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.

Technorati Tags: Trump Tower, Chicago condos, Chicago real estate

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.

Technorati Tags: CA23, Chicago condos, Chicago real estate

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.

Technorati Tags: The Columbian, Chicago condos, Chicago real estate