August 18, 2009 – The Shoreline Towers Condo Association has decided to take a pro-active approach to dealing with foreclosures in their high-rise. The association is planning on purchasing the empty Chicago condos themselves, renting them out and then putting them up for resale again when the market improves, according to a recent Tribune article.

The homeowners association at Shoreline Towers, like those at a growing number of Chicago real estate developments, is losing several thousand dollars per month in assessments from the foreclosed units. The article stated that there are usually 12 to 14 foreclosed condos in the 378 unit tower consistently of late. Those units have gone down in value some $15,000 to $44,000. The average condo at the tower sells from $95,000 to $135,000 right now. Previously the units had been ranging in the low $200,000s.

With a majority vote, the association will purchase as many as eight of the foreclosed units in the coming two years and rent them out. The condo board has $600,000 in reserves, but is taking out a $2.5 million line of credit to bankroll this new enterprise. Buying the foreclosures at the lower prices will devalue the other units in the building in the short term. But the board believes it will keep values from falling any further and gives them the option and extra time to find a buyer who can afford to pay for a condo in the building.

If Shoreline Towers can make it work, this approach may catch on with other homeowners associations with empty Chicago Condos in their high-rise.

[tags]Shoreline Towers, Chicago Condos, Chicago Real Estate[/tags]

August 17, 2009 – If owning a Chicago loft is on your short list of things to do, you may want to visit Lakeside Lofts sometime in the near future because Bluestone Development is down to their last two units in the five story building. They are advertising a “developer closeout” on these Chicago condos and state that they are both corner units priced under $299,000. The lofts are two bedroom, two bath layouts, have been finished out with upgrades and are ready for move-in.

The 96 unit Lakeside Lofts has a green roof top on the parking garage that is located between the two building sections and every lofts comes with a private terrace or balcony as large as 400 square feet. A few of the units even have covered terraces. The condo ceilings are between 10 and 18 feet high, depending on the floor plan, and the windows have thermal pane insulated glass. The lofts are wired for high speed Internet, phones and cable televisions as well. Other features include wide planks hardwood flooring, designer lighting, wood kitchen cabinets and vanities, washer and dryer hook-up, GE Profile appliances, granite counter tops, double bowl sink and Grohe fixtures. The baths have marble vanity tops, oversized mirror, theater lighting and tile flooring. There is also ample closet space along with vinyl clad shelving, perfect for organized storage.

The developer just had an open house at this Chicago real estate project this past weekend to showcase the last two lofts, but if you missed that one you can catch another this coming weekend on August 22nd and 23rd from noon to 4pm at 2035 South Indiana Avenue. Pencil it in on your calendar and while you’re out, you might want to visit some other Chicago Lofts to compare.

[tags]Lakeside Lofts, Chicago Condos, Chicago Real Estate[/tags]

August 15, 2009 – The latest well-known Chicago real estate development to advertise some major price reductions is Superior 110. The 28 story River North tower is located on 110 West Superior and has a total of 58 one to three bedroom Chicago condos. Of those, roughly three quarters are already sold, and that number will probably go up fairly soon with the price cuts in place.

According to the new prices from JFJ Development, the remaining 1 bedroom, 1.5 bath plus den units with 1,150 square feet and NE views are now priced from $499,366 to $567,575 with assessments from $389.83 to $488.52.

The 2 bedroom, 2 bath condos with 1,225 square feet and SE views are priced from $544,400 to $621,575 with assessments from $446.79 to $551.92.

The 2 bedroom, 2 bath units with 1,325 square feet and SW views are now listed from $554,975 to $638,450 with assessments from $477.58 to $591.29.

The 2 bedroom, 2 bath condos with 1,350 square feet and ENW views are currently priced from $693,350 with assessments from $480.80 to $596.65.

The 3 bedroom, 3 bath units with 2,550 square feet and ESW views are priced from $1.37 million to $1.48 million with assessments from $1,165.09 to $1,281.14.

The 3 bedroom, 3 bath units with 2,500 square feet and ENW views are running from $1.46 million with assessments from $1,106.63 to $1,213.89.

The 3 bedroom, 2.5 bath condos with 2,120 square feet and ESW views are priced from 1.3 million with assessments from $1,065.43.

And the 3 bedroom, 2.5 bath condos with 2,290 square feet and ENW views are priced from $1.39 million with assessments from $1,300.14.

This tower has at max only four condos per floor and each unit comes with a balcony or terrace, large windows, Snaidero cabinets, oak hardwood flooring, porcelain floors in the baths, Wolf, Sub Zero and Bosch appliances, stone counter tops with glass tile backsplash, Grohe, Toto and Kohler fixtures plus soaking tubs. Superior 110 building amenities include a fitness center and dog run.

If you’re looking to save some green, you may want to check out the reduced prices in this blue glass tower. You can also check out other Chicago Condos in River North and compare price points and perks.

[tags]Superior 110, Chicago Condos, Chicago Real Estate[/tags]

August 14, 2009 – The list of liens and lawsuits against the Chicago Spire got a little longer today with the announcement that Bank of America has filed a suit against Garrett Kelleher of Shelbourne Development. The bank is suing to collect the balance on two loans used to finance early work on the 150 story Chicago real estate project, according to Crain’s. Kelleher personally guaranteed the loans, which was a common practice among developers during the building boom.

The suit claims that $4.92 million is still owed on the two loans. The first was a $3 million credit line that was issued in late 2006 and the second was a $7 million addition that was added in 2007. The article states that about $2.7 million is still owed on the later loan, which went towards constructing the elaborate sales suit at the NBC Tower. When Kelleher didn’t manage to secure a construction loan by the agreed deadline of last November 1st he defaulted on the other loans.

Over $16.7 million is already owed by the project in a combination of liens, unpaid foundation work and a couple of liens from Garrett Kelleher himself. Architect Santiago Calatrava is also among those suing the Spire and its developer.

Crain’s reports that Kelleher had previously stated his net worth at $750 million, and at last count a bit over 30% of the 1,194 Chicago condos planned for the high-rise were under contract. In the article, a Shelbourne spokeswoman was quoted from a Bloomberg News report as saying that all of the legal suits, “will be addressed in the order they were filed.”

It will be a near impossible feat to find a lender for this mega project right now, and barring Union financing which was supposedly a possibility, the Spire probably won’t get off the ground any time soon. Until the over supply of Downtown Chicago Condos is absorbed, it’s doubtful any large scale Chicago condo projects will be a reality.

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

August 13, 2009 – It looks as though the park at Hartland Park will be closed to the public and open only to residents of the Chicago real estate development, at least until a dispute between the city and Belgravia Group is resolved. The plan was for Belgravia to turn the park over to the Chicago Park District, but they won’t assume responsibility for it because they claim that the entrances are private, according to a recent Sun Times article. Because of that, the homeowner’s association had to limit their liability and close the park to non-residents.

The reasoning behind the city’s refusal is that the streets aren’t up to city code nor are the sidewalks accessible for handicap persons. Belgravia president Alan Lev told the Sun that the streets and sidewalks were originally built to city specifications, but then the city changed their standards after the fact. Mr. Lev believes that eventually the dispute will be resolved and the park can be opened to non-residents. “I think it’s all going to work out. Everything that happens in the city happens slowly,” Lev stated.

The Hartland Park townhomes is a complex of 45 units located on Hermitage and Schubert Streets. The townhomes have from 3 to 5 bedrooms and 3.5 to 6 baths plus 2 car attached garages. The interior features include maple kitchen cabinets, GE Profile stainless steel appliances, granite counter tops, marble baths with steeping tub plus multiple balconies. The remaining townhomes for sale in the development are priced from the $850,000s to over $1.3 million.

You can compare other Townhouses in Chicago with Hartland Park and see which ones are best suited to your needs.

[tags]Hartland Park, Chicago Townhomes, Chicago Real Estate[/tags]

August 12, 2009 – According to a recent news article, the profit (if any at all) hasn’t been that great for investors who bought one of the condo hotel units at Trump Tower. Just about 39% or 132 of the total 339 hotel condos have actually closed, according to Crain’s. Only four of those who bought one of the hotel condo units have successfully resold. The most current resale took place in May of this year. It originally cost $480,843 and resold for only $489,770 which was at a loss after fees were deducted, according to the article. Another 29 hotel units are still up for resale in this Chicago real estate development.

Donald Trump admitted to Crain’s that sales of the hotel condos have, “fallen short of expectations.” But he also claims that he is satisfied to own them himself because the hotel is doing well. “Sometimes you have to change your plan,” he said in the article. The numbers don’t reflect sales data on the 365 residential Chicago condos in the 92 story tower.

Crown Heights Realty, a broker in Chicago, is marketing over 10 of those hotel condo units up for resale. Andrew Glatz, president of CHR was quoted as saying that, “No bank is touching condo-hotels. They see it as a frivolous purpose and an investment that perhaps doesn’t make sense.”

For the investors who signed purchase agreements two or three years ago this probably isn’t new news. With so many bargains right now on Chicago New Construction Condos along with credit still being tight, buyers are less interested in hotel condos as an investment.

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

August 11, 2009 – Rick Levin is having another Chicago real estate auction and this time a duplex penthouse and several Chicago condo parking spaces are going up for bid on September 15th. The two penthouses are located on the top two floors of The Metropolis and are described as having a private roof top terrace and balcony. Penthouse A has about 3,000 square feet and had been priced at $1.2 million. The minimum bid for it is $360,000. Penthouse B has about 1,700 square feet, was priced at $640,000 and the minimum bid is $180,000. The units will be auctioned separately, then again as a whole to see which brings the best price. The minimum bid together is $540,000. The penthouses are unfinished right now.

At The Metropolis they are also auctioning 20 parking spaces in the heated garage on 8 West Monroe. The spaces are described as, “Indoor, valet parking, deeded and well-lit.” These parking spaces had been priced at $42,000 and will be auctioned for a minimum bid of $19,000. You can check them out on September 1st from 11am to 1pm, September 10th from 4am to 6am and September 13th from 11am to 1pm.

At 1445 North Sedgwick another 13 parking spaces are going up for auction with 6 of them being sold absolute. The spaces here are described as, “Heated, deeded and well-lit.” These spots were priced up to $39,000 but suggested opening bids will start at $8,000. These spaces can be seen on September 1st and 3rd from 4pm to 6pm and September 10th from 11am to 1pm.

Be sure to check back often for the latest news about Chicago condo auctions

[tags]The Metropolis, Chicago Condo Auctions, Chicago Real Estate[/tags]

August 10, 2009 – Despite the belief of many that the Waterview Tower is all washed up so to speak, CB Richard Ellis broker and vice president Peter Green says there are a lot of interested potential buyers for the troubled Chicago real estate project. Mr. Greene has been giving tours to groups of possible buyers and because the 26 story concrete shell on 111 West Wacker has no elevator, is encouraging them to dress very casually for the walk up, according to a recent Tribune article.

Developer Teng and Associates is still waiting for the resolution of the foreclosure suit brought against him and the project by lender Bank of America for a $20 million bridge loan, along with all of the other liens and suits filed against the stalled project. The initial plan when Teng began construction back in 2006 with his own money and no construction loan in place. Sales were initially strong, with about 40% of the 200 hotel units and around 68% of the 233 residential Chicago condos going under contract. But like several other projects, the plan fell apart when the economy and housing market took a dive. Shangri-La Hotels backed out of the development and no lender would fund a $400 million project.

But Mr. Greene states in the article that of the interested parties, there are those who want to go ahead and build to the original 90 stories. Some also prefer to limit the high-rise to 40 floors and switch it to a rental tower. A few are even leaning towards switching it to student housing or having upper level offices. According to Greene, the winner will be, “who’s imagination is best and who can close.”

Whatever Waterview Tower ends up being reincarnated as, it’s probably safe to say that it won’t be exclusively Chicago Luxury Condos but more likely a mixed-use or rental project.

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

August 8, 2009 – More information about Centrum Properties decision to switch The Lofts At Roosevelt Collection is trickling out. Apparently Centrum and Bank of America, who is the primary lender for this large-scale Chicago real estate project, have been considering flipping to rental for some time. According to Crain’s, there is a $285 million construction loan owed on the development. Sol Barket of Centrum stated that an extension was granted and the payback date has been pushed back from 2011 to 2013.

According to the article, the Lofts at Roosevelt Collection made it to the 60% sold mark. That’s about 205 of the total 342 one and two bedroom Chicago condos there. But there were serious concerns that when it came time to close, the walk-away rate would be high. Mr. Barket told Crain’s that, “A majority of people could not or did not want to close.” Many were unable to get a mortgage he said. Everyone who signed a contract for one of the lofts will be released from the agreement and have their deposits refunded.

On the retail side of the Roosevelt project, Mr. Barket stated that the 16 screen Kerasotes theater is still on schedule for a November grand opening and a David Barton gym will also be setting up at Roosevelt. According to Mr. Barket, the 300,000 square feet of retail space is 50% leased with other retailers interested in leasing about 40% of the remaining space, which should be ready for business late next year.

Remember that there are lots of other Chicago Condo Lofts for sale if you’re interested in buying, not leasing.

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

August 7, 2009 – The big news of the day is that Centrum properties has announced that The Lofts At Roosevelt Collection is being converted to a rental Chicago real estate development. Centrum has put out a press release stating that beginning August 14th a leasing center will open on 150 West Roosevelt Road. Until then you can still go to the sales center on 709 South Clark.

Centrum claims that Roosevelt “features luxury appointments not found in other upscale apartment properties.” John McLinden of Centrum was quoted in the press release as saying that, “The Lofts at Roosevelt Collection is a one-of-a-kind property which will attract renters with high standards who expect the best. Our intent is to deliver service that exceeds those expectations. The South Loop location is convenient to much of what makes this city great, from Museum Campus and Soldier Field, to Grant Park, the lakefront and Printer’s Row.”

The 342 one to two bedroom lofts have 25 different floor plans. Finishes for the lofts include balconies or terraces, hardwood floors, Italian cabinets, Kitchen Aid appliances with chimney style hoods on the stove, Grohe fixtures, porcelain tile in the baths plus rain showers and soaker tubs. Common amenities are a fitness center, business center, theater room, lounge and extra storage space.

The loft apartments will be ready for move-in on September 1st, less than a month away. The one bedroom units start at $1,375 per month and the two bedroom units start at $2,300 per month. Those prices should make them competitive with other luxury Chicago Apartments.

[tags]Lofts at Roosevelt Collection, Chicago Apartments, Chicago Real Estate[/tags]