July 20, 2009 – Another Chicago real estate auction is on tap for early August, with Rick Levin once again handling the sales. It’s another mixed bag of properties, with even some small condo building up for grabs. Suggested opening bids are as varied as the townhomes and Chicago condos going up on the block. In some cases the suggested bids will start as low as $45,000, according to Levin’s brochure, and many of the homes will be sold absolute regardless of price.

Most of the condos and townhomes are new construction and financing will be available for some of the units. Open houses are being held on July 19th, 26th and August 2nd from 11AM to 1PM and also on August 6th from 5PM to 7PM. The actual auction will take place on August 9th at the Oak Brook Marriott at 11AM.

In Chicago, there are three small condominium buildings being auctioned with 3 to 4 units in each. There are three condos in a building on West Gunnison up for sale and there are several townhomes on West 64th -65th Place to be auctioned with suggested opening bids of only $95,000. Add in a group of townhomes in Beecher and Glen Ellyn and you have a pretty diverse selection.

We’ll post more information about these and other auctions on the Chicago condo auctions page so check back there frequently to stay updated.

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

July 19, 2009 – “There’s no place like Lennar,” is the new catch-phrase that the Chicago real estate developer Lennar has coined on their Library Tower project site. And they also keeps lowering prices on the remaining units in the 17 story, 184 Chicago condo tower. The last reported sales numbers on the high-rise were in the mid to upper 40% range, so there are plenty of one to three bedroom units for buyers to chose from, with prices falling between the $240,000s to $950,000s.

Right now they have one bedroom, one bath condos with 865 square feet on tiers 12 and 15 that are priced from $244,900. On tier 14 a one bedroom, one bath condo with 895 square feet is priced from $269,900. On tiers 4 and 6 you’ll pay from $299,900 for a one bedroom, one bath condo with 1,080 square feet. And for a one bedroom, one bath condo with 1,055 square feet on tier 5 you can expect to pay from $325,000.

Secure indoor garage parking is also included free right now, and you can still print a 1% off coupon from the development website good towards the purchase of a unit at Library Tower.

The condos come with the usual interior finishes like hardwood flooring, stainless steel appliances, granite counter tops and marble baths. Building amenities include 24 hour doorman, fitness center, business center, party room, bike storage, dog run and roof top sun deck.

We’ll keep you updated if more price reductions show up at Library Tower or any other Chicago Condos.

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

July 17, 2009 – The 15 story, 142 unit Mondial on 900 West Huron wrapped construction some time ago, but like many Chicago real estate developments it has quite a few units left for sale. Citta Development’s River West tower has around 88 Chicago condos ready for delivery right now, and there are units for sale in basically every floor plan offered. The building has a selection of studio to four bedroom condos.

The remaining units vary in size from around 738 to 2,900 square feet. According to a recent profile in Chicago Magazine, the largest unit currently for sale at the tower has a 3,000 square foot terrace, and many while all of the units have glass-walled balconies or terraces, many have wrap-around features. Prices on the condos still for sale at Mondial range from the $230,000s to just about $1 million. Parking in the secure indoor garage will cost you an additional $29,000.

Residents at the Mondial have two glass elevators for their use as well as a roof top sun deck and party room. The condos come with hardwood floors, pre-wiring for surround sound and cable plus washer and dryer hook-up. The kitchens have Italian cabinets, Kitchen Aid appliances and granite counter tops. Marble tile and vanity tops plus under mount sinks and separate shower and tub are standard in the master baths.

You can find out more about the Mondial and other Chicago New Construction Condos in our development pages.

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

July 16, 2009 – Yesterday we told you that Keith Giles of Kargil Development still has 35 of the 116 Chicago condos for sale at Prairie District Lofts, which is located on 1727 South Indiana Avenue in the South Loop. This Chicago real estate project has received FHA approval, so that may make it easier for first-time buyers to purchase one of the remaining units there. Many of the for-sale units are rented out right now, and if the unit is sold the current resident will have a sixty day notice to vacate.

The lofts come in simplex, duplex or triplex floor plans and range in size from about 730 to 2,400 square feet. The ceilings are a lofty 12′ to 20′ with oversized windows. Other features include hardwood flooring, carpeted bedrooms, track lighting, pre-wiring for high speed Internet and cable television, fireplaces, private balconies and garden terraces, individual heating and cooling plus hot water heaters for each loft. The kitchens have GE stainless steel appliances, double bowl sinks with Grohe fixtures, islands, 42″ cabinets and 1.25″ granite counter tops. Building amenities include a fitness center, bike storage, laundry rooms, landscaped atrium, and a rooftop sundeck.

Pricing on the one to four bedroom, one to four bath condo lofts ranges anywhere from the low $200,000s to low $300,000s for the one bedroom units and between the $290,000s to $410,000s for the two bedroom lofts. The three bedroom units are averaging between the low $400,000s to low $500,000.

Prairie District Lofts have the traditional exposed timbers and brick, and with no new developments like this planned for the near future, you’ll have to be satisfied with the current stock of Chicago Condo Lofts that are already on the market.

[tags]Prairie District Lofts, Chicago Condos, Chicago Real Estate[/tags]

July 15, 2009 – With X/O basically dead in the water, Chicago real estate developer Keith Giles of Kargil Development is changing gears and planning a new student housing project. Giles is moving forward with the purchase of a site located on 1136-40 South Wabash Avenue in the South Loop where he intends to put up a 21 story high-rise with 420 two bedroom units and 20 student advisor units, according to a recent Crain’s article.

There are around 55,000 college students in the area and a constant need for that type of housing, unlike the declining demand for new Chicago condos. Giles is banking on that need to make this project a success, but student housing developer Robert Bronstein of the Scion Group told Crain’s that he is skeptical of the location. “Students aren’t going to go all the way down there. Unfortunately, it’s just too far away.”

But Giles is confident that the project is viable and said in the article that he has had this project in mind for two years. The construction site comes at a cost of $8 million while the entire project would cost from $80 million to $100 million to build.

With no Chicago condo projects on the horizon for Giles, he is looking for other opportunities. “Few, if any, developments will get done in the near term until the existing inventory gets sold and the market stabilizes,” Giles was quoted as saying.

Besides X/O, for which the building site loan is purported to be in default, Giles still has units for sale at Prairie District Lofts. So if you’re a fan of Chicago Lofts, be sure to check back here tomorrow for an update on that project.

[tags]Prairie District Lofts, Chicago Condos, Chicago Real Estate[/tags]

July 14, 2009 – With luxury Chicago condos now catching up with the rest of the housing market and experiencing very slow sales, news comes from the National Association of Realtors that there is around a 40 month supply of homes listed for $750,000 and upright now, nationally. That makes the 2009 supply of luxury homes and condos for sale more than twice that of 2007. To give you an idea of just how large that 40 month supply is, there is only a 10 month supply of all condos and homes for sale. Those numbers were highlighted in a recent MSNBC AP article.

But despite the apparent glut of luxury condos and lack of buyers, there several luxury Chicago real estate developments that have nearly sold out. Two of those are the Parkhomes at Lakeshore East and 600 N Fairbanks. Both of these projects fall into the luxury price range, although many of the sales were probably inked before the credit crisis. Since Fannie Mae and Freddie Mac have a $729,500 limit on mortgages they buy, it’s harder now to get a jumbo loan at a good rate. Interest rates on 30 year jumbo loans are close to 7% right now.

For a few months there have been 8 or 9 condos for sale from the developer at 600 N Fairbanks. Prices were reduced in May, and the remaining two to three bedroom units run from the $840,000 to $2.4 million range. There are also a handful of one and two bedroom investor units that are listed from the upper $300,000s to $1.8 million.

As for The Parkhomes at Lakeshore East, those residences should start delivering in about a month. There are 25 homes in the development, and currently 6 are listed on Magellan’s site. Those include two 2 bedroom homes priced from $1.199 million to $1.275 million, two 3 bedroom homes listed from $1.529 million to $2.479 million and two 4 bedroom homes from $2.389 million to $2.509 million.

If you are looking to buy Chicago Luxury Condos, now may be a good time to make a purchase, especially if more developers start discounting units.

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

July 13, 2009 – According to the latest stats released by the Midwest Real Estate Data LLC’s multiple listing service, Chicago condo sales from March through May of this year have fallen by double digits from last year’s numbers. In March, condo sales dropped 41% from ’08 and in April they fell 55% from last year. May has posted the biggest decline by 56% from May of ’08. But because condo prices have had less of a drop than single-family homes, David Hanna of the Chicago Association of Realtors was quoted in the Tribune as saying that, “This is telling us that this is the healthiest segment of our real estate market.”

The article went on to say though that recent changes in both Freddie Mac’s and Fannie Mae’s loan policies have made it tougher for buyers to get a mortgage for a condo. Previously, the companies had required that a condo building be at least 51% sold before they would guarantee a loan for a unit. Now it has to be at least 70% sold. Add on the new appraisal fees, higher credit scores needed and fees for those who can’t come with a 25% down payment and it thins out quite a few buyers.

Partly for those reasons, both buyers and Chicago real estate developers are turning to FHA as a lifeline. In the article, it stated that Appraisal Research Counselors estimates that nearly 4,700 new construction condos and townhomes will be completed this year and fewer than 60% had contracts as of the first quarter. Since FHA loans only require a condo building to be 51% sold and a qualified buyer to have a 3.5% down payment, more developers are trying to get FHA approval for their projects.

From October to February, 23% of all new homes purchased were with an FHA loan. And since October there have been 68 Chicago condo towers granted FHA approval with another 51 on the waiting list, according to the article.

Terrie Whittaker of New West Realty stated that their development company never really bothered with FHA, but with market conditions as they are they pursued approval for 1555 Wabash and got it. She told the paper that, “Now we care deeply and passionately. I care about anything that will help me sell a condo. I still have 47 or 46 percent of the building to sell.” The tower started first deliveries last week.

More Chicago Condos will probably seek FHA approval this year and we’ll keep you updated on those that do.

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

July 11, 2009 – Yesterday we told you about 550 North St. Clair reducing prices on their penthouse units. Another Chicago real estate development that is cutting penthouse prices is the Grand Plaza. The building website states that it’s a, “Bank-forced closeout sale,” and that, “The bank has forced us to drastically reduce our prices, so act now. Penthouses are to be sold on a first come first served basis. Prices reduced as much as $350,000.”

A 965 square foot unit with one bedroom and one bath had been priced at $505,900 and has since been lowered to $319,860. A 1,766 square foot unit with two bedrooms and two baths that was priced at $885,900 has now been reduced to $691,776. And another two bedroom, two bath condo with 1,232 square feet is now being sold for $525,059 when it had been priced at $728,900.

The Grand Plaza has 283 Chicago condos and the penthouses are located on floors 30 to 36. The developer is also advertising a “Personalization Account” with every penthouse purchase. That gives a buyer $100,000 to be used for upgrades and finishes.

Finishes and details include semi-private entrances. two-story living rooms in the duplexes, some units with oversized wrap-around skydecks, fireplaces in all duplexes and some other penthouses plus individual heating and cooling controls. The kitchens come with 36″ maple cabinets, granite counter tops, double bowl sinks, GE stainless steel appliances and ceramic tile. The baths also have ceramic tile plus soaker tubs.

The Grand Plaza also has the 50,000 square foot Club Floor with a health club, running track, putting green, basketball court, pool, whirlpool, sauna and steam rooms. There is a business center, internet cafe, library with fireplace, movie room, party room with kitchen, winter garden atrium and 24 hour doorman. Residents also have the convenience of the Grand Plaza Market on the lower building levels.

As we’re seeing, even Chicago Luxury Condos are feeling the effects of the slow housing market and finally cutting prices.

[tags]Grand Plaza, Chicago Condos, Chicago Real Estate[/tags]

July 10, 2009 – It’s probably not a surprise that the more expensive Chicago condos and penthouses at area developments have in some cases had drastic drops in sales. These luxury units have also been the slowest to lower prices, but developers are starting to gradually follow the housing market down and give price reductions. 550 North St. Clair is doing just that and lowering prices on the remaining penthouses in the 26 story tower.

According to Chicago real estate developer Sutherland Pearsall, the 112 units are just over 80% sold. There are studio to three bedroom condos left and also around eight penthouse units. The studios are currently priced from the low $200,000s while the one to two bedroom condos fall in the $340,000 to $520,000 range. For one of the larger three bedroom condos at 550 N. St. Clair you’ll pay between the low $700,000s to high $800,000s. Parking will cost you another $50,000.

As for the penthouses, those residences are now priced between $1.07 million and $1.5 million. Their project website is still running the banner of “Developer Closeout…Immediate Delivery.”

Finishes include 10′ to 11′ ceilings, floor-to-ceiling windows, Brazilian cherry or maple wood flooring, Bosch and Sub-Zero appliances, full-sized washer and dryer, granite counter tops and maple baths.

You may want to check out what’s left of the 550 N St. Clair condos if you’re shopping for a new home, and you can also check out the other Chicago Condos in Streeterville while you’re at it.

[tags]550 North St. Clair, Chicago Condos, Chicago Real Estate[/tags]

July 9, 2009 – Actual groundbreaking on the Ritz-Carlton Residences began the end of last month, although you might have thought it did some time ago. All of the work that had been done up to this point was the preservation of the facade of the historic Farwell Building and the demolition and clearing on the site. But with that out of the way, excavation and foundation work can start. The developer expects to have the steel framing up by October and deliveries for the 88 luxury Chicago condos there are still on tap for 2011.

“Expect the Extraordinary” is the catch phrase being used for this Chicago real estate development and in a Rubloff blog Prism Development Company principal Bruce Schultz said, “In a time when there is so much concern about the business climate, it is a very positive sign for the economy of this city that a major residential development has sold 45% of the units, secured financing and is now under construction.” Rubloff is the exclusive marketer for The Ritz.

The 40 story tower was designed by Lucien Lagrange with French nuances. The units will come with a fair amount of privacy with four per lower floor, then two per floor as you go up.

The condos have one to three bedrooms, some with a study, and 10 to 12 foot ceilings. Other standard finishes include floor-to-ceiling windows, 5.5″ wide plank wood floors, crown molding, smart home technology, walk-in closets and large balconies and terraces. Master baths have natural stone tile, double basins, whirlpool tub and separate shower. The kitchens come with stone counter tops, wood cabinets, Sub-Zero, Wolf and Miele appliances.

Building amenities include the 12,000 square foot Landmark Club which has a movie room, wine storage, billiards room, salon and bar. Residents will also have valet and concierge service, 24 hour doorman, housekeeping, security staff and an on-call gourmet chef.

Prices start at about $1.25 million, so these units can definitely be classified as Chicago Luxury Condos.

[tags]Ritz-Carlton Residences, Chicago Condos, Chicago Real Estate[/tags]