April 30, 2009 – Magellan Development was right on the money when a few weeks ago they announced that their Aqua apartments would be ready for move-in by May 1st. Sure enough, the Chicago real estate developer announced yesterday that Aqua has a green light in the form of a Certificate of Occupancy through floor 32. That should mean the Chicago apartments located on floors 19 through 32 should be ready for renters. The 82 story tower has 474 apartments located on floors 19 through 52, and Magellan stated that they have about 100 rental leases signed at this point.

As far as other construction work on the 225 North Columbus Drive high-rise, the developer also said that windows are already installed up to the 74th floor, drywall hung up to floor 56 and framing done through floor 68. Other construction that is complete at this point is the spiral staircase that connects the tower to the Park at Lakeshore East.

Aqua’s apartments come in floor plans ranging from studios, convertibles, and one and two bedroom units. Rents are anywhere from $1,375 to $3,111 per month, and pets (up to two cats or dogs per apartment, depending on breed and weight) are allowed for an additional fee.

The apartments come with GE stainless steel kitchen appliances, wood cabinets, oversized vanity in the baths, hardwood flooring and wall-to-wall carpeting, curved balconies with stunning views, pendant lighting and full size washer and dryer. Building amenities are the same for condo owners and apartment residents. Perks include a one of a kind 80,000 square foot fully landscaped outdoor deck complete with gazebos, gardens, pools, hot tubs, running track, fire pit and BBQ area. Inside, a 35,000 square foot common area houses a pool, spa, sauna, massage rooms, basketball court, fitness center, party rooms with kitchens, movie room, lounge business center and pool and game room.

With such a fantastic location and amenities package, Aqua will most likely be home to some of the most popular new Chicago apartments and Chicago New Construction Condos.

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

April 29, 2009 – In case you didn’t get to go to the first “Wisdom Of Q” event, Chicago real estate developer Belgravia Group is having another one tomorrow night, April 30th, from 6p.m. to 9p.m. at their new 565 Quincy building. According to the development website, you can attend the Q event and quote, “Indulge in cocktails and comfort food while testing your bowling, billiard, putting skills and more. Win one of many prizes being raffled by your friendly neighborhood shops and restaurants. And of course, stop by our model and sales center while at the party!” So if you can fill out the VIP registration in time, you might be able to score a last minute reservation to attend.

565 Quincy’s Q Room has a better than average selection of entertainment, as far as building recreation rooms go. Not only is there the expected fitness center, but you can also practice your putting on an indoor green, knock down a strike at the bowling alley or check out the screening room or lounge.

The condos at 565 Quincy come in 35 different floor plans, with prices on the remaining units ranging from the mid $200,000s to mid $400,000s for the one to two bedroom lofts. The price guarantee from Belgravia is still in effect, too. That means that if the price drops on a similar condo loft in the building before you close on yours, you will receive the same reduction on your unit.

Finishes include hardwood flooring, stainless steel kitchen appliance package, granite counter tops, marble vanity tops, Kohler fixtures, 11 foot ceilings and large terraces. 565 Quincy certainly offers a lot of perks to residents, so you may want to check out the Wisdom of Q, model unit and sales center and compare them to other Chicago Lofts before you make a purchase.

[tags]565 Quincy, Chicago Condos, Chicago Real Estate[/tags]

April 28, 2009 – More Chicago real estate developers are warming up to the idea of renting unsold units rather than letting them sit empty, generating no income. The latest to join the ranks of the rentals is The Marquee, the new construction 25 story tower located on 1464 South Michigan Avenue. Developer Sedgwick Properties is now renting some of the Chicago condos at the Marquee. You can of course find several of the units for rent from investors, but a pretty diverse selection is listed on a Koenig & Strey GMAC Real Estate site devoted to the Marquee rentals.

The prices, sizes and floor locating are pretty varied on the rentals. Everything from a one bedroom condo to a three bedroom penthouse is on the table, with monthly rents running anywhere from around $1,495 to $4,695. Parking is an additional $195 per month. You won’t be hit with a security deposit, but you will have to pay what they are calling a $500 move-in fee plus another $250 if you have a pet. Gas is also included in the rental fee.

Finishes on the condos include stainless steel kitchen appliances and wood cabinetry and hardwood flooring. The units have private terraces and a laundry. Building amenities include a theater room, fitness room, bike storage, doorman and dog run.

Units currently listed for rent by the developer are as follows.
601 is a two bedroom / two bath for $2,825 per month.
1306 is a one bedroom / one bath for $1,495 per month.
1202 is a two bedroom / two bath for $2,250 per month.
1003 is a two bedroom / two bath for $2,200 per month.
1704 is a three bedroom / two bath for $2,995 per month.
2405 is a three bedroom / 2.5 bath for $4,695 per month.
2407 is a three bedroom / 2.5 bath for $3,995 per month.
611 is a one bedroom / 1.5 bath for $1,495 per month.
1508 is a one bedroom / one bath for $1,550 per month.
1805 is a two bedroom / two bath for $1,750 per month.
2002 is a two bedroom / two bath for $2,450 per month.
2004 is a three bedroom / two bath for $3,195 per month.
1607 is a two bedroom / two bath for $1,850 per month.

And remember there are many more Rent to own condos in Chicago if the Marquee doesn’t fit your needs.

[tags]Marquee Michigan Avenue, Chicago Condos, Chicago Real Estate[/tags]

April 27, 2009 – Old Town will be the site of a new apartment tower if JDL Development can swing a zoning change for the building site on 1233 North Wells. With support from Ald. Vi Daley and the neighborhood residents, a 13 story tower with 250 apartments will replace a Grossinger auto dealership that is currently located there. Two years ago Grossinger had proposed building a new 4 story “auto mall,” according to the Sun Times. But without the support local residents and Daley, Grossinger has decided to sell the property to JDL and move the dealership to North Dayton instead.

“We don’t plan to sit on this property. We want a zoning entitlement to get moving on it,” JDL president James Letchinger was quoted as saying about the proposed Chicago real estate development. He believes that the apartments will be a success despite the economy and slow sales of Chicago condos. And while JDL doesn’t have a construction loan secured yet, he is certain that getting zoning approval will make the process easier.

In less positive apartment news, $11 million worth of foreclosure suits have been filed against North Side apartment developers Steve Golovan and Charles Mudd of Chicago Graystone Realty, according to Crain’s. About $9.5 million is from First Bank of Beverly Hills in California and another $1.5 million from Amcore in Rockford. In addition to the apartment foreclosures, Amcore is also filing on a defaulted loan Graystone took out for a small condo development on 456 West Briar Place.

The article states that Graystone and Castlebar Enterprises have been renovating apartment buildings and constructing new ones since 1989, with a total of around $1 billion in projects. The seven rental properties listed in the foreclosure suits include 646 W. Roscoe St, 1135 N. Damen Ave., 1765 W. Armitage Ave., 1100 N. Western Ave., 4701 N. Malden St., 1626 W. Lunt Ave. and 4857 N. Paulina St.

Obviously rental developments are not immune to the pitfalls of the housing market. But there are still plenty of Chicago Apartments ready for move-in and not under any danger of foreclosure.

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

April 25, 2009 – Buyers at Six North Michigan got some good news recently. This Chicago real estate conversion project has qualified for an eight year tax freeze under the Illinois Historic Preservation Agency act after being listed on the National Register of Historic Places, according to the sales staff. That means that buyers can lock in the tax rate from the time when the conversion began. The program then allows for four more years of partial tax reductions before returning to current rates.

First deliveries started a little over two months ago and all interior work and construction should wrap up by mid-May. Six North Michigan has been touted as one of the best conversions to come along in some time, and with the standard finishes in every condo there being what some developers offer as upgrades, the title may be deserved. Details like custom Italian made cabinetry, high-end stainless steel European kitchen appliances, high grade hardwood flooring and marble baths are all part of the package. Building amenities include a 24 hour door person, fitness center, lounge, movie room and terrace on floor 20.

Of the 120 Chicago condos at Six North Michigan, close to 60% are already sold, and the two bedroom units have been a popular choice with buyers. There are one bedroom condos priced from the low $300,000s, but some of those come without a striking view, balcony or parking. The remaining two bedroom condos run from the mid $700,000s to $800,000s. The three bedroom condos will cost you $1.25 million and up, while the penthouse units are even higher at about $1.7 million, definitely putting them in the Chicago Luxury Condos category.

[tags]Six North Michigan, Chicago Condos, Chicago Real Estate[/tags]

April 24, 2009 – If any of you who missed the Vetro auction back in early March are still interested in purchasing one of the 60 remaining unsold Chicago condos in this 31 story, 232 unit tower on 611 South Wells, you might want to pay a visit to the sales center soon. It seems that the adjusted “auction prices without the auction” as the development website put it have been a hit with buyers. The tower is now about 85% sold, according to the sales agents.

In case you don’t remember, there were some major price reductions on the unsold condos at Vetro after the auction. The 45 units at auction brought in just over $12 million, with the lowest winning bid being $145,000 for a studio, while $556,000 was the highest winning bid and that was for one of the penthouse units. Buyers got about a 27% discount on previous list prices for their units. After using the auction results as a guide, the remaining condos were lowered 19% to 25% and a free parking space is still included.

The new sale prices brought out buyers for all of the studio units plus the one bedroom and a few of the two bedroom condos. The Vetro units that aren’t under contract yet are a small selection of two bedroom, 2.5 bath condos with a den and also as many as four of the penthouse units. Sizes vary from 1,525 square feet on up to about 2,067 square feet with prices running from around $371,000 to about $615,000.

It’s no surprise that buyers who are in the market for Cheap Chicago Condos that aren’t made cheaply are taking advantage of the lower prices.

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

April 23, 2009 – Judging from today’s news, even smaller suburban Chicago real estate developments aren’t immune to foreclosure suits. In this case the project is Grand Bend at Green Bay, a six story, 49 condo building located on 1228 Emerson Street in Evanston. Grand Bend at Green Bay was developed by Ferris Homes and finished last July. Northbrook Bank & Trust Company is seeking restitution for about $13.5 million it claims is still owed on a construction loan issued in August of 2005. The bank has filed a foreclosure suit on the 38 condos that are still unsold, citing missed payments as the reason, according to Crain’s.

The original loan in 2005 was for $14 million, but Ferris increased the amount to $17.3 million in 2007 with an extended payback date of November 1st, 2009. According to the article, this foreclosure appears to be the first for a big condo development in Evanston.

Only 11 condos ever went under contract at Grand Bend, and a variety of obstacles may have prevented Ferris from selling more. Besides the obvious challenges of selling suburban Chicago condos in this sluggish market, these particular condos might not have been suited for many buyers. The developer didn’t offers buyers much of a selection of finishes, and according to the opinion of Mary Summerville of Prairie Shore Properties, that may have influenced some potential buyer’s decision not to buy.

“He’s never done anything in a suburb like Evanston before,” she was quoted in Crain’s. And although Summerville had nothing to do with the marketing of Grand Bend, she said that the bathrooms and cabinets were, “dated and 1990s suburban.”

There were also at lease two other competing condo projects that recently went up nearby, including Sienna on Clark Street. Although Ferris Homes has been in business for about 10 years and successfully completed projects in Wheaton and Libertyville, Grand Bend just may not have been a good fit for Evanston. And most developers have realized that they have to have a good edge on the competition to sell suburban Chicago New Construction Condos.

[tags]Grand Bend at Green Bay, Chicago Condos, Chicago Real Estate[/tags]

April 22, 2009 – With the Ritz-Carlton Residences being one of only a few major Chicago real estate developments scheduled to deliver in 2010, we thought another construction check-up on the 664 North Michigan Avenue project was in order. And maybe deconstruction check-up would be a better term anyway, because most of the work currently being done is the dismantling of the facade of the historic Farwell Building. The pieces are being stored until the construction of the 40 story Ritz is complete, at which time it will be reassembled and restored.

The Farwell Building dates back to the 1920s, and architect Lucien Lagrange designed the Ritz with a kind of 1930s modern art look. According to a profile in Chicago Mag, details such as carved panels, flying buttresses and a “crown of lighted art glass” will spice up the exterior of the tower. But the interiors will be even more luxurious, living up to the famous Ritz name. Expansive windows, plank flooring, crowing molding, custom-made Christopher Peacock wood cabinetry, and state-of-the-art touch pad controller for the sound and security system will be standard in the 88 Chicago condos there.

Building amenities will be posh, with a 10th floor Residence Club with Grand Salon, a bar, fitness center, movie room, spa, dining room and wine storage area. A chef will even be on hand to prepare special meals.

Prices for the 49 units that are still for sale range anywhere from about $1.45 million to $13.044 million. The condos vary in size from about 1,398 square feet for a one bedroom unit to as much as 6,500 square feet for a top level penthouse. With the ultra-luxury finishes and amenities, as well as more than $1,000 per square foot pricing, the Ritz-Carlton Residences certainly qualify as Chicago Luxury Condos.

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

April 21, 2009 – A couple of weeks ago we told you about the increased grant amount that The Partnership for New Communities is offering at five different Chicago real estate developments. We wanted to remind you that from April 15th through the 29th buyers can receive $15,000 towards the purchase of a new Chicago condo or townhome, and after the 29th the grant will go back to the previous amount of $10,000 that has been offered since September ’08. With just a little over a week left, you may want to get out and check out some units, and an added bonus is that there will be another open house held on the 25th in case you missed the last one that was on the 18th.

A recent write-up in the Tribune featured a quote from Partnership for New Communities representative Maria Hibbs, who pointed out the perks of living in one of the developments. “These homes are terrific bargains. They’re finely-built, located in great neighborhoods, and accessible to amenities, schools, shopping, parks, public transportation and recreation.”

The grant is good towards the purchase of a home priced between $150,000 to $450,000 . The five developments participating in the $15,000 grant program are Roosevelt Square, Parkside of Old Town, Oakwood Shores, Lake Park Crescent and Park Boulevard.

With many people on the lookout for Cheap Chicago Condos, this grant might prove to be very attractive, especially to first time home buyers. But just remember that the offer is good only through the 29th of this month.

[tags]Partnership for New Communities, Chicago Condos, Chicago Real Estate[/tags]

April 20, 2009 – May 15th seems to be the deadline for a lot of incentives at Emerald, the new eco-friendly two tower complex on 123 Green Street. The 12 story towers have a combines total of 212 Chicago condos, and from now until May 15th anyone who purchases one of the remaining one bedroom units will receive a free parking space valued at $35,000 according to a recent advertisement in the Tribune and on the building website. The free parking space offer is good only on list price sales.

Also, any current owner of an Emerald condo who refers a buyer by May 15th will receive either $5,000 worth of upgrades or a year’s free assessments up to $5,000. Again, the deal is good only on condos that sell for list price and the buyer must actually close on the unit before the incentive can be collected by the referring owner.

And finally, in keeping with the green theme, you can stop by the sales center for this Chicago real estate development and get a free mixed herb seed packet.

Emerald’s features include low VOC paints and furnishings, an 8,000 square foot lobby with large windows and large screen television, a conference room with a fireplace and high-speed Internet, a library/study plus Club Emerald which has a party room with a sound system and complete kitchen for entertaining.

From Emerald’s price sheet, units 2 & 7 are one bedroom, one bath with 765 square feet for $270,000 to $326,000. Units 9 & 10 are also 1/1 with 794 square feet for $290,000 to $323,000.

Units 4 & 5 are one bedroom, one bath plus den with 900 square feet from $340,000 to $425,000.

Units 1 & 8 are 1250 square foot two bedroom and two bath condos for $387,000 to $480,000. And units 3 & 6 are 1297 square foot 2/2 condos priced from $484,000 to $629,000.

Be sure to check back regularly for the latest news about incentives and deals on Downtown Chicago Condos.

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