Archive for 2009

Lofts At Roosevelt Collection Leasing Fast

Thursday, December 31st, 2009

December 31, 2009 – “As fast as we are building them, people are renting.” That is what general manager Nancy Blanks recently said about the Lofts at Roosevelt Collection. She was quoted in a recent Tribune article and according to Chicago real estate developer Centrum Properties, about 97% of the apartments in the completed east building in the project are already leased since marketing began in August. For the west building, which is still under construction, 30 of the 174 apartments there are already pre-leased after only offering them since November.

There will be a total of 342 apartments at the Lofts at Roosevelt Collection when construction wraps up. The apartments range in size from one to two bedrooms and are actually designed more like luxury Chicago condo lofts since that is what they were originally intended to be marketed as. The apartments that are still available for leasing run anywhere from $1,500 to $2,500 per month, according to Nancy Blanks.

As far as the commercial or retail portion of Roosevelt, we already know that the 16 screen Kerasotes ShowPlace ICON Theater has been a hit since opening a few days ago. No retailers have been named outright, but the article went on to say that Lisa Balis, who is senior VP of leasing for the development, confirmed that restaurants, home furnishings, health and beauty, shoes, apparel and jewelry shops are in the works. She also stated that there would be both national chains and local retailers involved in the 300,000 square foot retail space and should be ready for business by late 2010 or early 2011.

So for any of you looking for Chicago Apartments that are close to plenty of retail options, you may want to check out the units left for lease at the Lofts at Roosevelt Collection.

[tags]Lofts at Roosevelt Collection, Chicago Apartments, Chicago Real Estate[/tags]

EcoLogic Lofts Faces Forclosure

Wednesday, December 30th, 2009

December 30, 2009 – Evidentially lenders didn’t see the logic in financing the construction of EcoLogic Lofts, a planned green 94 unit Chicago real estate project that was to be built on 2339-59 North Seeley Avenue in Bucktown. Developer William Senne of Senco Properties has been hit with a pair of foreclosure suits related to the planned development, according to a recent Crain’s report.

The two lawsuits were filed by Wheatland Bank of Naperville and total about $6.8 million. According to the foreclosure filing, $5.4 million is owed on one loan that defaulted in March when Mr. Senne stopped making monthly payments. Another $1.4 million is owed and in default since July. That loan was used to purchase a building on 2023 West Fullerton Avenue where the EcoLogic Lofts sales center is currently located. The bank alleges that Mr. Senne personally guaranteed the loans.

EcoLogic Lofts, as the name implied, was to be an eco-friendly project which focused on recycling, would have a green roof top and also wind turbines that powered part of the building’s electrical usage. Senco Properties has been more successful with another green project, Emerald, which is located on Green Street and has sold around 70% of its 212 Chicago condos.

Mr. Senne didn’t endear himself to other Chicago developers after he publicly criticized the growing use of auctions and steep price cuts to sell condos this past summer. And there are certainly some developers who would agree with his sentiments about the over use of condo sales incentives, there are probably just as many if not more who would rather sell at a discount before having to face Chicago foreclosures.

[tags]EcoLogic Lofts, Chicago Foreclosures, Chicago Real Estate[/tags]

Ritz-Carlton Residences Lands Overseas Financing

Tuesday, December 29th, 2009

December 29, 2009 – The Ritz-Carlton Residences development has had its share of delays and slow construction starts, just like so many other Chicago real estate developments. But it looks as though things may start moving much more quickly now because financing has been locked in place for construction of the high-rise. According to Crain’s, Kuwait Finance House has agreed to invest $242 million in the Ritz. KFH has a 95% ownership stake in the project and Prism Development has a 5% stake.

When completed, the Ritz-Carlton Residences will be a 40 story luxury high-rise with 86 units. Those condos are around 40% sold, and have been for some time. That number could change for the better though, because the Ritz could be the only major development under construction in Chicago this next year (2010) and should make deliveries in 2011.

There have been no price cuts on the units at the Ritz, and the developer seems to be holding fast to that decision. The luxury condos are a bit pricey for the current market, but again, with no new big construction projects on the horizon the timing could be just right for the Ritz. You can expect to pay from $1.4 million for one of the remaining two bedroom condos and as much as $13 million for one of the penthouse units at the Ritz-Carlton Residences.

If 2011 is a bit too long for you to wait to move into a new condo, there are some great deals on Chicago homes for sale right now.

[tags]Ritz-Carlton Residences, Chicago Homes, Chicago Real Estate[/tags]

Prices Reduced At 2930 Sheridan

Tuesday, December 29th, 2009

December 28, 2009 – 2930 Sheridan in Lake View is a Chicago condo conversion project from Kroupa Development and right now prices on the remaining units there have been lowered around 8% to 16%. The price cuts initially went into effect this past August and according to a profile in Chicago Magazine, the developer had 27 of the 107 unsold condos go under contract within a month. That amount of sales was just about equal to how many sold in the entire previous year.

There are 252 total condos in the 23 story converted apartment tower. Of the units that are still left for sale, there are a number of one bedrooms with about 750 square feet that are currently running from $209,000. There are also several two bedroom condos that have around 1,100 square feet of living space and are priced from $359,900 right now. Indoor parking is available at this Chicago real estate development but not included in the condo purchase price. One spot will cost you $30,000 and for two it will cost you $50,000.

The development profile in the magazine points out that there are several floor plans and the floors of the condos sort of angle out, so the views are also at a slight angle. This is beneficial because it allows for a little better view between surrounding towers in the neighborhood and residents on floors above 15 can see Lake Michigan and Lincoln Park. There is also a fairly large roof top terrace on the high-rise with good views.

You can also find plenty of Downtown Chicago Condos with great views for sale right now, so be sure to check those out as well.

[tags]2930 Sheridan, Downtown Chicago Condos, Chicago Real Estate[/tags]

Units Still For Sale At Joffery Tower

Saturday, December 26th, 2009

December 26, 2009 – With last Saturday night’s performance of the holiday classic The Nutcracker by the Joffrey Ballet, we are automatically reminded of MoMo, now known as the Joffrey Tower. The 31 story, 174 unit Booth Hansen designed high-rise from Chicago real estate developer Smithfield Properties is located on 8 East Randolph Street and still has a few Chicago condo for sale in case you’re interested.

Right now there are a few one bedroom, on bath condos that measure about 834 square feet that are listed from the developer in the $290,000s. There are also a few remaining two bedroom, two bath units at the Joffrey Tower that are being marketed between the $440,000s and $550,000s. These condos have between 1,348 and 1,460 square feet of living space.

Standard finishes like hardwood flooring, carpeted bedrooms, stainless steel appliances and granite counter tops are what you’ll find in these condos. Building amenities for residents include a 24 hour door person, equipped fitness room and the high-rise is pet-friendly.

And if a condo at the Joffrey Tower isn’t exactly your dream home, there are plenty of new home listings every day on the free Chicago MLS search.

[tags]Joffrey Tower, Chicago MLS Search, Chicago Real Estate[/tags]

Prices Cut Again At The Columbian

Thursday, December 24th, 2009

December 23, 2009 – There is both good news and bad news for the Columbian. The new construction high-rise is located on 1160 South Michigan Avenue and of the 220 Chicago condos in the tower, 58 units are still for sale from the developer. In an effort to move a few more of those condos into the sold column, prices have once again been reduced, this time back down to pre-construction levels of 2004, according to a recent profile in Chicago Magazine.

The decision to reduce the prices on the remaining units at this Chicago real estate development to those levels is in part to make sales. But it’s also an effort to keep the peace with the buyers who have already purchased 162 of the condos in the Columbian. So although the prices are lower than they had been listed for recently, they aren’t really any lower than what the first buyers paid for their units. This doesn’t do much for any hoped-for appreciation, but at lease it doesn’t completely devalue the already sold condos either.

The remaining condos at the Columbian vary from one to three bedrooms. According to the article, the biggest reductions are on a group of one bedroom units that have been lowered by as much as 30% and are now being listed from $279,900. There are three bedroom condos with about 16% price cuts that bring the units down to $799,900. The most expensive units top out at around $2.3 million and you can expect to pay an additional $42,500 to $50,000 for an indoor heated parking spot.

With many developers slashing prices on unsold units, there are probably quite a few unhappy buyers who purchased Pre Construction Condos in Chicago.

[tags]The Columbian, Chicago Condos, Chicago Real Estate[/tags]

Last Chance Price Cuts At Motor Row Lofts

Tuesday, December 22nd, 2009

December 22, 2009 – If you missed out on the November auction at Motor Row Lofts and you also managed to miss the post auction sale earlier this month, then you are in luck. Sheldon Good and Company has sent out an email announcing that the developer of this Chicago real estate project has the goal of selling the remaining five Chicago condos at Motor Row Lofts by the end of this month.

How do they intend to do that? Well, from the email announcement it appears that they believe some price cuts will do the trick. Looking back on the information that was put out before the auction, we have a short list of those condos that are up for sale right now along with the new lower prices.

Unit#310 is a 2BR/2Bath with 1,198 square feet. This is a duplex with rooftop deck. It was listed for $391,900 and is now being offered for $285,900.

Unit#402 is a 2BR/2Bath with 1,389 square feet plus an oversized living room windows and den. The condo was previously listed for $426,000 and is now being offered for $310,900.

Unit#502 is a 2BR/2Bath with 1,679 square feet. This duplex has a den, office, lofty 21′ high ceilings and rooftop deck. Previously priced at $589,000 you can now purchase it for $429,900.

Unit#501 is a 3BR/2Bath with 2,049 square feet of living space. This corner duplex comes with 21′ ceilings, a den, skybridge bedroom, office, balcony and rooftop deck. The old price tag was $659,000 but this lofts is now listed for $481,000.

Unit#505 is a 3BR/2Bath with 1,661 square feet. The loft is a duplex with 21′ ceilings, a den and a deck. This unit was being marketed for $599,000 but the new price is $436,900.

This is probably the last chance you have to get a unit at Motor Row Lofts and lock in the tax freeze, which is something not many Chicago Condo Lofts can offer.

[tags]Motor Row Lofts, Chicago Condo Lofts, Chicago Real Estate[/tags]

Unions Decide Against Spire Loan

Monday, December 21st, 2009

December 21, 2009 – Not only has the Chicago Spire been hit with another lawsuit from an advertising firm who claims Shelbourne Development owes them $305,150, it looks as though the AFL-CIO won’t be loaning the project any money to get construction started again. According to a Crain’s report, four of the investment groups with the AFL-CIO unions aren’t willing to put up the money.

Edward Smith, who is the president of union life insurance company ULLICO was quoted in the article as saying that, “It’s not something we’re able to do. Unfortunately, these are just very difficult markets.”

And AFL-CIO Building Investment Trust head Michael Arnold told Crain’s that, “We would obviously like to be helpful. We understand the interest, but we’re not any different than other real estate lenders today.”

The loan would have been around $170 million to settle liens filed and a sum already owed to the Anglo Irish Bank. It would take another construction loan of at least $1 billion from another lender to actually finish the work on the tower. The article pointed out that most lenders require at least 50% of the Chicago condos in a project to be pre-sold before they will back a loan, and only around 30% of the 1,194 Spire units are currently under contract.

The unions had considered bailing out the Spire because it would have created anywhere from four to five years of construction and trade work for members. But with the AFL-CIO apparently out of the picture, a Shelbourne Development spokeswoman claims that what she terms “bridge financing” has been worked out, although no details have been released.

Lenders have been reluctant to fund large scale condo projects until the demand picks up for Chicago real estate and new construction condos. The union funds had been the best for now in terms of financing for the Spire, and without it the 150 story tower is back to being stalled unless another lender steps up and makes an offer.

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

Theater Open At Lofts At Roosevelt Collection

Saturday, December 19th, 2009

December 19, 2009 – Even if you don’t lease at the Lofts At Roosevelt Collection you may be interested to know that the new 16 screen, nearly 4,000 seat Kerasotes theater located within the Chicago real estate development is now open. The big event was at midnight Thursday and the first movie that played was the big budget “Avatar”.

The new theater also boasts an upscale lounge upstairs, complete with a bar so there is a minimum age of 21 required. You can check out the lounge without seeing a movie though. Jerry Kliner is the owner, so expectations have been high with his past experience and success in the business.

According to advertisements, the price of a movie ticket is $12.50 but for $17.50 you can have a VIP ticket that will get you a balcony seat with tables for food. When the lounge is in full swing shortly there will be a variety of finger foods and appetizers available to order and those can be taken into the movies to be enjoyed.

And there are still plenty of one to two bedroom lofts for lease at Roosevelt, so if you are a movie buff you might want to take this development into consideration if you’re looking for a new place to rent. Also, there are quite a few Chicago New Construction Condos that are up for lease or offering rent-to-own programs as well.

[tags]Lofts At Roosevelt Collection, New Construction Chicago Condos, Chicago Real Estate[/tags]

Units Still Available At Lofts At 1800

Friday, December 18th, 2009

December 17, 2009 – The Lofts at 1800 are using the slogan, “Live gracefully at 1800 West Grace.” This is evidentially their new catch phrase tied into the address of the Chicago real estate development. Back in late summer the Kopley Group had been trying to get a few jilted buyers to make the switch by offering to use the 5% down payment already made for Roosevelt to secure a contract at 1800. While we don’t have any information yet as to how many actual sales that promotion netted, we do know that there are still quite a few units available at 1800.

If this development’s website information is up to date, then there are still about 7 two bedroom, two bath timber lofts left for sale. Those units range in size from 1,117 to 1,297 square feet and are priced from $364,500 to $399,500. There are also about 6 one bedroom, one bath lofts with 832 square feet that are priced from $285,500 to $289,500. And there are 4 of the one bedroom, 1.5 bath lofts with from 897 to 908 square feet and are priced from $259,500 to $295,500.

There are also quite a few concrete floor plans, including some duplexes, at the Lofts At 1800. Those one to two bedroom units range in size from 850 to 1,976 square feet and are priced from $254,500 to $669,500. As far as we know the two year buyback guarantee is also still in effect.

Finishes include hardwood floors, a Whirlpool Duet washer and dryer, granite kitchen counter tops and stainless steel appliances, and marble baths with a whirlpool tub and Grohe fixtures. The building has a 24 hour doorman, too.

You may want to keep the Lofts At 1800 on your list of Chicago Condo Lofts for sale if you plan on making a purchase anytime soon.

[tags]Lofts At 1800, Chicago Condo Lofts, Chicago Real Estate[/tags]