June 18, 2009 – If you’re Chicago condo shopping right now and keeping an eye out for price cuts on new developments, then you may want to check out SoNo tomorrow. According to a recent mailing from sales agents for the tower, unit prices will be cut from 17% to 20% starting this Friday (tomorrow) for a limited time. Parking, which had been priced at $30,000 is now being lowered to $9,000. So if this 860 West Blackhawk tower has been on your wish list, now might be the time to visit the sales center.

The 28 story SoNo has a total of 200 condos, with one to three bedroom units located on the 2nd through 6th floors and one to two bedroom units built on the 7th through 28th floors. Prices had previously been listed from the $300,000s to $600,000s. Now, with the reductions, prices on the remaining condos at SoNo will be priced from the $280,00s to $480,000s.

For example, a one bedroom, one bath unit that had been listed in the $340,000s will be lowered to the $280,000s. A two bedroom, two bath condo with a previous price in the $540,000s will see a cut down to the $440,000s. A three bedroom, two bath unit that did have a list price in the low $600,000s will be marked down to the $480,000s. One free parking space will be included with many of these units as well.

Finishes at SoNo include 9′ to 10′ ceilings, floor-to-ceiling windows, 24 hour doorman, storage lockers, hardwood flooring, stainless steel kitchen appliance package, granite counter tops and 6′ soaking tubs in the master baths. And the balcony views shouldn’t be hampered too much from the second tower that was planned to go up next to SoNo. This Chicago real estate project, which will be a rental tower, is supposed to be somewhat offset to the east and have inset balconies.

As more developers try to clear out inventory on Chicago New Construction Condos buyers will probably see more price cuts.

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

June 17, 2009 – You can now own your own piece of Chicago real estate history, even if a few developers might question your business sense. The Waterview Tower is up for sale now with CB Richard Ellis Inc. handling marketing for the project, according to a Crain’s article. What any potential buyer will get is a 26 story concrete shell, a lot of controversy and perhaps the potential to dream big in the future.

No price has been set yet, but whoever does eventually step up will already be zoned to construct a 90 story high-rise, as Waterview Tower was planned to be. The 26 story concrete structure already there can hold 492 cars as well as up to 260 hotel units, according to the article.

But it’s still bound to be a tough sell for the 111 West Wacker Drive site with lenders in no hurry right now to finance a big Chicago condo project or another hotel. It’s also surprising that with so much debt stacked against it everyone involved would come together and decide to sell, but CB vice president Peter Greene told Crain’s that, “All the players are in agreement. It’s a group effort.” It’s also doubtful that with Bank of America suing for $20 million plus $85 million in liens against it, there will be enough money to even break even.

Greene is optimistic though, and a developer in a position for long-term plans might consider this site a great future investment. “The value is there because of the entitlements and views you get at 90 stories,” he was quoted as saying. And with no tall towers planned for the next few years, this may be a spot to watch down the road. Until then, we’ll have to just keep you posted with the latest news about Downtown Chicago Condos.

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

June 16, 2009 – After yesterday’s press about the Lofts at Roosevelt potentially becoming rental units, we wanted to update you a little about the rental conversion situation that some Chicago real estate developments may be leaning towards. Sedgwick Properties president Marty Paris told Crain’s that, “We’re not actively considering it, but developers these days would be crazy not to be keenly aware of what all the alternatives are.” And this may be the consensus of many developers these days with Chicago condo sales still well below pace.

The article went on to point out that most rental units are designed as one bedroom apartments, while condos are typically two to three bedroom units, making the larger ones both more expensive to build and harder to rent. Another point that Appraisal Research Counselors made was that the Roosevelt Collection and seven other projects are due to deliver this year, with a total of 1,880 new units in the South Loop alone. Along with that, there are three apartment projects expected to be completed this year, with about 400 units already on the market to be rented.

The other developments that were listed in the article as possibly considering converting to rentals are Astoria Towers at 67% sold, Lexington Park at about 50% sold, and 1600 Museum Park, 1555 Wabash, and Terrazio all between 40% and 47% sold.

Be sure to check back with us regularly and we’ll keep you updated with the latest information about Chicago Condos, rental conversions or otherwise.

[tags]Roosevelt Collection, Chicago Condos, Chicago Real Estate[/tags]

June 15, 2009 – If all the speculation proves to be true, then the Lofts at Roosevelt Collection may become the latest Chicago condo development to be converted into a rental project. Centrum Properties, who is the main force behind the project, was due to begin closing on contracts this month, according to a Crain’s report. Of the 342 units, supposedly 190 were sold. But the article states that no sales have been finalized and that buyers haven’t been able to get a firm answer from Centrum.

Marcy and Stephen Grim told Crain’s that they signed a contract in 2007 for a $400,000 unit at Roosevelt but were quoted as saying that, “We haven’t been told anything.” They also claimed that even though they were supposed to close on their unit either this month or next, Centrum hasn’t been in touch with them for months.

The article also quoted an unnamed source as saying that even though Centrum is contacting apartment management companies, nothing can be finalized without the consent of the development’s half dozen lenders who include Bank of America. Centrum hasn’t made an official statement or been available for comment.

The retail portion of this 12 acre Chicago real estate development is also said to be having its own share of problems. The Shops of Roosevelt was to be a huge 400,000 square foot retail section with more than 40 stores. The shops were originally planned to be open by late this year, but have now been pushed back to mid to late 2010. However the 16 screen Kerasotes theater is supposed to open on time before the holidays this year.

If current trends continue, 2009 may be the year of auctions and condos converting to rentals. But there are several great Chicago Condo Lofts you can take a look at while The Lofts at Roosevelt decides what it’s going to be when it grows up.

[tags]Lofts At Roosevelt, Chicago Condos, Chicago Real Estate[/tags]

June 14, 2009 – First-time home buyers or anyone who hasn’t purchased a home in the past three years should remember that the deadline for the $8,000 federal tax credit is December 1st of this year. The starting date for purchases was January 1, 2009, so if you did buy or are planning to buy a Chicago condo or home between those dates and met the requirements, be sure to take advantage of the credit. If you’re married, the first-time buyer status applies to both husband and wife. The income limit for a single first-time buyer is $75,000 and for a couple it’s $150,000. For those who have incomes higher than those amount, the credit is reduced and single incomes of over $95,000 or married incomes of over $170,000 will knock you out of eligibility. You also must plan on living in the home for at least three years.

Also, we’ve been highlighting more Chicago real estate projects that have gotten FHA approval. Developers are being more aggressive about getting their buildings approved because it means lower interest rates and down payments for buyers, which usually translates to more sales. And with the housing market still struggling, any edge a developer has can mean the survival of his project. And buying a unit in an FHA approved building can be more attractive to many people because in order to qualify for approval, usually at least 51% of the units in the building must be owner occupied.

With those things in mind, you might want to take a look at some of these developments that have received FHA approval in case you want to make a purchase in time to grab that tax credit.
1400 Museum Park
1600 Museum Park
1720 South Michigan
Emerald
235 West Van Buren
740 Fulton
Catalpa Square
Eco18
The Lofts at 1800
Silver Tower
Trio
VB1224
Mondial

You can also find more FHA Approved Chicago Condos by following the link.

[tags]FHA Approved Condos, Chicago Condos, Chicago Real Estate[/tags]

June 12, 2009 – Yesterday we told you about Chicago real estate developer Magellan Group’s RentBUY program at their Lakeshore East towers. Now another developer, The Gammonley Group, is launching a rent to own program at their 757 Orleans high-rise. This 22 story River North tower is of course located on 757 Orleans Street and has 198 Chicago condos. The building has hovered between 50 and 60 percent sold for months, so Gammonley is evidently trying this tactic first before lowering prices.

The rent to own or lease to own programs seem to be growing in popularity as a way to get residents into a building and both generate an income from otherwise vacant units plus groom potential buyers down the road. At 757 Orleans, if you purchase the unit you are renting within one year of signing the lease you can apply as much as 40 percent of what you paid in monthly rent towards the purchase price.

Right now the units run from the mid $200,000s to upper $700,000s. Layouts range from studios to three bedroom condos. The condos come with 42″ and 36″ maple or oak kitchen cabinets, granite counter tops and backsplash, stainless steel appliances and double bowl sink with pull-out spray, oak hardwood floors, designer lighting, washer and dryer hook-up, 12″ ceramic bath tile, separate shower and soaking tub, marble double bowl vanity top and dressing mirror. Building amenities include a fitness center, sun deck and swimming pool on floor 6, business meeting room, high-speed Internet, security and sprinkler system, 24 hour doorman, indoor parking and bike storage plus lockers.

Remember that there may be rent-to-own opportunities in other Downtown Chicago Condos, so don’t be afraid to ask the developers and we’ll keep you posted as well.

[tags]757 Orleans, Chicago Condos, Chicago Real Estate[/tags]

June 11, 2009 – With so much attention focused lately on apartments and rent-to-own Chicago condos, we thought we’d highlight one of the more extensive programs here in town. The Magellan RentBUY program allows you to accumulate a portion of your monthly rent towards the purchase of one unit in one of their select Lakeshore East Chicago real estate projects. This offer applies to units in Aqua, The Parkhomes, Aqua Townhomes, and 340 on the Park.

According to the terms of Magellan’s RentBUY program, you have to sign a lease for at least six months and enroll for the program. You then have to work with a sales associate to get a purchase agreement for your unit. You can then build up as much as 2.5% of the purchase price of the condo through your total monthly rent payments. But be sure the unit you rent is the one you really like and want to buy, because this offer is good for only one unit, one time.

The rental units at Aqua are located on floors 19 through 52, and as we reported not long ago, work on the tower is really moving along. Rental residents have already moved in, CVS is doing business, and it won’t be long before the condos are ready for delivery. Even the recreation and amenities deck was nearly ready for use at last check, and renters have the same access to tower’s services and perks as condo buyers do.

Aqua has the most units still left for sale, but even those are nearly gone. Other towers included in the program are The Shorham and The Tides.

The RentBUY program from Magellan may be worth checking out if you’re not quite ready to make a condo purchase right now, and there are other Rent to own condos in Chicago as well.

[tags]Aqua, Rent To Own Chicago Condos, Chicago Real Estate[/tags]

June 10, 2009 – It isn’t only Chicago condo developments that are facing legal action from lenders over past-due loans. We’ve seen hotel projects hit with foreclosure suits and now even some of the planned rental projects are under the gun from banks who have become skittish about the number of Chicago apartments that will hit the market in the next couple of years. Now it looks like River North may have one less apartment tower on the horizon as Mutual Bank has filed a $10.3 million suit against investor Fred Latsko and Chicago real estate developer James Letchinger over their planned 26 story apartment tower, according to Crain’s.

The tower was to be located on 212-32 West Illinois Street and have about 180 rental units plus parking. The project was designed by Hartshorne Plunkard Ltd., who is among a group of consultants who have also placed $927,000 worth of liens against the project, with HP claiming it is still owed around $611,000.

The only thing different about this lawsuit is that it isn’t a foreclosure, but a suit against the two men behind the project who personally guaranteed the loan. The article stated that this tactic may actually be quicker than trying to foreclose on the property because there are already so many foreclosure cases on the court dockets and suing the men who guaranteed the loan may net more money than taking possession of the property.

James Letchinger told Crain’s that, “They wouldn’t extend the loan when it matured. We hope to work something out with Mutual Bank.” So perhaps the project may have some life yet, depending on whether or not the two men behind it can satisfy the bank loan. In any case, even with lenders tightening up credit for apartment projects, prospective renters still have plenty of Chicago Apartments already available.

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

June 9, 2009 – It’s always encouraging to hear a little good news for a change about a Chicago real estate development, and ParkView on 550North McClurg Ct. was recently presented with the May 2009 Good Neighbor Award by the Chicago Association of Realtors, according to a press release on the Housing Newswire. This award is given to projects that have made significant contributions to the surrounding neighborhood and improved the area in a variety of ways.

Sometimes the improvements could entail a restoration project for a historic building or making a green space for local residents. MCL Companies transformed what was formerly the old Kraft Foods parking lot into the new River East Arts Park, a two acre professionally landscaped green space with outdoor seating, a fountain and walking paths.

Other awards that the Solomon Cordwell Buenz designed ParkView has received include ones from the Home Builder Association of Greater Chicago and the Friends of Downtown Award.

There are a total of 268 Chicago condos in this 47 story high-rise, with finishes like hardwood flooring, stainless steel appliances, granite counter tops, porcelain tile in the baths and 42 in cabinets and nine foot ceiling heights. A 24 hour doorman, pool, movie room and party room are present in the tower. The condos have from one to three bedrooms, one to three baths and 921 to 2,289 square feet of living space. Unit prices range from the $360,000s to about $1.3 million.

You can also check out other Chicago Condos in Streeterville and see how they compare to ParkView.

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

June 8, 2009 – Foreclosure suits from lenders evidently isn’t the only legal worry that Chicago real estate developers have to contend with these days. News that the Illinois Attorney General is filing a failure to comply suit against Thomas Roszak for supposedly not meeting handicap accessibility requirements at his Sienna development in Evanston, according to a Tribune story.

The suit alleges that Roszak advertised and marketed the building as handicap accessible and continued to do so even though the project complete the necessary improvements to make it so. This in turn violated the Fair Housing Act and the Illinois Human Rights Act the Illinois Consumer Fraud and Deceptive Practices Act. According to the article, around twelve of these suburban Chicago condos at Sienna were sold to disabled buyers through an agreement with the nonprofit Center for Independent Futures and more than two years of talks have failed to produce any results.

The article also stated that Sienna had been planned to have four buildings with flat handicap accessible entrances for each one. But the present day Sienna consists of two buildings and neither has a handicap entrance.

This latest controversy comes after the March success of the Vetro auction and subsequent sales after prices were lowered to auction levels. We’ll keep you posted about how this issue is resolved at Sienna, and also keep bringing you the latest news about suburban and Chicago New Construction Condos.

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