October 31, 2009 – Here is the other half of the list of Motor Row Lofts units that will be auctioned on November 15th along with the new lower prices on parking spaces.

Unit#313/2BR/2Bath, 1,215 SqFt, Was $391,900, Min Bid $180,000, $5,000 Cashier’s Check to bid, $267 monthly assessment. Duplex with rooftop deck.

Unit#314/2BR/2Bath, 1,198 SqFt, Was $375,000, Min Bid $180,000, $5,000 Cashier’s Check to bid, $263 monthly assessment. Duplex with rooftop deck.

Unit#315/2BR/2Bath, 1,227 SqFt, Was $394,000, Min Bid $180,000, $5,000 Cashier’s Check to bid, $270 monthly assessment. Duplex with walk-in closets and rooftop deck.

Unit#402/2BR/2Bath, 1,389 SqFt, Was $426,000, Min Bid $210,000, $7,000 Cashier’s Check to bid, $305 monthly assessment. Oversized living room windows plus den.

Unit#404/2BR/2Bath, 1,253 SqFt, Was $371,000, Min Bid $180,000, $5,000 Cashier’s Check to bid, $276 monthly assessment. Has full bath in master bedroom.

Unit#502/2BR/2Bath, 1,679 SqFt, Was $589,000, Min Bid $295,000, $10,000 Cashier’s Check to bid, $369 monthly assessment. Duplex with den, office, 21′ ceilings and rooftop deck.

Unit#503/2BR/2Bath, 1,359 SqFt, Was $474,00, Min Bid $240,000, $7,000 Cashier’s Check to bid, $299 monthly assessment. Duplex with rooftop deck.

Unit#507/2BR/2Bath, 1,175 SqFt, Was $407,000, Min Bid $210,000, $7,000 Cashier’s Check to bid, $258 monthly assessment. Large walk-in closet in master bedroom and rooftop deck.

Unit#508/2BR/2Bath, 1,591 SqFt, Was $589,000, Min Bid $295,000, $10,000 Cashier’s Check to bid, $350 monthly assessment. End unit duplex with private deck and den.

Unit#201/3BR/2Bath, 1,649 SqFt, Was $472,900, Min Bid $240,000, $7,000 Cashier’s Check to bid, $363 monthly assessment. Corner unit with balcony, walk-in closet and skybridge third bedroom.

Unit#301/3BR/2Bath, 1,649 SqFt, Was $474,900, has reserve auction price, $7,000 Cashier’s Check to bid, $363 monthly assessment. Corner unit, balcony, skybridge third bedroom.

Unit#501/3BR/2Bath, 2,049 SqFt, Was $659,000, Min Bid $359,000, $10,000 Cashier’s Check to bid, $451 monthly assessment. Corner duplex, 21′ ceilings, den, skybridge bedroom, office, balcony and rooftop deck.

Unit#504/3BR/2Bath, 1,657 SqFt, Was $589,000, Min Bid $295,000, $10,000 Cashier’s Check to bid, $364 monthly assessment. Duplex unit, walk-in closet in master bedroom and rooftop deck.

Unit#505/3BR/2Bath, 1,661 SqFt, Was $599,000, Min Bid $295,000, $10,000 Cashier’s Check to bid, $365 monthly assessment. Duplex with 21′ ceilings, den and deck.

Unit#506/3BR/3Bath, 1,755 SqFt, Was $609,000, Min Bid $295,000, $10,000 Cashier’s Check to bid, $386 monthly assessment. Corner unit with oversized windows, 21′ ceilings, den and deck.

The parking spaces at Motor Row Lofts have also been reduced in price. Individual spots had been priced anywhere from $25,000 to $32,500. They are now being sold for $16,500 to $21,000. Monthly assessments on those run anywhere from about $31.66 to $49.47.

Hopefully this information will give any potential buyers somewhat of an idea of what to expect at the auction. You can also check out the other Chicago Lofts and see what else is out there.

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

October 30, 2009 – We obtained a brochure from Sheldon Good & Company that details the units to be auctioned at Motor Row Lofts on November 15th. Since that date is fast approaching, we’ll highlight the one bedroom Chicago condos and about half of the two bedroom units in this post. Tomorrow we’ll list the rest of the two bedroom condos and the three bedroom units. Prices on the indoor parking spaces at this Chicago real estate development have also been reduced and we’ll tell you about those as well. And remember that there are also plenty of other Chicago Condo Lofts for sale right now.

Unit#303/1BR/1Bath, 1,057 SqFt, Was $312,900, has reserve auction price, $3,000 Cashier’s Check to bid, $232 monthly assessment. Has wall of oversized windows and office.

Unit#317/1BR/1Bath, 926 SqFt, Was $279,900, Min Bid $140,000, $3,000 Cashier’s Check to bid, $204 monthly assessment. Has computer nook and large balcony.

Unit#403/1BR/1Bath, 1,057 SqFt, Was $317,900, Min Bid $160,000, $3,000 Cashier’s Check to bid, $232 monthly assessment. Has office and master bedroom walk-in closet.

Unit#408/1BR/1Bath, 1,107 SqFt, Was $328,900, has reserve auction price, $3,000 Cashier’s Check to bid, $243 monthly assessment. Has walk-in closet and den.

Unit#202/2BR/2Bath, 1,389 SqFt, Was $418,000, Min Bid $210,000, $7,000 Cashier’s Check to bid, $305 monthly assessment. Has a den.

Unit#206/2BR/2Bath, 1,440 SqFt, Was $431,900, Min Bid $210,000, $7,000 Cashier’s Check to bid, $317 monthly assessment. Has a den.

Unit#212/2BR/2Bath, 1,418 SqFt, Was $428,000, Min Bid $210,000, $7,000 Cashier’s Check to bid, $312 monthly assessment. This is an end unit with a patio.

Unit#216/2BR/2Bath, 1,418 SqFt, Was $429,900, has reserve auction price, $7,000 Cashier’s Check to bid, $312 monthly assessment. End unit with patio and balcony.

Unit#302/2BR/2Bath, 1,389 SqFt, Was $421,000, Min Bid $210,000, $7,000 Cashier’s Check to bid, $305 monthly assessment. Has a den.

Unit#304/2BR/2Bath, 1,253 SqFt, Was $363,900, Min Bid $180,000, $5,000 Cashier’s Check to bid, $276 monthly assessment. Has a full bath in master bedroom.

Unit#306/2BR/2Bath, 1,140 SqFt, Was $434,900, Min Bid $210,000, $5,000 Cashier’s Check to bid, $317 monthly assessment. Corner unit with a den.

Unit#309/2BR/2Bath, 1,289 SqFt, Was $394,000, Min Bid $180,000, $5,000 Cashier’s Check to bid, $283 monthly assessment. Duplex with rooftop deck.

Unit#310/2BR/2Bath, 1,198 SqFt, Was $391,900, Min Bid $180,000, $5,000 Cashier’s Check to bid, $263 monthly assessment. Duplex with rooftop deck.

Unit#311/2BR/2Bath, 1,294 SqFt, Was $394,000, Min Bid $180,000, $5,000 Cashier’s Check to bid, $285 monthly assessment. Duplex with rooftop deck.

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

October 29, 2009 – The second Chicago real estate project that is reportedly considering converting to rental units is the Mondial, located on 900 West Huron Street. The are a total of 141 Chicago condos in the 15 story Mondial, and the tower is almost finished. Developer Jack Berger stated in a recent Crain’s article that he intends to decide whether or not to make the change to apartments by the end of this year.

In what may be a sign as to which way he is leaning, Mr. Berger has already gone as far as canceling around 50 pre-sale contracts and refunded buyer’s deposits. He was quoted in the article as saying that, “Do you think someone who has a contract for a $450,000 unit that they signed two years ago is going to close? They aren’t going to close, so why alienate the marketplace? We have to do the responsible thing.”

Another factor that will influence the fate of the Mondial is Wells Fargo Bank, which holds a $42 million construction loan that will come due the middle of next year. Mr. Berger admitted he is discussing the change with the bank and they would of course have to approve the switch to rental.

Units at the Mondial vary from one to three bedrooms and around 676 to 3,100 square feet. Pricing ran from the $230,000s to the $950,000s. The units were to have stainless steel appliances, 42″ kitchen cabinets, granite counter tops, marble baths with oversized tubs and hardwood flooring. Building amenities include a 24 hour doorman, roof top deck and indoor parking.

Developers seem to still seem to have more confidence in the rental market, even though more condos projects are switching over, more apartment towers will be completed next year and there are more Rent to own condos in Chicago right now.

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

October 28, 2009 – It has only been about a week ago that we talked about construction on the 22 story high-rise at Trio being far enough along that visitors could get a look inside. The two mid-rise buildings are already completed and of the combined 109 Chicago condos in those, 82 are under contract, according to a recent Crain’s article. The high-rise has another 100 condos and about 30 of those have been pre-sold, with the tower expected to be completed in February of next year. But the biggest news about this Chicago real estate project is that RDM Development is considering converting it to a rental project.

Robert Moskey is president of RDM and he was quoted in Crain’s as saying that, “If the (condo) market stays in these doldrums, the rental option will look better and better.” He also said that he will decide whether or not to switch the project within 180 days. That would be about when the high-rise is ready for first closings.

The $30 million construction loan from Bank of America will be due in roughly a year, and the article states that the terms of the loan would have to be changed for Trio to convert to rental apartments instead of market rate for sale condos.

The condos at Trio had been selling in the range of $220,000s to $370,000s. The project is FHA approved, but that incentive evidently hasn’t boosted sales quite enough. Finishes include Bosch and Frigidaire kitchen appliances, hardwood floors with carpeting in the bedrooms, granite counter tops, stone tile flooring in the baths and glass mosaic tiles. The units also have private terraces and come pre-wired for Internet, cable television and phones. Building amenities include a fitness center, landscaped courtyard, green roof top garden and 24 hour doorman.

The list of condo developments switching to Chicago Apartments just keeps getting longer and we will probably a see a few more additions before the year is over.

[tags]Trio, Chicago Apartments, Chicago Real Estate[/tags]

October 27, 2009 – If you’re waiting for a price reduction at the Legacy, the you may have a long wait. James Hanson of Mesa Development LLC, the Chicago real estate developer behind the Legacy, doesn’t intend to cut prices on the remaining units in the foreseeable future. According to a recent interview in Crain’s, Mr. Hanson plans to try and wait out the economy. “We’re looking for a recovery in confidence. We need people to feel good about their life and the economy and spending their money on real estate,” he was quoted as saying.

The 356 Chicago condos in the 72 Story Legacy are still about 90% sold, according to the article. That number hasn’t changed much since earlier this year. Deliveries just started last month, and Mr. Hanson admits that they will probably have some buyers who are unable to close because of financial reasons. But he still says that he believes the tower will be sold out by the middle of 2010.

Of the 48 or so condos still for sale at the Legacy, floor plans run from one bedroom, one bath all the way up to three bedroom, three bath units. The condos size up anywhere from 925 to 2,930 square feet and range in price from around the upper $400,000s to the low $600,000s for the one bedrooms, from the mid $600,000s to $1.59 million for the two bedroom units and from $1.15 to $2.59 million for the three bedroom condos. A penthouse unit with three to four bedrooms and 4,378 to 4,757 square feet will cost you from $4.25 million.

With most experts agreeing that the market for Chicago Luxury Condos has also come to a standstill, it may be some time before buyers scoop up those last few condos in the Legacy.

[tags]The Legacy, Chicago Condos, Chicago Real Estate[/tags]

October 26, 2009 – We told you about Belgravia Group’s $5,000 down deal at 565 Quincy. The Chicago real estate developer is now lowering prices on some of the townhomes at Union Row. According to a recent press release, there are four residences that have been reduced by up to $80,000. It’s a tiered discount, and the first buyer to step up during this promotion will get the full $80,000 savings. The next will receive $75,000 off, the third buyer will be eligible for $70,000 off and the last buyer will get a $65,000 price reduction.

There are 35 townhomes in this development, and the four that are included in this offer are a four bedroom with three baths, a three bedroom with three baths and a den, and two townhomes with three bedrooms and 2.5 baths. Prices before the reduction range from the low $700,000s to $530,000s.

The Union Row townhomes feature kitchens with 42″ Ultracraft cabinets, 3/4″ granite kitchen countertops, an island or breakfast bar, GE stainless steel appliances and Kohler double sink and fixtures. The baths come with porcelain tile flooring and surround, marble vanity tops, Kohler fixtures and steeping tub, full length mirror, recessed cabinets and Ultracraft vanity.

The townhomes have oak hardwood flooring, a skylight on the fourth floor, carpeted bedrooms, walk-in closets, a laundry, two car garage and security system.

If you need more room than you get with typical Chicago condos, you may want to check out the townhomes of Union Row or any of the other Townhouses in Chicago that are for sale.

[tags]Union Row, Chicago Condos, Chicago Real Estate[/tags]

October 24, 2009 – Whether or not you believe in psychic abilities, Six North Michigan wants you to “stir your sixth sense” when you think of this Chicago real estate development. They also encourage buyers to, “live in history with a view to the future.” You don’t have to be psychic to do that since the iconic tower can lay claim to once being home to the Montgomery Ward company before being converted into 120 luxury Chicago condos. According to a recent profile in Chicago Magazine, there are still about 58 of those units left for sale.

The units at Six North Michigan range in size and floor plans from one bedroom, one bath (some with dens) to three bedroom, three bath duplex penthouses. The available one bedroom condos are priced from $279,900 and up and the larger penthouse units run anywhere from $1.3 million to almost $5.5 million. Parking will cost you another $55,000 to $60,000 according to the article.

Condo finishes include 9’6″ ceilings, oak hardwood flooring, Halo track lighting, washer and dryer hook-up, carpeted bedrooms and vinyl shelving in the closets. The kitchens come with Scavolini Italian cabinets, granite or quarts counter tops and backsplash plus Kitchen Aid, Bosch, Liebherr and Bertazzoni stainless steel appliances. The baths have a 6′ whirlpool tub, 8″ rain showerhead, full length vanity mirror, Toto undermount sinks and Italian porcelain tile and surround.

Building amenities include a 24 hour doorman, fitness center, bike room, movie room, club room and community terrace on the 21st floor.

If you’re shopping for Chicago Luxury Condos you may want to visit Six North Michigan and see what it has to offer.

[tags]Six North Michigan, Chicago Condos, Chicago Real Estate[/tags]

October 23, 2009 – There are still about five Chicago condo lofts left for sale at 565 Quincy, and Belgravia Group is offering buyers the opportunity to pay $5,000 down and then be able to actually live in the unit for the next year and make your monthly payments. Those monthly payments will start in the neighborhood of about $1,795 and go up from there. Your payments will be calculated based upon the sale price of the condo loft. At the end of that twelve months you’ll be able to apply about 70% of the payments you made over the past year towards closing on your condo purchase.

A lot of Chicago real estate developments are offering rent-to-own programs, and this deal at 565 Quincy is a lot like that. You can think of it as having a nice new Chicago loft to live in while you save up a good amount for a down payment.

The lofts at 565 Quincy have Ultra Craft wood kitchen cabinets, GE appliances, granite counter tops, Kohler faucets and fixtures, hardwood flooring, 9 to 11 foot ceilings and marble baths. The building amenities include a 24 hour doorman, bike storage room and resident storage lockers plus the Q Room which boasts a putting green, DVD movie viewing area, lounge and pool tables.

The remaining lofts that are for sale have from 547 to 1,280 square feet and are studio to two bedroom layouts with one to two baths. Prices are running between $219,000 and $448,900.

A variety of events have been held at 565 Quincy, ranging from wine tasting to the most recent Design for a Cure which was to support colon cancer research. The Design for a Cure let visitors tour four of the condo lofts that had been designed with each of the four seasons as a theme.

We’ll keep you posted on any future events being held at 565 Quincy, and in the meantime you can check out some other Chicago Lofts.

[tags]565 Quincy, Chicago Lofts, Chicago Real Estate[/tags]

October 22, 2009 – November 15th is going to be a busy day for anyone interested in Chicago condos up for auction. Not one but two Chicago real estate auctions are now scheduled for that day. The first to be announced was the 20 unit Motor Row Lofts auction by Sheldon Good & Company. Now Accelerated Marketing Services has announced that they will be auctioning 40 unsold units from Michigan Avenue Tower II, located on 1400 South Michigan Avenue. The auction will be held at The W Chicago-Center on 172 West Adams Street. Check in is at noon and the bidding will start at 1PM. You must bring photo I.D., a $5,000 Cashier’s Check and a personal check able to cover up to 5% of the winning bid price for each condo you plan to bid on. Buyers also must be able to close by December 28th.

Russland Capital Group is the developer for this high-rise, and according to a Tribune article, 97 of the total 257 units in the building are still for sale. Of the 40 that will be going up for auction on November 15th, minimum bids will be about 25% to 60% below the previous asking price on the condos with some starting at $99,000. The condos range in size layout from studios to three bedrooms. The developer is also trying to get the building FHA approved before the auction takes place.

Accelerated Marketing Services is the same company that handled the Vetro auction this past March. According to the article, only about 10 condos are left for sale now in that tower. Jon Gollinger of Accelerated was quoted as saying that, “Today, all purchases are elective purchases. The consumer rules, it’s as simple as that.”

Check back tomorrow to see a unit-by-unit breakdown of the minimum bid prices listed by the developer on our Chicago condo auctions page.

[tags]Michigan Avenue Tower II, Chicago Condo Auctions, Chicago Real Estate[/tags]

October 21, 2009 – If you’ve been wanting to check out the high-rise Chicago condos at Trio, then pencil in a visit because the Chicago real estate development is open for touring on Sundays from noon to 2PM. This phase of the project, located on 670 West Wayman in River West, has 100 units in the 22 story tower, although there isn’t a model available for viewing just yet.

At the mid-rise buildings there are still a few condos available for sale. The one bedroom, one bath units are priced from the $220,000s and up while the two bedroom, two bath condos run from about $249,900 to $379,900. This is another FHA approved development, so you might want to see if you qualify for one of those low interest, low down payment loans.

The Trio condos come with wired for high-speed Internet, phones and cable television, have stainless steel Bosch and Frigidaire appliances, 10′ mid-rise unit ceilings and 9′ high-rise unit ceilings, hardwood flooring, carpeted bedrooms, private terraces, granite kitchen counter tops and slate flooring in the baths along with glass mosaic tiles. The high-rise will have a 24 hour doorman and Trio also has a 10,000 square foot roof garden, fitness center and a landscaped courtyard between the three buildings.

With the list of high-rise Pre Construction Condos in Chicago getting shorter, you may want to see what Trio has to offer.

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