May 19, 2009 – Many of you may remember the uproar last year over the disappearance of Chicago real estate developer Salman Ibrahim and the unfinished projects and disgruntled investors he left behind. One of those projects was Pure, located on 24 South Morgan, which was actually fairly close to completion when Ibrahim skipped town. The project was taken over by a bank entity and work went on pretty much as originally planned for the 12 story, 67 Chicago condo development. But like at many other developments, Pure sales have lagged and it now looks as though the prices on the remaining condos have been lowered.

For the unsold one bedroom, one bath condos that range in size from about 680 to 822 square feet, the pricing now falls from about the $160,000s to the $180,000s. For one bedroom, two bath condos that measure 915 square feet the prices run from the $270,000s to the $280,000s. A 979 square foot two bedroom, two bath unit will cost you somewhere in the $230,000 range and a 2,000 square foot three bedroom, 2.5 bath condo is now listed in the low $500,000s.

The unit finishes at Pure include the Pure Portal, which is a virtual electronic resource center with your own email address and personalization options that keeps you up to date on building services, area weather, traffic reports, local news and even restaurant delivery menus. Bamboo flooring, plush carpeting, balconies with lighting and electrical outlet installed, laundry hook-up, vinyl padded shelving in closets and state of the art security and sprinkler systems are standard. Residents also have the SKAI lounge that is decked out with plasma televisions, a sound system and fully furnished.

The price reductions on condos at Pure may lure a few more buyers to the controversial development. So if you’re in the market for Cheap Chicago Condos, Pure may have a unit that interests you.

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

May 18, 2009 – For Museum Park Chicago condo buyers, there is good news and bad news. The good news is that there are still lots of units available in 1600 Museum Park. The bad news is that developers the Enterprise Cos. and Fogelson Properties, Inc. are suing roughly 100 buyers who have decided to walk away from their contracts rather than close on them. The unusually high total of contract defaults comes from buyers at the three Central Station towers that are closing contracts on 823 units, according to an article in Crain’s. Those Chicago real estate projects are One Museum Park, 1400 Museum Park and the above mentioned 1600 Museum Park.

Gerald Fogelson of Fogelson Properties stated that the rate of contract cancellations for Museum Park is about 15%, which is lower than the 25% average rate that Appraisal Research Counselors says most developers are experiencing. That number is up from the 10% to 15% cancellations a year ago. Fogelson also stated that he believes the buyers reacted to the shaky economy by trying to walk away from the condo contracts. “These cancellations were almost 100% out of fear — fear that they were going to lose their jobs or that they were paying too high a price,” he told Crain’s.

So far, Enterprise and Fogelson have won almost half of the contract cases they took to court, either by a judge ruling or an out-of-court settlement with the buyer. According to the article, the developers basically sue walk-away buyers for deposits and 50% of any upgrades they requested for their unit.

Most buyers simply can’t get a loan as easily now as they might have when they signed the condo purchase agreement. Others don’t want to pay pre-construction prices now. Kristen Long, who was profiled in the article, had signed a contract to buy a condo in 1600 Museum Park but decided not to close because of so few condo sales in the tower. She stated that her contract didn’t give her any recourse and she is now the target of a lawsuit. “We got screwed here,” is how she summed it up.

Buyers who opt for Pre Construction Condos in Chicago should always carefully go over the purchase agreement and make sure there is at least a drop dead clause and also preferably some method of agreement should the buyer decide not to close.

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

May 16, 2009 – This week we told you about the Magellan Development Group selling out the 304 unit Chandler in Lakeshore East, and it looks as though your options are running out if you want to buy a condo in this sought after 28 acre planned community. There have been six towers either completed or nearly finished to date in Lakeshore East, and there are only about 15 Chicago condos left for sale at this point, according to an article in GlobeSt.

The $4 billion Lakeshore East is home to the aforementioned Chandler and also The Tides, Aqua, The Regatta, 340 On The Park and The Shorham. Of all those only 340 On The Park and Aqua have a handful of condos combined that aren’t under contract yet. Just one penthouse condo is left for sale at the 62 story, 344 unit 340 On The Park. And at Aqua, where apartments are ready for move-in and condo deliveries will begin later this year, there are just 14 of the 264 condos left for sale.

Lakeshore East has long been a popular choice for buyers, and the mega Chicago real estate project has completed 1,200 units thus far, according to Magellan VP Brian Gordon. “The nice thing is that Lakeshore East has been hit the least by the economy, and so will be the first to pop out when the economy takes back off,” he was quoted in the article as saying and reiterated that Magellan intends to build two more towers there in the future.

If you can’t find the right Chicago condo to fit your needs at Lakeshore East, there are several other popular Chicago Neighborhoods that have high-rise units still available.

[tags]Lakeshore East, Chicago Condos, Chicago Real Estate[/tags]

May 15, 2009 – With first deliveries scheduled for less than a month away at Silver Tower, Stonegate Development is rolling out some buyer incentives. Right now, if you purchase a condo at this Chicago real estate development before July 31st, 2009 and use their preferred lender you’ll get $5,000 towards closing costs plus one year of paid assessments according to the building website. This 40 story tower, located on 303 West Ohio Street, also received FHA approval so that means qualified buyers can purchase for as low as 3.5% down.

Current prices on the remaining one bedroom condos at this River North high-rise start in the low $270,000s and top out in the upper $870,000s. That’s about $20,000 less than original pricing in most cases.

Silver Tower’s 225 condos have from one to three bedrooms and one to three baths. The units come with oak hardwood flooring in common areas, wall-to-wall carpeting in the bedrooms, 12″ marble floor tile in the baths, painted millwork, KitchenAid stainless steep appliances, maple or cherry cabinets, marble vanity tops in the baths plus Grohe faucets, Toto sinks and toilets and framed glass shower doors. The tower has a 24 hour doorman, secure garage parking, resident storage lockers, a bike storage room, Sky Lobby with fitness center, landscaped garden and patio, plus you can bring your best furry friend because the building is pet-friendly.

Silver Tower joins a growing list of Chicago New Construction Condos that are advertising price reductions on their final few unsold units. Be sure to check back with us often for the latest deals and incentives on Chicago condos.

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

May 14, 2009 – The latest luxury Lakeshore East high-rise to reach the 100 percent sold mark is The Chandler. Chicago real estate developer Magellan Group wrapped up work on the tower just last fall and announced in a GlobeSt article that the final contracts were closed on all of the 304 units in the 35 story Chandler. The $4 billion Lakeshore East complex has been a hot spot for buyers, and the sales figures for basically all of the towers there are proof that location and good design will always resonate with Chicago condo buyers.

Magellan Group VP Brian Gordon stated in the article that his company could have made more sales if there had been more units in the $138 million Chandler. “We’d still like to get another building going because of the lack of inventory and continued demand for units.” The tower, located on 450 East Waterside Drive, was designed by DeStefano and Partners and offers top notch building amenities. Residents are treated to a pair of fully landscaped sun decks, indoor swimming pool, fitness center, party room, movie room and concierge services are also available.

On the development side, Magellan told GlobeSt that they intend to construct two more towers that would probably have 250 condos in each. Brian Gordon believes that buyers will always be drawn to the Lakeshore East area and that it’s just a matter of time before the economy and housing market improve. “Financing is going to drive everything right now, so as soon as some capital frees up, we’ll get another building going,”

You can check out The Chandler in our development pages, as well as other Lakeshore East towers. There are also several Gold Coast Chicago Condos that may be just what you’re looking for.

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

May 13, 2009 – The latest Chicago real estate development to join in on the price slash frenzy is The Metropolitan Tower. The 30 story, 310 South Michigan tower has a total of 245 Chicago condos and the few dozen or so remaining units are set to have a significant price reduction starting the 16th of this month. There is a limited selection of one to three bedroom condos available, and some of the price cuts are as much as $50,000 to $300,000.

An example of one of the reduced condos is a one bedroom, one bath unit that had been listed for $299,900 and will now be sold for $249,900. A couple of the two bedroom, two bath condos at The Metropolitan had been priced at $534,900 and $789,900 will be lowered to $399,900 and $599,900. And a three bedroom, 2.5 bath condo that had been listed for $959,900 will now be sold for $649,900.

The Metropolitan Tower renovation included adding a party room and fitness center to the high-rise, as well as a sun deck and 24 hour doorman, bringing the amenities in line with other Downtown Chicago Condos.

A complete list of unit reductions on the building website are as follows.
#712 1Bed/1Bath Was $299,900-Now $249,900
#1612 1Bed/1Bath Was $349,900-Now $249,900
#2110 1Bed/1Bath Was $396,600-Now $269,600
#807 2Bed/2 Bath Was $534,900-Now $399,900
#1013 2Bed/2Bath Was $534,900-Now $399,900
#1201 2Bed/2Bath Was $789,900-Now $599,900
#1501 2Bed/2Bath Was $819,900-Now $599,900
#1204 2Bed/2Bath Was $819,900-Now $599,900
#1105 2Bed/2Bath Was $919,900-Now $649,900
#902 3Bed/2.5Bath Was $919,900-Now $649,900
#1003 3Bed/2.5Bath Was $959,900-Now $649,900

[tags]The Metropolitan Tower, Chicago Condos, Chicago Real Estate[/tags]

May 12, 2009 – Last fall the developers of The Columbian, located on 1160 South Michigan, tried offering free parking with the purchase of select two bedroom Chicago condos in the high-rise. They then extended the offer to all two bedroom units in the 46 story, 220 unit Art Deco tower. And now some of those same condos in this Chicago real estate development are being advertised as a “Developer’s Special” and the free parking, which had been valued at about $42,000, is back along with some reduced prices.

When The Columbian wrapped construction and began deliveries in 2007 it was about 70% sold. The bulk of the condos that are still for sale appear to be two bedroom, two bath units like last fall. Sizes and floor plans vary, but about 1,230 to 1,800 square feet is the general range for these 2/2s. Prices had been running from the middle $400,000s on up to around $1 million, but now are reduced as much as $50,000 to $70,000 depending on the unit.

The condos are ready for immediate occupancy of course and are decked out with some nice finishes. Kitchens come with 42 inch cabinets, 4 inch granite backsplash, GE Profile appliances, double bowl stainless steel under mount sink and Grohe pull out spray faucet. The master baths have 12 inch marble tile flooring, marble vanity top, shower surround, soaking tub with marble surround, recessed medicine cabinet and frameless vanity length mirror. Hardwood flooring, wall-to-wall carpeting, washer and dryer hook-up, Vinyl clad shelves in walk-in closets plus large balconies are standard. The Columbian has a 24 hour doorman, dog run, sun deck, party room and fitness center.

You may want to check out The Columbian for some price breaks or visit some of the other Chicago New Construction Condos to see how they compare.

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

May 11, 2009 – It looks as though Motor Row Lofts doesn’t have enough gas in terms of sales to make it to the finish line and a $9 million dollar foreclosure suit has been filed by First Bank of Missouri. The three building, 51 Chicago condo loft conversion on 2301 South Michigan Avenue had plenty to offer, including an eight year tax freeze and unique, traditional loft design. But as with so many other projects, the sales didn’t materialize and Chicago real estate developer Paul Zucker was unable to pay back the construction loan that came due back in October ’08, according to a Crain’s article.

Zucker initially borrowed $13.1 million in 2006 to finance the renovation of the historic buildings. Of that total, the foreclosure suit alleges that he still owes a balance of $9.1 million and that he personally guaranteed $1.5 million himself. According to the article, only 22 of the 51 condo lofts have sold since the project was finished in May 2008.

Appraisal Research Counselors puts the number of new condos just constructed or being built on the Near South Side at 4,958 and that doesn’t count Motor Row Lofts or Opera Lofts. Zucker, like may other developers in the same predicament, has been trying to rent out the unsold units but that generally doesn’t generate enough cash to pay back loans. “Sales just haven’t supported expectations. We’ve been attempting to work with the bank on a variety of suggested programs to keep this loan in good stead, but they rejected all of them,” Zucker was quoted in Crain’s.

If the bank continues to refuse any extension or compromise with Zucker, we may see some price reductions or possibly even an auction at Motor Row. For those of you who love Chicago Lofts this could be a chance to own a piece of automotive history at a lower price.

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

May 9, 2009 – Price reduction fever has hit another prominent Chicago real estate project. Schatz Development has recently cut prices at 600 North Fairbanks, the 41 story, 229 unit Streeterville tower that wrapped construction and began deliveries in late 2007. The high-rise has been nearly sold out for some time, but the last handful of units has remained stubbornly unsold. It now looks as though the developer has finally lowered prices on the final eight available units in an attempt to get them under contract as well.

Sales at the Helmut Jahn designed tower had been strong since marketing began. A few months ago the Tribune ran a profile on the project and touted the obvious perks of location and great views. But it also pointed out that residents of these Chicago condos were required to have off-white window shades and that the windows on the north and south sides didn’t open. But the luxury finishes are top notch with Snaidero cabinetry, Sub-Zero, Wolf, Miele and Panasonic appliances plus islands in every kitchen. The master baths have Whirplool tubs, marble floor, shower and tub surround, Snaidero cabinets and Waterworks fixtures. The building has a fitness center with pool, media and business room, 24 hour doorman, secure indoor heated parking, bike storage and sundeck.

The price reductions on the last available units at 600 N Fairbanks are averaging around $50,000 to $80,000 per condo. The units have two to three bedrooms and two to 2.5 baths. Sizes in terms of square feet run anywhere from about 1,543 to 1,852, depending on the floor plan. Pricing ranges from the $840,000s on up to about $1.2 million. Even with the reductions, these condos are still classified as Chicago Luxury Condos.

[tags]600 N Fairbanks, Chicago Condos, Chicago Real Estate[/tags]

May 8, 2009 – There are several new construction towers in the city that are nearly sold out, but still have a few Chicago condos left for sale. One of those high-rises is 451 West Huron, and if you’re interested in the River North building you may want to check out the sales center because according to a profile in the Tribune there are only a few two bedroom, two bath condos left.

The 15 story tower has a total of 135 one to two bedroom condos, but the one bedroom units went under contract some time ago since the building was completed in 2007. All of the units are of course finished and ready for move-in. The units come finished with stainless steel appliances, maple cabinets and granite counter tops in the kitchens plus a Jacuzzi and walk-in shower in the master bath. A washer and dryer, hardwood flooring in the common living areas and wall-to-wall carpeting in the bedrooms is standard as is a balcony with every unit. The building has a doorman, fitness room and is pet-friendly.

The remaining units at this Chicago real estate development vary in size from about 1,025 to 1,470 square feet and are priced between the high $300,000s to high $500,000s. Parking in the heated indoor garage is extra at about $35,000 although with this location residents will be close enough to the Merchandise Mart, scores of restaurants, retailers, unique shops and entertainment to walk to many of their destinations. And there are quite a few Downtown Chicago Condos that will also put you within walking distance of dozens of attractions.

[tags]451 W Huron, Chicago Condos, Chicago Real Estate[/tags]