September 18, 2009 – The Park Monroe is advertising some pretty drastic price cuts on a few of the remaining unsold developer units. These Chicago condos have been lowered by as much as $300,000 in some cases and the reduced prices are good until December 31st of this year. As the headline on this Chicago real estate development’s site claims, “You can get top floor living at entry level prices.”

The units listed with price reductions are as follows:
(3) 1 BR/1 Bath, 928 Sq. Ft. was $399,900 now $299,500
(1) 1 BR/1.5 Bath, 1,043 Sq. Ft. was $519,900 now $399,500
(1) 2 BR/ 2 Bath + Den, 1,236 Sq. Ft. was $579,900 now $499,500
(1) 2 BR/ 2 Bath, 1,453 Sq. Ft. was $729,900 now $599,500
(1) 2 BR/ 2 Bath, 1,462 Sq. Ft. was $849,900 now $679,500
(1) 2 BR/ 2 Bath, 1,357 Sq. Ft. was $899,900 now $779,500
(1) 2 BR/ 2 Bath, 1,571 Sq. Ft. was $999,900 now $799,500
(1) 2 BR/ 2 Bath, 1,529 Sq. Ft. was $999,900 now $849,500
(1) 2 BR/ 2.5 Bath + Den, 2,005 Sq. Ft. was $1.3 million now $1 million

The penthouse level Park Monroe Club has a large landscaped garden with great views, a fitness center, swimming pool, whirlpool spa, sundeck, party room with kitchen and a movie room. The condos have standard luxury finishes like kitchens with European cabinets, granite counter tops, high-end appliances, hardwood flooring, marble baths, Wi-Fi access, washer and dryer hook-up, individual heating and cooling controls and resident storage lockers.

These are some substantial price reductions, and as always we will keep you updated with the latest information about any other price cuts on Chicago New Construction Condos.

[tags]Park Monroe, Chicago Condos, Chicago Real Estate[/tags]

September 17, 2009 – “Opportunity knocks.” We don’t know how many times for sure, but that’s the title of the latest ad that 2930 Sheridan Tower is running. It also states that there are “massive price reductions” on their remaining unsold Chicago condos for a limited time. According to the ad, this also includes a “premium package” of stainless steel appliances, granite counter tops, 42″ cabinets, natural stone baths and hardwood flooring.

The one bedroom with den condos at this Chicago real estate development had been priced from $249,900 and they are now starting at $209,000. The two bedroom units that were previously listed from $269,900 and those are currently priced from $229,900. For the three bedrooms which were priced from $349,900 you can expect to pay from $299,900.

This 22 story condo conversion project from Kroupa Development used to just be called Sheridan Tower. It has since been dubbed Aquilo and is now back to its original name plus the street number. There are 252 units in the high-rise and the developer had been selling them either as is with not a lot of frills or with different levels of upgrades. At last count there were around 90 still left for sale, and as the ad states, they all come with the upgrades at this point. The building amenities include an indoor-outdoor sky deck, fitness center, party room and business room.

The units at 2930 Sheridan Tower may not be the lowest priced we’ve seen lately because there are some pretty Cheap Chicago Condos out there. But you still may want to take a look in case they are priced just right for you.

[tags]2930 Sheridan Tower, Chicago Condos, Chicago Real Estate[/tags]

September 16, 2009 – The lease-to-own programs keep popping up in more Chicago real estate developments and Optima Old Orchard Woods has joined the crowd. The lease-to-own program doesn’t include all of the remaining unsold suburban Chicago condos in this Skokie project, but it is still a pretty good deal. According to a press release, Optima is offering one year leases on certain one to three bedroom units and you can apply as much as 50% of the rent you paid towards buying that condo.

Optima is also offering between $10,000 and $30,000 off prices on the next five contracts for 30 to 60 day delivery residences.

There are a total of 665 condos in the trio of adjoining high-rises. In Elm Tower you can still have your pick of several two and three bedroom condos. Prices run anywhere from about $408,200 to $543,800.

In Maple Tower there are one to three bedroom units available for quick delivery. The prices start from $255,000 for one bedroom condos, the low $300,000s for two bedroom units, the $580,000s for three bedroom condos and penthouse units run from the $750,000s and up.

The condos at Optima have the standard luxury finishes like custom wood kitchen cabinets, stainless steel appliances and granite counter tops, hardwood flooring, marble baths, washer and dryer, optional fireplace and either a balcony or roof top garden. Each tower at Optima also has a fitness center of its own for resident convenience.

If you’re interested in buying a Chicago condo but need a little time, there are more Rent to own condos in Chicago like Optima Old Orchard Woods so be sure to shop around.

[tags]Optima Old Orchard Woods, Chicago Condos, Chicago Real Estate[/tags]

September 15, 2009 – Although more Chicago real estate developers have been switching from market rate condo projects to rental towers lately, the owner of Cityfront Place has decided to get out of the market altogether and sell the building. The 39 story high-rise located on 400 North McClurg Court has 480 apartments and is currently 97.5% occupied according to a recent Crain’s article, so there is no shortage of tenants in this rental tower.

Northwestern Mutual Life Insurance Company is the owner of Cityfront Place. Although no asking price has yet been disclosed, the article states that Real Capital Analytics Inc. of New York estimates the Streeterville tower could sell for over $70 million, which is roughly $146,000 per apartment. Right now rents for the studio to two bedroom apartments run from $1,199 to $2,250 per month.

Appraisal Research Counselors estimates that 2,716 downtown units will hit the market by early 2011, although those units aren’t located in Streeterville like Cityfront Place is. With the Lofts at Roosevelt and so many other developments renting units, it may prove difficult to find investors for such a large rental tower. There is no shortage of Chicago Apartments right now and supply will exceed demand until the job market improves or the excess inventory is absorbed.

[tags]Cityfront Place, Chicago Apartments, Chicago Real Estate[/tags]

September 14, 2009 – Over the past year or so more than quite a few Chicago condo towers have branched out into the rental business or have offered lease-to-own programs. One of those tower that has seemed to have some success renting out unsold units is the 25 story Marquee Michigan Avenue, located on 1464 South Michigan. And according to developer Sedgwick Properties website, only two units remain for rent right now.

One is a penthouse duplex with three bedrooms and two and a half baths for $4,695 per month. The listing states that the unit has views of the lake, city and Soldier Field. Finishes include Brazilian cherry hardwood flooring, limestone baths, large closets and crown molding. The gourmet kitchen comes with granite counter tops, custom cabinets and a stainless steel appliance package. A washer and dryer is also included along with a private 21′ terrace and two parking spaces in the garage.

The other unit available for rent is a three bedroom, two bath for $2,895 a month. This condo has city views from its balcony, hardwood floors, an open kitchen with granite counter tops and stainless steel appliances, washer and dryer and plenty of closet room.

The Marquee is a pet-friendly Chicago real estate development, but you’ll have to pay a $250 deposit for your furry room mate. There isn’t a traditional deposit required, but there is what they are calling a move-in fee of $500. You can also rent a parking space for $195 a month.

Don’t be afraid to ask about renting Downtown Chicago Condos in new construction towers. With the housing market still sluggish, more developers are willing to make a deal.

[tags]Marquee Michigan Avenue, Chicago Condos, Chicago Real Estate[/tags]

September 13, 2009 – If you attended the open house this weekend at 235 W Van Buren you were able to tour any or all of the fourteen models that Chicago real estate developer CMK showcased. The models are a sampling of the 130 floor plans available at the 46 story high-rise. With so many layouts to pick from it had to be helpful for potential Chicago condo buyers to be able to see some of the floor plans in action. According to a recent article in the Tribune, more than 450 of the 714 units in the tower are under contract now.

Scott Hoskins of CMK, was quoted in the article as saying that, “Construction is complete through the 29th floor, and we plan to continue delivering a floor every week.”

CMK founder Colin Kihnke also said in the article that, “Most all of the floor plans will offer balconies and terraces with spectacular views of the city skyline, parks, the Chicago River and Lake Michigan.”

The most current base prices listed at 235 Van Buren are from about $199,900 for a studio with around 522 square feet and from $399,900 for a 1,292 square foot two bedroom, two bath unit. The larger three bedroom units run from about $335,900 and up.

With over 250 condos still unsold in this high-rise, it’s possible that we may see price reductions on some of the more expensive units at some point. If you are interested in buying a residence in this building, take advantage of the opportunity to visit the models and see how they compare to other new Chicago Condos.

[tags]235 Van Buren, Chicago Condos, Chicago Real Estate[/tags]

September 11, 2009 – According to an update from Magellan Development, the first condo closing at Aqua was set to take place this afternoon. The 474 apartments began leasing in May of this year, and both the renters and those who purchased a condo at this Chicago real estate project have been able to enjoy the amenities at the Shore Club most of the summer. Now with deliveries in progress and buyers able to move in, it will be easier for them to take advantage of all of Aqua’s amenities.

In the update Magellan also stated that McHugh Construction is in the process of removing the outside elevator and checking the window washing equipment on the 82 story tower, so the pool deck will be closed until 6PM for a few days. They also stated that drywall is installed up to floor 74, tile through the 59th floor, wood floors through the 58th level, cabinets up to floor 64 and kitchen appliances are in place through the 56th floor.

Of the 264 Chicago condos at Aqua, less than a dozen remain unsold from the developer. Of the one bedroom units left for sale, about four are listed from the $370,000s to high $600,000s. There are also about four two bedroom units that run from around the $370,000s to low $800,000s. A couple of three bedroom condos are also left, along with a larger four bedroom unit. Those are priced anywhere from just over $1 million to almost $2 million.

If you haven’t been swept away by the wavy design of Aqua, you might find something you like in one of the Chicago New Construction Condos that are on the market right now.

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

September 10, 2009 – Toll Brothers, the developer of Patriot Commons in Glenview, is inviting everyone to come and tour their new townhomes and suburban Chicago condos. This Chicago real estate project was built in The Glen, so there is no shortage of restaurants, retail or things to do nearby.

In a recent Tribune profile of Patriot Commons, Toll Brothers sales manager Brian Wulfestieg spoke about people’s positive reactions when they visit the development and models on site. “Everyone that tours these homes is amazed at the spacious designs and the views–a few even offer a shot of the downtown skyline,” he was quoted as saying in the article.

The condos at Patriot Commons have one to two bedrooms and baths and measure 1,000 to 1,400 square feet. Some of the units also have a den. Inside, buyers will find luxury finishes like hardwood flooring and kitchens with GE stainless steel appliances and a washer and dryer. The condos also have a private balcony and 9′ high ceilings.

The townhomes are larger with 1,550 to 2,100 square feet, two to four bedrooms and 2.5 baths and a fireplace. You can pick from either a one or two story brick model and some even have covered patios outside the kitchen, which would be a great place to enjoy a morning cup of coffee.

Prices on the condos and townhomes run from $381,995 to $656,995. When the development is completed, residents will also be able to enjoy a community courtyard with lots of walks, benches for seating and a landscaped rock garden.

With many developers lowering prices, more buyers are opting to purchase Townhouses in Chicago.

[tags]Patriot Commons, Chicago Condos, Chicago Real Estate[/tags]

September 9, 2009 – A lot of press is still being given to 235 W Van Buren , the 714 Chicago condo high-rise from CMK. The 47 story new construction tower has started making deliveries earlier this year and now has fourteen fully furnished models open for touring. Construction on the high-rise is expected to wrap up soon, according to a recent profile in Chicago Magazine.

There are still plenty of units left for sale in this Chicago real estate development, and CMK claims that it has some of the best pricing for new condos in the neighborhood. The one bedroom units in this Ralph Johnson designed tower are priced from $199,900 and up. Two bedroom condos start at $249,990 and three bedroom units are priced from $285,900. All of those average out to about $324 per square foot, according to the article and some simple math.

The high-rise has around 22 units on each floor and concrete fans will appreciate the interiors of the condos. Along with the exposed concrete you’ll get floor-to-ceiling windows, 10′ ceilings, washer/dryer hook-up, a private balcony, hardwood flooring in the common rooms and carpet in the bedrooms. The kitchens have granite counter tops, a double stainless steel sink and stainless steel appliances. The baths come with marble vanity tops, frameless mirror and ceramic floor tile and tub/shower surround. The bedrooms have vinyl clad shelving in the closets and the condos are pre-wired for phone cable and Internet connection.

The building doesn’t have a fitness center or pool, which helps to keep the unit prices and assessments lower. But 235 Van Buren is pet-friendly and does have a dog run, a 24 hour doorman and a bike storage room.

If you can’t live without a few more building amenities and are willing to pay a little more, you may want to see what other Downtown Chicago Condos have to offer.

[tags]235 Van Buren, Chicago Condos, Chicago Real Estate[/tags]

September 8, 2009 – Not too long ago we mentioned that 198 Chicago condos at 757 Orleans are still only around 50% sold. The Gammonley Group, developers of the 22 story River North high-rise, have been promoting a lease-to-own program for a while now. In that deal, if you purchase a condo within a year of signing a lease they will apply up to 40% of your rent towards the purchase price. Now Gammonley is advertising some hefty price reductions on the remaining unsold units.

In a email sent to those signed up for updates about this Chicago real estate development, prices on the condos at 757 Orleans have been lowed by as much as $125,000 in some cases. The studio to two bedroom condos had been previously priced from $249,055 to $786,650. With the new reductions, the studios run from about $187,000, the one bedroom units from $287,000 and the two bedroom condos are priced from $387,000. Parking is still between $35,000 and $40,000.

The condos come with oak wood flooring and wall-to-wall carpeting, washer/dryer hook-up, 9′ ceilings, stainless steel kitchen appliances, 42″ upper and 36″ lower maple or oak cabinets, granite counter tops and backsplash, vinyl clad shelves in the closets and either a balcony or terrace. Residents also have a 24 hour doorman, storage lockers, bike room, fitness center, business center and outdoor sun deck and pool on the 6th floor

You can see what other Rent to own condos in Chicago are out there besides 757 Orleans by following the link.

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