September 30, 2009 - The $20.2 million foreclosure suite filed by National City Bank probably comes as no surprise to most people who have followed the saga of X/O Condominiums. The bank claims that Chicago real estate developers Keith Giles and Jerry Karlik have defaulted on the $13.4 million loan they took out in 2005 to purchase the property, along with the added $19.1 million they borrowed in 2007 for pre-development costs according to an article in Crain’s.

X/O was to be two high-rise towers located on 1712 South Prairie with a total of 479 Chicago condos. Pre-sales began in 2006 but a local alderman bogged the project down by trying to limit the height of the towers. The resulting lawsuits weren’t dropped until 2007 and the housing market was too weak by then to support sales for such a large project. Marketing for the units stopped in 2008.

An unnamed bank representative told Crain’s that the X/O site was now probably not worth the original $13 million that Giles paid for it. The local property values have gone down dramatically and a new project is unlikely to be able to get zoning approval for another high-rise due to both neighborhood and alderman resistance. That means that with a shorter tower, fewer units could be built and profits would be reduced.

With lenders unwilling to finance construction loans on big developments until the housing market rebounds, it may be at lease a couple more years before we see more large scale Pre Construction Condos in Chicago.

Technorati Tags: X/O Condominiums, Chicago Condos, Chicago Real Estate

September 29, 2009 - First it was the new Trump Kids for the Junior Jet Set and Trump Baby Attaché program for younger visitors at Trump Tower. Now Trump is launching another program aimed at the business sector. The Trump Express Meetings program is designed to accommodate smaller groups of businessmen and women, usually up to 15 at the smaller Trump Hotels and as many as 50 at the larger ones. For Trump Tower in Chicago, meetings of up to 25 persons can take advantage of this new service offered.

According to a profile in Hotels Magazine, the service is broken down into categories by the time of day or evening you want to schedule your meeting. The Trump Express Day Meeting is suited for all-day meetings. Breakfast in the form of pastries and coffee or tea is served. Lunch consists of an assortment of soups and sandwiches, plus there is a sweet afternoon snack available. Drinks such as bottled water, sodas and coffee are available at all times. This costs between $75 and $145 per meeting attendee.

Trump Lunch I is as the title implies, just for a lunch meeting. Soups, sandwiches, salads, dessert, coffee and tea are served for $40 to $80 per person. If you opt for the Trump Lunch II you get a bigger menu for your lunch meal and this will run about $60 to $95 per meeting attendee.

Finally, the Trump Happy Hour will get you two hours at an open bar, gourmet hors d’ oeuvres, both hot and cold, plus some salad options. This costs about $45 to $114 per person.

No matter which package you pick, you’ll be able to use the meeting room for free. Chicago’s Trump is advertising a discount on the use of their audiovisual equipment plus 15% off treatments at The Spa at Trump and 10% off anything you order at the Rebar lounge. This program and the discounts are good through April 30, 2010.

And while this may help boost business at the hotel portion, Trump is most likely hoping to net a few sales at their Chicago real estate development. The competition for buyers of Chicago Luxury Condos is pretty stiff, and Trump seems to be trying anything except actually lowering prices.

Technorati Tags: Trump Tower, Chicago Luxury Condos, Chicago Real Estate

September 28, 2009 - If you like Chicago townhomes and shopping to buy, you may want to visit the Parkhomes of Cornelia Court in West Roscoe Village. Right now there are immediate delivery homes available at this Chicago real estate development with prices starting in the mid $400,000s. Anchor General is the developer and if you qualify you can get up to six months of loan payments, both interest and principal, which can save you as much as $15,000. For the last five available townhomes they are also offering a $5,000 gift card to the retailer of the buyer’s choice if you can close by September 30th.

When construction is completed, Cornelia Court will have thirteen buildings with a total of 63 residences. The three to four story townhomes come in three styles. The Addison and the Cornelia both have 2,242 square feet while the Bentley has 2,904 square feet. These Chicago townhomes have from two to four bedrooms and 2.5 to 3.5 baths, and some also come with a den. The two to seven story buildings are being built around a courtyard, with European influences in the design The interior park measures about 10,650 square feet.

Finishes include kitchens with 42″ cabinets, Frigidaire stainless steel appliances, 1.25″ granite counter tops and backsplash and you can opt to upgrade to Jenn-Air or Viking appliances. The baths have marble or limestone floors, vanity tops and surround, Moen faucets, double under mount sinks and several vanity choices plus an optional Whirlpool.

All of the townhomes come with solid oak hardwood flooring, hardwood staircases, carpeted bedrooms, solid wood core doors, ventless gas fireplace with granite surround and an optional wood burning fireplace for the Bentley models.

You can compare the Parkhomes of Cornelia Court with other Townhouses in Chicago to see what best fits your budget and lifestyle.

Technorati Tags: Parkhomes of Cornelia Court, Chicago Townhomes, Chicago Real Estate