October 20, 2009 – Another Chicago real estate development that features both traditional renovated lofts as well as new construction condo lofts is Odyssey Lofts, located on 775 West Jackson Boulevard in Greektown. There are 60 one to three bedroom units at Odyssey with plenty of brick and exposed timbers, pipes and ductwork on the first through sixth floors and new penthouses on floors seven and eight. Right now the remaining one bedroom lofts at Odyssey are priced from $244,900 to $320,000s and the unsold two bedroom lofts run from the $350,000s to the $400,000s. For the larger three bedroom units, you can expect to pay from $629,900 and up. You can check out the units every Sunday from 2pm to 4pm.

A foreclosure suit was filed against this development earlier this year, but as of yet we haven’t heard the outcome and units are still for sale.

These lofts feature either a private balcony or roof top deck, thermal pane glass in the windows and patio doors, optional fireplace, hardwood flooring in the common areas and sisal carpet in the bedrooms. Closets come with shelving and a clothes hanging rod and the 12″ vinyl tiled laundry room has a washer and dryer hook-up.

Kitchens have 42″ upper cabinets with maple wood doors, 4″ granite backsplash, counter tops and island top, Frigidaire stainless steel appliances plus Kohler double bowl stainless steel sink and fixtures. Under cabinet lighting is also installed as well as track lights above the island and lighting above the sinks.

Baths come with Kohler fixtures, soaking tub and toilet, separate shower with marble surround and glass door plus 12″ granite tile flooring.

There may not be any new large scale loft conversion projects currently in the works, but there are still plenty of Chicago Condo Lofts for sale.

[tags]Odyssey Lofts, Chicago Condo Lofts, Chicago Real Estate[/tags]

October 19, 2009 – What with the Motor Row Lofts Auction auction coming up next month, we thought it might be a good time to remind everyone what other Chicago condo lofts are out there. One loft development that wrapped up construction over a year ago is VB1224. This Chicago real estate project is actually a conversion of the old True Value warehouse on 1224 West Van Buren Street in the West Loop. There are a total of 189 units at VB1224, with floor plans ranging from one to three bedrooms, although the bulk of what’s left for sale are one bedrooms.

The one bedroom, 1 to 1.5 bath plus den condo lofts vary in size from about 900 to 1,100 square feet and currently run in the $240,000s. The two bedroom, 1 to 2 bath plus den condos are running anywhere from the $260,000s to $380,000s and have up to 1,430 square feet of living space.

The ceiling heights are a lofty 12′ to 14′ and the floors are 12″ to 18″ thick concrete. The lofts come with stainless steel appliances, granite kitchen counter tops, marble baths and hardwood flooring. Building amenities include a fitness center, yoga room, lounge, roof top sun deck and party room.

We’ll take a look at other Chicago Condo Lofts this week, so check back with us for the low down on lofts.

[tags]VB1224, Chicago Condo Lofts, Chicago Real Estate[/tags]

October 17, 2009 – New West Realty, the Chicago real estate developer behind 1555 Wabash, is currently offering to match the $8,000 first time home buyer tax credit if you close on a condo in the tower by November 30th. For qualifying buyers, this could be a pretty good deal. 1555 Wabash is also FHA approved, so you could really rack up some savings if you qualify for all three programs.

There are 176 one to three bedroom Chicago condos in this development, and closings have only recently started. According to a recent profile in the Tribune, there are two fully furnished models ready for touring. One is a 970 square foot unit with one bedroom, one bath plus a den. The other is a 1,059 square foot one bedroom plus den that also features a covered balcony.

The condos range in size from about 767 to 1,508 square feet and have 10′ high ceilings, a balcony or terrace, expansive windows and hardwood flooring. Kitchens come with stainless steel appliances, granite counter tops and 42″ oak wood cabinets. Building amenities include a 1,300 square foot lower level fitness center.

Prices on the condos at 1555 Wabash run anywhere from about $229,900 to the $600,000s with indoor heated garage parking costing you another $33,000 per space.

It will be interesting to see if developers start slashing prices once the deadline for the $8,000 tax credit passes. That credit has been a fairly big incentive for many buyers, and once it’s gone something will have to take its place for sales of Chicago New Construction Condos to increase if the economy continues at a slow pace.

[tags]1555 Wabash, Chicago Condos, Chicago Real Estate[/tags]

October 16, 2009 – It’s either a condo buyer’s dream or a Chicago real estate developer’s nightmare, but another Chicago condo auction has been scheduled for November. This time it’s a mix of properties and building sites going up for bid on November 8th at the Chicago Marriott Oak Brook Hotel on 1401 West 22nd Street in Oak Brook, Illinois. The auction will be start at 11AM with registration prior to that time at the door or online. The event is being sponsored by OwnACondo.

A recent press release about the auction stated that most of these condos and townhomes being auctioned aren’t foreclosures, but are privately owned or developer units. Requirements to register and bid at this Chicago area real estate auction include bringing some form of state or federal photo identification, a Cashier’s Check for $2,000 made out to yourself, a personal check in case the Cashier’s Check amount doesn’t cover the amount of earnest money needed should you win a property and also a current mortgage pre-approval letter or proof of sufficient funds.

Below you’ll find a sample of some of the units that will go up for bid, and more information will be posted soon on the Chicago condo auctions page.

Condo with Reserve Price
Opening Bid: $54,000
574 Darlington Lane, Unit 12, Crystal Lake, IL 60014

Condo with Reserve Price
Opening Bid: $45,000
576 Darlington Lane, Unit 6, Crystal Lake, IL 60014

Condo with Reserve Price.
Opening Bid: $64,000
4400 W 55th Street, Unit 5, Chicago, IL 60636

Condo with Reserve Price
Opening Bid: $68,000
4406 W 55th Street, Unit 2, Chicago, IL 60636

Townhome with Reserve Price
Opening Bid: $290,000
6050 N. Avondale Ave. #2B, Chicago, IL 60631

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

October 15, 2009 – We have a little more information about the Motor Row Lofts Auction auction that is being held on November 15th. We already told you that there will be one bedroom lofts, which range in size from 926 to 1,107 square feet, auctioned with minimum bids of $140,000. It has been also announced that there will be two bedroom Chicago condo lofts with between 1,175 to 1,679 square feet that will go up for auction with minimum bids of $180,000. The largest lofts, those with from 1,649 to 2,049 square feet will have minimum bids of $240,000. Again, 8 of the 20 units up for auction at this Chicago real estate development will be sold if the minimum bid is met.

As a refresher course on Motor Row Lofts, the three building complex has a total of 52 units with 36 floor plans. Many of the architectural details on the historic buildings were retained during the renovation and construction process, including the terra cotta exterior, tile flooring in what is now the lobby and the large showroom windows.

The lofts come with traditional elements such as exposed wood beams and ductwork, as well as plenty of red brick and ceiling heights of up to 21 feet. The gourmet kitchens feature either cherry, maple or oak cabinets and granite counter tops. Baths have either slate or travertine flooring and the common areas have bamboo, birch or oak hardwood flooring.

Because of its historic status, Motor Row Lofts is eligible for the Illinois Property Tax Freeze. This means that for eight years buyers can lock in property taxes that were assessed before all of the improvements and renovations were done. Another three years of reduced taxes will follow that. According to the auctioneer, a buyer could save from around $5,000 to $12,000 per year depending on the loft.

So if you’re looking for a good deal on Chicago Lofts, you may want to plan on attending this auction.

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

October 14, 2009 – So far, the biggest construction accomplishment for the Chicago Spire has been the full floor sales center with a complete condo model at the NBC Tower. But that may change soon, because the Tower’s owner, a group headed by German billionaire Hugo Mann, is suing to evict developer Garrett Kelleher of Shelbourne Development from the 18th floor of the 36 story high-rise because of unpaid rent.

According to a Crain’s report, the eviction suit alleges that April 1st was the last time that Shelbourne paid rent, and that about $316,000 is owed. The original rent agreed upon back in 2007 was $488,714 per year with a lease until December 31, 2010. The Mann family put $344,495 in on the construction costs of the lavish Spire sales center and in late 2008 Shelbourne Development gave a letter of credit for $443,000. According to the article, since then the NBC Tower’s owners have been drawing down on the security deposit Shelbourne made, so no money is owed at the moment even though no rent is currently being paid.

In rebuttal, a Shelbourne spokeswoman was quoted as saying that, “The issue is a typical tenant/landlord dispute that we expect to be resolved amicably. During our time there, we’ve experienced a few minor issues, and hope the management is more responsive to our concerns.”

Some speculate that Shelbourne Development will claim there were problems with the agreement or the sales center and thus try to have some of the rental amount reduced. Crain’s states that if evicted, Shelbourne could lose most of the $10 million they put into building the elaborate sales center with its finished Chicago condo model and meeting rooms.

If the Spire is evicted from the sales center, it could possibly do more damage to it’s reputation than the liens filed by contractors and architect Santiago Calatrava. Losing the sales center certainly isn’t going to help this troubled Chicago real estate project. Often times, having a furnished model for buyers to actually see can be crucial to selling Chicago Luxury Condos.

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

October 13, 2009 – Wrightwood Crossing, a Chicago real estate project from G. Corp Development, plans to be finished with construction and make first deliveries no later than mid 2010. The 19 unit development just broke ground in September, and has managed to get enough investors in the $10 million project to eliminate the need for bank financing, according to an article in Crain’s.

Located on 1307 West Wrightwood in Lincoln Park, the development already has 9 of the 19 Chicago condos under contract, according to the article. The building plans to meet Platinum LEED standards and will have a private roof top garden for every penthouse, a common green roof deck for all residents, landscaped yard and a balcony or terrace for each condo.

The units come with low E insulated windows, sustainable wood flooring, recessed lighting, optional Ecosmart stainless steel fireplace, pre-wiring for high speed Internet, surround sound, video, phone and cable. The kitchens will have hand-built cabinets, Bosch energy star rated stainless steel appliances, quartz or natural stone counter tops, glass or stone backsplash, under cabinet lighting and stainless steel sink with pull out spray faucet.

The baths will also have custom hand-made cabinets, Kohler fixtures, 6′ whirlpool tub, separate shower with rain shower head and body sprayers, glass enclosure, natural stone or porcelain tile, framed mirrors and exhaust fans. A laundry with Frigidaire energy star washer and dryer is standard, along with lots of closet space and a Rheem heating and cooling system with programmable thermostat.

The units left for sale at Wrightwood and listed by the developer are below. And if you prefer high-rise living, there are still plenty of Chicago Condos with great lake and city views for sale.

4BR/3Bath 2,588 SqFt., 2 Parking Spaces $1.15 million
3BR/3Bath/Den 2,240 SqFt., 2 Parking Spaces $995,000
3BR/3Bath 2,240 SqFt., 2 Parking Spaces $1.025 million
3BR/2.5Bath 2,358 SqFt., 2 Parking Spaces $995,000
3BR/2Bath 1,510 SqFt., 1 Parking Space $630,000
3BR/2Bath 1,510 SqFt., 1 Parking Space $655,000
5BR/4.1Bath 4,370 SqFt., 2 Parking Spaces $1.75 million
3BR/2Bath 1,510 SqFt,. 1 Parking Spaces $625,000
3BR/2Bath 1,510 SqFt., 1Parking Spaces $595,000
3BR/3.2Bath 2,542 SqFt., 2 Parking Spaces $995,000
3BR/3.2Bath 2,542 SqFt., 2 Parking Spaces $995,000

[tags]Wrightwood Crossing, Chicago Condos, Chicago Real Estate[/tags]

October 12, 2009 – Another large auction of Chicago condos is set for later this month, although not a lot of details have been made public yet. Rick Levin will be auctioning an assortment of condos, townhomes and single-family homes on October 27th and November 10th. Details about where the auctions will be held and other information is yet to be released, but as soon as we have the scoop we’ll let you know.

What we do know about this Chicago real estate auction is that 19 condos located at 1633-1643 West Farwell will be sold on October 27th. These units had been priced up to $269,000 and will be auctioned with minimum bids starting at $110,000. Open houses for the condos will be held on October 17th and 24th from 2PM to 4PM and again on October 20th from 4PM to 6PM.

Another 5 condos located at 100 South Emerson in Village Centre (Mt. Prospect) will be auctioned on the same day. Those condos were previously priced up to $244,900 and will be sold with minimum bids starting at $85,000 and one unit will be sold absolute. Open house dates for those condos are October 18th and 25th from 11AM to PM and October 21st from 4PM to 6PM.

On November 10th there will be 14 townhomes located on 922 Warren Avenue in Downers Grove up for auction. These townhomes had been priced up to $549,000. Suggested opening bids will start at $185,000 and more than one will be sold absolute. Open house dates are October 25th from 11AM to 1PM, October 29th from noon to 2PM, November 1st and 7th from 11AM to 1PM and again on November 4th from 4PM to 6PM.

Be sure to check back with us often for all the latest information on Chicago condo auctions.

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

October 10, 2009 – With several Chicago real estate developments pinning their sales hopes on the city hosting the 2016 Olympics, many have to be rethinking their plans now that the Games won’t be held here. One of the better known developments that many speculated was hoping for an Olympic-sized sales boost was the Chicago Spire. But even though the project has several liens against it and has been put on hold, those closest to it still insist it isn’t dead, according to a recent Tribune article.

Santiago Calatrava, the Spire’s architect, was in Chicago recently and was quoted in the Tribune as saying that, “My personal wish is that it is not dead.” Calatrava has about $11 million in liens against the Spire, claiming he is owed that amount by Garrett Kelleher and Shelbourne Development for unpaid design work he did on the tower.

The article also went on to quote Kim Metcalfe of Shelbourne Development who said that, “We’re definitely making headway.” This was in reference to her claims that they are still having buyers visit the sales center, although she didn’t actually say they were making any Chicago condo sales. Metcalfe also stated that Kelleher has gotten some financing, but didn’t say from whom or how much.

Calatrava added that because the Spire was specifically designed for Chicago and its lake and river location, it wouldn’t be appropriate to build it anywhere else.

We’ll have to wait and see if anything can jump start the Spire or if all the spark really has gone out of this project. With no big developments of Chicago New Construction Condos planned right now, it may be some time before we see another project the size of the Spire.

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

October 9, 2009 – Since Ten East Delaware is one of the Chicago real estate developments that was scheduled to make first deliveries this year, we thought we’d take a look at the project again. The developer still claims on the building website that, “Our one, two and three-bedroom luxury Gold Coast condo residences are scheduled for completion in Fall 2009.” But if that’s going to happen, it’s going to have to be soon because we are already into October.

The 35 story Ten East Delaware is advertising around 20 of its Chicago condos for sale right now. Earlier in the year, the developer had stated that around 75% of the 120 units were under contract, but no new figures have been released since then. Of the condos currently listed, prices range anywhere from the $560,000 to $2.25 million.

Interior finishes at this Lucien Lagrange tower include hardwood flooring, a gourmet kitchen with Poggenpohl cabinets, granite counter tops and Wolf and Sub-Zero appliances. The marble baths have a Kohler soaker tub. Master bedrooms have spacious walk-in closets for storage. And all of the condos come with a private balcony with wrought iron railing.

The top floor is the Ten Club, a private space for residents that offers a swimming pool, sun deck, landscaped gardens, fitness center and party room.

Buyers haven’t been as quick to purchase Chicago Luxury Condos lately, so we’ll have to see if any more condos go under contract at Ten East Delaware after deliveries begin or if the developer will have to reduce prices to make anymore sales.

[tags]Ten East Delaware, Chicago Condos, Chicago Real Estate[/tags]