October 21, 2008 – Chicago real estate developer Belgravia Group has been presented with a Gold Key award for Best Overall Community in 2008 from the Home Builders Association of Greater Chicago for their Hartland Park Townhomes development. The award was given out on October 3rd. Everything from design, architecture, comfort, streetscapes and how the development blended with the Lincoln Park community were noted as deciding factors when choosing the award winner for this year.

Hartland Park is a blend of townhomes, single-family homes plus a half acre landscaped park. The townhomes look as though they’ve always been there, with their classic architectural design, brick facades, arched main entrances and rooftop balconies. The residences range in size from about 2,600 to more than 5,000 square feet and include a yard and patio, two car attached garage and optional personal elevators. Floor plans come in three to five bedroom layouts. GE Profile Stainless Steel appliances in the kitchen, Kohler Luxury Steeping Tub in the master bath, gas ventless fireplace with a marble hearth and wood mantle in the living room plus a skylight on the fourth floor are just a few of the luxury finishes.

The new streets and sidewalks at Hartland Park connect to the neighborhood and all it has to offer, like access to four local groceries, retailers such as Old Navy, coffee from the Chicago Bean Authority and something a little stronger at Charlie’s Ale House.

There are about a half dozen townhomes still for sale and ready for move-in. The prices start at around the $890,000 mark. You can compare Hartland Park with other Townhouses in Chicago and see how they measure up.

[tags]Hartland Park Townhomes, Chicago condos, Chicago real estate[/tags]

October 20, 2008 – After much talk about putting the four floors of retail comprising more than 80,000 square feet of space up for sale at the Trump Tower, Eric Trump now says they are no longer considering it. The younger Trump is VP of the company’s acquisition and development department and was recently quoted in a Globe St. article as saying that while they did receive several offers, they have decided to keep the retail space. “We have a couple small tenants signed, and we’re in talks with several anchor tenants,” he went on to say, although he didn’t have an exact time frame for any of the stores to open.

Eric Trump also confirmed that the last 25 percent of the 486 Chicago condos in the high-rise have been tough to market and credits a combination of timing, location and luxury amenities such as the 20,000 square foot fitness center and 53 spa guest rooms as big selling points for the other 75 percent under contract. The restaurant, Sixteen, has been such a hit that Trump claims it is booked ahead for over a month.

Trump Tower will be able to hang onto the title of tallest residential building for a while longer, at least as long as the Spire is on hold. The Ireland-based Sunday Business Post had a few comments from a Shelbourne Development representative regarding the liens filed against the project. Both architect Santiago Calatrava and firm Perkins and Will have filed suits, which Shelbourne plans to dispute. The developer is still upbeat about the mega Chicago real estate project though and hopes to resolve the suits and resume construction once the markets improve. The spokesperson echoed that sentiment. “We hope that when we have completed the mediation process, and we see a recovery in the market, that we can all get back to working together on the Spire.”

There are far fewer Downtown Chicago Condos being planned for next year, according to Appraisal Research Counselors. That trend will probably hold true until the markets do improve.

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

October 19, 2008 – Sales of new and resale condominiums in the Loop plunged during the third quarter.  According to data from the MLS, sales in the Loop were off more than 61 percent from the same period last year.  Other areas of the downtown Chicago condo market also saw a decline in sales during the period.  Sales on the Near North Side were down by 28.4 percent from the same period last year.

A total of just 177 condos were sold in the Loop during the third quarter, down from 461 units sold during the same period in 2007.  However, it was the low end of the market that suffered the most during the quarter.  A total of 37 condos were sold for less than $250,000 in the Loop during the third quarter, down from 64 units sold during the same period last year in that price range.  The drop in demand for the most affordable units was felt even more on the Near North Side.  Just 120 condominiums were sold for less than $250,000 during the third quarter, down from 304 units sold in the neighborhood a year ago.

Demand for the most expensive condominiums was up by more than 40 percent in the Loop, with 23 units sold for more than $1 million during the quarter.  Sales were off by just over 20 percent for units priced at over $1 million on the Near North Side.  This helped keep prices in positive territory during the quarter.  The average sales price for Chicago Condos sold in the Loop during the third quarter was up 14 percent, while prices inched up just 2.7 percent on the Near North Side.

[tags] Chicago Condos For Sale, Downtown Chicago Condos, Chicago Real Estate [/tags]

October 18, 2008 – It seems as though the current economic turmoil and housing market slump aren’t the only difficulties that Shelbourne Development’s Chicago Spire is facing. Project spokespersons had already acknowledged that work would be suspended until the market improved, although utility work would continue, and the sale of the penthouse suite last month seemed to be a boost. But now architect Santiago Calatrava and architectural company Perkins and Will have filed liens against the developer for unpaid fees, according to Crain’s.

Calatrava says he is no longer working on the Spire project and the amount he claims he is owed by Shelbourne is $11.34 million. Perkins and Will claim another $4.85 million. A spokesperson for Shelbourne was quoted in the article as saying they will dispute the liens on the grounds that the $11.34 million isn’t a correct figure for the work Calatrava did.

Crain’s reports that another $15 million was borrowed by Shelbourne Development last month from the Anglo Irish Bank, but that money wasn’t earmarked for architect’s fees. A total of $69.5 million has been borrowed so far from that bank. Costs for the entire 150 floor skyscraper are estimated to be in the $2 billion range. The article goes on to say that 395 of the 1,194 Chicago condos in the Spire are under contract, which is more than many doubters believed would sell.

This isn’t the first time liens have been placed against a Chicago real estate development and it isn’t necessarily a sign that the project is sinking. Many Condo Developers in Chicago are facing tough obstacles right now, including slow sales and hard to get construction financing. Only time will tell if the Spire gets off the ground.

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

October 17, 2008 – There has been a great deal of speculation as to whether or not Smithfield Properties SoNo tower will stand alone on Blackhawk Street. The original plans were for this to be a two tower project, but so far condo sales for the recently topped off 27 story SoNo have languished in the 55 to 60 percent range. The first deliveries on the 275 Chicago condos that are under contract in this Lincoln Park high-rise are scheduled to start in early November.

SoNo’s condos come in one to three bedroom layouts and the prices run anywhere from the $290,000s to $590,000s. According to the sales staff, there are units available in basically every floor plan and a new sales center plus models inside the building will soon be ready for customers.

With just a couple more days left of the Coldwell Banker 10 day, 10 percent off sales promotional event, another prominent Chicago tower has two townhomes available for the discounted price. The Fordham on 25 East Superior Street has listed one 3 bedroom, 2.5 bath townhome for $2.25 million along with one 3 bedroom, 3 bath townhome for $995,000. The multi-level residences have Thermador and Subzero kitchen appliances, wrap-around windows, large balconies, crown molding, fire place, full floor master suite and wine cellar. The building amenities include 24 hour doorman, pool, spa, theater room, fitness room and more.

Even with plenty of incentives and promotions, economics may take a bite out of buyer’s appetites for Chicago Luxury Condos.

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

October 16, 2008 – The prospect of yet another high-rise construction project on the Near North Side has prompted both concern and approval among neighborhood residents. LG Development Group plans to build a 28 story tower on 111 West Chestnut Street and the proposal is up for review by the Plan Commission today, according to the Chicago Journal.

It seems that more than a few residents aren’t happy with the thought of more construction in the area, even though the site in question has been empty for several years after two previously failed developments. Other high profile and high floor count Chicago real estate projects in the neighborhood such as 50 East Chestnut and the Elysian Hotel have changed the landscape, and many residents aren’t in favor of another tower. They also argue that the new building would cause Washington Square Park to be shadowed. But there are also locals who favor the development, saying that while a park or smaller project would be better, this is an improvement over the current state of the parcel of land.

The new 111 high-rise will have only two residences per floor, similar to 50 E Chestnut’s 34 single floor Chicago condos. The total number of units at 111 would be 59 along with 83 parking spaces located mostly above ground, according to the Journal. The developer also intends to green up the strip between the tower and alley with trees and plantings, plus have a green landscaped roof. Another benefit of the 111 building would be the $1.6 million it would contribute to the Adopt a Landmark program and the $2.5 million for the Affordable Housing Opportunity.

If 111 makes it through the Plan Commission, it still has to be zoned and approved by the city. Even then, enough pre-sales will have to made before construction can begin. Chances are that there will be far fewer Pre Construction Condos in Chicago next year.

[tags]Near North Side development, Chicago condos, Chicago real estate[/tags]

October 15, 2008 – Chicago real estate developer Ray Chin now has a green light from the city to go ahead with plans for a large 446 unit project on 1930 South Jefferson. The zoning had to be changed from industrial use and the project has gotten the support of both the community and the Eighteenth Street Development Corporation who will assist in finding buyers for the units, according to an article in the Sun Times.

Chin plans to spread the 446 residences between two mid-rise buildings. The project won’t contain all Chicago condos though. About a third of the units will be rental apartments and roughly 21 percent of the homes will be offered at affordable prices. The site, which sits between Pilson and Chinatown on the Near South Side, has been empty for several years. The two towers would be located to the east of the Dan Ryan Expressway, according to the article. Along with the residential portion, Chin plans to have 40,000 square feet of retail space and a park area.

Chin has yet to secure financing, but the rental portion of the project might make it easier to get a loan. He ideally would like to begin construction in the second half of 2009. Developments with affordable components and rental units are usually welcome additions to Chicago Neighborhoods like Pilson.

In other news, the list of casualties resulting from Chicago real estate developer Sunrise Equities and its missing CEO Salman Ibrahim continues to grow. Castleroc Estates, the Ireland based firm hired to market the planned Pure2.0 is suing Sunrise for the more than $250,000 it invested in the project. The proposed 18 story high-rise on 4700 North Clarendon Avenue was to have 162 Chicago condos and Castleroc had put earnest money down to purchase 16 of those units. According to Crain’s, the investors in Sunrise could lose as much as $50 million from all of the company’s developments. The original Pure has managed to remain basically untouched by the developer’s problems so far.

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

October 14, 2008 – Lennar Homes is rolling out what they call “two days of crazy deals and mind-blowing financing” this weekend from 10 a.m. to 7 p.m. Saturday and from 12 p.m. to 7 p.m. Sunday on select units in their Chicago real estate developments, including Library Tower. Like so many other developers, they are offering reductions in an attempt to close out sales on leftover inventory. They are encouraging buyers to sign a contract this weekend and move in by Thanksgiving. The offer covers purchase agreements that are written by the 18th of this month and closed on by November 30th.

Besides price reductions that vary by condo, buyers will get either $75,000 in “mad money” or get fixed interest rates of 2.99% the first year, 3.99% the second year and then 4.99% fixed for the life of the loan. You can also save another 1% by requesting more information on Lennar’s website and printing a coupon. To qualify you have to go through their preferred lender, Universal American Mortgage Company, need 10% down and a credit score of at least 680. The maximum loan amount covered is $417,000, so that may exclude many of the larger units.

Library Tower sits across from the Harold Washington Library on 520 South State Street. Closings on the 184 Chicago condos in this 17 story building started back in August and there are still quite a few units available. The condos have from one to three bedrooms and are advertised from the $370,000s to $880,000s. At last check though there were a few one bedroom condos listed from the high $200,000s to mid $300,000s. Parking had also gone down from around $40,000 to $20,000.

Library Tower isn’t the only Lennar home included in the weekend sale, so you may want to check though the list of Chicago New Construction Condos to find any more developments by Lennar that may be covered by the offer.

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

October 13, 2008 – There has been a long list of developers offering discounts on their Chicago condos lately, hoping to boost sales. But Belgravia Group is offering a different kind of incentive to prospective buyers of units at its 565 Quincy project. If you purchase a condo loft at Quincy, you’ll receive a written price guarantee which states that if the price on a similar condo is lowered before you close on yours, your unit price will be lowered as well.

This guarantee assures buyers that the value of their condo will remain steady, no matter when you buy during the construction phase. Belgravia president Alan Lev believes this is very beneficial to home buyers because it can be frustrating and financially unsound to purchase a unit in a Chicago real estate development early on only to have similar units be sold at deep discounts as the building nears completion. Having what he calls “price integrity” maintains resale value and helps when trying to get financing for a unit.

The 18th floor of 565 Quincy was topped off officially on July 31st, although there is still a considerable amount of work to be done on the lofts in the 11 story addition. Deliveries on those condos won’t occur until spring 2009. Work on the lower original 7 stories is much further along, and the condos in that part of the development are scheduled for delivery sometime in December. There are 35 different floor plans available and one of the most unique building amenities is a bowling alley for residents. Not many Chicago Condo Lofts can say they have ten pins.

[tags]565 Quincy, Chicago condos, Chicago real estate[/tags]

October 12, 2008 – Third quarter sales of new and resale Chicago Condos and lofts fell for the second straight year in the city.  Sales during the third quarter around the city were down by more than 30 percent from the same period last year, and were off more than 37 percent from the same period in 2006.

According to data from the Multiple Listing Service, a total of just 4,217 condos were sold citywide during the third quarter, down from 6,034 units sold during the same period in 2007.  However, despite the drop in sales, the average sales price managed to rise more than 8 percent.  The average sales price of condos and lofts sold during the third quarter rose to $375,699, a 7.8 percent increase from the same period last year.  The average sales price during the third quarter 2007 was $346,339.

The rise in the average sales price had more to do with the dramatic drop in sales of the most affordable units around the city combined with steady sales of million-dollar units.  Sales of condos priced below $250,000 were off by 34 percent during the third quarter.  Demand for the most expensive units in the area was steady.  Sales of units priced at more than $1 million were off by less than 5 percent during the same period, with 111 units sold in that price range during the quarter.

[tags] Chicago Condo Sales, Chicago Real Estate, Chicago Condos For Sale [/tags]