April 19, 2010 – The Prairie Pointe auction held back in the middle of March netted sales for 10 of the 13 Chicago condos that were up for bid. Now Inland Real Estate Auctions is advertising the “final four” developer units left for sale at this Chicago real estate project. The Prairie Pointe auction didn’t generate a lot of frenzied bidding or a lot of money above the minimum bids that were set. But if you missed out on that event, you can still purchase one of these last units available at this Central Station development.

According to Inland, the four condos remaining range in price from $257, 206 to $1,249,000. The unit with MLS#07427079 is a one bedroom, two bath condo with 997 square feet. The condo with MLS#07427525 also has one bedroom and two baths with 1,111 square feet of living space. The unit with MLS#07427334 is also another one bedroom, two bath condos that measures 1,443 square feet. And the penthouse unit listed under MLS#07427234 has three bedrooms and three baths with a spacious 2,800 square feet plus a huge terrace.

The penthouse unit is unfinished and located on the top level, floor 24. This residence had been listed on the market for $1.82 million. At auction the minimum bid was set at $895,000 and it had a reserve price set as well. Now the developer is listing the unit for $1.249 million. Two indoor heated parking spaces are included with the purchase of this condo and the states that deeded parking is included with the other units also.

It doesn’t specify which of the four units are located on floor 11 and 20, but those are completely finished and have upgrades like a fireplace plus the standard granite counter tops, hardwood floors and high-end appliance package.

Building amenities include a fitness center, jacuzzi, sundeck, 24 hour doorman, party room and dog walk and park.

With so many developers eager to close out sales in projects, we can expect to see reductions on prices of Chicago homes for some time to come.

[tags]Parc Huron, Chicago Condos, Chicago Real Estate[/tags]

April 17, 2010 – April seems to be a popular month for suburban and Chicago real estate auctions. This time it’s another Sheldon Good & Company event in Willow Springs. There are a total of 25 condos located at the Market Street West development that are going to be up for bid on April 29th. Market Street West is a two building complex that contains a combined total of 103 units in all. The Gammonley Group is the developer, and the buildings are located at 300 Village Circle.

The 25 condos can be toured from now through the 28th of April. On Turedays through Thursdays the open house hours are noon to 7pm. If weekends work better for you, then stop by on Saturday or Sunday from 11am to 2pm.

The condos are FHA approved and according to an auction brochure, the lowest minimum bids are set at $129,000. Some of the minimum bids are 42% below previous prices.

A sampling of the units up for auction are below.

Unit#203/ 1BR-1.5Bath/ 1,018 Sq Ft/ Was $198,900/ Minimum Bid $129,000

Unit#102/ 2BR-2Bath/ 1,404 Sq Ft/ Was $308,293/ Minimum Bid $179,000

Unit#106/ 2BR-2Bath/ 1,692 Sq Ft/ Was $364,778/ Minimum Bid $220,000

Unit#406/ 3BR-2.5Bath/ 2,024 Sq Ft/ Was $426,164/ Minimum Bid $295,000

Unit#505/ 4BR-3.5Bath/ 2,504 Sq Ft/ Was $542,099/ Minimum Bid $375,000

Finishes on these units include kitchens with oak cabinets and 13″x13″ ceramic tile. Baths come with marble counter tops, oversized mirror, 5′ soaker tub and shower plus a double sink. Other features that are standard are a GE Spacemaker washer and dryer, wall-to-wall carpeting, Moen faucets and designer lighting fixtures.

Be sure to check back with us for news about other Chicago condo auctions scheduled for this summer.

[tags]Market Street West, Chicago Condo Auctions, Chicago Real Estate[/tags]

April 15, 2010 – The rental portion of the Chicago real estate market is still adding new units, and 215 West Apartments are jumping in and are open for residents. The tower This 50 story tower is said to be the first Loop rental high-rise constructed in 15 years. It also has the distinction of being on track to be the first to rate LEED certification, according to a recent article by PRN Newswire.

Like just about every other apartment tower, Jupiter Realty and Cornerstone Real Estate are trying to tempt potential renters into leasing at 215 West by offering deals and incentives. The development’s site is advertising a you-print coupon that can be cashed in for a gift with a value of $150 if you lease an apartment by the 30th of June.

There are 389 studio to three bedroom apartments at 215 West, and all of them up through the 31st floor are completed and ready for residents. Standard finishes include Frigidair Energy Star litchen appliances, granite counter tops, washer and dryer, ample closet space and floor-to-ceiling windows. There are quite a few buiding amenities such as a 24 hour doorman, fitness center, massage and steam rooms, party room, theater room, library, business room and computer lounge. There is also a dog run, storage area for bikes plus a sundeck with BBQ area, pool and seating. Pets are welcome.

Leasing rates are as follows;

Studios/ 525-707 sq ft/ $1,149-$1,872 per month.

1BR/ 751-933 sq ft/ $1,277-$2,551 per month.

2BR/ 1,106-1,108 sq ft/ $2,433-$2,692 per month.

3BR/ 1,598-1,799 sq ft/ $4,122-$4,617 per month.

You can also use the Chicago MLS search to find Chicago apartments and condos for rent.

[tags]215 West Apartments, Chicago Apartments, Chicago Real Estate[/tags]

April 14, 2010 – 235 Van Buren is advertising some new incentives in hopes of selling a few more Chicago condos. This 46 story high-rise has a whopping 714 units and the last update that developer CMK Realty threw out for this Chicago real estate project was that over 400 units were under contract.

Right now buyers can score from $10,000 to $20,000 off list prices for many of the condos. The available units affected by these reductions range from studios to two bedroom layouts. There are fourteen furnished models open for viewing, so you can get a pretty good idea of what this tower offers.

Another perk offered for a limited time is anywhere from $2,500 to $5,000 in closing credits for buyers. That incentive is good for purchases of one and two bedroom condos, not studios.

Prices for the studios that have 522 square feet are running from the $170,000s. The one bedroom, one bath condos that have 656 to 770 square feet start in the $210,000s. For the two bedroo, one bath units with 749 to 936 square feet you can expect to pay from the $250,000s to $270,000. A two bedroom, two bath condo with from 888 to 1,292 square feet will run anywhere from the $260,000s to $360,000s. And for penthouse units that size up from 891 to 2,272 square feet you’ll pay between the $330,000s to $990,000s. So far the condos on floor 14 through floor 18 are FHA approved and parking runs anywhere from $31,900 to $36,900.

Condo finishes include 10′ exposed concrete ceilings, washer/dryer hook-up, floor-to-ceiling windows, hardwood flooring, carpeted bedrooms, ceramic bath tile and surround, marble vanity top, vinyl clad wire closet shelves, designer lighting, stainless steel kitchen appliances and granite counter tops.

If 235 Van Buren isn’t a good fit for you, keep in mind that many developers are lowering prices on Chicago homes for sale.

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

April 13, 2010 – The Chicago Spire is in the news again, and it isn’t exactly good news. According to Crain’s, Garrett Kelleher, developer of this planned and stalled Chicago real estate project, has been warned by KPMG accountants that, “additional write-downs to the company’s financials could be required if it is unable to recover loans to related companies that total 35 million euros, or $47.5 million, or obtain ‘adequate funding facilities,’ according to a report filed April 6 with Ireland’s Companies Registration Office.”

Kelleher’s Shelbourne Property Group is also said to be in “technical default” on several loans from banks. Among those lenders is the Anglo Irish Bank, which back in 2006 loaned Mr. Kelleher an undisclosed amount to buy the $64 million building site where the 150 story Chicago Spire was to be constructed.

According to the article, an additional Shelbourne company branch was also in technical default as of this February on what they termed loan-to-value interest coverage covenants with lenders who includedthe Royal Bank of Scotland PLC.

In retort, Shelbourne Finance claims that many of it’s lenders have already agreed to restructure some of the delinquint loans and they are on good terms with all of the banks.

About $121 million was loaned to the Spire project by Shelbourne Finance and around 68% was put back against a potential loss on those loans. SF had a loss of $86.8 million for the twelve month period that ended the end of March 2009. They also had total assets of around $259.4 million compared to liabilities of around $347.7 million for that same recording and reporting period.

Downtown Chicago Condos

[tags]Chicago Spire, Downtown Chicago Condos, Chicago Real Estate[/tags]

April 10, 2010 – Even though it has been scaled back from its original size, Wrightwood Crossing is still being advertised as the greenest new Chicago real estate development in Lincoln Park. The project has 19 Chicago condos and according to a recent article in Chicago Magazine, eight of those condos are already under contract. Developer Giacomo Caliendo expects to have the building LEED Platinum certified and first deliveries should start later this spring.

More than 50% of the Wrightwood Crossing development site contains a professionally landscaped park, adding to the green element of the project. There is also a common green rooftop deck for residents as well as private rooftop gardens for each penthouse unit.

Every condo comes with either an oversized balcony or terrace. The largest unsold condo at 4,370 square feet boasts a large private rooftop deck. The price of that residence is $1.999 million, according to the article. The lowest priced condo at Wrightwood Crossing is a 1,252 square foot unit listed for $495,000.

Unit features include sustainable hardwood flooring, optional fireplace, keypad security and entry system, high-speed wiring for phones, Internet and cable television. The condos also come with a Frigidaire Energy Star front loading washer and dryer, ceramic tile in the laundry and bath, Bosche and Panasonic kitchen appliances, hand-built cabinets and recessed lighting. The baths have floor-to-ceiling glass steam shower enclosure, framed mirrors, exhaust fans and either natural stone, porcelain or glass tile. Heated garaged parking is included in the condo price and there is also bike storage for residents.

There are more than a few Chicago homes for sale right now with good deals on pricing if Wrightwood Crossing isn’t exactly what you’re looking for.

[tags]Wrightwood Crossing, Chicago Condos, Chicago Real Estate[/tags]

April 8, 2010 – Another Chicago real estate auction is set for this Sunday, April 11th at 11am at the Crowne Plaza Chicago Metro Hotel on 733 West Madison. This time it’s a mixed bag of properties, including commercial parcels and Chicago condos. Rick Levin is handling the event. Several of the condos will be sold absolute.

A list of the condos going up for bid is below. Information is as provided by the auctioneer.

416 East 81st Street Unit#1 2BR / 1Bath 766 Sq Ft /$198 Monthly Assessment / Yearly Taxes $1,234.34 / Lease $850/mo./ Previous Price $129,000/ Opening Bid $25,000/ Cashiers Check To Bid $3,000.

416 East 81st Street Unit#2 2BR / 1Bath 766Sq Ft/ $198 Monthly Assessment/ Yearly Taxes $1,234.34/ Lease $875/mo./ Previous Price $129,000/ Opening Bid $25,000/ Cashiers Check To Bid $3,000.

418 East 81st Street Unit#1 1BR / 1Bath 677 Sq Ft/ Monthly Assessment $170/ Yearly Taxes $1,016.46/ Lease $550mo./ Previous Price $119,900/ Opening Bid $25,000/ Yearly Taxes $3,000.

418 East 81st Street Unit#2 1BR / 1Bath 684 Sq Ft/ Monthly Assessment $170/Yearly Taxes $1,016.46/ Sec. 8 Tenant Pays $177/mo.Sec 8 $610/mo./ Previous Price $119,900/ Opening Bid $25,000/ Cashiers Ckech To Bid $3,000.

418 East 81st Street Unit#3 1BR / 1Bath 689 Sq Ft/ Lease $170mo./ Yearly Taxes $1,016.46/ Vacant/ Previous Price $119,900/ Opening Bid $25,000/ Cashiers Check To Bid $3,000.

420 East 81st Street Unit#2 2BR / 1Bath 805 Sq Ft/ Montly Assessment $226/ Yearly Taxes $1,452.44/ Vacant/ Previous Price $129,000/ Opening Bid $25,000/ Cashiers Check To Bid $3,000.

420 East 81st Street Unit#3 2BR / 1Bath 795 Sq Ft/ Monthly Assessments $226/ Yearly Taxes $1,452.44/ Lease $875/mo./ Previous Price $129,000/ Opening Bid $25,000/ Cashiers Check To Bid $3,000.

5610 South Prairie Avenue Unit#G 2BR / 2Bath 1,062 Sq Ft/ Monthly Assessment $160/ Yearly Taxes $2,596.20/ Leased $946/mo./ Previous Price $189,900/ Opening Bid $95,000/ Cashiers Check To Bid $4,000.

5610 South Prairie Avenue Unit#3 3BR / 2Bath 1,235 Sq Ft/ Monthly Assessment $240/ Yearly Taxes $3,845.00/ Leased $1,200/mo./ Previous Price $229,000/ Opening Bid $95,000/ Cashiers Check To Bid $4,000.

5612 South Prairie Avenue Unit#3 3BR / 2Bath 1,232 Sq Ft/ Monthly Assessmet $240/ Yearly Taxes $3,845.00/ Leased $1,200/mo./ Previous Price $229,000/ Opening Bid $95,000/ Cashiers Check To Bid $4,000.

Be sure to visit the Chicago condo auctions page for information about other upcoming auctions.

[tags]Chicago Condo Auctions, Chicago Condos, Chicago Real Estate[/tags]

April 7, 2010 – Several Chicago real estate developments are pushing sales on the final few units available in each high-rise. Superior 110 is one of those new construction towers in River North that only has a handful of developer condos left for sale. The 28 story tower has about eight condos still listed right now and prices have been reduced for quite a while.

These Chicago condos come with oversized windows, either a terrace or balcony, Snaidero cabinets, oak floors, kitchen appliances made by Bosch, Sub Zero and Wolf, granite counter tops and glass tile backsplashes. The baths have porcelain tile floors plus a soaker tub. Kitchen and bath fixtures are made by Grohe, Kohler and Toto. Superior 110 is pet friendly and has a dog run and a fitness center.

The units listed for sale on the project site, along with their prices, are detailed below. Heated indoor parking is included in the list price.

2BR/2Bath/1,225 SqFt/SE View/Location Floors 8-19/$544,400 – $621,575.

2BR/2Bath/1,325 SqFt/SW View/Location Floors 8-19/$554,975 – $638,450

2BR/2Bath/1,350 SqFt/ENW View/Location Floors 8-19/$693,350 – $693,350

1BR/1.5Bath/Den/1,150 SqFt/NE View/Location Floors 8-19/$498,366 – $567,575

3BR/3Bath(Half Floor)/2,550 SqFt/ESW View/Location Floors 20-26/$1,372,863 – $1,484,463

3BR/3Bath(Half Floor)/2,500 SqFt/ENW View/Location Floors 20-25/$1,460,613 – $1,460,613

3BR/2.5Bath/2,120 SqFt/ESW Views/Location floor 7/$1,303,900

3BR/2.5Bath/2,290 SqFt/ENW Views/Location Floor 7/$1,397,500

You can also find investor-owned units that are often priced below developer-owned units, so it pays to check the Chicago real estate listings on a regular basis.

[tags]Superior 110, Chicago Real Estate Listings, Chicago Real Estate[/tags]

April 6, 2010 – It has been a while since we’ve checked in on SoNo, the 27 story high-rise on 860 West Blackhawk. According to the latest sales data released about this Chicago real estate development, about 115 of the 200 Chicago condos in the tower are sold and closed, so there is still a good selection of units available.

The condos at SoNo range from one bedroom units with 788 to 1,130 square feet, two bedroom units with 1,416 to 1,436 square feet and three bedroom condos with 1,656 square feet. Kitchens come with KitchenAid stainless steel appliances, granite counter tops and 3/4″ thick backsplash plus a stainless steel double bowl sink. The master baths have 12″x12″ marble tile, 6′ steeping tub in some plans and designer lighting. All of the condos feature maple hardwood flooring, wall-to-wall carpeting, Grohe fixtures and plenty of closet space with vinyl coated wire shelving. Building amenities include a 24 hour doorman, resident storage lockers and a bike storage room.

Prices on the development site advertise the 995 square foot one bedroom, one bath condos at SoNo for $293,900 right now. Those units were listed for $339,900.

The 1,436 square foot two bedroom, two bath condos are currently listed for $438,900 which is down from the previous price of $509,900.

The 1,656 square foot three bedroom condos that were listed for $579,900 are now down to $475,900.

There are a lot of deals right now on Downtown Chicago Condos, so it pays to comparison shop and see what each developer has to offer in terms of price reductions and incentives.

[tags]SoNo, Downtown Chicago Condos, Chicago Real Estate[/tags]

April 5, 2010 – Another rental Chicago real estate tower scheduled for completion this year is the Parc Huron, located on 469 West Huron. First residents are expected to be able to move in sometime in early June and RMK Management has just recently announced the monthly rental rates and leasing fees for the River North high-rise.

The apartment layouts range from one to two bedrooms and one to 2.5 baths. Finishes include hardwood flooring, 9.5 to 10 foot high ceilings, granite kitchen counter tops, under cabinet lighting, wood cabinets and stainless steel GE Energy Star appliances including a side-by-side refrigerator. The baths come with granite conter tops and Italian tile on the floors. The units also have a full size stackable washer and dryer.

Building amenities include a fitness center, sauna, steam room, pool, movie room, storage lockers and WiFi lounge. The resident terrace will be fully landscaped and have a fireplace. There will also be a 14,000 square foot park.

According to the developer, current leasing rates per month are listed below.

1BR/1Bath/614 – 729 square feet, $1,837 – $2,587
1BR/1Bath/Dens/ 780 – 871 square feet, $2,233 – $2,847
2BR/2Bath/1,100 – 1,128 square feet, $2,977 – $3,510
2BR/2Bath/Dens and 3BR Apts/1,274 – 1,443 square feet, $3,110 – $4,057

There are several other fees such as application fees($60), dog($300) and cat($250) to name a few and those are won’t be refunded. Utilities include water, trash pick-up, gas, air conditioning, cable television and high-speed Internet run from $120 to $175 per month. Parking is an aditional $250 per month for a full-size space or $120 for a motorcycle.

And remember that there are still plenty of rent to own Chicago condos as well.

[tags]Parc Huron, Rent To Own Chicago Condos, Chicago Real Estate[/tags]