June 30, 2009 - These days we have to go across the pond so to speak to dig up any news about the stalled Chicago Spire and it’s developer, Shelbourne. The Irish Times ran a story stating that Chris O’Connell, head of Shelbourne Development’s Irish branch, decided to leave the company. The newspaper quoted O’Connell as saying that, “The traditional development market in Ireland is in suspended animation and may continue like that for a number of years.”

This comes along with news that Ireland’s National Asset Management Agency (Nama) may take control of the loan’s that Garrett Kelleher’s Shelbourne Development took out from the Anglo Irish Bank to purchase the Spire site. Nama was formed as a sort of national bank to deal with the bad loans of about six of Ireland’s most troubled banks. How that will effect the Spire remains to be seen. O’Connell told The Irish Times that, “In the short term it’s going to mean uncertainty for developers, bankers and investors alike, but it’s the key to the resurrection of this market over the next decade and its going to generate significant business opportunities at a number of different levels.”

The Irish Independent reported that a Shelbourne spokeswoman insists that the Spire is still just “on hold” and that 40% of the 1,190 Chicago condos have gone under contract. Whether Nama will hold onto the Shelbourne’s loan or make a move to take over the construction site and project is anyone’s guess. But with the size and cost of the project, along with the still sluggish market for Chicago Luxury Condos, chances are we may already know the answer.

Technorati Tags: Chicago Spire, Chicago Condos, Chicago Real Estate

June 29, 2009 - The next Chicago area condo auction is coming up in mid July. Sheldon Good & Company is auctioning 40 units at the Seven Bridges Condominium Residences in Woodridge and opening bids are set at nearly 70% off former list prices. Sheldon Good president Alan Kravets was quoted in a GlobeSt. article as saying that, “Seven Bridges is really quite nice, and it’s an a suburban area where people want to live. Thirteen will be sold at or above the minimum bid, but the goal is to sell them all.” The minimum bid on those 13 is $130,000 while the other 27, which had been priced in the low $500,000s, will have an opening bid of $170,000.

The auction is set for July 26th at 1 PM at the Hyatt, located on 3003 Corporate West Drive in Lisle. Get there early because registration begins at noon that day. Open houses are scheduled for July 11th, 12th, 18th, 19th and 25th from 1 pm to 4 pm.

The condos at this suburban Chicago real estate development have one to three bedrooms and come in seven floor plans and range in size from 1,200 to 1,760 square feet. Buyers of 22 of the condos will have the luxury of picking out their own finishes and 18 units are ready for move-in. The Seven Bridges condos come with an in-units laundry, stainless steel kitchen appliances and granite counter tops, 36 inch maple cabinetry, and soaker tub in the master bath.

The 12 story Seven Bridges Condominium Residences has a modern, curved design and a great location on 6420 Double Eagle Drive. Plenty of Main Street retail and the Seven Bridges Golf Club is close at hand. Right now the 140 units in the development are about 70% sold. Building amenities like a party room, sun deck with pool, his and her changing rooms, bike storage and 24 hour doorman are in place. Assessments, which are around $450 per month, cover parking, cable television, heat and water.

Kravets is hopeful that the auction will find buyers for all 40 units. “It depends on the depth of the market and how much there is competitive bidding,” he said in the article. “You don’t reduce the price in an auction environment; you set your own price.” That pretty much applies to all Chicago condo auctions.

Technorati Tags: Seven Bridges Condominiums, Chicago Condo Auctions, Chicago Real Estate

June 28, 2009 - Yesterday we told you about the price reductions at The Marquee. The Terrazio, another Sedgwick Properties tower that Jameson Realty is marketing is also advertising discounts on certain select units in the same update. There may have been a change of plans though because one sales representative contacted stated that they are offering premium upgrades on finishes instead.

Just over half of the 180 one to three bedroom Chicago condos in this development are sold, so there is still a pretty good selection of available units. According to the official blog for this Chicago real estate development, construction is up to the top floor and should wrap up in the near future with deliveries expected to start in October. Prices run from the $190,000s to the mid $400,000s. Some of the premium upgrades include high-end kitchen appliances and islands, a wide choice of granite counter tops and hardwood flooring.

The two seven story brick buildings going up on 1935 South Wabash will share a Solavista open-air landscaped courtyard that will feature a fountain. The roof top sun deck will sport a tranquility pool, pergolas, outdoor kitchen and grill, tables and benches plus a dog run. Indoor amenities include a fitness center with weights, treadmills and television, business center with Internet access and owner’s club plus secure intercom entrance. Indoor parking is also available.

The Terrazio is just one of several Chicago New Construction Condos that will deliver this year and we’ll keep you posted on any other developer incentives that are being offered.

Technorati Tags: The Terrazio, Chicago Condos, Chicago Real Estate