March 18, 2010 – If you missed the Prairie Pointe Chicago condo auction last weekend, don’t worry because another big event is on tap for next month. On April 25th, Chicago real estate developer RDM is putting 30 units in 1400 N Lake Shore Drive up for bid. According to a Crain’s report, Jameson Real Estate and Fine & Co. are the auctioneers and the event will be held at the Doubletree Hotel Chicago Magnificent Mile.

There are 391 condos in all at 1400 N Lake Shore Drive in the Gold Coast, and the converted high-rise still has around 80 left for sale, according to the article. Of the 50 condos that are not included in the auction, around 35 are currently leased but the plan is to sell them after the auction hopefully revives interest in the building. A construction loan comes due at the end of this year, so sales are vital.

RDM has even got lenders ready to finance the condos sold at auction. Robert Mosky, president of RDM, was quoted as saying that, “People are going to get a great deal. It’s going to help out the building.”

Studios that had been priced at $140,000 to $160,000 will have minimum bids starting at $50,000. The one bedroom units that were previously listed from $250,000 to $270,000 will have minimum bids starting at $90,000.

If you keep up with the Chicago real estate listings you know that there have been some pretty significant price reductions in a lot of developments lately. But if the bidding at this new auction doesn’t climb much above the minimums, it may set a new precedent in pricing.

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

March 17, 2010 – If you’re shopping for Chicago townhomes, you may want to check out Ivy Hall. Right now there is what the developer is calling a final closeout sale going on and three townhomes are ready for buyers to move in immediately, according to a press release in the Tribune.

University Village, which is where Ivy Hall is located, is a mixed-use Chicago real estate development consisting of 152 Chicago condos, 36 single-family homes and 32 townhomes. The remaining townhomes vary in price from $544,900 to $789,900 and sit on the 700 block of West 15th Street.

The smallest townhome in terms of square feet measures 2,148 and has two bedrooms and 2.5 baths. The price on this unit is $544,900. Features include hardwood floors, 42″ maple kitchen cabinets, granite counter tops, GE stainless steel appliances, a pantry, marble baths, private rooftop deck and attached two car garage.

The next townhome has 2,319 square feet, two bedrooms and two baths. This unit is priced at $789,900. Finishes in this home include diagonal walnut flooring, walnut stairs, 42″ maple kitchen cabinets, granite counter tops, GE Profile and Monogram appliances, marble baths, private rooftop deck and attached two car garage.

The largest remaining unsold townhome at Ivy Village measures 3,001 square feet and has three bedrooms and three baths. The price for this home is $699,900. This home also comes with diagonal walnut hardwood flooring, 42″ ivory maple kitchen cabinets, GE stainless steel appliance package, oversized balcony off the kitchen, marble baths, private rooftop deck and attached two car garage.

If these townhomes at Ivy Hall aren’t exactly what you’re looking for, there are plenty of other Chicago homes profiled here on the site that might appeal to you.

[tags]Ivy Hall, Chicago Homes, Chicago Real Estate[/tags]

March 16, 2010 – Here is the individual information that we gathered about the ten Prairie PointeChicago condos that did sell at auction this past weekend.

One 1 bedroom, 1.5 bath with 994 square feet that had previously been listed for about $402,000 and that had a minimum bid of $189,000 was sold for $194,000.

Another one bedroom, 1.5 bath unit with 1,111 square feet that had been marketed for about $406,000 and had a minimum bid of $211,000 was sold for a high bid of $217,000.

There were three condos with one bedroom, two baths and 997 square feet that were sold. One had been priced at about $390,000 with a minimum bid of $189,000 and it sold for $192,500. The other was previously priced at about $412,000 with a minimum bid of $189,000 and it also sold for $192,500. The other condo in this group had been listed for around $414,000 with a minimum bid of $189,000 and it was sold for a high bid of $199,500.

Two more condos with one bedroom, two baths and 1,443 square feet were sold at auction. The first had been priced for around $548,000 with a minimum bid set at $295,000 and it sold for $285,000. Because that bid was below the minimum, the sale will have to be approved by the developer. The other unit had been priced at about $551,000 with a minimum bid of $295,000 and it sold for just that minimum amount.

There were also three condos with two bedrooms, two baths and 1,274 square feet that sold at auction. The first unit was previously marketed for about $442,000 and had a minimum bid of $267,500 and it sold for that minimum amount. The second unit had been listed for about $453,000 and also had a minimum bid set at $267,500 and was sold for $275,000. The last condo had been priced at around $488,000 witha minimum bid of $267,500 and it brought $272,500 at auction.

We’ll have to wait for another large condo auction to see if these low bid prices were a one-time event or if buyers aren’t willing to gamble much on Chicago real estate even at an auction.

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

March 15, 2010 – The Prairie Pointe auction for 13 Chicago condos was held yesterday and quite a bit of information has surfaced about how the event and bidding went. Unlike several other Chicago real estate auctions that have taken place over the past few
months, this one wasn’t as big a hit with buyers or investors. That is said because not all of the units sold, nor did they sell at much above the minimum bid prices that were asked. In fact, some even sold at the minimum bid or below. The below minimum bid will have to be approved by the developer though. Combined, the winning bids totaled just about $31,000 above the minimum bids that were set.

All together, ten of the thirteen condos that were up for auction at Prairie Pointe sold Sunday. The units that did not sell included a 994 square foot, one bedroom, 1.5 bath that was originally priced at $398,205 and had a minimum bid of $189,000. The second unit that didn’t sell was a 1,111 square foot one bedroom, 1.5 bath condo that had been listed for $389,611 and had a minimum bid price of $211,000. The top floor, 2,800 square foot unfinished penthouse unit with three bedrooms and three baths plus a huge terrace also didn’t sell. It had a reserve price of $895,000 and had been previously marketed for $1.82 million.

A few other auction facts released include that every buyer decided to purchase an indoor parking spot for $30,000. The old list prices for the condos that did sell would have totaled about $4.5 million, while the auction sale prices on those same units totaled around $2.39 million. That’s around $200 per square foot. But if you include the sale of the parking spaces and the 3% buyer’s premium, developer Gammonley Group and Inland Real Estate Auctions sold about $2.77 million yesterday.

Tomorrow we’ll have more details about exactly how much the ten Prairie Pointe condos sold for at auction. And as always, check back with us regularly for all the latest information on Chicago condos.

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

March 12, 2010 – If you’ve been thinking about visiting Astoria Tower and checking out the furnished models, this weekend would be a good time to do so. An open house is scheduled for this Saturday and Sunday, March 13th and 14th, from 12pm to 5pm at the tower, which is located on 8 East 9th Street. Another reason is that Chicago real estate developer Frankel&Giles have lowered prices on the remaining unsold units in the 30 story South Loop high-rise and immediate occupancy is available on all of the floor plans.

According to the developer’s site, studios with 565 to 823 square feet are now priced from $164,800 while the one bedroom Chicago condos with 852 to square feet start at $199,800. For a one bedroom plus den with 993 square feet you can expect to pay from $245,800 and the two bedroom units with 1,063 to 1,803 square feet now start from $328,800.

Right now if you qualify, you can get a 30 year and 15 year balloon mortgage with 5% down, interest rates of 5.162% and 5.123% APR plus no mortgage insurance required. With 30% down you can lock in a single mortgage with a 4.178%APR.

Finishes include large windows, hardwood flooring and carpet in the bedrooms, granite counter tops, a stainless steel kitchen appliance package, 42 inch wood cabinets, washer/dryer hook-up, oversized bath tubs and pre-wiring for high-speed Internet, cable and phones. Residents of Astoria Tower get to enjoy the 10th floor, 12,261 square foot spa with sauna indoor swimming pool, massage room and whirlpool. Other building amenities include a 24 hour doorman, fitness center, sun deck, theather room, business center, billiards room and golf simulator.

With developer deals on interest rates, reduced prices and other incentives, it’s certainly still a good time to buy Chicago Condos.

[tags]Astoria Tower, Chicago Condos, Chicago Real Estate[/tags]

March 11, 2010 – Chicago real estate developer Belgravia Group’s advice of “Don’t let this be your Woulda, Coulda, Shoulda moment” at Union Row has been taken to heart by a few buyers it seems. Prices on the Chicago townhomes were lowered by up to 30% a while ago and according to a recent press release, seven new sales contracts have been signed. This development is also FHA approved, so that means a low down payment for qualified buyers as well.

There are about eight townhomes left for sale at Union Row. The remaining townhomes range in price from $374,900 to $499,900 with from three bedrooms and 2.5 baths to four bedrooms and four baths. The townhomes size up between 2,366 to 2,901 square feet and come with an attached two car garage.

Other features of the townhomes at Union Row include a GE stainless steel kitchen appliance package, oak flooring, granite counter tops, doubel sink and either a kitchen island or breakfast bar. Kohler fixtures, Ultracraft cabinets, fourth floor skylight, porcelian bath tiles, walk-in closets and carpeted bedrooms are standard.

You can find more informaion about Union Row and other Townhouses in Chicago by checking out our development profile pages.

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

March 10, 2010 – Silver Tower is the Chicago real estate development of the week to be hit by a foreclosure suit. A $40 million lawsuit was filed by Bank of America after Metropolitan Real Estate Company wasn’t able to meet a December 29, 2009 payback date, according to a Crain’s article.

The 38 story River North high-rise, located on 303 West Ohio Street, has 225 condos but only 76 sales have closed so far, according to the article. That translates to only about 33%. Deliveries began in August of last year.

Of all of the foreclosure suits filed against Chicago condo developments in the past year or so, Silver Tower is the largest building to be hit so far, according to Crain’s. Real estate expert Tracy Cross stated in the report that the large number of buyers who walked away from their sales contracts at Silver Tower are mostly to blame for its current financial distress. “The culprit is the walk-away rate,” he was quoted as saying.

MB Financial, who was a lending partner for Silver Tower, had been offering loans with just a 5% down payment to qualified buyers who wanted to purchase a condo in the high-rise. That incentive wasn’t enough to stimulate sales though. Along with the original $60 million construction loan, $39.9 of which is still owed and the focus of the foreclosure, there is a $9.9 million mezzanine loan from Connaught Real Estate.

2010 may be the year for big development foreclosures, and on a smaller scale you might find your own bargins if you keep update on the latest Chicago foreclosures.

[tags]Silver Tower, Chicago Foreclosures, Chicago Real Estate Blog[/tags]

March 9, 2010 – “Holy !%?$@! Emerald drops prices for a limited time only.” That’s the banner headline advertising the new lower prices at Emerald. Chicago real estate developer Senco Properties may be hoping buyers will find their pot of gold at Emerald before St. Patrick’s Day. Prices on the remaining unsold Chicago condos at this two tower project have been lowered by about 25% to 35%.

The eco-friendly West Loop towers, located on 123 Green Street, have a combines total of 212 condos. Right now Senco is listing one bedroom condos that had been priced from $344,000 for a reduced price of $224,700. The one bedroom plus den units that were $408,300 are now priced from $266,700. For a larger two bedroom condo you previously would have had to pay from $471,400 but can now expect to pay from $352,000.

Indoor heated parking that had been sold for $35,000 per space is now included with all purchases and the building is also FHA approved.

Emerald has a two story glass atrium and 8,000 square foot lobby. The condos feature bamboo flooring, stainless steel or granite counter tops, one or two balconies, 42″ hardwood cabinets, stainless steel kitchen appliance package and Grohe faucets. The master baths come with an LCD television, natural stone tile and separate shower and tub.

You can check out these new lower prices at Emerald and compare them with some of the other Chicago New Construction Condos that have slashed prices.

[tags]Emerald, Chicago New Construction Condos, Chicago Real Estate Blog[/tags]

March 8, 2010 – Last week we told you about the newly opened leasing center for 215 West Apartments. Now we have some updated information on the montly rental rates for the units at this 50 story apartment tower on 215 West Washington Street. According to the press release from PRN Newswire, renters are supposed to be able to start moving in at some point this month.

Jupiter Reality is the Chicago real estate developer for this project, and the 389 apartments in this Solomon Cordwell Buenz designed high-rise are a mix of studios, one bedroom, two bedroom and three bedroom layouts.

Studios have 525 to 707 square feet and are currently being leased for $1,149 to $1,872 per month. The one bedroom apartments that size up betwen 751 to 933 square feet are renting from $1,277 to $2,551 per month. For a two bedroom unit with from 1,106 to 1,108 square feet you can expect to pay from $2,433 to $2,692 per month. And the three bedroom apartments that have from 1,598 to 1,799 square feet are being leased for $4,122 to $4,617 per month.

All of the units in this soon to be LEED certified tower come with a washer and dryer, Frigidaire Energy Star kitchen appliance package, granite counter tops, ample closet space and floor-to-ceiling windows to maixmize light. Residents of 215 West will have a 24 hour doorman, theater room, party room, game room, Internet lounge, library, business center and fitness center with steam and massage rooms. They will also have access to the green rooftop that features a pool, grilling station, sundeck and seats. Pets are also welcome.

If you are more interested in purchasing a new home rather than leasing, there are still plenty of Chicago homes for sale for sale right now as well.

[tags]215 West Apartments, Chicago Homes For Sale, Chicago Real Estate Blog[/tags]

March 6, 2010 – Another rental tower has opened for residents to start moving in, and that is Alta at K Station. According to the development website, the leasing center opened on February 15th of this year and move-ins started March 1st. This 39 story high-rise is located on 365 North Jefferson Street and has a total of 420 apartments. This tower is one of the half dozen or so large Chicago real estate projects to start leasing in 2010. The developers are Lincoln Property Company and the Fifield Companies and they have another tower, 55 West Kinzie, that will add another significant number of rental units in the near future as well.

The big perk at Alta at K Station is the Club K. This is a 32,000 square foot private club located on floor eight for residents of the tower. Features of Club K include a fully equipped fitness center, business center, sun terrace, party room, lounge, movie theater and a few other recreational perks.

The rental rates for the apartments at Alta at K Station have been running from about $1,295 per month for the studio residences and from around $3,100 for the two to three bedroom apartments. A recent press release stated that lower monthly rates will be announced soon though, so it might pay to wait and see what those are.

Regardless of whether you’re looking to rent or buy, it easy to use the Chicago MLS search to find Chicago condos and apartments.

[tags]Alta at K Station, Chicago MLS Search, Chicago Real Estate[/tags]