 million, and total sales of the hotel condos and residential units have seemed to stall around the 70-75 percent mark for some time. The building recently topped off, and an official ceremony is supposed to be held sometime this month. But Trump has been facing some stiff competition from flippers and investors who are selling units in the building, often at lower prices.

It will be interesting to see who, if anyone, buys the lower floors at Trump and what retail eventually moves in. People who purchase Chicago Luxury Condos generally have an idea what the ground floor retail will be, but in Trump’s case it may be a surprise.

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

September 21, 2008 – The market for new and re-sale condos and lofts in the Chicago Loop has been bucking the trend of lower sales plaguing many other areas of the city for the past few months.  However, slow August sales brought developers and condo owners in the Loop back to reality.

According to MLS sales data for August, a total of just 53 new and re-sale condo were bought in the Loop during the month, a 67 percent drop in sales from the same period a year ago.  Sales in August 2007 had soared to 161 condos sold, up from 96 condos sold in August 2006.   Those buyers still on the market were focusing on the most expensive units during the month.  A total of 8 condos, or nearly 15 percent of all units sold in August, were priced at more than $1 million.  Last year, just 3 of the 161 units sold during the month were priced at more than $1 million.

The focus on more expensive units during the month helped the average sales price skyrocket to a new high.  Prices hit an average of $600,592 in the Loop, more than three-times the citywide average of $185,547.  This was nearly a 30 percent increase in the average sales price from the same period last year.

With so many new Chicago Condos coming on the market around the Loop, particularly the more affordable developments designed with first-time buyers in mind, developers could be facing a difficult market over the next few months around the Loop.

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