March 31, 2010 – Since Belgravia Group lowered prices at 565 Quincy there have been over 65 Chicago condos sold in the project, according to an @Properties press release. The banner headline on website for this Chicago real estate says, “Prices that don’t suck. Don’t believe us? Do the math.” And the math is pretty simple, judging from the price comparisons shown.

A junior one bedroom, one bath condo that was $208,000 is now listed from $157,900. The one bedroom, one bath condos that were $328,900 are now priced from $245,900 and include a free indoor heated parking space valued at $35,000. The two bedroom, two bath units that had been $402,000 have been lowered to $318,900 and also include a free parking spot.

There are 35 different floor plans at 565 Quincy. There are 18 renovated lofts located on floor 5 through 7 and 17 newly built condos on floor 8 through 18. If the information on the development site is current, there are 5 condos available right now.

One is a 700 square foot new studio (unit#14) priced at $192,900.

There is a 809 square foot renovated loft (unit#06) with one bedroom and 1.5 baths that is priced at $223,900. It includes free parking.

A 985 square foot renovated loft (unit#02) with one bedroom and 1.5 baths is available for $271,900. Parking is free with this unit as well.

Another renovated loft (unit#07) with free parking has 981 square feet, one bedroom and 1.5 baths. The price for this loft is $302,320.

The lone two bedroom, two bath new construction condo (unit#10) listed has 963 square feet, a free parking space and is priced $316,900.

Of course the big building perk is the 11,000 square foot Q Room. Residents have everything from a putting green, bowling alley, movie theater, fitness center, lounge, pool tables and foosball tables at their disposal.

There are usually investor owned lofts and condos for sale that are often priced lower than developer units, so it could pay to check out the Chicago real estate listings on a regular basis.

[tags]565 Quincy, Chicago Condos, Chicago Real Estate Listings[/tags]

March 30, 2010 – If you missed the Chicago condo auction for Motor Row Lofts and the price reductions that followed, there are still seven loft condos left for sale and two for rent at this South Loop Chicago real estate development, according to the Motor Row Lofts site. The eight year property tax freeze is still available for buyers of the units, so that’s another plus for these lofts. The units still unsold are listed below.

There is a four room loft (unit #314) with two bedrooms and two baths still for sale with an asking price of $269,900.

Another four room loft (unit #310) with two bedrooms and two baths is listed for $269,900.

A four room loft (unit #216) with two bedrooms and two baths is listed with a price of $299,900.

There is a five room loft (unit #301) with three bedrooms and two baths advertised for $344,900.

A six room loft (unit #502) that has two bedrooms and two baths is listed for $399,900.

There is a five room loft (unit #505) with two bedrooms and two baths listed on the site with a price of $409,900.

A seven room loft (unit #501) with three bedrooms and two baths is advertised for a price of $449,900.

The units at Motor Row Lofts have traditional loft features such as high ceilings (13′ to 21′), oversized windows, a ventless gas fireplace, either oak, maple or bamboo flooring and exposed timber and and brick plus exposed spiral ductwork. Kitchens come with granite counter tops, KitchenAid stainless steel appliances and double sink. Baths have stone or glass tile, Grohe fixtures and double bowl sink vanity. Bedrooms have wall-to-wall carpeting and walk-in closets. The lofts also have a washer/dryer hook-up and roof deck with optional gas grill hook-up and lighting.

There are several Chicago lofts advertising price cuts right now, so be sure to do some comparison shopping before you make a purchase.

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

March 29, 2010 – It has been quite a while since we’ve heard anything about Chess Lofts. But like so many other Chicago real estate developments that have units sitting empty, price reductions have been announced. According to a recent Tribune article, the South Loop project has sold 71 of the 119 lofts in the building. Right now there are 48 still for sale and 12 of those are ready for buyers to move in immediately.

Chess Lofts is located on 320 East 21st Street and is a conversion of the old Chess Records recording studio and warehouse from the ’50s and ’60s, according to the article. The renovated building started making deliveries back in 2007 and has a rooftop deck with grilling area, fitness center, bike storage, dog run and recessed balconies.

Britta Rivera, sales director for Weichert, Realtors — Frankel & Giles, was quoted in the article as saying that, “Three new decorated models have been unveiled to showcase these incredible lofts and are now available for viewing.”

Chess Lofts had been listing their one to two bedroom units for between $239,900 to $449,900. Now, with the current price reductions in place, the one bedroom, one bath condo lofts are priced from $194,900 and the two bedroom, two bath lofts are priced from $249,900. You can expect to pay $35,000 for an indoor parking spot, but those aren’t available with all of the lofts.

You can find out more information about Chess Lofts and other Chicago lofts by following the link to the development pages.

[tags]Chess Lofts, Chicago Lofts, Chicago Real Estate[/tags]

March 27, 2010 – If you’ve thought about purchasing a townhome at Union Row you’d better think fast. According to a recent article in the Tribune, only five townhomes are left for sale at this Chicago real estate development. Not long ago Belgravia Group lowered prices by around 30% on the eight or so remaining units. Since there have been three more sales contracts signed, the reductions must be working.

There are 35 townhomes at Union Row, and all come with GE stainless steel kitchen appliances, 3/4″ granite counter tops, 42″ Ultracrafts cabinets, Kohler sinks and fixtures and either a breakfast bar or kitchen island. The baths have porcelain tile on the floor and for the tub and shoer surround. Other bath perks include marble vanity tops, a full body mirror, recessed cabinet and oversized tub. Oak hardwood flooring runs through the common areas and the bedrooms have carpeting. There is a walk-in closet in the master bedroom, fourth floor skylight, laundry and heated two car garage.

The remaining four story townhomes at Union Row have from three to four bedrooms, three to 4.5 baths, 2,460 to 2,901 square feet and have been lowered by as much as $200,000.

The three bedroom, 2.5 bath townhomes now start from $374,900. The three bedroom, three bath townhomes are now priced from $429,900. And the remaining four bedroom, four bath townhomes are now priced from $499,900.

You can check out a finished model when you visit the sales center at Union Row, which is located on 622 West 16th Street and open from 10am to 6pm. You can also compare these to other Chicago Townhomes for sale right now.

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

March 26, 2010 – When a Chicago real estate development is hit with a foreclosure suit, the result is usually price reductions. This has already been the case at Siver Tower. A few posts ago we told you about the $40 million suit brought against Stonegate Development by Bank Of America. Now we have news that sales for the 38 story tower on 303 West Ohio Street are being handled by Jameson Real Estate and some major price reductions are showing up for some of the unsold Chicago condos in the River North high-rise. With less than 80 of the 225 total units at Silver Tower under contract, there should be plenty of inventory left for buyers to pick from.

Right now the 728 square foot one bedroom condos at Silver Tower are running from the $170,000s to $230,000s. The condos had been priced from the $260,000s to $320,000s.

One bedroom condos with 783 square feet that were priced in the $260,000s to $350,000s are now listed from the $230,000s.

One bedroom units with 813 square feet that had been listed from the $260,000s to $310,000s are now priced from the $240,000s.

One bedroom condos with 930 square feet that were being marketed from the $330,000s to $390,000s are now priced from the $290,000s.

Two bedroom condos with 1,080 square feet at Silver Tower are now priced from the $350,000s which is down from the old prices in the $380,000s to $410,000s.

Two bedroom units with 1,138 square feet that had been listed from the $440,000s to $500,000s are now priced from the $320,000s.

Two bedroom condos with 1,190 square feet are now priced from the $400,000s which is down from the old prices of the $410,000s to $550,000s.

Now may be a good time to visit the sales center at Silver Tower if you’ve ever been interested in a condo there. You can also find quite a few other River North Chicago Condos.

[tags]Silver Tower, River North Chicago Condos, Chicago Real Estate[/tags]

March 25, 2010 – Filing your taxes isn’t the only April deadline approaching. In terms of Chicago real estate, there are a couple of more deadlines approaching. For those of you wanting to cash in on the $8,000 first time homebuyer’s tax credit or the $6,500 repeat buyer’s tax credit, the sales contract must be signed by April 30th. You have a couple more months after that to actually close the deal, but even that isn’t much time left to get everything pushed through.

The other April date to remember is the 5th, which is when the FHA is increasing the upfront fee for mortgage insurance. Previously the mortgage insurance fee for FHA insured loans was was 1.75%. Starting April 5th it will increase to 2.25% of the loan amount. The monthly premiums are not scheduled to increase though.

Another change that will go into effect later this summer is the minimum credit score that borrowers must have to qualify for an FHA backed mortgage. The new minimum credit score will be set at 580 to qualify for the 3.5% down payment. If your credit score is below that, you will have to put 10% down. According to a recent Tribune article, the average credit score of buyers who have FHA backed loans is 690.

One more change that could affect how developers market Chicago condos is that sellers will only be able to offer 3% off the purchase price of a home, down from the old limit of 6%. This could put a damper on some of the incentives that developers like to offer for condos.

According to the article, the chances of the 3.5% down payment being raised to 5% are pretty slim. David Stevens, FHA Commissioner, was quoted in the article as telling Congress that if the down payment was raised to 5%, it could possibly cause as many as 300,000 buyers to be unable to make a purchase. Right now FHA backs about 30% of all home loans and of those, currently about 9% are at least 3 payments behind.

It will take some time to see if these changes to FHA mortgages will have a negative effect on sales of Chicago homes.

[tags]FHA Mortgages, Chicago Homes, Chicago Real Estate[/tags]

March 24, 2010 – Lake Park Crescent is advertising some drastic price
cuts and incentives on the Chicago condos and rowhomes there for a limited time. According to a recent Tribune article, buyers who purchase a unit at this Chicago real estate development though April 30th may qualify for as much as $28,000 in combined tax credits, closing cost bonuses and grants.

Another incentive is that qualified buyers can pay only $1,000 down for a one bedroom condo and also lock in a Federal Housing Administration insured mortgage. For a three bedroom duplex, qualified buyers can score a $2,000 down payment on an FHA loan.

Lake Park Crescent project manager Gordon Ziegenhagen was quoted in the article as saying that, “The out-of-pocket cash required to buy is extremely low because of the down-payment assistance grant, provided by the non-profit Partnership for New Communities, and a special developer closing-cost grant.”

One bedroom condos that were listed for about $220,000 are now priced from $169,800. Three bedroom condos that had been priced at about $500,000 are now starting at $309,800. All of the condos come with a one car garage space along with a tandem outdoor spot. Each unit also has either a private yard and patio or deck.

More developers are opting to slash prices and offer incentives to boost slow sales, especially if a construction loan is coming due soon. That means buyers can probably expect to see more Cheap Chicago Condos as far as pricing is concerned.

[tags]Lake Park Crescent, Cheap Chicago Condos, Chicago Real Estate[/tags]

March 23, 2010 – The marketing catch phrase of choice for Chicago real estate developers seems to be “closeout sale.” The more recently advertised closeout sale is going on right now at 550 St. Clair in Streeterville, according to a recent press release in the Tribune.

The 26 story St. Clair has a total of 115 Chicago condos and only 15 are still left for sale from the developer. According to the article, prices have dropped significantly in the past two months.

The remaining studio units have been reduced by about 33%. Previously priced from $298,500 they are now priced from $199,900.

Prices on the largest three bedroom penthouse condos at 550 St. Clair have been lowered around 29%. The penthouses were being listed from $1,998,500 and now start at $1,399,900.

Ron Ruby, who is managing broker for Weichert Realtors-First Chicago, was quoted in the article describing the units. “Sleek interiors with minimalist urban finishes showcase the open floor plans and spectacular views from the floor-to-ceiling windows.”

The sales center is located on the lower level at 552 North St. Clair and is open on weekdays and Saturdays from 10am to 6pm and on Sundays from 11am to 5pm.

We’ll keep you posted about any other price reductions on Chicago Condos in Streeterville, so check back here often.

[tags]550 St. Clair, Chicago Condos In Streeterville, Chicago Real Estate[/tags]

March 22, 2010 – We thought we’d give you one more detailed update on the April auction of

30 Chicago condos at 1400 North Lake Shore Drive. As we told you before, there are more than 30 units that may potentially be auctioned, and Jameson Real Estate and Fine and Company have put out a press release and information on the auction and a list of those condos.

According to the press release, Michael Fine of Fine and Company stated that this auction is only the second time there has been a condo auction for a Chicago real estate development on Lake Shore Drive. The last time a Gold Coast high-rise auctioned units was 20 years ago.

There will be 15 units sold absolute and the condos are going to be available as-is or with “turn-key renovation on the kitchens, baths and other options.” Winning bidders can also pick from condos that are ready for move-in or already are leased, in the case of an investment purchase.

1400 North Lake Shore Drive amenities include a fitnes center, roof top sun deck with grilling area, party room with catering kitchen, 24 front desk attendant, grocer, dry cleaner and day spa with salon.

The auction will be held at the Doubletree Hotel Chicago on 300 East Ohio Street. Registration starts at 11am and the bidding will begin at 12pm. Open house dates for viewing the condos are from 12pm to 3pm on March 27th and 28th along with April 10th, 11th, 17th, 18th and 24th. You will need to pick up a bidder’s packet to be able to bid at the auction.

There are two studios that were priced $122,900 and $144,900. Those have minimum bids of $50,000 each and a $5,000 cashier’s check per unit is required to bid.

Of the 38 one bedroom, one bath condos up for consideration to be included in the auction, list prices had ranged from $218,400 to $481,900. Those condos have minimum bids set at $90,000, $100,000, $125,000 and $175,000. Cashier’s checks from $10,000 to $15,000 are required to bid.

Six condos with two bedrooms and two baths are potentially up for bid. Prices on those units ranged from $329,400 to $481,900. Minimum bids will be from $175,000 to $200,000 and a $15,000 cashier’s check is required to bid.

Finally, a single three bedroom, two bath condo will be included in the auction. This unit was priced at $449,900 and has a $200,000 minimum bid set on it. A $20,000 cashier’s check is required to bid on this condo.

You can find a unit by unit list on the Chicago condo auctions page.

[tags]1400 North Lake Shore Drive, Chicago Condo Auctions, Chicago Real Estate[/tags]

March 19, 2010 – Here is a little more information about the upcoming April 25th Chicago condo auction of units at 1400 N Lake Shore Drive. Apparently there are 47 units that will be narrowed down to about 30 for the auction. According to the developer’s site, 15 of the condos will be sold absoulte, meaning that if the minimum bids of as low as $50,000 are met, those units will be sold. The condos are all being sold as-is, so buyers may want to upgrade a few things. The condos can be seen every weekend, both Saturday and Sunday from noon to 3pm starting on March 27th.

There are about two studios that may be auctioned. Those units were priced in the $140,000s and now will have minimum bids of $50,000.

There are around 38 one bedroom, one bath condos being considered for auction. Those units have been listed from the $210,000s to $480,000s and will have minimum bids of $90,000.

About six condos with two bedrooms and two baths that had been marketed from the $320,000s to $480,000s may hit the auction with minimum bids of $175,000 to $200,000.

And the largest condo that may be auctioned is a three bedroom, two bath unit that was priced in the $440,000s and would have a minimum bid of $200,000.

Assessments run anywhere from the $160s to $220s for studios, $360s to $530s for one bedroom condos, $540s to $590s for the two bedroom units and the three bedroom condo has a monthly assessment of about $600.

We will update you with more specific unit information as soon as it becomes available. And if you just aren’t into auctions but love bargins, you may want to see what’s available in terms of Chicago short sales.

[tags]1400 N Lake Shore Drive, Chicago Short Sales, Chicago Real Estate[/tags]