January 31, 2009 – Another planned Chicago real estate project that is still in the marketing phase but hasn’t yet secured a construction loan is Solstice on the Park. The 26 story, 146 unit saw-tooth tower designed by Jeanne Gang and developed by Antheus Capital would be the first new residential tower built in Hyde Park since the 1970s, according to a profile in Crain’s. But like so many other condo projects, this development was launched before the market soured and credit became so tight.

Current plans call for construction on the angular tower to begin this spring, but that hinges on both sales and financing. Antheus principal Eli Unger told Crain’s that the project needs to be 40 to 50 percent sold before they can obtain a loan and the spring ground breaking depends upon that. But Unger didn’t disclose exactly how close or far from that goal their sales really are. But the developer doesn’t think the sun has gone down on this high-rise yet.

“It’s not an easy time to be doing this,” he was quoted in the article as saying. He remains upbeat about the future of the development and went on to say that, “There’s interest in the project and interest in Hyde Park. Hopefully, the worst is behind us.”

There are no one bedroom Chicago condos in the tower, typifying the neighborhood preference for more space in a residence. Gang’s architectural website uses words like “self-shaded” and “chiseled” to describe the 71 degree tilt of the southern facing windows. As 2009 progresses we’ll have to watch Solstice to see if it is one of the lucky few Pre Construction Condos in Chicago that make it off the ground.

[tags]Solstice on the Park, Chicago Condos, Chicago Real Estate[/tags]

January 30, 2009 – It looks as though the condo loft conversion project on 123 N Sangamon is the latest victim of overdue loans and contractor liens. This former seven story brick warehouse was being converted into100 units, the first 45 of which were nearly completed, by Chicago real estate developer David Wallach. The developer claims that 30 of the initial 45 condos had been under contract at one point, but buyers began to back out when the housing market began to falter. Now, according to Crain’s, the developer is courting a deal with NYLO Hotels from Atlanta to switch the project to a two building 179 room hotel.

Wallach’s West Loop condo project is under the weight of an overdue loan of more than $11 million from Midwest Bank and Trust in 2006, and they later extended the payback date to January 2008. The project also has more than six contractor liens filed against it. Wallach stated in the article that he thought the bank might be willing to finance the hotel project.

The hotel complex would have 41 suites in the 123 N Sangamon location plus the additional new structure that would be situated south of the warehouse conversion at Sangamon and Washington. Features would include a restaurant located on the roof and an upscale bar.

Wallach is also perusing another hotel deal on 333 South Halsted Street in Greektown where he had planned on building Chicago condos on top of the Hellenic Museum. The hotel chain being sought for that development is Dolce International.

Although there is one less project on the horizon, you can still find some nice Chicago Lofts for sale if you check out the development pages.

[tags]123 N Sangamon, Chicago Condos, Chicago Real Estate[/tags]

January 29, 2009 – Anyone who has been following the progress of 1600 Museum Park knows that first deliveries on the Chicago condos there started last month and according to data released by the developer, Enterprise Companies, about five dozen units have closed to date. But there are still plenty of condos available for sale at this luxury Chicago real estate project, and around 129 are listed currently.

Interior construction work on the top floors of the 30 story 1600 Museum Park tower are set to wrap up in early April. As with most high-rises, the building amenities are usually located on the upper floor, so this means that residents will be able to have full use of the tower’s fitness center, party room and even roof sun deck, if the weather is warm enough to go outside by then.

Of the 274 units at 1600 Museum Park, there is a pretty good assortment of floor plans still for sale. There are one bedroom, one bath condos that run about 900 square feet and are priced between the high $200,000s and low $400,000s. Of the two bedroom, two bath condos the square footage runs from about 1,200 to almost 1,400 and those are priced from the mid $300,000s to low $600,000s. The largest three bedroom, two bath condos size up at around 1,567 to 1,580 square feet and run from the low $600,000s to low $700,000. List prices don’t include parking, which will add another $35,000 to the price tag.

You can check out the furnished models at 1600 Museum Park any Saturday or Sunday since they are hosting an open house on weekends. We aren’t aware of any advertised incentives at this development right now, but not all All Condos for Sale in Chicago are dangling free parking with every unit purchase so don’t let that stop you from taking a look if you are interested.

[tags]1600 Museum Park, Chicago Condos, Chicago Real Estate[/tags]

January 28, 2009 – For those of you who are fans of New West Realty’s 1555 Wabash or just love to watch high-rise construction, you may want to tune into the DIY Channel on the night of February 4th for their Project Extreme show. The 14 story South Loop tower topped of in real life back in September of 2008, but you can see it all again in prime time from your own Chicago condo if you watch the program.

The host of Project Extreme is Matt Blashaw and he and his film crew spent two days shooting twelve hours per day as the construction crew finished this Chicago real estate project. According to the building website blog, the film crew was “given a crash course on how to top off a building.” The program will highlight the 14th floor being poured and the last support columns getting attached to the tower. There are supposed to be some fantastic views of Lake Michigan and the city skyline as well.

1555 Wabash contains 176 units and the first deliveries are expected sometime this March. The one to two bedroom condos range in size from 767 to 1,250 square feet and the three bedroom penthouse units run about 1,503 square feet. The prices on these units run anywhere from the mid $200,000s on up to the low $400,000s. The three bedroom penthouse units are a bit higher, priced up to the $600,000s. Parking is an additional $35,000.

Check your local listings for the exact time Project Extreme is airing the 1555 Wabash episode. Developers of Chicago New Construction Condos might make a few more sales if potential buyers could watch the building top off from the comfort of their living room.

[tags]1555 Wabash, Chicago Condos, Chicago Real Estate[/tags]

January 27, 2009 – Another planned luxury condo development that has yet to lock in a construction loan is Lincoln Park 2520 from Ricker-Murphy. The project has been marketing units since March of 2007, and sales shot up to 40% right away though they have flattened out since then. The last published figures have the three-tiered complex at around 50% sold, though with the actual number of condos undecided, it’s difficult to say for certain. Buyers had the option of combining units and the original 300 Chicago condos in this development may be reduced to 220 or 250 because of the bigger layouts.

A recent article in Crain’s stated that the developer would need a construction loan of roughly $200 to $250 million to complete the project. Ricker-Murphy has partnered with the GE pension fund on this $425 million development. Lincoln Park 2520 is one of the more expensive pre-construction Chicago real estate projects marketing condos right now. Architect Lucien Lagrange designed the towers and the pricing breaks down to almost $900 per square foot. The penthouse unit at 2520 has a comparable price tag to that of the Chicago Spire penthouse at $40 million.

Despite slowing sales and hard-to-find lenders for the project, the developer is sticking with their plan of having Lincoln Park 2520 finished by late 2011. But John Murphy of Ricker-Murphy conceded that the construction time table is dependent upon funding. “We have to wait for things to improve to get our loan,” he told Crain’s. And that is what a growing number of developers of Chicago Luxury Condos are doing.

[tags]Lincoln Park 2520, Chicago Condos, Chicago Real Estate[/tags]

January 26, 2009 – It looks as though a number of dissatisfied buyers of pre-construction Chicago condos at the Piedmont Group’s GlasHaus development are frustrated enough over construction delays to throw verbal stones. Actual construction on the 25 story, 1327 South Wabash Avenue tower has yet to start and so far only foundation work has been accomplished. Now some who signed a contract for one of the 262 units now want out.

According to a write up in Crain’s, buyers who purchased one of the one to three bedroom condos at this Chicago real estate development in 2006 were told by the developer that full construction would start in early 2007 and they would be able to close on units sometime in the later part of 2008. But that date has been rolled back more than once, and the Crain’s article profiled three buyers who put down $24,000 on a $440,000 condo in one case, $18,000 on a $361,900 condo in another example and $16,545 for a $330,990 condo in another instance.

All three buyers would like to get out of their contracts because of delays and need the earnest money for another condo or to live in their current home until units at Glas Haus are ready for delivery. The developer has issued a statement saying that due to the market, the project has been delayed but not canceled and at the earliest it will be late 2010 before condos are ready for move-in. Piedmont claims they will work with buyers, but those interviewed in the article said that so far they haven’t been able to get out of their contracts. Some contracts will include a “drop dead” clause that gives the buyer the right to have his or her deposit back if the condo isn’t delivered by a certain date, but Glas Haus didn’t automatically have that written into their contracts.

Buyers need to be aware of the potential risks in purchasing Pre Construction Condos in Chicago during a downturn in the housing market. Having an attorney look over your contract is a very good idea.

[tags]Glas Haus, Chicago Condos, Chicago Real Estate[/tags]

January 25, 2009 – While the condo market in the greater Chicagoland region continues to suffer from slow sales and falling prices, sales of single-family homes around the suburbs picked up during 2008.  It was welcome news for homeowners who are selling their home in the region.

According to data from the Chicago Association of Realtors, a total of 45,107 new and resale single-family homes were sold in the Chicago suburbs during the year, up slightly from the 44,937 units sold in 2007.  It was the first time in three years that sales of single-family homes increased in the area, after reaching a peak of 68,142 homes sold in 2005.

Westmont and Kankakee led the way with strong sales during the year.  In Westmont, a total of 202 homes were sold in 2008, up from 125 homes sold a year ago.  It was the strongest sales seen in the city since 2005.  Sales in Kankakee were up by 20 percent in 2008, with 296 units sold during the year.  It was the highest annual sales seen in the city in more than 18 years.

However, other suburbs continue to see a sharp drop in sales.  Yorkville suffered one of the slowest years in recent memory.  Just 82 homes were sold during the year, down from 233 units sold in 2007.  Sales in Lansing fell to just 201 units in 2008, down from 352 homes sold in 2007.  However, while sales of homes rose in the region, sales of Chicago Condos continue to suffer.  Demand was off by 30 percent in the city in 2008.

[tags] Chicago Condos, Chicago Real Estate, Suburban Chicago Homes For Sale [/tags]

January 24, 2009 – A few weeks ago we told you about EnV breaking ground in River North. McHugh Construction is the company raising the 29 story tower, and they recently released more details about this Chicago real estate project. The luxury rental high-rise is the product of Lynd Development Partners out of Texas and is their first Chicago project. The building was designed by local architects Valerio Dewalt Train.

Work has been progressing steadily on the construction site at 161 West Kinzie and the expected finish date of spring 2010 is still on schedule. One of the construction techniques being utilized is post-tensioned concrete, according to the press release. This allowed the builder to do away with the usual columns around the exterior and that in turn lowered the total number of structural columns needed to just 18, instead of the typical 24 to 28. Some of the design features include exposing the columns and cantilevered balconies that lean out from the tower corners and have glass on three sides. The high-rise will have eight different types of glass used and will have an unbroken blue-tinted window wall on one side without mullions. Floors one through three will contain 27,000 square feet of retail space and parking for 129 cars.

EnV will also be one of the first LEED rental towers in Chicago due to its use of low VOC products and paints, recycled materials and green roof. The standard luxury interior finishes will be installed, such as granite counter tops, stainless steel appliances and hardwood flooring. A dog run, roof deck, pool, fire pit and wine storage lockers are also planned. And the high tech perks include Shop24 and V-Connect for residents. Rents for EnV’s apartments are expected to run between $1,500 and $4,500 per month, making them competitive with other Chicago Apartments.

[tags]EnV, Chicago Apartments, Chicago Real Estate[/tags]

January 23, 2009 – With time ticking away on eligibility for the federal tax credit and other incentives, we thought we’d profile another of the Chicago real estate developments that are part of the Partnership For New Communities. Parkside of Old Town is a mixed-income development on the Near North Side that consists of over 760 residential units spread out of 18 acres, flanked by Division and Oak Streets. Units at Parkside have come with one bedroom plus den, two bedrooms or two bedrooms plus a den. Prices run from the $260,000s to the $440,000s.

There are several grants and incentives available to buyers of units in this development and they are as follows.

Parkside is one of seven developments where The Partnership is offering a $10,000 grant to the first 100 buyers of units in those selected projects. The 100 buyer limit hasn’t been exhausted yet, so you can still cash in on the grant. There are no income limits, and as long as the unit was built by 12/31/08 and costs under $450,000 it qualifies. You must have bought the condo after 09/01/08 and live in it for three years.

Harris Bank is also offering as much as $1,500 towards closing costs on a unit at Parkside and a 30 year fixed-rate mortgage with 0 to 3% down payment depending on your credit score and income.

The aforementioned federal tax credit is available for first time buyers or anyone who hasn’t purchased a home in three years. The credit is equal to 10% of the purchase price of a condo, up to a maximum of $7,500. This credit is akin to an interest-free loan.

TaxSmart is another mortgage credit program that can save buyers several thousand dollars if they qualify. The City of Chicago in conjunction with certain lenders is offering a federal income tax credit that amounts to 20% of the interest you would normally pay on your loan every year. TaxSmart is open to buyers of condos, town homes, single-family homes and flats, with the units at Parkside included. Certain income and purchase price limits are applicable.

There are quite a few financial options to help buyers with a Chicago Condos purchase, even with credit being hard to obtain. You just have to do some research and check back here for updates.

[tags]Parkside of Old Town, Chicago Condos, Chicago Real Estate[/tags]

January 22, 2009 – The latest Chicago real estate development that is facing a foreclosure suit is The Catalyst. The planned 22 story, 217 unit tower is a venture from Gary Rosenberg and Urban R2. Kennedy Funding from New Jersey provided the $8.4 million loan that was used to purchase the 34,269 square foot parcel of land on the corner of Des Plaines Street and Washington Boulevard. Crain’s reports that the loan is now in default due to the developer missing payments on both the property taxes and the loan.

The building site was purchased in June 2008 for about $6.3 million. The tower was designed by well-known architect Lucien Lagrange but hasn’t yet broken ground. Sales figures for the Chicago condos that were under contract for this development have not been made public recently, so it’s unclear how successful marketing has been for this West Loop project. A Newswire press release from June 2008 quoted Jeffrey Wolfer of Kennedy Funding as saying that, “Urban R2 already has sold a third of the condominiums, which start in the low $200s and go to over $1 million for penthouses. Walgreen’s already has committed to lease a street-level space and other retailers have spoken for almost all of the remaining retail space on a pre-lease basis.”

Plans for the high-rise called for condos located from floors 5 to 21, parking on three floors, 15,000 square feet of lower level retail, an amenities floor on level 22 that would include a patio, fitness room, business room, party room, sauna and Jacuzzi. A dog run was also part of the plan. The site was already a level parking lot and zoned for Residential Business Planned Development, so it was ready for construction.

Rosenberg personally guaranteed the loan, and neither party named in the lawsuit wished to comment on the matter. Kennedy has a history of making some loans based on the estimated potential value of the property, as well as the actual development or potential condo sales. With credit still tight for developers, we may continue to see fewer Pre Construction Condos in Chicago.

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