March 17, 2009 – 550 St. Clair is still advertising a ‘Developer Closeout’ on the remaining units in the tower, and with just over a dozen Chicago condos left in the high-rise you may want to pay a visit to the sales center and check out the units that are left. The 112 unit Streeterville high-rise has some nice views and if developer Sutherland Pearsall continues to lower prices those last condos could be under contract soon as well.

The remaining condos in 550 St. Clair are a mix of studio to three bedroom units, with the majority being the bigger condos. According to their sales sheet there are three studios with prices in the low $200,000s to $300,000s. There are several one bedroom, one bath condos that range in price from the $300,000s to $500,000. The two bedroom condos with 1.5 to 2 baths run from the $500,000s to $600,000s. And the three bedroom, 3 to 4 bath condos run anywhere from the $800,000s to over $1 million. Indoor heated garage parking will cost you another $50,000 per space.

The condos at 550 St. Clair have 10′ to 11′ foot ceilings, Brazilian cherry or maple flooring, European cabinets in the kitchen, Bosch and Sub-Zero stainless steel appliances, marble baths and in-unit front loading washer and dryer. Most of the units in this Chicago real estate development come with either a balcony that measures about 6′x9′ or a 72′ terrace, depending on the floor plan. Some units have both, and all of the balconies and terraces have translucent glass railing.

There are several other great Chicago Condos in Streeterville, so you can compare 550 St. Clair and see which best fits your lifestyle.

[tags]550 St. Clair, Chicago Condos, Chicago Real Estate[/tags]

March 16, 2009 – It looks as though Mod is no longer a new Chicago condo tower, but a rental tower. The 56 unit, West Loop tower on 1222 West Madison Street is being advertised by Chicago Graystone Realty as, “Brand new, never lived in, high-end apartments for rent. These brand new condominiums were constructed for sale, but have gone rental instead. No cost was spared: high end finishes, balconies and terraces, 10′ ceilings, floor to ceiling windows.”

The units at Mod vary from one to two bedrooms and baths, plus some of the two bedroom layouts also come with a den. The units size up anywhere from about 860 to 1,470 square feet, and were being marketed for the upper $200,000s to upper $400,000s with $35,000 extra for parking. The new rental rates for the one bedrooms run from $1,575 to $1,775 per month and the two bedroom units are listed at $1,890 to $2,600 per month. Leases are for one year and the ads for this Chicago real estate development state that the apartments will be available by May 1st of this year.

The Mod apartments come with an in-unit washer and dryer, stainless steel appliances, quartz counter tops, teak cabinets, floor-to-ceiling windows, 10′ ceilings and balconies or terraces. Heat is included in the rent and dogs and cats are welcome, pending a weight limitation, and without having to pay a pet security deposit. Parking is extra though, but the building does have bike storage, a fitness center and green roof.

No word yet on the 36 unit second phase of Mod that was to break ground later this year. At last count Mod had been between 45% and 50% sold. Those buyers are slated for a return on their deposits. It doesn’t happen often, and Burnham Point is the only other high-profile development of late besides Mod to switch mid-stream from condos to rentals. Generally buyers who sign contracts for Pre Construction Condos in Chicago get what they expect and not a surprise rental building.

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

March 14, 2009 – “Gavel-Phobic” is the new catch phrase that is splashed across the Vetro site with the statement that even if you didn’t attend the recent auction you can still get great deals because, “Recent auction buyers set the prices and we listened.” The new “auction prices without the auction” were evidentially set by last week’s auction of 45 units in the South Loop tower, and it looks as though the base prices have been lower about 20% to 25% for the remaining 60 units. Also, they are throwing in a parking space that used to be priced around $37,500 and point out that FHA financing is available for as low as 3.5% down.

From the new price lists put out are based on not only the size and layout of these Chicago condos, but also the floor location which isn’t unusual. The one bedroom, 1.5 bath plus den units that are up for sale have about 1,002 square feet of living space and are now priced anywhere from the $250,000s to the $260,000s per unit.

The two bedroom, two bath condos have 1,133 to 1,343 square feet of living space and prices on these units fall between the $280,000s to the $330,000s.

If you’re interested in a two bedroom, 2.5 bath condo then you’ll have three floor plans to pick from. These units have either 1,525 or 1,667 or 1,924 square feet with prices running from the $370,000s on up to the $560,000s.

There are also some larger two bedroom, three bath condos at Vetro with 2,067 square feet. Those units are currently priced from about $600,000 to the $610,000s.

For the three bedroom, three bath condos at this tower you’ll be paying in the $580,000s range for a 2,003 square foot unit.

So far no other high-profile Downtown Chicago Condos have announced any auction plans, but we will definitely keep you up to date on all the latest news about Chicago real estate.

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

March 13, 2009 – For those of you who weren’t aware of The Granville undergoing a name change, it’s now known as The Clarovista. The name was switched earlier this year amid efforts to revitalize the marketing of the 160 Chicago condo units in the 12 story building located on 1134 W. Granville. But the name change is not what has stirred up so much controversy about the development. It is Chicago real estate developer Access Realty Group’s plan to have an Aldi’s grocery store as one of the anchor tenants in the building and not something more upscale that has local residents and alderman Moore upset.

Bill Platt, who is the president of Access, had originally signed on Staples to occupy the bulk of the retail space in the Edgewater tower. But construction delays prompted Staples to back out of the lease agreement, and attempts at getting a Trader Joe’s to sign on were also unsuccessful. The planned Aldi’s would take up about 15,600 square feet, which is about half of the of the commercial space on the ground floor of The Clarovista.

The decision to lease the space to Aldi’s was driven by financial need. “I delayed the decision to work with Aldi’s for as long as I could,” Platt was quoted in the Chicago Journal as explaining. He said he has been in “survival mode” as 50 to 60 of the contracts on the 110 units that were sold are now broken due to buyers walking away from the delayed project or being unable to get financing. The one to three bedroom condos run anywhere from the $250,000s to the $400,000s and the developer is offering rates as low as 3.5% on financing for qualified buyers.

Alderman Moore has dashed the idea of granting a packaged liquor license to the store, and expressed his displeasure about the development. Aldi’s will need building permits to finish the inside of the space and be open by their target date of May, and they will most likely be granted even with the opposition. Even though the grocer may be considered a discount store and not as trendy as some residents may have liked, they are a paying tenant and still other residents were in favor of the lower merchandise prices they will bring to Edgewater. When credit is tight, some developers will not have the option of being too elitist about who their retail tenants are when they are having enough difficulty marketing their Chicago New Construction Condos.

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

March 12, 2009 – The number fluctuates, but there are between 20 to 30 developer and investor owned units still for sale at 1720 South Michigan. CMK Companies has 14 models available for viewing, including two penthouse units. Prices have been very competitive in this Chicago real estate development, with the developer often beating investor resale prices. Even now, these models are based-priced anywhere from $199,900 to $379,900 according to a press release in the Tribune. 1720 S. Michigan is also an FHA insured building, so buyers who qualify can benefit from a low 3.5% down payment on a condo there.

The 33 story South Loop tower has a total of 498 Chicago condos. Deliveries on those residences began in the summer of 2007, and the models are a good representation of the one to three bedroom units available at 1720 S. Michigan. The one bedroom model is priced at the no-frills level of $199,900 while the two bedroom model checks in at $249,900. The three bedroom penthouse models are located on floor 33 and are listed at $379,900. With floor-to-ceiling windows, these condos offer some pretty nice views of the skyline. The models are open for touring Monday through Friday from 11 a.m. to 6 p.m. and Saturday and Sunday from 12 noon to 5 p.m.

The condos at 1720 have 10′ ceiling heights, European kitchens, stainless steel appliances, solid oak flooring, washer/dryer hook-up, ceramic tile flooring in the baths and marble vanity tops. The building has a 24 hour doorman, dog run and garden plus bike storage. Indoor heated parking is available for $36,900.

We’ll keep you posted on any new price reductions or incentives for other Downtown Chicago Condos.

[tags]1720 S Michigan, Chicago Condos, Chicago Real Estate[/tags]

March 11, 2009 – For those of you interested in a smaller Chicago condo building, The Lumiere on 2408 West Rice Street has recently been completed and is ready for immediate occupancy. The brick and glass Lumiere stands four stories tall and has a total of 12 units. Of those, 4 are currently under contract so that means 8 are still available for purchase. Prices on these condos range from the mid $400,000s to $500,000. Each unit comes with one indoor parking space and there are a few spare spaces that can be had for around $20,000 each.

A recent profile of The Lumiere in Chicago Magazine stated that developer Devmax Corp. focused on small but stylish details for the building, which was designed by architect John Hanna. Finishes such as glass railings on the balconies and frosted glass between the master bedroom and bath give the units a bit of originality and class.

The units at this low-rise Chicago real estate development all have three bedrooms, two baths and measure around 1,500 square feet. All of the condos have a balcony and some have two. And even though The Lumiere is a smaller building, it does have a roof top deck.

There have been more developers launching smaller projects with fewer units due to the slow condo market, and also a growing number of developers and investors willing to rent out units until the market improves. So even if The Lumiere isn’t exactly what you’re looking for, there are plenty of other smaller condo buildings as well as Rent to own condos in Chicago.

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

March 10, 2009 – While there hasn’t been any official word yet about the state of the construction loans that came due on January 11th for Lennar’s Library Tower, the developer is launching a new “Lennar’s Homebuyer’s Stimulus Package” and Library Tower is one of the projects included. The last sales figures made public on the 184 units at Library Tower, located on 520 South State Street, put the building at about 43% sold. Some of the other developments included in the offer are Orland Park Crossing on 14162 John Humphrey Drive in Orland Park and Trafalgar Woods on 8535 Waukegan in Morton Grove.

The deal Lennar is offering on these and some other Chicago area projects is for 3.99% (4.06% APR) interest rates fixed for life if a buyer uses their preferred lender, Universal American Mortgage Company. There are conditions you have to meet to qualify, among them that you need a credit score of at least 700, have a down payment of at least 20% of the purchase price and actually close on your Chicago condo no later than March 31, 2009. The offer is only good for certain Chicago real estate developments from Lennar and the loan amount can’t exceed $417,000.

Lennar is also advertising a “Peace of Mind Mortgage Payment Protection Program” for FHA and VA loans. If you become unemployed (not voluntarily quit your job) your mortgage payments will be covered for a period of time. You can also get an additional 1% off the condo purchase price by printing off a coupon from the developer’s website, but you have to go with their lender for it to be redeemed.

It will be interesting to see what incentives developers come up with to liquidate inventory on Chicago New Construction Condos before construction loans come due. We could also see more auctions like the Vetro one we blogged about yesterday.

[tags]Library Tower, Chicago Condos, Chicago Real Estate[/tags]

March 9, 2009 – It looks as though the Vetro Chicago condo auction that was held yesterday was a definite success judging from the results made public so far. All of the 40 advertised units sold out on top of 5 more that were added in at the last minute and sold sight unseen. Of those auction day add-ons, two were studios that went for about $160,000 each. Overall, the 45 Vetro condos sold for about $12.1 million according to an article in Crain’s.

The auctioned units were bid up from anywhere between 10% to 35% over the minimum bids listed, which netted the developer and his lender 73% of the original prices on the condos. The average sale price was $258 per square foot, which a representative from the auction service admitted was better than expected. Garry Benson, CEO of Garrison Partners who marketed the event for Accelerated Marketing Partners, speculated as to whether other Chicago real estate developers would opt for auctions on slow moving units because of Vetro’s success.

“The question will be, what is the real depth of the marketplace, and will the next auction produce the same results?” Benson commented in the article. He said that auction prices are typically set in the mid 60% range of what the list prices had been and Vetro’s minimum bids started at 61%. Developer Thomas Rozak and his lender, Corus Bank, are said to be pricing the remaining unsold 60 units in the 31 story, 232 unit building based on the auction results.

The lowest winning bid at the auction was $145,000 for a studio and the two penthouse units were sold for $556,000 and $485,000. The other studio units sold between the $145,000 and $168,000 mark while the 1 bedroom, 1 bath condos went for between $175,00 and $200,000. The 2 bedroom, 2 bath units sold for between $275,000 and $325,000 each. The 2 bedroom plus den, 2.5 bath condos went for between $412,000 and $429,000.

We’ll keep you posted on any new upcoming Chicago Condo Auctions so be sure to check back in with us often.

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

March 7, 2009 -You can still apply for a $10,000 down payment assistance grant from the City of Chicago and The Partnership for New Communities towards the purchase of one of the residences at Oakwood Shores. A press release in the Tribune about this 94 acre Chicago real estate mega development in North Kenwood states that there is a combination of eleven Chicago condos, row homes and duplex town homes ready for move-in right now.

Oakwood Shores is a mixed-income project located between Pershing Road and 37th Street. Phase I of this project is about wrapped up and when the entire complex is complete, there will be some 3,000 residences there. Because the development is going up on land that did have Chicago Housing Authority units, the 3,000 new condos will be split evenly between market rate rentals and for sale units, affordable rate rentals and condos and the other third as public housing units.

Granite Development is pricing the condos from $234,900 and up. The Duplex townhomes start at $374,900 and the row homes are base priced at $529,900. Construction on the next phase of condos and townhomes is planned for later this year if sales permit and delivery on those units would be sometime early next year.

Oakwood Shores divides up its units into condos, row homes, townhomes, single-family homes and city homes. These residences have from one to three bedrooms and size up as large as 3,250 square feet. Optional features include upgrades such as marble tile, fireplaces, basements, shower jets, high-end kitchen appliances, surround sound and granite counter tops. Standard features include hardwood flooring and either balconies, patios or decks.

Oakwood Shores may be a good fit for you, especially with the $10,000 grant. Or you can check out other Townhouses in Chicago and compare pricing and finishes.

[tags]Oakwood Shores, Chicago Condos, Chicago Real Estate[/tags]

March 6, 2009 – In what may be the final blow to the sinking Waterview Tower, the Hong-Kong based Shangri-La Hotels and Resorts formally announced that they are canceling their plans to open a luxury hotel in the development. A spokesperson from Shangri-La was firm in a quote from Crain’s. “Under the current economic environment, regrettably, the implementation of the hotel project has been suspended with no indication of when activities will resume. Accordingly, in exercise of its contractual rights under the agreements, has served a notice on the developer terminating its contracts relating to this project.”

This would have been the first venture into the U.S. market for the brand. The tower’s developer, Teng and Associates, had an agreement with them for a 220 unit hotel in the 90 story tower. But even though construction on the high-rise began in 2006, the building never made it past the 26 story concrete parking garage amid a series of financial setbacks. Teng never had a construction loan secured and instead banked on the then strong Chicago real estate market for condos. But the timing was just wrong, and work on the 111 W Wacker Drive project ground to a halt last year after exhausting personal funds.

For a brief time the Export-Import Bank of China threw the project a lifeline when they offered to loan the $400 million needed to complete the tower. But without loan insurance and with the housing market in crisis, even the China Bank eventually withdrew it’s offer of funding. Add in today’s mention in the Sun Times of Teng being under investigation for questionable sales practices and it’s very unlikely that this development will ever go forward as originally planned.

The Waterview Tower is an extreme case, not the rule, and there are many sound and secure Pre Construction Condos in Chicago. And remember to do your homework on any Chicago condo and developer before you sign a contract.

[tags]Waterview Tower, Chicago Condos, Chicago Real Estate[/tags]