October 31, 2008 – With Halloween at hand you naturally think of frightening things, and what’s more scary to most adults than high taxes, namely property taxes? Motor Row Lofts can officially chase away that fear now because after a long wait the development did qualify for the Illinois Property Tax Assessment Freeze Program. That means that for the next eight years, buyers will have the taxes on their new Chicago condo loft at Motor Row remain at the reduced amount. Also they can qualify for another three years of partial freezes at the development.

This can translate into some big savings over the next decade for buyers, according to the chart on the project website. Taxes on a $234,900 unit would normally be $4,698. With the freeze, taxes would only be $766 which is a savings of $3,932. For a $659,000 unit, taxes before the freeze would be $13,180 and after would only be $2,075 for a savings of $11,105.

Motor Row Development, the Chicago real estate company behind this project, also just began offering interested buyers $30,000 off in the form of a coupon. There are just over two dozen units left, so if you want to lock in the current discount and the tax freeze, you might want to visit the sales center this weekend for no tricks but treats. You can also check out other Chicago Condo Lofts and compare pricing.

Those of you planning to watch the spire go up on the Trump Tower this weekend are going to have to wait. The Tribune reports that the helicopter lifting of the spire has been delayed for the second time. It had been supposed to go up last weekend, was then postponed until this weekend and now is rescheduled hopefully for November 15th and 16th. The city is concerned about the safety of the operation and some issues will have to be resolved before they allow the spire to be lifted and set.

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

October 30, 2008 – If having a professional interior designer plus $30,000 to spend on furniture for a new Chicago condo is on your dream list, then CA23 may be the answer. The Brixton Group, the Chicago real estate developer behind the project, is offering the services of Matt Lorenz along with a $30,000 purse to be used for his fees, furniture and finishes for the condos, according to Mary Umberger in the Tribune.

Matt Lorenz is the 2007 winner of Bravo’s reality television show Top Design. The promotional offer gives buyers who make a purchase by the end of January 2009 the chance to consult with Lorenz and use the $30,000 to cover his services and pay for furnishings.

CA23 is currently under construction on 23 North Aberdeen Street. The project consists of two mid-rise buildings with 48 full-floor condos. Construction on phase one should wrap up by the end of the year and first deliveries are expected to begin in December. If all goes according to plan, phase two should break ground in February of 2009.

The condos vary in size from two to four bedrooms and 1,900 to 2,000 square feet. Prices range from the mid $600,000s to about $1.6 million.

Developers may keep coming up with some creative incentives to boost sales of Pre Construction Condos in Chicago so check back with us often for the latest deals.

[tags]CA23, Chicago condos, Chicago real estate[/tags]

October 29, 2008 – For those of you who are in the market for a new home for both you and your car before winter really sets in, The Columbian on 1160 South Michigan is still throwing in a free parking space with the purchase of a two bedroom condo. Earlier in the year we told you about this offer, which then only applied to a select few units at the time, but now you can park for free no matter which two bedroom condo you purchase.

The Columbian is divided into three types of floor plans. The Boulevard condos are located seven per floor on floors 9 through 32. There are five Tower homes per floor on levels 33 through 39. There are three Penthouse homes per floor on floors 40 through 44 and only two units per floor on levels 45 and 46. The upper level homes come with three 24 foot terraces for some great views of the city, Grant Park and lake.

This 46 story building started first closings back in mid 2007 and at the time it was about 70 percent sold. There are still quite a few Chicago condos for sale from both the developer and flippers or investors, and it took about a year from the time of first closings to first foreclosures in the tower. Those who bought a unit in this Chicago real estate project hoping to turn a quick profit were derailed by the market slump. Currently, the two bedroom condos coupled with the free parking space from the developer are about 1,230 to 1,800 square feet and vary in price from the mid $400,000s to as much as $1 million. The parking space is valued at $42,000.

We may see more end-of-the-year discounts and incentives as developers try to sell out remaining inventory in Chicago New Construction Condos.

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

October 28, 2008 – Hyde Park could be the site of another distinctive building from developer Antheus Capital LLC and designed by architect Jeanne Gang, who is probably best known for Solstice on the Park. Antheus purchased the 2.5 acre site some time ago with the intention of constructing 150 Chicago condos plus retail and office space in a 22 story high-rise along with a mid rise. The only possible hold up, pending city approval of the project, is that the 5101 South Harper site is currently occupied by the Village Center mall and the Village Foods grocery story has refused to sell out their lease, according to a Sun Times article.

The Village Center mall has been at that location since the 1960s and Hyde Park has been one neighborhood that hasn’t seen the same construction boom that other areas have. The article stated that Antheus is the largest property owner in the neighborhood, behind the U of C and that the company is financially able to fund construction projects even when other Chicago real estate developers are having a difficult time obtaining funding.

The proposed project includes the 22 story high-rise plus a mid rise building that will be joined by parking space for more than 500 cars as well as 116,000 square feet of retail and potential office space. The 150 condos would be situated in the high-rise, and one unique feature will be sunscreens on the windows that residents will be able to open or close themselves, giving the building a constantly changing surface appearance.

Hyde Park residents have been supportive of the proposal, and if the zoning change is approved then the ball will be rolling for final approval for demolition of the mall and construction of the new development. The project would have to be put up in stages if Village Foods sticks to its resolve to ride out their lease, but Antheus isn’t deterred by that. If a developer has the support of residents of one of the Chicago Neighborhoods where he intends to build, it’s a win-win for both sides.

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

October 27, 2008 – The Marquee had been offering to let buyers “live for free all summer” at the 1464 South Michigan Avenue address and it looks as though a similar incentive is on the table now. Chicago real estate developer Sedgwick Properties is encouraging potential buyers to purchase one of the remaining units at the Marquee, move in now and get settled for the holidays and delay closing costs until 2009.

If that deal sounds appealing to you, there are several Chicago condos in this tower that the developer still has for sale. One of those is a two bedroom, two bath unit priced at $339,900 that is having an open house tomorrow the 28th from 11:00 am to 1:00 pm. This condo is advertised as having a large terrace that showcases both lake and city views, 10 foot high ceilings, a custom interior paint job, hardwood flooring, marble baths and gourmet kitchen.

The Marquee has the expected luxury building amenities including 24 hour doorman, fitness center, movie room and is pet-friendly with a dog run. Cats are also allowed. Parking in the garage will add another $35,000 to the price tag.

The Terrazio is another Sedgwick tower under construction on 1935 South Wabash. You can find out more about that project and many other Chicago Condos available right now, although the Marquee may be the only project to offer free living until next year.

[tags]Marquee Michigan Avenue, Chicago condos, Chicago real estate[/tags]

October 26, 2008 – Sales of Chicago Condos fell 30 percent during the third quarter, with 4,217 units sold during the quarter.  However, four Chicago neighborhoods bucked the trend during the quarter, posting higher sales.

The Near South Side was the star of the real estate market in the city during the third quarter.  The neighborhood enjoyed its second strongest third quarter in 18 years.  A total of 302 condos were sold during the quarter on the Near South Side, up 9 percent from the 276 units sold during the same period last year.  Prices in the neighborhood soared 29 percent to their highest point ever.  The average sales price reached $526,377 during the third quarter.

Condo owners and developers in East Garfield Park breathed a collective sigh of relief as sales recovered slightly during the third quarter.  Last sales plunged from 32 units sold during the third quarter 2006 to just 9 units sold during the same period in 2007.  Sales increased slightly this year, with 10 condos sold during the third quarter.  The average sales price fell by 1 percent during the quarter to $216,406.

Two smaller markets also enjoyed an increase in sales during the third quarter.  A total of 4 condominiums were sold in both Forest Glen and Beverly during the quarter, up from 3 units sold during the same period last year.

[tags] Chicago Condos, Near South Side Chicago, Chicago Real Estate, East Garfield Park Condos [/tags]

October 25, 2008 – A couple of weeks ago we wrote about Chicago real estate developer Centrum Properties deciding to scrap plans for the St. Clair and sell the building site to David Hovey of Optima fame. It now looks as though Centrum is pushing to sell out the remaining units in the Fairbanks, the one tower they did finish in their Cityfront Plaza project.

The Fairbanks is located on East Illinois Street in Streeterville and Centrum is advertising about a dozen one, two and three bedroom Chicago condos in the building at what they are calling the best pricing right now. The high-rise has four different types of residences from lower to upper floors; loft units, terrace homes, condos and penthouse units.

The one bedroom units seem to be the most listed, some with one bath and a few with 1.5 baths. Square footage varies from about 874 to 1,071 with prices starting in the $390,000s on up to the lower $500,000s. There are a few two bedroom, two bath condos that size up from 1,293 to 1,529 square feet and range in price from the mid $500,000s to as much as the upper $800,000s. And finally there looks to be a three bedroom, two bath with 1,673 square feet for $1.07 million and a three bedroom, three bath condo at 1,917 square feet for $1.09 million. Parking is extra, and will set you back another $55,000 to $65,000.

All of the condos have high-end finishes like stainless steel appliances, home media centers and granite counter tops. The building has a 24 hour doorman, concierge service and fitness, business centers plus theater room.

If none of the closeout units at the Fairbanks suit your needs, you can find plenty of other Chicago Condos in Streeterville that might.

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

October 24, 2008 – For some time now R+D659 has been offering new buyers a 1.5 % below market rate mortgage discount if their preferred lender, National City Mortgage, is used to finance the purchase. That offer is still in effect, and with construction work on the building nearly finished, Chicago real estate developer Mesirow Financial expects the first residents to be able to move into these West Loop high-rise Chicago condos by early to mid December.

Moving on to the Pilson area, Belgravia Group is advertising a model grand opening for Union Row Townhomes on the weekend of November 1st and 2nd, from 1pm to 4pm. The event is being called “spooktacular” in honor of the upcoming fall holiday of course, and anyone who drops in and takes a tour will get their own treats in the form of samples from local restaurants and shops.

Union Row Townhomes are a collection of 35 townhomes located near the University Village neighborhood. The homes are about 70 percent sold, so there are still a few units available for purchase. The homes are four story residences that range in size from 2,275 to almost 3,000 square feet. Prices vary from the middle $500,000s to the low $700,000s.

You can browse other Townhouses in Chicago besides Union Row and maybe find the perfect one for you.

[tags]R+D659, Chicago condos, Chicago real estate[/tags]

October 23, 2008 – Aside from the current pain homeowners are feeling in connection with foreclosures, the credit crunch and market slump, there are those who also experience problems with building quality and defects in their new condos. One such case that was highlighted in the Sun Times is the recent leakage issues that residents of Museum Park Place are having. Well-known and respected Chicago real estate developer Enterprise Companies put up the 23 story high-rise in the sprawling Central Station community.

The article states that residents of this tower have been dealing with water leaking through not only the roof and walls but basement as well and charge that Enterprise Cos. skimped on quality to cut construction costs on the building. They also claim that the developer isn’t doing enough to remedy the problems and that they may have to pay extra assessments to cover repairs. Some residents even went as far as picketing in front of the developer’s sales office last weekend to get their point across.

Ron Shipka Sr. of Enterprise contends that his company is working with the condo board and is nearing an agreement to fix the problem. “Everyone in that building has the right to expect that the skin on the building doesn’t leak. But to jump off the deep end and say we’re doing nothing about it, that’s just not true,” he was quoted in the Sun Times as saying.

Museum Park Place is located on 1841 South Calumet and work on its nearby twin Museum Park Place South is progressing rapidly. The two towers will be visually the same, with the second tower being a bit taller at 29 stories. Deliveries on the 276 Chicago condos in that high-rise are expected for mid to late 2009.

Occasionally even luxury condos will come with problems, so potential buyers should be aware of their rights before buying. The trend towards Rent to own condos in Chicago may be growing and renting may be a more cost effective move for a lot of people right now.

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

October 22, 2008 – The number of liens being filed against Shelbourne Development, the developer of the Chicago Spire has now gone from two to five, with two of the most recent being filed by Chicago Spire LLC and Shelbourne Lakeshore Ltd., which are both owned by Garrett Kelleher of Shelbourne Development. Crain’s reports this morning that the two liens were filed by Kelleher on October 10th and total $17.5 million for unpaid construction work and design management for the planned high-rise.

Earlier this month head architect Santiago Calatrava and firm Perkins and Will filed suits against the project. Another contractor, Lorig Construction, has filed a mechanic’s lien for $512,386 it claims it is still owed for the more than $3.5 million worth of work performed to build access ramps to Lake Shore Drive for the project.

In the Crain’s article, the two liens were called an “inter-company accounting move” by a Shelbourne spokeswoman. She also went on to say that the amount of the two liens was only a small portion of what Garrett Kelleher has personally invested in this mega Chicago real estate project.

All three of the other outside liens are supposedly going to try to be settled by mediation as there is some dispute as to whether or not Shelbourne agrees with the $11.34 million that Calatrava claims he is owed.

Underground utility work is expected to continue on the Spire, but structural work is said to be on hold until the market becomes more stable. 2011 is still being touted as the completion date for the 150 story, nearly 1,200 Chicago condo unit tower. Things had been looking up for the project, especially with the news that the once-priced $40 million two-floor penthouse suite sold. The Spire may very well still be built, but possibly not anytime soon. If and when it does, it will set a new bar for Chicago Luxury Condos.

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