April 30, 2010 – If you haven’t signed a contract to buy a new Chicago condo or single family home by midnight tonight, then you won’t be able to cash in on the $8,000 first-time homebuyer credit or the $6,500 repeat buyer tax credit. The federal stimulus deal may be nearly over, but there are other credit programs and incentives ready to pay off if you know how to use them.

There is a 30% tax credit (up to a limit of $1,500) if you buy and install some energy efficient products or improvements, according to an article in the Sun Times. These include installing energy efficient doors and windows, heating, cooling and ventilation systems, insulation and roofing. The deadline for those is December 31st.

There is also a tax credit of 30% with no dollar limit if you install solar energy systems, a residential wind turbine or a geothermal heating system. That deadline is not until December 31, 2016.

Coldwell Banker is also promoting a new “buyer bonus sales event,” according to the Tribune. With this offer, Coldwell Chicago real estate agents are encouraging sellers to offer a 3% colsing credit with a miximum dollar limit of $8,000 for buyers who sign a contract from May 1st though July 31st. The advantage to this is that there isn’t a closing deadline, no income restrictions and you can research most properties online to see what the previous price was. The perk for the seller is that his or her home will be spotlighted in local advertisements and via the Internet.

Coldwell Banker regional VP Kathy Kalnes was quoted in the article as saying that, “We’ve got some momentum going in the real estate market and whether it has to do with the first-time homebuyer money or not we don’t know, but why take a chance.”

Fannie Mae is also offering to allow homeowners who willingly agree to a deed-in-lieu or short sale instead of waiting for a foreclosure to reapply for a new Fannie Mae backed mortgage in two years if they have a 20% down payment. The old wait period was four years. This policy goes into effect July 1st. The difficult part may be getting your local lender to agree to the transaction.

We’ll have to wait and see if the expiration of the tax credit slows down sales of Chicago Condos or if buyers are still willing to make a purchase this year.

[tags]Fannie Mae, Chicago Condos, Chicago Real Estate[/tags]

April 29, 2010 – New West Realty is lowering prices on the remaining unsold Chicago condos at VB1224. This Chicago real estate development is a loft conversion of an old True Value warehouse that was built back in the 1940s. The 189 lofts in this building are a mix of one and two bedroom, one to two bath units, many with dens. There have already been price reductions at this development, but the new banner ad on their website describes this latest round of cuts as, “New prices massively reduced…” This massive reduction is around 20% off the old prices.

Currently the one bedroom lofts with a den are listed from $239,900 which is down from the old price of $275,900. You can now get a one bedroom unit with parking from $256,900. Previously you had to pay $307,900 for a one bedroom plus den plus parking. The two bedroom lofts have been lowered and now start from $289,900 with parking included. The old list price on those started at $349,900. The parking spaces have an estimated value of $35,000.

All of the units are completed at VB1224 and have what the developer is calling a “contemporary finish package.” The lofts come with a Bosch stainless steel kitchen appliance package, either granite or quartz counter tops, 42″ custom cabinets, 4″ wide wood floor boards, 12′ to 14′ high ceilings and a washer and dryer in each unit. Resident amenities at VB1224 include a sundeck and lounge on the rooftop, 24 hour doorman, fitness center, yoga room and storage space. This West Loop building is also pet-friendly.

And if you’d rather do some renovating on your current home instead of buying a converted loft, you may want to hire one of the qualified Chicago remodeling contractors to do the job.

[tags]VB1224, Chicago Remodeling Contractors, Chicago Real Estate[/tags]

April 28, 2010 – The first time homebuyer tax credit deadline is April 30th, and anyone who wants to cash in on that $8,000 only has a couple more days to get a sales contract signed. You also have to close by June 30th of this year. But Chicago real estate developer Belgravia Group plans on helping prospective buyers make the most out of the short amount of time left by keeping the 565 Quincy sales center open until midnight on April 29th and 30th.

According to an article in the Tribune, buyers will be served Red Bull and pizza both nights, making it a sort of homebuyer’s party. Prices on the Chicago condos and lofts at this development were cut by as much as 30% a few months ago, knocking anywhere between $40,000 and $140,000 off the units.

Prices on the new one and two bedroom condos left for sale in this 18 story, 241 unit project are running from $155,900 to $355,900. The one bedroom (some with dens) and two bedroom conversion lofts range from $223, 900 to $362,900. All but the junior one bedroom condos come with a free parking space. The development is also FHA approved.

Condo and loft finishes include hardwood flooring, carpeted bedrooms, GE stainless steel appliances, granite counter tops, 42″ cabinets and marble baths.

Building amenities are highlighted by the Q Room with its 11,000 square feet of indoor fun. A theater, lounge, fitness center, putting green, pair of bowling lanes and ping-pong, billiards and foosball tables. There is also a 24 hour doorman, bike storage room and sundeck plus catering kitchen.

So if you’ve been looking at Chicago lofts, you might as well make a late visit to 565 Quincy sometime in the next couple of nights.

[tags]565 Quincy, Chicago Lofts, Chicago Real Estate[/tags]

April 27, 2010 – Here is a breakdown of the Chicago condos that sold Sunday during the 1400 North Lakeshore Drive auction. According to numbers released by the auction company, the units brought in nearly $3.5 million. Those condos had been priced for around $6.35 million total before the auction. There was also a 5% buyer’s premium attached to the winning bids, which seems to be the norm these days at auctions. Most of the units were also already leased, so the buyers were either purchasing as an investment or will have to wait until the current resident’s lease expires before they can move in.

Studio/ Old Price $144,900/ Min Bid $65,000/ Sold For $85,500
1BR-1Bath/ Old Price $320,900/Min Bid $175,000/ Sold For $185,000
1BR-1Bath/ Old Price $327,400/ Sold For $188,000
1BR-1Bath/ Old Price $325,400/ Sold For $188,000
1BR-1Bath/ Old Price $239,900/ Min Bid $125,000/ Sold For $170,000
1BR-1Bath/ Old Price $334,000/ Sold For $170,000
1BR-1Bath/ Old Price $279,400/ Sold For $170,000
1BR-1Bath/ Old Price $344,400/ Sold For $170,000
1BR-1Bath/ Old Price $266,400/ Min Bid $100,000/ Sold For $145,000
1BR-1Bath/ Old Price $330,900/ Min Bid $100,000/ Sold For $140,000
1BR-1Bath/ Old Price $252,900/ Min Bid $100,000/ Sold For $146,000
1BR-1Bath/ Old Price $481,900/ Sold For $146,000
1BR-1Bath/ Old Price $265,900/ Min Bid $100,000/ Sold For $117,000
1BR-1Bath/ Old Price $225,900/ Min Bid $90,000/ Sold For $110,000
1BR-1Bath/ Old Price $243,900/ Sold For $110,000
1BR-1Bath/ Old Price $231,900/ Sold For $110,000
2BR-1Bath/ Old Price $329,400/ Min Bid $150,000/ Sold For $188,000
2BR-2Bath/ Old Price $481,900/ Min Bid $200,000/ Sold For $252,500
2BR-2Bath/ Old Price $465,900/ Min Bid $175,000/ Sold For $250,000
2BR-2Bath/ Old Price $465,900/ Min Bid $175,000/ Sold For $252,000

If you missed this Chicago real estate auction, we’ll keep you updated on any new Chicago condo auctions as they are announced.

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

April 26, 2010 – The 1400 North Lakeshore Drive Chicago condo auction was held yesterday and there were 19 units that sold along with seven more new contracts that are waiting for Chicago real estate developer RDM’s approval, according to a Crain’s report. The developer had planned on auctioning 15 condos but ended up throwing a few more into the mix. There were 80 of the 391 condos in this Gold Coast tower still unsold even though the conversion project started in 2006. This auction brough that number down a bit and supposedly sparked interest in the high-rise.

Michael Fine of Fine & Co. which handled the auction was quoted in Crain’s as saying that, “The phones are ringing right now with people still wondering if they can buy units at auction prices.”

Some of the 19 condos went for as much as 56% off the original list prices. That low price was for a contract sale of a one bedroom unit at $117,000. RDM has a five day option of not accepting any low price though. The lowest discount was on a studio condo that had been priced at $144,900 and had a winning bid of $89,775 which is a 38% drop.

The highest bid on a one bedroom unit was $197,400 and that was 40% off list price for that unit. The highest bid for a two bedroom condo at the auction was $314,600 which was a 33% discount from the previous list price. The lowest contract price on a two bedroom condo was $185,000 which is 42% below the old price. There was a 5% buyer’s premium that was added on as well.

This is the first Gold Coast Chicago condo auction since the housing market slump. While these winning bids and new sales contract prices seem cheap for that location, you have to consider that these condos weren’t completely finished and no parking spaces went with them. Marketing firm Garrison Partners president Garry Benson was quoted in the article as saying that, “It’s a low price for that location, but if you go back into those units and you’re in an unrenovated one, it’s like you’re in a Stephen King movie.”

Tomorrow we’ll have a unit by unit breakdown of the winning bids. be sure to check the Chicago condo auctions page for updates on any future Chicago auctions.

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

April 24, 2010 – If Chicago real estate developers want to attract more buyers, make pet-friendly Chicago condos. At least that’s the advice that the Humane Society is giving to builders. According to data in a recent Tribune article, 62% of American households have one or more pets. And there are specific condo finishes and building amenities that pet owners want.

Balconies or terraces are prefered for both the buyer and his or her pet so they can be outside without actually going down to the ground level. Having a green roof top with a dog run or being near a park is also a plus. Distressed or scraped wood floors are also a new feature that dog and cat owners love because they don’t have to worry about scratching the hardwood floors, according to the article. A laundry room with a tub and pull-out spray faucet makes a great place to bathe a pet. Windows with wide sills or seats and plenty of sun are perfect for cat naps. Verticle as opposed to horizontal blindes are also prefered and landsacping shouldn’t include toxic plants.

One Chicago real estate developer who encourages pet owners to live in their towers is Magellan. Most of their high-rise buildings at Lakeshore East such as Aqua 340 On The Park and The Chandler are pet-friendly. Lakeshore East also has a dog park, fountain for pets, veterinarian who will make a house call, mobile pet groomer and dog walkers in residence, according to the article.

If you are a pet owner, you can find other pet-friendly Chicago condos by checking the Chicago real estate listings

[tags]Pet-Friendly Chicago Condos, Chicago Condos, Chicago Real Estate Listings[/tags]

April 23, 2010 – American Invsco, the Chicago real estate developers of 200 North Dearborn, have cut prices by about 44% to 52% on 40 units until April 30th which is the deadline for the $8,000 first-time homebuyer tax credit. The project also recently got FHA approval and you can get 3% back at closing right now.

Condo finishes at 200 North Dearborn include oak cabinets, carpeting, walk-in closets, floor-to-ceiling double glazed windows, ceramic bath with full size tub and shower plus kitchen appliance package. You can opt to upgrade to the Classic Buildout or Elite Buildout plan and get stainless steel appliances.

Monthly assessments run anywhere from $295 to $522 per month and cover heating, cooling, water and trash pick-up. Building amenities include a 24 hour doorman, sun deck, swimming pool, fitness center, laundry facility, bike room and storage space.

A list of the price reductions is below. You can also check out other Chicago real estate listings for Chicago condos with reduced prices.

Unit#1901 Convert/Jr 1BR Old Price $284,700 New Price $147,409
Unit#2001 Convert/Jr 1BR Old Price $285,300 New Price $147,744
Unit#905 1BR Old Price 339,000 New Price $189,399
Unit#1005 1BR Old Price $340,200 New Price $190,069
Unit#901 1BR Old Price $355,100 New Price $190,223
Unit#1105 1BR Old Price $341,400 New Price $190,740
Unit#1001 1BR Old Price $356,400 New Price $191,001
Unit#1205 1BR Old Price $342,600 New Price $191,410
Unit#1201 1BR Old Price $358,800 New Price $192,437
Unit#1405 1BR Old Price $345,100 New Price $192809
Unit#1507 1BR Old Price $348,700 New Price $193,119
Unit#1301 1BR Old Price $360,000 New Price $193,156
Unit#1505 1BR Old Price $346,300 New Price $193,477
Unit#1607 1BR Old Price $349,900 New Price $193,790
Unit#1401 1BR Old Price $361,300 New Price $193,934
Unit#1605 1BR Old Price $347,500 New Price $194,148
Unit#1707 1BR Old Price $351,200 New Price $194,517
Unit#1807 1BR Old Price $352,400 New Price $195,187
Unit#803 1BR Old Price $355,400 New Price $195,691
Unit#1907 1BR Old Price $353,600 New Price $195,858
Unit#903 1BR Old Price $356,600 New Price $196,418
Unit#2007 1BR Old Price $354,800 New Price $196,528
Unit#1003 1BR Old Price $357,900 New Price $197,088
Unit#2107 1BR Old Price $356,100 New Price $197,254
Unit#1103 1BR Old Price $359,100 New Price $197,759
Unit#1203 1BR Old Price $360,300 New Price $198,485
Unit#1303 1BR Old Price $361,500 New Price $199,155
Unit#1102 1BR Old Price $361,600 New Price $202,025
Unit#1202 1BR Old Price $362,800 New Price $202,696
Unit#1302 1BR Old Price $364,100 New Price $203,422
Unit#1402 1BR Old Price $365,300 New Price $204,093
Unit#807 2BR Old Price $471,100 New Price $222,815
Unit#907 2BR Old Price $472,900 New Price $242,365
Unit#1007 2BR Old Price $474,700 New Price $243,370
Unit#1307 2BR Old Price $480,300 New Price $243,537
Unit#1107 2BR Old Price $476,600 New Price $244,432
Unit#1207 2BR Old Price $478,400 New Price $245,438
Unit#806 2BR Old Price $486,400 New Price $271,751
Unit#906 2BR Old Price $488,200 New Price $272,757
Unit#1206 2BR Old Price $493,700 New Price $275,830

[tags]200 North Dearborn, Chicago Real Estate Listings, Chicago Condos[/tags]

April 22, 2010 – There is a happy ending for the first Chicago real estate project of absentee developer Andrias Augunas. His 2800 W Chicago Avenue project has been revived by developer Peter Allen, who made some interior changes and has lowered prices on the Chicago condos by 15% to 20% from their previous levels, according to an article in Chicago Magazine. Mr. Augunas and his Rokas International company ran into financial trouble with 2800 W Chicago Ave as well as the 2300 S Michigan Ave Motor Row Condos and the 2100 project. But since Mr. Allen purchased the uncompleted 2800 development after it was taken over by the lender who foreclosed on it, thing are looking up for both the project, buyers who previously purchased a unit and prospective buyers as well.

2800 W Chicago Ave consists of a complex of nine buildings. Former developer Augunas finished only five of those, and the other four were only structurally completed. The interiors are compliments of the new developer, Peter Allen, and he added his own touch to the layouts and design of the units.

The row of buildings is capped on each end by two of the previously unfinished buildings that Allen completed. According to the article, he rearranged the location of fireplaces, added steam showers in select master baths and just generally upgraded the interior finishes.

There are around 12 condos completed and for sale right now at 2800 W Chicago Ave, with prices ranging from about $289,900 to $359,900. Mr. Allen told Chicago Mag that the current residents aren’t upset aboout the price reductions because having the project completed and occupied does more for the property value than having it sit empty and incomplete.

The condos that are priced from $359,900 are located on the fourth floor of the buildings and are end residences. These units have a private rooftop and elevator. The condos priced from $289,900 are located on the second and third floors, have only stair access and come with outside parking.

If these condos in West Town sound like something you might be interested in, you may want to check them out in person. Or you may want to see what deals you can find in the Chicago foreclosures that lenders often sell at a discount.

[tags]2800 W Chicago Avenue, Chicago Forclosures, Chicago Real Estate[/tags]

April 21, 2010 – There are still units left for sale at the Lofts at 1800, a renovated building located on West Grace Street that previously was a cap and gown factory. This Chicago real estate project is on track to wrap up construction by mid-year, according to a recent profile in Chicago Magazine. The Kopley Group is the developer, and nearly all of the condo lofts are available for immediate occupancy.

The Lofts at 1800 have a total of 91 condos and 55 are under contract, as stated in the article. Some examples of the lofts include a one bedroom with 830 square feet listed for $254,500. The article also stated that there are five lofts with two bedrooms and 1,976 square feet. These units are unusual because they are situated on two levels and have one room in between floors, similar to a mezzanine. Those lofts run anywhere from $574,500 to $664,500. One indoor parking spot will add another $27,500 to the price tag.

Loft finishes include hardwood flooring, granite counter tops, Bosch appliances, Whirlpool Duet washer and dryer and Brazilian cabinets. The baths come with marble tile, grohe faucets and a whirlpool tub. Eastern facing units feature traditional timber beams and western lofts have concrete pillars. The building also has a 24 hour doorman.

You can compare the Lofts at 1800 with other Chicago lofts that are for sale right now and see which ones offer the best value for your investment.

[tags]Lofts at 1800, Chicago Lofts, Chicago Real Estate[/tags]

April 20, 2010 – Foreclosure suits against Chicago real estate developers aren’t unusual these days, but federal indictments for misuse of construction loans are a little more rare. It does look as though the developers of Six North Michigan are facing some serious charges concerning personal use of funds, according to a recent Crain’s report.

Global Real Estate Investors LLC principals Bassam Haj and Romel Esmail are charged with taking about $3.6 million from loans obtained for the conversion project. Both of the men have two bank fraud counts filed against them as well as three charges of providing fales information and statements to obtain those loans.

According to the article, loans were taken out in 1999 from CIB Bank of Hillside for the condo conversion project of Six North Michigan and also to purchase 59 East Van Buren. The pair are accused of using part of the loans to buy jewelry, cars and more real estate.

Mr. Yousif will be arraigned soon, but Mr. Esmail, who is from Iran, is classified as a fugutive. A U.S. Attorney’s spokesperson was quoted in the article as saying that, “We have some leads on where Esmail might be, but his exact whereabouts are unknown.”

Supposedly, the developers reported to the bank that the sale price of Six North Michigan was around $17 million when the real price was $13 million. The pair also stated in loan papers that they could put up $4.2 million in equity, which they didn’t have.

Six North Michigan was constructed in the 1890s, according to Crain’s. The tower was the previous Montgomery Ward Company headquarters. The conversion project was taken over by FBOP Copporation in 2007 after CIB Bank sued the developers and took the project back in 2004.

According to Appraisal Research Counselors, around half of the 120 Chicago condos at Six North Michigan are sold and 11 more are currently under contract. Prices on the one to three bedroom condos have been running from $279,900 to around $5.5 million.

The charges brought against the developers likely won’t have any effect on prices at this tower since the men haven’t had control of it for some time. But there are still a lot of Chicago short sales if you’re looking for a bargain.

[tags]Six North Michigan, Chicago Short Sales, Chicago Real Estate[/tags]