February 16, 2010 – With the March 14th Prairie Pointe auction fast approaching we thought you might like a little more information about the units up for bid at this Chicago real estate development. Below is a list of the 13 Chicago condos being offered at this event.

There are two one bedroom, 1.5 bath units with 994 square feet located on floors 20 and 21 that have minimum bids of $189,000.

Three more one bedroom, 1.5 bath condos with 997 square feet. These condos are on floors 17, 20 and 21. The minimum bid for these each of these units is also $189,000.

Two more one bedroom, 1.5 bath condos with 1,111 square feet are located on floors 11 and 20. These units are starting out with $211,000 minimum bids.

On floors 11 and 12 are two one bedroom, two bath condos with 1,443 square feet. These units have minimum bids of $295,000.

Floors 12, 17 and 21 are home to three condos with two bedrooms and two baths. These units size up at 1,274 square feet. Minimum bids for these condos are set at $267,500.

The last condo up for bid is the unfinished three bedroom, three bath penthouse unit with 2,800 square feet of living space. It has a reserve price and the minimum bid for this unit is $895,000.

All closings must take place by the end of April. The 12 condos without a reserve will be sold regardless of price. Open house dates are February 20th – 12pm to 3pm, February 28th – 1pm to 4pm, March 3rd – 5:30pm to 8pm, March 7th – 1pm to 4pm, March 10th – 5:30pm to 8pm and March 13th – 12pm to 3pm. Registration is at 1pm on March 14th at the Hilton Chicago and the bidding starts at 2pm.

Be sure to check back here with us for all the latest news about auctions and deals on Chicago Condos.

[tags]Prairie Pointe, Chicago Condos, Chicago Real Estate[/tags]

February 15, 2010 – Parkside of Old Town will be starting its next phase of construction soon despite needing an early distribution of a $3.4 million subsidy from the city to avoid a loan default. The Skyline Newspaper is reporting that The Community Development Commission approved phase two of this large Chicago real estate project even though about 50% of the first phase is still unsold.

Phase two of Parkside will include a seven story mid-rise to be built on 544 West Oak. The second phase will have a total of 112 Chicago condos, 53 which would be affordable, 39 units public housing and 20 at market rate according to the article. There will be six townhomes in the mix of units and 1,300 square feet of retail space.

Holsten Real Estate Development is cutting prices by 25%. They are also seeking FHA approval for the project. The cost of the development is about $41.7 million, with almost 50% of that being covered by sales of federal and state low income housing tax credits. Another 20% of the cost is being paid by an $8.2 million tax increment financing fund that Holsten is seeking from the city. Even more funding is coming from the Department of Housing and Urban Development plus $2 million from mortgage equity, according to the newspaper.

You may want to check out the new lower pricing at Parkside of Old Town. And remember that there are quite a few more developers slashing prices on Chicago homes right now.

[tags]Parkside of Old Town, Chicago Homes, Chicago Real Estate[/tags]

February 13, 2010 – Yesterday we told you about the rather dismal sales numbers for Chicago condos and townhomes in 2009. There is a bit of a bright spot in Chicago real estate for 2010 though, and that is the demand for apartments. With more developers and investors deciding to rent out unsold Chicago townhomes and condos, plus new apartment towers nearing completion, there will be a huge number of units up for lease this year.

As Appraisal Research Counselor VP Gail Lissener told Crain’s, “There will be intense competition for renters.”

Renters are still grabbing up downtown apartments though. ARC stated that there were 1,739 more units under lease at the end of 2009 than there were in 2008. That is the largest year-over-year increase that ARC has ever tracked, according to a Crain’s article.

But the upcoming glut of new apartments plus condos for rent could spell trouble for the rental market as well. About 2,234 new rental units spead out in six large projects will hit the market this year, according to the Sun Times. Those prokects include EnV, Alta at Ka Station and 555 W Kinzie.

ARC VP Ron DeVries told Crain’s that apartment occupancy rates could drop to 90% this year. But after 2011 there won’t be as many new apartments coming into the pipeline and both occupany and rental rates could be on the rise by 2013.

So renters of Chicago Apartments should be enjoying the same lower prices and more unit choices as Chicago condo buyers right now.

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

February 12, 2010 – According to the latest numbers released from Appraisal Research Counselors, downtown Chicago condo sales were up slightly in the fourth quarter. The increase is attributed to Chicago real estate developers making deep price cuts to try and move unsold inventory. Crain’s reports that ARC numbers showed that 148 condos and townhomes were sold during October, November and December 2009. That is 56 more than were sold in the third quarter of 2009. There was also a net sales loss of 253 units in the fourth quarter of 2009.

ARC vice-president Gail Lissner was quoted in Crain’s as saying that buyers won’t start making purchases again until certain conditions fall into place. “They have to be convinced that the market has bottomed out and we’re going to see some price appreciation.”

In all, only 572 Chicago condos and townhomes were sold during the entire year of 2009. That number is even lower than total sales for 2008, which were 592.

The number of unsold condos and townhomes right now is about 3,000 units, which is less than the 4,000 units that were piled up at the end of 2008. ARC states that there will be 2,234 new downtown condos and townhomes completed this year though, which will only add to the oversupply.

It will be interesting to see what 2010 brings for sales of Chicago townhomes and condos. If you check the Chicago real estate listings you’ll see plenty of units available as well as price reductions. And if sales remain sluggish, you’ll probably see more of the same in the coming months.

[tags]Chicago Townhomes, Chicago Real Estate Listings, Chicago Condos[/tags]

February 11, 2010 – Another prominent Chicago real estate development has been hit with foreclosure. The Columbian, located on 1160 South Michigan Avenue, was taken over by Fidelity Investments Bank on February 3rd. The developer, Allison Davis, failed to pay back a multi-million dollar mezzanine loan. Mr. Davis and Fidelity had a previous agreement that allowed him to pay only the principal which was $18.5 million. But at the last minute Fidelity backed out of the deal and wanted the full interest bearing amount which was $29 million. When Mr. Davis was unable to pay that amount, the bank filed to take over the 46 story high-rise, according to Crain’s.

Adding to the confusion, some of the Columbian’s investors have filed their own lawsuit against Fidelity because of the bank’s refusal to honor the interest-free payment agreement. Mr. Davis did pay off a larger Corus loan of $92 million. If the counter suit fails, then he could possibly be held liable for $38 million to Fidelity, according to the article.

About 156 of the total 220 Chicago condos in the Columbian are sold, which equals around 71%. Appraisal Research Counselors stated that the remaining condos are priced from $279,900 to $2.3 million.

With sales of Chicago condos still slow, we may see more foreclosures and auctions this spring.

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

February 10, 2010 – Yesterday we told you about the future of Mod being in question due to a foreclosure suit. The first phase of this Chicago real estate development switched to rental and now there’s a chance the second phase might not be constructed. One of Mod’s developers, Steven Golovan of Graystone Development and Castlebar Enterprises is also having problems with another project, The Catalina. This 12 condo low-rise located on 2524 North Ashland Avenue is also under litigation from a $5 million foreclosure suit filed last April by Amcore Bank, according to a Crain’s article.

The article went on to say that Mr. Golovan had, “attempted a similar fix last spring,” on The Catalina before the foreclosure suit was filed in April ’09.. This taken to mean that like Mod, the units at the Catalina were offered for rent when sales slowed. At last count, half of the units were under contract.

The so-called extra-wide Chicago condos at The Catalina were being marketed last year from the mid $400,000s to low $700,000s. The units had two to three bedrooms and baths with between 1,478 to 2,740 square feet of living space. The finishes were high-end with Jenn-Air and Bosch appliances, granite counter tops, walnut cabinets, wine coolers, steam showers in the baths, high-speed phones, custom built-in bookcases and a deck. Parking was also included in the purchase price.

The Crain’s article quoted Susan Tjarksen of Stabilized Asset Resources LLC as saying that sometimes the best option for developers is to rent unsold inventory.

“It at least stabilizes the asset. When the market comes back, there’s a good chance these rental tenants will buy. The goal is to keep these young tenants happy, so that they stay. It may not be the best exit strategy, but it may be the only exit strategy,” she was quoted as saying.

And if you are undecided about renting or buying, there are plenty of Rent to own condos in Chicago right now, so check out what’s available.

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

February 9, 2010 – Phase two of Mod may never materialize and the single five story low-rise with 56 rental units could stand alone because of a $19 million foreclosure suit. The Chicago real estate development located on 1222-1224 West Madison was planned to be a two tower, 96 unit Chicago condo project. But after initial sales only reached about 50%, developers Steven Golovan and Joel and Jeff Pickus decided to cancel purchase contracts and convert the units to apartments last year.

But with MB Financial filing the foreclosure suit alleging the developers defaulted on the construction loan last October, the second phase may never be built, according to a Crain’s report. The second building would have housed another 36 units. All of the 56 units in the first building are rented, and the developers are trying to renegotiate the loan terms. Jeff Pickus was quoted in Crain’s as saying that, “I feel confident we will amicably work things out with MB.”

The Mod units have one to two bedrooms plus some two bedroom units with a den. The apartments range from 860 to 1,470 square feet and the old list prices ran from the $200,000s to $400,000s. Once the sales contracts were voided, the apartments were leased for between $1,575 to $2,600 per month. Finishes included stainless steel appliances, washer and dryer, 10′ ceilings, floor-to-ceiling windows, quartz counter tops and teak cabinets. Each unit also had either a balcony or terrace. The building was pet-friendly and had a fitness center and bike storage room.

Until buyer confidence returns and the housing market recovers, we may see more Chicago Condos forced into becoming rental units or facing foreclosure this year.

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

February 8, 2010 – According to the latest press release, 235 Van Buren has managed to sell over 450 of the 714 Chicago condos in the high-rise. This 47 story tower is a CMK Companies Chicago real estate development and is also FHA approved, according to a Tribune article.

Scott Hoskins of CMK was quoted in the article as saying that, “At 235 Van Buren in January, CMK Realty secured 11 new sales contracts, and about 265 closings have been completed to date. Many of the first-time buyers are young singles.”

The condo layouts are studios and one to two bedroom units. The residences come with oak hardwood floors, granite counter tops, stainless steel appliances, 10′ ceilings and usually have a terrace or balcony.

With over 130 floor plans you may want to visit the 14 models open for touring. The high-rise also has a 24 hour doorman and a dog run.

The studios start at $179,000 and the one bedroom, one bath condos start at $211,900. For a two bedroom, two bath unit you can expect to pay from $289,900 and the penthouses run from $349,900 and up. There are 522 single parking that run an additional $31,900 to $36,900. For the 50 tandem spaces you’ll pay between $51,900 to $56,900.

If 235 Van Buren isn’t exactly what you’re looking for, be sure to check back here with us for up to date information on other affordable Chicago homes.

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

February 6, 2010 – Right now Chicago real estate developer Marquette Companies is reducing prices at Front Street Lofts in Lemont by at least 50%. A price slash of that much is about equal to what you’d expect to pay at auction, or in the case of their advertising slogan, “Better than a foreclosure sale.” So if you’ve been considering purchasing a Chicago loft, you might want to take a closer look at this development.

There is a total of 82 residences at Front Street lofts. You can opt for a townhome with one or two floors or go for the soft loft design. There are 4 five story low-rise buildings where the lofts are situated above stree level retail space. Layouts include everything from studio units to one to three bedroom floor plans. The townhomes and lofts have from 723 to 2,192 square feet, so you can get as little or as much living space as your lifestyle needs.

For a one bedroom loft at Front Street you can now expect to pay from $119,000 and up. Old list prices on those units ran anywhere from $199,000 to $265,000. Previously the two bedroom, two bath and two story open lofts were marketed between $357,000 and $385,000 but are now being offered from $179,000 and up. And the two bedroom, two story open soft lofts are currently priced from $189,000 and up. Those residences were listed from $355,000 to $454,000. Front Street Lofts are FHA approved as well, so that’s another plus.

You can find other Chicago Condo Lofts with deep price cuts right now, so do some comparison shopping and see which ones offer the most for your money.

[tags]Front Street Lofts, Chicago Condo Lofts, Chicago Real Estate[/tags]

February 5, 2010 – The latest Chicago real estate auction to be announced is for 13 Chicago condos at Prairie Point. This 24 story development is located on 1600 South Prairie Avenue in the South Loop. According to an article in the Tribune and information from Inland Real Estate Auctions, 12 of the 13 Chicago condos up for bid are scattered through the 11th and 21st floors and are fully finished. The auction is set for March 14th and will take place at the Chicago Hilton on 720 South Michigan Avenue. Plan to get there at 1PM to register. Bidding will start at 2PM.

Developer Gammonley Group completed Prairie Point around 4 years ago. The units had been marketed for between $389,600 to $1.82 million. Opening suggested bids at the auction are starting at $189,000. The article goes on to say that financing will be provided by Wells Fargo for the remaining condos with investor financing programs and owner-occupants.

One of the condos is an unfinished 2,800 square foot penthouse with 900 square foot terrace located on the 24th floor. This unit is being auctioned with a reserve.

Condo finishes include hardwood floors, granite kitchen counter tops, fireplaces and a high-end appliance package. Building amenities include a 24 hour doorman, sundeck with jacuzzi, fitness center, business center,valet and nearby park with a dog walk.

Open house dates are February 20th from 12PM to 3PM, February 28th from 1PM to 4PM, March 3rd from 5:30PM to 8PM, March 7th from 1PM to 4PM, March 10th from 5:30PM to 8PM and March 13th from 12Pm to 3PM.

Pencil in the open house dates and check out these condos if you’re interested. And as always, check back here for more information about Chicago auctions and short sales.

[tags]Prairie Point, Chicago Auctions, Chicago Real Estate[/tags]