September 20, 2008 – Ground broke this past Thursday for Broadway 3030 in East Lake View. There seems to be as much if not more excitement over the new Dominick’s grocery store that will anchor this mixed-use Chicago real estate development as there is about the 53 Chicago condos that will be built. The Sun Times reported that local residents have been without a store since a fire in June of 2005 destroyed the previous one.

JFJ Development is giving Dominick’s plenty of space. At 42,000 square feet, the grocery will be over twice as big as the old one. A bank will round out the ground floor retail, then a parking floor will be next with three floors of condos on top of that. The new store is slated to be a Dominick’s Lifestyle store, which means it will stock your basic food items plus boast a pharmacy, Starbucks and take out meals. Many of the old employees are expected to return to work there as well.

The 53 residences on the top 3 floors of Broadway 3030 will have from one to three bedrooms and range in size from 887 to 3,039 square feet. Each unit has a terrace that the developer says averages 400 square feet. Snaidero Sintesi cabinets, Sub-Zero, Wolf and Bosch appliances, Kohler undermount sinks in the baths plus Toto and Grohe fixtures, 42 inch plasma television in the living room, red or white oak hardwood flooring and Frigidaire full-size front-loading washer and dryer are just a few of the finishes.

Prices run from the low $300,000s to about $1.28 million for these units. Dominick’s is scheduled to be completed first and ready for customers by early 2010 with the condos delivered a few months later. Broadway 3030 is fortunate to be one of the few projects to break ground this year. The list of Downtown Chicago Condos to do so has been pretty exclusive so far.

[tags]Broadway 3030, Chicago condos, Chicago real estate[/tags]

September 19, 2008 – If you’ve been considering buying a unit at Jazz on the Boulevard, Jackson Square at West End, Lake Park Crescent, Oakwood Shores, Parkside of Old Town, Park Boulevard, or Westhaven Park then now might be a good time to do it. The Partnership for New Communities is offering a $10,000 grant to the first 100 buyers of available residences in any of those Chicago real estate developments.

According to the Partnership website, there are no income restrictions in order to receive the $10,000. You do have to sign a contract to buy after September 1st of this year and you have to actually live in the home for 3 years. Chicago condos in those seven developments listed that will be built by December 31, 2008 and priced at $450,000 or under qualify for the incentive.

A quick run down of the developments shows a good mix of layouts and prices. Jazz on the Boulevard has both townhomes and condos with one to three bedrooms and priced from about $180,000 to the low $400,000s. Jackson Square has single family homes plus two to three bedroom condos that run from the low $200,000s to low $400,000s. The townhomes and condos at Oakwood Shores have two to three bedrooms and vary from the low $200,000s to high $300,000.

Westhaven Park has two to three bedroom condos for the mid to upper $200,000s while Lake Park Crescent has one to three bedroom townhomes that run from the $190,000s to mid $400,000s. And lastly, both Park Boulevard and Parkside of Old Town feature one to three bedroom condos with Boulevard running from the $160,000s to low $400,000s and Old Town at the mid $200,000s to mid $400,000s.

You may want to check out these developments fairly quickly if you’re interested because those first 100 buyers may be motivated. Incentives on Chicago New Construction Condos will often lure a potential buyer off the fence.

[tags]Partnership For New Communities, Chicago condos, Chicago real estate[/tags]

September 18, 2008 – Lincoln Park 2520 has been mentioned several times recently in profiles of the Lincoln Park neighborhood. This summer the city approved the demolition of the 12 story Cabrini Hall and 6 story parking garage on site and with the teardown, developer Ricker-Murphy also had to relocate their sales center and model to floor 39 of the Hancock Center. The original model was a multi-million dollar investment that showcased the views buyers would have from the condos.

Marketing for this Chicago real estate project has been ongoing since spring of 2007. The demolition will also add 1.25 acres to the project, which in turn will increase the size of the planned park. Designed by landscape architect Thomas Balsley, the park will be a combination of green space, a dog run, playground, fountain and ornamental glass and metal conservatory. Another benefit of the added space is the addition of 7 single family homes to the three tower complex mix.

The final Chicago condo count on this project should fall between 240 and 250 units, down from the original 325. Buyers who combined residences to create units as large as 5,000 square feet are responsible for the change in numbers. Prices of these luxury condos designed by Lucien Lagrange reflect the fact that Forbs named the area Chicago’s most expensive in 2007. The one bedroom units run from the $500,000s and $15 million will net you a 5 bedroom penthouse.

While you’re checking out the new model for Lincoln Park 2520, you might also want to take a look at the John Hancock Center Chicago Condos.

[tags]Lincoln Park 2520, Chicago condos, Chicago real estate[/tags]

September 17, 2008 – While the Waterview Tower and Shangri-La Hotel is floating its hopes on a $400 million dollar loan from the Export-Import Bank of China, another lien has been placed against the property. Ironically this time it’s the CEO of Teng and Associates, Ivan Dvorak, whose architectural firm is due almost $16 million in fees from the project according to an article in Crain’s.

As we mentioned previously, the $400 million construction loan hinges whether or not credit insurance can be obtained. Dvorak is both CEO of Teng and Waterview LLC, which is the company developing the project. In the article, the action was described as a normal, precautionary legal move and not a red flag. This isn’t the first lien against Waterview. Another contractor who supplied concrete for the 26 stories that are up on 111 West Wacker is owed more than $24 million. Some estimates put the amount of money that the Chicago real estate developer has already sank into Waterview at $190 million.

For some good news, sales at Baer Lofts have been progressing. Of the 16 Chicago condo loft units at this Bucktown development, only 6 are left for sale. Of those, there are three floor plans available. Two are one bedroom, one bath units, three are two bedroom, two bath and the final is a three bedroom, two bath residence. They range in size from 820 to 1,135 square feet with prices from the mid $200,000s to mid $500,000s. There is also a good selection of other Chicago Lofts for sale right now in other neighborhoods besides Bucktown.

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

September 16, 2008 – Things are looking a little cloudy for the planned tower dubbed Pure2.0 these days. There are several sources reporting that Sunrise Equities, the Chicago real estate developer behind the project, is in financial distress and no longer operating. We haven’t been able to make contact with any principals of the company yet, but sources claim that the company’s chief officers may have left the area. The Pure2.0 website says “coming soon,” but the site on the corner of Clarendon and Leland may remain empty if the speculation about Sunrise is true.

In more positive news, The 19 story East Lakeview tower that was proposed by Forman Realty Corp. back in February has gotten approval from the Chicago Plan Commission. The 79 Chicago condos will go up on 2950 North Sheridan Road only a block from Lake Michigan, which may be a big selling point for these units. The project was designed by Papageorge Haymes and is actually not far from some apartment complexes that Wirtz Corporation, parent company of Forman, is best known for building. That may explain why this project is slated to have nearly 200 parking spaces and only 79 condos. Some of those spaces may be dedicated to residents of their nearby rental units.

The condos in this new project will be one to three bedroom layouts and have from around 800 to 1,300 square feet of living space. Marketing hasn’t started yet and no price lists are available at the moment, but Forman plans to keep them competitive. The developer also believes that because it has been almost 30 years since any new condo buildings have gone up in that area, the project should be well received.

Before investing in any pre-construction project, it is always a good idea to check the track record of Condo Developers in Chicago. Past project success and satisfied customers are usually a good indication of stability, but be sure to do your research.

[tags]Pure2.0, Chicago condos, Chicago real estate[/tags]

September 15, 2008 – Lincoln Square will see a little more green along with the red and yellow of autumn with the grand opening of the 18 unit eco-friendly Fountain Square on September 27th. Terra Firma is the Chicago real estate developer behind this project, and the building has achieved LEED Silver certification. Residents should be moving in sometime along the last of October or the first of November.

From the beginning this project has been ecology-minded. They even managed to recycle over 95 percent of the materials salvaged from the building that was torn down on site to make way for Fountain View. Other green features in these Chicago condos include double hung Pella ProLine windows, Eco Wood bamboo flooring, bedroom carpets made from recycled materials, GE Energy Star appliances, dual-flush toilets and of course a green building roof.

At last count, there were still 13 units left for sale. Most were two bedroom, two bath residences that run from the low to mid $400,000s on up to the mid $500,000s. There are also a handful of three bedroom, two bath condos that range in price from the upper $400,000s to low $500,000s. Underground garage parking will cost an additional $30,000.

When condo shopping, don’t forget to check out some of the new low-rise developments in Lincoln Park and other Chicago Neighborhoods. You might just find the perfect home in a place you didn’t expect.

[tags]Fountain View, Chicago condos, Chicago real estate[/tags]

September 14, 2008 – Sales of new and resale condominiums plummeted in suburbs north of downtown Chicago in August.  According to data from the MLS, a total of just 131 units were sold around the North Shore during the month.  This is a 32 percent drop in sales in just one year, and nearly 50 percent below August 2006 sales totals.

The drop in demand was felt on both the high and low ends of the market.  A total of 64 condos were sold for less than $250,000 in August, down from 77 units sold in that price range a year ago.  Sales of condos priced higher than $500,000 were nearly cut in half during the month.  Just 10 condos in that price range were sold in August, down from 18 units sold last year.

Prices are starting to feel the effect of declining demand in the North Shore.  The average sales price slid nearly 7 percent to fall below $300,000 in August.  After reaching $315,194 in August 2007, the average sales price fell to $293,335 last year.  Sellers had to wait a lot longer to find a buyer in August.  The average turnover time for units sold during the month reached 161 days, up from 130 days a year ago.  This could mean even lower prices for Chicago Real Estate around the North Shore in the short term.

[tags] Chicago Real Estate, North Shore Chicago Condos, Chicago Condos For Sale [/tags]

September 13, 2008 – With the recent passage of the Housing and Economic Recovery Act of 2008, first-time home buyers who make a purchase by June 30, 2009 are eligible for a $7,500 tax credit. Now Prairie District Lofts is offering an incentive of a matching $7,500 off any unit. Buyers will also get to park for free until January of 2011 in a nearby rental lot.

The lofts, located on 1727 South Indiana Avenue, are the product of converting a 103 year old building into 116 Chicago condo lofts. Kargil Development calls this project one of the last true loft buildings in the neighborhood. More than 70 of the units are under contract, but there are still a nice group of one to three bedroom lofts available. Prices range from the low $200,000s on up to the low $500,000s. Traditional features like exposed timbers, brick and concrete, hardwood flooring, ceiling heights of 12 to 20 feet and fireplaces give the units credence as true lofts. There are some residences ready for move-in right now, and if you opt for upgrades it will take a bit longer.

One of the high profile Chicago real estate developments had another grand opening of sorts. The first run through of the Trump Tower’s spa was a success last week, judging from the reactions of those who took advantage of the invitation to attend. The 53 room ultra luxurious spa was given a thumbs ups by the 53 women, all professionals and executives, who were pampered. Crain’s quoted Kathy Posner, a civic activist, as saying that the service was incredible. Services at the spa include in-room treatments, separate spa treatment rooms, healthy mini-bars, fresh flowers, strawberries, caviar and Champaign.

So after a hard day of touring models of Chicago Condo Lofts, you can re-energize at the Trump Spa.

[tags]Prairie District Lofts, Chicago condos, Chicago real estate[/tags]

September 12, 2008 – Back in July, Chicago real estate developer Jaeger Equities was offering to pay as much as 6 months rent for buyers of their Grand Plaza units who were locked into a lease at another building. Now there is another incentive on the table, or rather their website, in that Jaeger is offering up to $150,000 back if you purchase a unit.

Like the rent offer, the amount of money you will actually get back is based on the price of the condo you buy. A $1.5 million penthouse purchase will net you that $150,000 while a one bedroom unit will have a significantly smaller return. The refund is dubbed a “personalization account” and Jaeger is of course encouraging buyers to use that money towards upgrades. Everything from heated floors to ripping out walls and rearranging floor plans is dangled in front of buyers.

There are 284 units in the building, and the last sales numbers put just over twenty of those left for sale. Standard features listed are maple cabinetry, GE appliances including range with warming drawer and refrigerator with bottom freezer drawer, double bowl sinks, soaking tub, fireplace in the duplexes and some one and two bedroom units plus wrap around sky decks on select Chicago condos. The building sports indoor parking plus 24 hour door staff. For work and play there are fitness, media and billiard rooms, library and cyber cafe as well as a track and basketball court.

Be on the look out for more incentives like those at the Grand Plaza and other Downtown Chicago Condos.

[tags]Grand Plaza, Chicago condos, Chicago real estate[/tags]

September 11, 2008 – The most recent high-rise to top off is the Mondial, and the 15 story River West tower reached that milestone last week. CITTA (which means city in Italian) Development expects to begin first deliveries late this year and complete construction in the first quarter of 2009.

The building’s 142 Chicago condos have floor plans with from one to four bedrooms, one to 3.5 baths, a balcony and 676 to 3,099 square feet. The bulk of those units are two bedroom, two bath condos with lofts (studios) and one bedroom units the next most numerous in this Chicago real estate development. Prices run anywhere from the mid $200,000s on up to the high $900,000s. LG appliances, Italian oak cabinetry, Grohe faucets and fixtures, large soaking tub and marble tiled baths are a few of the interior details. Building perks include a fully landscaped park plus a roof top deck and gathering room.

And for those of you following the progress at Kinzie Station, construction on the 39 story Echelon apartment tower is finished and work has already begun on the next two additions to the West Loop complex being developed by Fifield Cos. Designed by Pappageorge Haymes, the 41 story Alta and the 37 story Cirrus are slated to have about 420 units each, adding to the already growing number of Chicago Apartments that are being developed lately.

[tags]The Mondial, Chicago condos, Chicago real estate[/tags]