August 29, 2009 – A little more information has surfaced about what retailers will occupy the commercial portion of Lofts at Roosevelt Collection. We already knew that the 16 screen Kerasotes Theater and an upscale bar/restaurant are due to open later this year. Chicago real estate developer Centrum Properties has stated that a David Barton Gym, Blue Mercury, Forever 21 and H&M are all scheduled to open at Roosevelt hopefully in the first half of 2010.

Another well-known but troubled project with Chicago lofts is Motor Row Lofts, located on 2301 South Michigan Avenue. The conversion of the three former historic auto showroom warehouses gained a lot of attention at first because of both the location and the eight year tax freeze that buyers would receive. But slow sales precipitated a $9 million foreclosure suit from a lender for the project, and developer Paul Zucker then began trying to rent out the lofts.

Now Mr. Zucker is back to trying to sell the Chicago condo lofts at Motor Row, although there are still a very few units up for rent. Prices on the two dozen or so lofts still for sale run from the $270,000 to $660,000 range, but you can get a 20% reduction if you’re one of the next five buyers.

The lofts have 13′ to 21′ high ceilings, bamboo, oak or maple flooring, Kitchen Aid appliances, ventless fireplace with stone hearth, Grohe fixtures, glass or stone tiles in the baths, granite counter tops plus wall-to-wall carpeting and walk-in closets in the bedrooms. Units come with a washer/dryer hook-up, individual and common deck with gas grill hook-up and lighting. The building also has a bike room and individual storage lockers for residents.

There hasn’t been a rush of buyers to this development lately, but you still may want to have a look sooner as opposed to later if you’re interested. A remember to check out the other Chicago Condo Lofts that are available right now, both for rent and for sale.

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

August 28, 2009 – With the Lofts At Roosevelt Collection switching to rental, it might be a good time to take a look at some other Chicago lofts that are for rent. Bold L&H Lofts on 2620 West Washington is a new LEED Silver certified loft conversion of the historic six story building at that location. The building is actually listed on the National Register of Historic Places as it used to be the L&H Stove Company, and the traditional look of the low-rise is obvious. Bold Developments converted the building to 68 rental apartments plus 3,400 square feet of retail space and kept the exterior terra-cotta facade and terrazzo floors in the entry and on the ground floor.

True loft features include solid concrete floors, walls and ceilings, exposed brick and exposed wiring and ductwork. The one to two bedroom units vary in size from 707 to 1,266 square feet, have 11′ 6″ ceilings and 7′x15′ windows. Each apartment has a security system, washer/dryer hook-up, individual hot water heaters, oak or maple kitchen cabinets, granite counter tops, refrigerator, stove, microwave and dishwasher plus ceramic tile in the baths.

The Bold L&H Lofts building amenities include a 1,600 square foot green roof top deck with BBQ area and dog run, elevator access to the roof, bike storage, laundry room on the first floor, 68 indoor parking spaces for autos and 32 motorcycle spaces, which is kind of unique.

The one bedroom lofts at this Chicago real estate development are all rented, but there are about eight two bedroom units still available. The developer is also offering as an incentive six months free parking or a washer/dryer depending on the unit you rent. Rents on the two bedroom lofts had been running $1,355 to $1,425 but have been lowered to $1,250 to $1,395. Parking for a car is $95 per month and for a motorcycle or scooter it’s $25.

Whether you’re looking to rent or buy, there are quite a few choices out there when it comes to Chicago Lofts.

[tags]Bold L&H Lofts, Chicago Lofts, Chicago Real Estate[/tags]

August 27, 2009 – Even the younger crowd can be pampered beyond belief, judging from the latest announcement from the powers that be who run the Trump Hotel Collection. The next time you check into the Trump Tower with your children, you can treat them to everything from a spa treatment and pedicure to the Trump baby Attaché service. All of this is part of the new Trump Kids For The Junior Jet Set program that was recently rolled out at all of the Trump Hotels.

While some luxury hotels and even Chicago condo buildings offer perks for residents and guests with kids, this new program pretty much beats them all and sets it apart from other Chicago real estate developments in terms of kid’s services. For teens there are pedicure and manicure services, massage and spa treatments, facials and lessons on applying makeup and nail polish. For the younger kids there are swim lessons by appointment, coloring and reading books, a special kid’s menu and kiddie cocktails, kiddie cable to watch family friendly movies on television, board games and in some cases even Xbox, Playstation and MP3 players.

For those who are traveling with an infant, Trump can pre-stock a crib, rocking chair, diapers and bath supplies, baby monitor, stroller, humidifier and even a nanny service. The Baby Attaché can do your shopping for you and with advance notice can stock your favorite baby food or formula and child-proof your suite.

We may see more Downtown Chicago Condos offering extra services to lure buyers.

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

August 26, 2009 – For any of you who have had 757 Orleans on your short list of places to buy a Chicago condo, there are still plenty of units left for sale. The 22 story River North high-rise has 198 condos and just about 50% of those aren’t under contract yet. And the lease-to-own program is still an option for those who aren’t in a position to buy right now but can within a year of leasing. If you can do that, the Gammonley Group will credit 40% of your rental fees towards the purchase. According to a recent profile in Chicago Magazine, 757 Orleans also has some pretty nice views due to the fact that there are no big towers within a few blocks of the building.

Of the condos that are still for sale in this Chicago real estate development, quite a few are two bedroom floor plans. The two bedroom condos actually have the bedrooms located in a corner, so you get an enhanced view. Add in the floor-to-ceiling windows and glass-walled balconies and you get a lot of natural light flowing into the residences. In some of the one bedroom with den floor plans the den is also glassed in as well.

The condos range from studios to three bedrooms, with 644 to 1,818 square feet of living space. Prices range from $249,055 to $786,650 and parking is an additional $35,000 to $40,000. Building amenities include an outdoor pool and terrace on the sixth floor.

You can check out other Chicago New Construction Condos in River North in the development pages.

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

August 25, 2009 – Parkside of Old Town is the latest Chicago real estate development feeling the effects of the housing market crunch. The $260 million large scale mixed-income project was to have a total of 780 units when completed, with a mix of both affordable and market-rate. But with just about half of the 280 completed units still unsold, developer Peter Holsten said in a recent Crain’s article that the construction of the market-rate is now on hold and he intends to start building more apartments there next spring to try and capitalize on the increased demand for rentals.

It hasn’t been very long ago that the prices on some of the Chicago condos and townhomes at Parkside were reduced about 15% to 20% or around $50,000 to $100,000. There are one bedroom units that are now listed for $199,900 and a good selection of two bedroom condos that are priced at $289,900. There are also some three bedroom condos, but they haven’t seen the same price drops. If you’re interested in a townhome, those have been dropped to $499,900 and they come with an attached garage. The $10,000 Partnership For New Communities grant is also still available.

Finishes on the condos and townhomes at Parkside of Old Town include the expected granite kitchen counter tops, maple or oak wood cabinets, hardwood flooring, stainless steel appliances and designer baths. Residents also have a fitness center and business lounge with Internet access.

And if you don’t find anything you like at Parkside, there are plenty of other Townhouses in Chicago for sale.

[tags]Parkside of Old Town, Chicago Condos, Chicago Real Estate[/tags]

August 24, 2009 – “Welcome former Roosevelt Collection buyers!”

That’s the new advertising headline for The Lofts at 1800. The Kopley Group is going the extra mile to try and net some of the Lofts at Roosevelt Collection buyers who had their purchase agreement cancelled by Centrum Properties. According to advertisements for this Chicago real estate development, if you bring in your cancelled Roosevelt contract and agree to buy one of the 1800 Lofts, you’ll be allowed to use the 5% down payment you currently have in escrow with Chicago Title and close on your 1800 Loft with no more money to put down.

The Lofts at 1800, located on 1800 West Grace Street, even went so far as to do a side by side comparison of finishes and building amenities between them and Roosevelt. According to the way they have the perks listed, the 1800 Lofts can claim quite a few advantages such as being a true loft conversion with green roof top, having a doorman and concierge, roof top lounge, hardwood flooring in all of the rooms, marble baths, whirlpool tub, Grohe fixtures and Whirlpool Duet brand washer and dryer.

The floorplans at the Lofts at 1800 vary from one to three bedrooms with duplex, penthouses and townhomes available. Prices for the one bedroom lofts start at $254,500. The two bedroom lofts run from $364,500 and the three bedroom lofts are listed from $759,900 and up.

No doubt there are several other developers of Chicago Condos who are hoping to catch some of the fallout from Roosevelt, so we’ll keep you posted on any more deals that may be offered.

[tags]The Lofts At 1800, Chicago Condos, Chicago Real Estate[/tags]

August 22, 2009 – According to the updates from Chicago real estate developer Magellan, buyers of Aqua condos should be getting a 30 day closing notice in the mail. Or at least those who purchased one of the luxury Chicago condos there on floor 55 or lower. Deliveries are scheduled to start by the middle of September and continue for the next few months as work on the high-rise wraps up. It shouldn’t take terribly long, as drywall installation is past floor 70 now.

The 70,000 square foot Shore Club which opened not too long ago must be a big hit with residents, both the current renters and future condo owners. Magellan also requested in their updates that residents limit their guests to four and not only check in with the door staff, but with the newly hired pool attendant as well. The Shore Club is the largest new construction outdoor amenity deck in Chicago, with the pools, gazebos, hot tub, track, tons of seating options and BBQ areas. The high-rise also is hosting fitness classes and free movie nights for residents.

If you’re interested in living at Aqua, your best bet may be to rent one of the 474 apartments there as the condos are nearly sold out. Just over 30% of the apartments are rented, so you’ll have a good selection left. Layouts run from studios to two bedroom units with anywhere from about 564 to 1,160 square feet of living space. Rents can run anywhere from about $1,478 to $3,111 per month with around $500 in deposits and application fees plus a pet fee if you have one and from $245 to $305 per month in parking fees.

The sales numbers at Aqua certainly make them a success story among Chicago Luxury Condos, even with the housing market woes.

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

August 21, 2009 – Yesterday we talked about Pure becoming a rental tower and adding to the growing number of Chicago real estate projects that have converted to apartments. Today we have news that JDL Development has gotten the zoning approved by the Chicago Plan Commission for a new apartment tower to be built on 1233 North Wells Street in Old Town, according to an article in Crain’s.

The 15 story rental high-rise will take the place of a once-planned large car dealership with a four story auto mall. Local residents were not in favor of that project, so the Grossinger Toyota dealership is moving to a new building on 1500 North Dayton Street. JDL has signed a contract to purchase the site and plans on incorporating the one story terra cotta building that is currently there into the development.

If the tower gets final approval from the City Council and will then have to secure financing. The developer plans to have lower level retail space and 250 apartments in the tower. Lenders may be a harder sell than the City Council though. With so many units being added to the rental market from The Lofts At Roosevelt Collection and now Pure, not to mention the other Chicago condo project that have switched over or are offering Rent to own condos in Chicago, it may be a really challenge to find a bank willing to finance another apartment tower right now.

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

August 20, 2009 – Along with the news from Appraisal Research Counselors that sales of Chicago condos improved in the second quarter of this year, the report also mentioned a couple of Chicago real estate developments that have basically stopped marketing units. One is the planned 1349 South Wabash from developer See Wong. The sales center has been closed, according to the ARC report, but there are still active listings for the 78 condo, 15 story tower on the MLS.

The other project in question is Pure which is ready for move-in, unlike 1349 South Wabash. Pure was mired in both controversy and legal issues when it’s developer, Salmon Ibrahim of Sunrise Equities, disappeared and left buyers and investors in limbo. The Mutual Bank of Harvey oversaw the completion of construction on the project, but the ARC report states that the bank was taken over by the Federal Deposit Insurance Corporation.

Now the latest news is that the remaining unsold residences at the 8 story, 67 unit Pure on 24 South Morgan Street will be offered as rental apartments. The units have one to three bedrooms and will come with the original luxury condo finishes that had been planned. The building however will not be finished out with the resident lounge or the spiffy Pure Portal, which was to be a wireless connection for residents to access local information, email and building services. Rents will range from about $1,400 to $2,600 per month, depending on the floor plan of the unit.

The list of Chicago condo developments switching to Chicago Apartments keeps growing, and there may be more additions before the year is over.

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

August 19, 2009 – The latest Downtown Benchmark Quarterly Report from Appraisal Research Counselors was released recently, and to the relief of those in the Chicago real estate industry it actually has some good news. According to ARC, sales of downtown Chicago condos rose to 313 units in the second quarter, compared to only 55 units in the first quarter of this year. Even though that is encouraging news, you have to keep in mind that second quarter ’09 sales are still down about 35% from second quarter ’08 sales when 484 downtown Chicago condos went under contract. Before these record low sales numbers, you’d have to go back to 1998 when ARC began keeping records. The record low Chicago condo sales total for that year was 3,258 units.

The new report from ARC was quoted in Crain’s as stating that, “The developments exhibiting the strongest sales were the developers which were offering the largest price discounts.” ARC went on to say that if the current trend of price reductions in new construction Chicago condos keeps up, then quarterly condo sales could stay at about 300 units. Over the year, that would put a dent in the over supply of inventory with around 1,000 condos being sold.

The report also pointed out that the number of unsold condos that are either under construction or ready for move-in was down 8% in the second quarter of ’09, with a total of 3,527. The number of unsold units in the first quarter of this year was 3,840. Those numbers don’t include condo conversions. Another interesting but sobering statistic from the report is that right now there is about a 25% sales contract cancellation rate at area developments. The rate for lost contracts was around 10% to 15% last spring, according to the report.

With a relatively modest 600 or so Chicago New Construction Condos set to be finished next year and just about 86 condos completed the year after (2011), the excess supply of condos should level off eventually.

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