May 30, 2009 – West Roscoe Village is home to Fletcher Row, the 24 townhome complex on 2424 West Fletcher Street. Right now there are homes ready for move-in, according to a press release in the Tribune. Bluestone Development is also tossing out some buyer incentives to boost sales at this Chicago real estate project, so it might be a good time to visit the sales center and check out the furnished model this weekend.

If you go with Bluestone for your financing, you can purchase a townhome with a 10 percent down payment plus buy-down interest rates of 4.99% on “jumbo loans,” according to the advertisement. You can also get as much as six months of free interest and mortgage principal payments, which Bluestone estimates will save you $10,000.

The Fletcher Row townhomes are positioned in two groups of ten units with a green courtyard between them. The homes are designed with three or four bedrooms and three or 3.5 baths. The floor plans measure out between 2,179 to 3,044 square feet of living space so you’ll have plenty of room to grow or entertain guests. Finishes include hardwood flooring, skylight, kitchen balcony, granite kitchen counter tops and island, fireplace, laundry, walk-in closets in the master bedroom and marble master bath with separate tub and shower plus double vanity. The townhomes are pre-wired for high speed Internet and can be wired for surround sound.

Prices for the three bedroom townhomes at Fletcher Row start at $499,900 and at $749,900 for the four bedroom homes. You can also compare other Townhouses in Chicago and see which development best fits your tastes and needs.

[tags]Fletcher Row, Chicago Townhomes, Chicago Real Estate[/tags]

May 29, 2009 – A few posts ago we told you that Aqua may have finally hooked a hotel chain for the 15 vacant floors that need to be filled. If the deal with Kimpton goes through it will certainly be a boost for the 82 story Lakeshore East tower, especially with hotel rates down and vacancies up. And now another Chicago real estate development claims to have hotel prospects. According to Crain’s, the proposed Huron to be located on 8 East Huron Street in River North may attempt to convert to a hotel instead of a 28 story Chicago condo building to avoid foreclosure.

Developer Paul Stanley announced plans in 2002 to build the luxury high-rise that would have housed only 4 units per floor with two to five bedrooms and price tags of $1 to $5 million. The building plan was to have a Zen rooftop garden, dog run and fitness center. The condos were designed with master bath saunas, fireplaces, walk-in closets and large terraces and balconies. The article stated that only 9 of the 47 luxury units went under contract and Stanley stopped marketing the Huron last June.

Stanley didn’t name any hotel chains, but says he has had several offers. “I’m fully expecting to make a deal,” he told Crain’s. “I’m trying to make lemonade out of lemons here,” Stanley explained, indicating that he needs to sell the site to pay off the loan that came due this past January. The $8.8 million foreclosure suit was filed by Geneva Capital Associates in April.

It will be interesting to see if a hotel brand does step in and purchase the Huron site. River North is a trendy neighborhood and the site would normally be a good spot for a new boutique hotel or Chicago Luxury Condos, but the timing is questionable. With an eye to a future economic and housing market recovery, a hotel chain may step in and save Stanley from foreclosure.

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

May 28, 2009 – Broadway 3030, like several other planned Chicago condo projects, won’t be making it past the groundbreaking stage unless a successful bidder at the upcoming auction for the building site picks up where developers Michael O’Connor and Jonathan Zitzman left off. Crain’s reports that the developer duo refinanced the parcel in part with a $7.9 million loan from Urban Broadway Mezz LLC and have defaulted, setting in motion the auction. O’Connor and Zitzman also owe $10 million to First Bank in St. Louis. Urban Broadway Mezz is an affiliate of DV Urban Realty, which is currently being investigated because of $68 million in city pension fund investments.

The site, which is located on 3012-3036 North Broadway Street, will be auctioned on June 5th at DLA Piper LLP law offices. According to Crain’s, any bidder will have to make a $250,000 non-refundable deposit to the winning bidder. The project also has a $213,283 lien against it from architectural firm Hartshorne Plunkard Ltd. for work they state they were never reimbursed for on Broadway 3030.

Broadway 3030 actually broke ground in late 2008 and if completed, this Chicago real estate project would have had 53 condos and a new 40,000 square foot Dominick’s store. The old Dominick’s was totaled in 2005 by a fire and the chain had already leased the space, according to the article. Local residents may be more disappointed by the loss of the new store, rather than the condos. Developers are almost always optimistic down to the last minute though, and Michael O’Connor told Crain’s that, “We continue to work with all interested parties to find a solution for the problem caused by the frozen credit markets. We are still committed to bringing the Dominick’s store.”

With yet another development off the map and no big projects in the works, the list of Pre Construction Condos in Chicago probably won’t be getting any longer any time soon.

[tags]Broadway 3030, Chicago Condos, Chicago Real Estate[/tags]

May 27, 2009 – The Park Kingsbury started out in 2007 as a project by Chicago real estate developers William Marovitz and Constantine Cataldo to demolish the five story building located on 660 North Kingsbury and build a new 26 story high-rise with 166 Chicago condos. That plan was downsized into scrapping the demolition and making it a conversion project instead with only 40 condos and then shrank again to 27 units. By early this year, the project was downsized into non-existence, and now according to a Crain’s article the Mutual Bank has filed an $8.4 million foreclosure suit against the developers.

The suit claims that Marovitz and Cataldo defaulted on the construction loan in January of this year by failing to make a $40,400 interest payment on January 20th. The foreclosure suit seeks to recoup the amount of the original loan plus interest, which brings the sum up to $8.4 million. The bank’s keen interest in going after the loan could be because it has a federal deadline of its own to get its books balanced within two months, according to the article.

Despite this failed River North endeavor, the two developers have had success with other projects like the Grand Plaza. Even developers with proven track records have been sidelined by the housing market slump, and Chicago condo buyers need to be aware of the possibility that a project without enough sales to pay back loans or without financing in place may not make it past ground breaking. That’s why it’s imperative to make sure your contract has provisions for the unexpected when you decide to purchase Pre Construction Condos in Chicago.

[tags]Park Kingsbury, Chicago Condos, Chicago Real Estate[/tags]

May 26, 2009 – Magellan Development is trying to reel in a new hotel chain to take up the space in Aqua that Strategic Hotels backed out of last fall and they may be close to landing one. The latest prospect is the Kimpton Group Holding LLC out of San Francisco. According to a Crain’s report, Kimpton is negotiating to purchase the 15 floors that are available in Aqua.

Kimpton isn’t a stranger to Chicago real estate with the River North Hotel Palomar project that should be completed in 2010 plus managing the Monaco, Burnham and Allegro hotels. The deal isn’t set in stone however, and Joe Long of Kimpton told Crain’s that, “It’s the same as every project today. You’ve got to get financing and you’ve got to re-adjust your expectations in terms of future of performance.”

Probably the most attractive factor is that Strategic had to relinquish about $28 million in earnest money when they backed out of their contract at Aqua, and Magellan was able to lower the price of the 15 floors to around $56 million. Magellan is also reportedly allowing Kimpton to more time to pay off the deal and even possibly make allowances for how successful the hotel is. If the deal goes through, Kimpton plans on having more than the 225 rooms that Strategic had in mind plus put in an upscale restaurant, which would also benefit Aqua residents.

The 82 story Aqua at last count had rented about 100 of its 474 apartments and residents have been moving in. The first deliveries on the 264 Chicago condos will occur later this fall. With a new restaurant and hotel services potentially on the way, you may want to check into the very few condos left for sale at Aqua or even think about renting one of the apartments if you’re interested. And don’t forget all of the other Chicago New Construction Condos out there.

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

May 25, 2009 – Bucktown doesn’t get a lot of press, but rent-to-own Chicago condos have been in the news a lot lately. Combining the two topics gets you Bucktown Point, which was previously named Bucktown Station and is located on 1870 North Winnebago Avenue. The condos there are ready for move-in and Paramount Homes has only two of the fifteen units in the development that are still available, according to a recent profile in the Tribune.

If you decide you want to rent at Bucktown Point, you will have to sign a contract to buy. In some Chicago real estate developments like Eastgate Village, the rent you pay is put in escrow and used towards a down payment. And although that isn’t the case at this development, Bruce Fogelson of Paramount believes that enough of the current renters will want to eventually purchase a condo and so he still calls it a rent-to-own program.

According to the article, all of the two bedroom units are occupied and the two condos still available are three bedroom, 2.5 bath models. The condos size up between 1,600 and 2,400 square feet and are priced between $530,000 and $590,000 with monthly assessments from $75 to $150. Parking is included and you can also get a ride with one of the two ZipCars that are available there. Rental rates are available by calling Paramount Homes.

The finishes in these condos includes kitchens with GE appliances, 42 inch cabinets, granite counter tops and stainless steel double bowl sink. The baths have a separate shower and tub, marble tile, full size mirror and double sink. A gas fireplace with marble or slate surround, hardwood and carpet flooring, private balcony plus washer and dryer hook-up are all standard.

If you want to check out some other areas besides Bucktown, there are plenty of other welcoming Chicago Neighborhoods with condos for rent and sale.

[tags]Bucktown Point, Chicago Condos, Chicago Real Estate[/tags]

May 22, 2009 – The list of condo projects that are being approved for FHA loans keeps getting longer. It isn’t surprising that Chicago real estate developers are applying for the status because any edge a high-rise has can means the difference in sales between it and a competitor. The newest addition to the list is Emerald, the trailblazer eco-friendly two tower development on 123 Green Street. The last sales numbers released put the 212 Chicago condos there are about 62% sold, so you should still have a pretty good selection of units to pick from.

Buyers who qualify for FHA loans generally only have to come up with a 3.5 percent down payment. It’s permissible for the buyer to use money given to them by a family member, rather than have to have it come from their own funds. In a recent Tribune article, Senco Development was keyed up to have the FHA designation, according to Senco executive William Senne. “These government-backed loans will open Emerald up to an even larger segment of the buyer’s market,” he was quoted as saying.

Back in March Senco released a statement saying that prices on the one to two bedroom condos were frozen, and that while they were negotiating on a per sale basis, they wouldn’t slash prices. This semi-guarantee was made to assure both current unit owners and new buyers that the condos would retain their value. The remaining units are still priced from the $270,000s for one bedrooms and from the $629,000 range for two bedrooms with assessments estimated between $225 to $345. Deeded parking is thrown in with some of the larger units, otherwise it will cost you another $35,000.

Amenities at the two 12 story Emerald towers include a fitness center and the 8,000 square foot lobby has a club room and bar and is available for both parties and events or business meetings.

As we’ve told you before, more developers are offering rental units in their buildings, so if you can’t find a condo you like at Emerald or any other tower, it can’t hurt to ask about the possibility of renting one. Or you can check out the list of Rent to own condos in Chicago.

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

May 22, 2009 – Construction on the south tower of 600 N Lake Shore Drive has progressed to the point that Chicago real estate developer Belgravia Group has moved their model units into it. They had been located in the nearly sold-out north tower. According to a recent profile in the Tribune there are only a handful of three bedroom Chicago condos left for sale in the towers, but the development website lists some two bedrooms and even one or two one bedroom units as available.

The one and two bedroom condos at 600 N Lake Shore Drive had been the big sellers, with the three bedroom units moving at a slower pace. Back in the early part of this year Belgravia had launched a buyback program where owners of two bedroom condos could sell their unit back to Belgravia if they wanted to upsize to a three bedroom unit in one of the towers. This was mutually beneficial to both parties because it was easier for Belgravia to sell the larger, more expensive condos to buyers who had already made a purchase and knew they wanted more space. And the two bedroom condos were easier to market to first time buyers.

The condos at this development can certainly be classified as Chicago Luxury Condos, and the building amenities are top notch as well. Residents have the expected fitness center and roof sun deck plus a business room, movie room, sculpture and art displays and a party room with fully equipped kitchen.

From the development site the units listed in the south tower are as follows.
1BR-1.5 Bath condos with S and SE views priced from the low $400,000s.
1BR-1.5 Bath condos with E and NE views priced from the mid $400,000s.
1BR-1.5 Bath condo with S and SE views priced at $443,000 (one remaining).
2BR-2 Bath condos with E and NE views priced from the $660,000s.
2BR-2.5 Bath condos with SW view priced from the $950,000s.
2BR-2.5 Bath condo with NE view priced at $927,000 (one remaining).
3BR-3 Bath condos with NE view priced from $1.3 million.
3BR-3.5 Bath condos with SE view priced from $1.245 million.

[tags]600 N Lake Shore Drive, Chicago Condos, Chicago Real Estate[/tags]

May 21, 2009 – There has been an increase in the number of Chicago real estate developers who decide to rent unsold condos until a buyer comes along, not just as a last ditch effort to stave off foreclosure when a construction loan is coming due. Some income is certainly better than none, and word of mouth from a satisfied renter can sometimes prove to be great sales marketing. One loft development that we previously told you had changed management is now also renting units. Opera Lofts, located on 2545 South Dearborn Street, has also gotten FHA approval so that could translate to some serious savings for buyers.

The converted Opera Lofts warehouse has Chicago condo lofts with from one to three bedrooms and one to two baths, all in traditional loft design. The lofts range in size from about 830 to 2,912 square feet and are priced from $239,900 to around $890,000. Rents for the condo lofts run from about $1,300 to $3,000 per month depending on the unit. One of the largest units on the 7th floor is a three bedroom, two bath with 2,862 square feet of living space inside was well as a 798 square foot roof deck. You can also opt for a fireplace in most of the condo lofts.

Unit finishes include GE Energy Star stainless steel appliances, granite counter tops, maple cabinets, oak hardwood flooring, 13′ to 30′ ceilings, exposed columns, brick and ductwork, HVAC systems plus insulated windows and doors. The baths have Egyptian marble, 6′ jet tubs and dual flush toilets. The building sports a green roof and deck, bike storage, dog run, indoor parking and fitness center.

A list of floors and units posted on the Opera Lofts site are as follows.
3rd Floor – 33 units total with 14 sold and 6 rented.
4th Floor – 6 units total with none sold and 2 rented.
5th Floor – 33 units total with 17 sold and 5 rented.
6th Floor – 12 units total with 2 sold and none rented.
7th Floor – 9 units total with 2 sold and none rented.

Be sure to check out the other Chicago Lofts available right now and we’ll keep you posted on any developer incentives.

[tags]Opera Lofts, Chicago Lofts, Chicago Real Estate[/tags]

May 20, 2009 – First it was the “homebuyer stimulus package.” Next came the “super Saturday and Sunday.” Now Lennar Homes is pushing another incentive for buyers. This time it’s “Lennar’s Inventory Blowout,” and of course Library Tower is one of their Chicago real estate developments included in the offer. The incentive applies to select units in the 17 story, 184 Chicago condo tower and you must sign a contract and close between May 23, 2009 and May 31, 2009. The deal will get you either a low fixed interest rate if you go with their preferred lender or you can opt for as much as $75,000 off certain units. The condos at Library Tower have from one to three bedrooms and are priced anywhere from the $230,000s to $960,000s.

Their website claims that, “Time is running out and payments may never be lower.” The fixed interest rates offered are 1.99 for year one, 2.99 for year three and after that 3.99 (4.12%) fixed for life on the mortgage if you finance through their preferred lender, Universal American Mortgage Company (UAMC). The same rules apply here as they did on their other offers. To qualify, buyers must have a minimum credit rating of 700, be able to make a 20% down payment, the unit must be owner-occupied and the condo can’t be priced more than $417,000. You can also still print a 1% off coupon from their site.

And even though most other developers of Chicago New Construction Condos have stopped dangling big screen televisions, scooters and upgrades in front of buyers who are more interested in price cuts, Lennar is also now offering a free washer and dryer of their choice for a limited time with select purchases. Those might be standard in a lot of other towers, but Lennar seems to be trying anything it can to sell condos these days.

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