November 30, 2009 - Chicago Spire developer Garrett Kelleher is set to meet with the AFL-CIO today to discuss what it will take to get the Chicago real estate project out of the hole so to speak and off the ground. According to an article in the Tribune, these are “advanced” talks and will involve possibly funding a loan to pay off the $170 million Shelbourne Development owes to the Anglo Irish Bank and cover the liens placed against the project.

Back in the spring of this year news surfaced that the AFL-CIO pension trusts were interested in helping to get the Spire jump started again, which would create plenty of work for contractors and other construction affiliates of the organization. But then the prospect of Chicago hosting the Olympics stirred interest in the possible construction of the Olympic Village. But evidentially since Chicago wasn’t named host city, the AFL-CIO is once again focused on the Spire.

With the 2016 Games out of the picture, president Tom Villanova of the Chicago & Cook County Building & Construction Trades Council was quoted in the article as saying that, “We’re way past the look-see stage. We’re in the commitment stage now.”

A Shelbourne Development spokeswoman was also quoted as saying that, “This is a huge stride in moving the broader picture forward. It’s a negotiating chip for a much larger conversation.” This meaning that Mr. Kelleher would be in a much better position to secure more construction financing because of the backing of the unions.

If a deal is reached, work on the Spire would be done only by union workers. That could create as much as 7.5 million hours of labor, which would be a very welcome change from the 30% unemployment that many union workers are currently experiencing because of the slow housing market.

It has been incredibly difficult for developers to get financing for new projects. When these Pre Construction Condos in Chicago broke ground, credit wasn’t nearly as tight and buyers were scooping up Chicago condos at a much faster pace.

Technorati Tags: Chicago Spire, Chicago Condos, Chicago Real Estate

November 29, 2009 - If you’ve ever been interested in purchasing a Chicago condo in Edgewater, there is currently a closeout sale going on at Catalpa Gardens. This Chicago real estate development is located on 1122 West Catalpa Avenue in Edgewater. According to a recent profile in the Tribune, of the 126 units there about fourteen still remain to be sold. Besides being FHA approved, developer Catalpa Partners is advertising price cuts of between $50,000 and $150,000 on the unsold condos.

Catalpa Gardens is a group of three mid-rise structures, eleven stories tall, that contain 42 condos per building. Floor plans range from one to two bedrooms and baths. A unique design feature is that there are glass panels connecting the floors of each of the three buildings along with a central corridor, according to the article. The buildings also have green rooftops, party room, sun deck, storage units, a doorman and are pet-friendly with a dog walk.

Other features and amenities include a balcony or terrace, hardwood flooring, stainless teel appliances, granite counter tops, fireplace per plan, maple cabinets, washer and dryer hook-up and pre-wiring for cable and high-speed Internet.

Pricing on the remaining two bedroom condos with from 1,054 to 1,408 square feet at Catalpa Gardens runs between the $210,000s to $290,000s. Parking in the heated garage will cost you another $15,000.

And if Edgewater isn’t the neighborhood you’d prefer, there are many Downtown Chicago Condos for sale from developers who are offering incentives and price cuts.

Technorati Tags: Catalpa Gardens, Chicago Condos, Chicago Real Estate

November 27, 2009 - Sheldon Good and Company isn’t taking much of a break from the recent Motor Row Lofts auction or the upcoming one day sale at the same Chicago real estate development. On Wednesday, December 16th there will be a “phase II auction - developer closeout” sale of 18 luxury condos located at the Seven Bridges Condominiums in Woodridge. Another auction too place back in July of this year when some 40 units went up for bid at this development.

The auction itself will be held at the Lisle Hyatt on 1400 Corporetum Drive in Lisle, Illinois. You need to be there by 6PM to register and the actual bidding starts at 7PM. All of the condos are to be sold, with minimum bids from $125,000. As what the auctioneer is calling a quick closing incentive, there will be a 2% discount on the high bid price to anyone who wins one of the auctions and can close on the unit within ten days of the signing contract to buy. Also, a 5% buyer’s premium is going to be tacked onto the winning high bid on each of these condos.

These condos have from one to three bedrooms and have from 1,200 to 1,760 square feet of living space. Some of the condos up for bid are already finished out and some aren’t, so buyers will be able to still pick out what finishes they want. The condos are located near the Seven Bridges Golf Club. Residents also have close, easy access to all of the restaurants, shops and entertainment on Main Street at Seven Bridges.

The open house dates for viewing these condos are on November 29th from noon to 3PM. You can look again on December 5th, 6th, 12th and 13th from noon to 3PM. And two last open houses will be held on December 9th and 15th from 3PM to 6PM.

And if you are in the market for Chicago Condos that are in the downtown section of the city, there are plenty of them available at reduced prices right now.

Technorati Tags: Seven Bridges Condominiums, Chicago Condos, Chicago Real Estate