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.

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

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.

[tags]Seven Bridges Condominiums, Chicago Condo Auctions, Chicago Real Estate[/tags]

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.

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

June 27, 2009 – The Chicago real estate developer discounts just keep coming, and Jameson Realty recently sent out an update on a couple of Sedgewick Properties projects that are running price discounts right now. The first tower is the Marquee on 1464 South Michigan Avenue. The discounts vary depending on the unit, but some are marked down as much as $60,000 and free parking is offered for a limited time as well.

The bigger the Chicago condo at The Marquee, the bigger the discount. For certain three bedroom, three bath units you’ll get the full $60,000 off the normal list price of around $940,000. For smaller one bedroom, one bath condos you’ll get between $10,000 and $20,000 off the original price of around $240,000.

The 25 story South Loop Marquee starting renting units as well in April of this year, and right now the developer has seven units available for lease. They are mostly larger condos, but there is a single one bedroom still available for rent. The units listed for rent are;
3BR/2.5 Bath for $3,995 per month.
3BR/2 Bath for $3,195 per month.
2BR/2 Bath for $2,250 per month.
2BR/2 Bath for $2,095 per month.
2BR/2 Bath for $1,950 per month.
1BR/1 Bath for $1,495 per month.

The rental units have basically the same finishes as the for sale units. Hardwood floors, in-unit laundry, stainless steel kitchen appliances and wooden cabinets are installed. The rental also have private terraces and parking is an extra $195 per month. Gas is included in the rental fee, but there is a $500 move-in fee in place of a security deposit and having a pet will add another $250 to that.

If The Marquee isn’t for you, then be sure to check out some of the Rent to own condos in Chicago.

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

June 26, 2009 – Smithfield Properties has released a bit more information about the price reductions at SoNo. There is still no definite word on whether these price cuts are temporary or will remain in effect until the units are sold, so if you’re interested in the Chicago condos in this 860 West Blackhawk tower, you may want to check it out personally in the near future.

The prices from the developer are lower, but not as high as the nearly 20% that was first announced. The reductions so far fall somewhere in the 10% to 16% range, though we may see higher cuts in the future if these don’t draw sales to this Chicago real estate project.

The one bedroom, one bath condos at SoNo that have been reduced are running in the $240,000s to $310,000s, with square feet ranging from about 796 to 1,200. The two bedroom, two bath units are all around 1,400 square feet and have been lowered to the $390,000s to $450,000s. The three bedroom, two bath units are fewest in number and are priced in the $490,000s to $790,000s with around 1,650 square feet.

While buyers will probably continue to see more price cuts from developers who are eager to close out sales, there are a few towers that are holding steady or offering smaller reductions in the hope that the market will rebound sooner rather than later. It always pays to compare prices on Downtown Chicago Condos to make sure you’re getting the best deal out there.

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

June 24, 2009 – An American Invsco tower in Streeterville is the focus of a federal fraud investigation. Indictments have been handed down to 10 people by a federal grand jury in a suspected mortgage fraud case involving $17.2 million in condos at Millennium Centre. Crain’s reports that the group of men indicted are under investigation for using false information to secure loans for two townhomes and seven condos at the 59 story, 363 Chicago condo tower on 33 West Ontario.

The fraud case alleges that two of the indicted men, under the guise of a company, obtained loans from an accomplice who was a loan officer at Countrywide Home Loans. The loans were approved on the basis of the false income, employment and asset information the men gave, according to the article. They then made a profit by getting mortgage rebates from American Invsco and selling the condos to certain buyers.

The report went on to point out that Millennium Centre isn’t the first Chicago real estate project to come under scrutiny for having an unusually large number of foreclosures. Some have speculated in the past that because of developer rebates or loan deals, buyers have been able to purchase units, but not keep up the payments. This allows Invsco to reach a certain sales benchmark in order to satisfy loan requirements. It needs to also be pointed out that Invsco wasn’t named in this federal suit.

Remember that it’s always important for buyers to do a little research on Condo Developers in Chicago before deciding to make a purchase, especially in the current housing market.

[tags]Millennium Centre, Chicago Condos, Chicago Real Estate[/tags]

June 23, 2009 – While most of the housing market is still limping along, there is one sector that is picking up some speed. According to the National Association of Realtors, half of all home sales in the first quarter of this year were made by first-time buyers. And sales of condos and single-family homes priced below $100,000 have seen a 25% increase so far this year over last year. Those are better sales numbers than any in other price tier. If you look at homes that are sold at auction for $50,000 or less, those sales have increased 48% over last year, according to a recent NAR report.

Foreclosures are still accounting for about half of all sales as well, with Chicago condo auctions and bank short sales a prime source for those $50,000 and under condos and homes. But while sales of more expensive Chicago condos and homes are down, there is some speculation and a fair amount of hope that these lower priced sales and first-time buyers will provide enough of a boost to the housing market as a whole to get things moving. The theory is that owners who sell a less expensive condo are then in a position to purchase a bigger, higher priced one.

However, another piece of not so encouraging Chicago real estate news was reported in Crain’s yesterday. McGraw-Hill announced that local construction starts have fallen 39% from last year. Construction starts through May of 2009 came to $2.9 million and are expected to be $11 million total for ’09. The article states that it is the third year in a row they have fallen in Chicago and the biggest drop in starts since records began being kept in 1967.

McGraw-Hill noted that this year’s decline is due mostly to a drop in commercial construction, while the drop in starts the past two years has been due to slow housing starts. Commercial starts are expected to drop 73% this year while residential construction is predicted to fall 22%. The residential side is still better this year than last, when starts plummeted 53%. According to data from the U.S. Commerce Department, housing starts across the country rose 17.2% from April ’09 to May ’09. This was attributed to apartment construction, which saw a one month increase of 60% nationwide.

So while there is some improvement in sales of Cheap Chicago Condos, it will still probably be some time before we see an up tick in sales of higher priced units.

[tags]Chicago Condo Auctions, Cheap Chicago Condos, Chicago Real Estate[/tags]

June 22, 2009 – While it isn’t a new Chicago real estate development nor does it have a lot of units left for sale, University Commons is taking its place in the growing line of projects that are lowering prices. According to a recent article in the Tribune, prices on the remaining two bedroom, two bath condo lofts at this large renovation project are now priced from the $240,000s to the $370,000s. A 966 square foot two bedroom, two bath unit is now listed for $249,900 and a 1,126 square foot two bedroom, two bath loft is priced at $379,900.

The Enterprise Companies took on the task of preserving the old South Water Street Market in 2004 and the result was 824 condo lofts spread out over 6 buildings lined up in three rows. Pappageorge/Haymes handled the architectural aspect of the project, with preserving and adapting details like the terraces converted from loading docks, court yards transformed from alleys and even the balconies are designed to look similar to what the market awnings used to resemble, according to the article.

Other traditional loft features like original concrete columns give character, while Chicago’s Borg Design Studio handled the interior look. Each building at University Commons has two lobbies and the color scheme of each was designed around a unique fruit or vegetable.

Other interior details and features in these Chicago condos include undermount sinks, hardwood flooring, granite kitchen counter tops and some units have a fireplace. Common amenities at University Commons include a movie room, dog run, fitness room, sun deck and swimming pool. Parking is an additional $30,000.

If this location doesn’t work for you even with price cuts, then you may be able to find something you like among the other Chicago Condo Lofts.

[tags]University Commons, Chicago Condos, Chicago Real Estate[/tags]

June 20, 2009 – With the recent news from Appraisal Research Counselors that several other Chicago real estate developments were either at or below 50% in sales and could potentially be candidates for rental conversions, we thought we would take a look at one that made the list. 1555 Wabash is a New West Realty product and according to a quote in a June ’09 Gazette Chicago article from Ted Mazola who has been with NWR for 30 years, sales are “doing pretty well.”

Gus Mauro, also of NWR, said in the same article that the $8,000 Homebuyer Tax Credit plus the fact that the building had FHA approval were helping sales. Mazola added that, “We haven’t seen any fall-outs at the 1555 location, half of the building is already sold, and we’re going to start closing in about two weeks. Of course the velocity is a bit slower, but it [the development] is doing pretty well.”

We expect developers to be upbeat about their projects, and their take on the sales stats is a bit higher than the numbers put out by ARC on the 14 story, 176 unit 1555 Wabash tower.

Condos at this high-rise have one to three bedrooms (some with dens) and one to two baths. The units range in size from 767 to 1,189 square feet for a one bedroom, 949 to 1,376 for a two bedroom and 1,508 square feet for a three bedroom. Prices run from the $200,000s to $500,000s depending on the floor plan. Building amenities include a fitness center, bike storage and landscaped terrace.

Until 1555 Wabash either makes more sales or deliveries, we probably won’t know what the final verdict for this development is. Like so many other Chicago New Construction Condos, it’s a long climb getting over that halfway mark in sales.

[tags]1555 Wabash, Chicago Condos, Chicago Real Estate[/tags]

June 19, 2009 – With so much news lately about Chicago condo developments switching to rental units, it might be refreshing to update a project that was built as a rental tower in the first place. Streeter Place, new the high-rise rental on 353 East Ohio Street should be welcoming residents sometime in early August. The building website is advertising a “pre-leasing introductory special” of two months free rent along with $99 parking for the first year. The utilities included in the monthly rental rate are water, gas, air conditioning, cable, HBO, DVR and wireless Internet service.

Rents for the 480 apartments in the 53 story high-rise range from $1,220 to $1,538 for studios, $1,570 to $1,741 for convertibles. The one bedroom units run from $1,642 to $2,363 while the two bedroom units vary from $2,619 to $2,892 per month. The bigger three bedrooms go for $3,995 to $4,062 per month.

The apartments come with floor-to-ceiling windows, stainless steel appliances and granite counter tops in the kitchens, maple cabinets, ceramic tile in the kitchens and baths, stackable washer and dryer, recessed balconies with some floor plans plus walk-in and linen closets.

Streeter Place also has Club 355 on floor 12. This amenity level features a fitness center, spa, men’s and women’s sauna, outdoor pool and sun deck, grilling area, party room and lounge with MP3 compatible sound system plus plasma television, pool table and business center with computer access.

This Chicago real estate rental project certainly boasts the luxury perks you usually find with a condo tower, so you may want to pay a visit to Streeter Place and compare it to other Chicago Apartments.

[tags]Streeter Place, Chicago Condos, Chicago Real Estate[/tags]