May 29, 2010 – There have been quite a few high dollar sales of luxury Chicago condos lately and the latest one to make the news was in Ten East Delaware. This 35 story Gold Coast tower developed by the Prime Group has a total of 121 units and according to a recent article in Crain’s they are about 80% under contract right now. That’s up a bit from the 75% that were sold as of late last year. The condos at Ten East Delaware run about $685 per square foot.

The big sale at this Chicago real estate development that made the news was a $2.319 million price for two condos on floor 24 of the high-rise. The units were purchased by Walter Cupkovic, who is a co-chairman of Thompson’s real estate practice, according to the article. The lawer and his wife are combining the two condos to create one residence with 3,565 square feet of living space.

The condos at Ten East Delaware have from one to three bedrooms with prices ranging anywhere from the mid $500,000s on up to around $2.25 million. The units are ready for immediate occupancy and come with hardwood flooring, a private balcony, Poggenpohl cabinets in the kitchen, granite counter tops, Wolf and Sub-Zero appliances, marble bath tile and surround, Kohler soaking tub, plus walk-in closets in the master bedrooms.

Building amenities include the Ten Club with its fitness center, swimming pool, sun deck, professionally landscaped gardens and party room.

If you aren’t sure that Ten East Delaware is right for you, there are quite a few more new Chicago Luxury Condos available and ready for move-in now.

[tags]Ten East Delaware, Chicago Luxury Condos, Chicago Real Estate Listings[/tags]

May 28, 2010 – With the recent news about the developer of the Mondial deciding to give marketing the Chicago condos in that tower another try instead of switing to rental units as well as news that Lexington Park was taken over by its lender and could possibly go the rental route, we thought we’d see what Trio was up to. Late last year RDM Development announced that they were debating changing all of the units in the 22 story tower to rental apartments. The two mid-rise buildings have over 80 of their 109 units sold.. The high-rise, located on 670 West Wayman Street, then began advertising both rentals and Chicago condos for sale. There are 100 units in Trio, about 25 to 30 of which are sold, but not much has been in the news about rentals at the development lately.

Right now a one bedroom, two bath condo with 893 square feet at Trio’s tower is renting for around $1,650 per month. Two bedroom, two bath condos with 1,335 to 1,355 square feet of living space are being offered for rent for around $2,400 to $2,725 a month.

Unit finishes include hardwood floors, Bosch and Frigidaire kitchen appliances, granite counter tops, stone tile in the baths, glass mosaic tile and a private terrace. Building amenities include a green roof top garden, fitness center, 24 hour doorman and landscaped courtyard between the three buildings.

Check back here regularly for updates about more Chicago Condos for sale and for rent.

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

May 27, 2010 – It looks as though the planned Chicago real estate development named the Park 1000 will never make it past the drawing board. The South Michigan Avenue site where the tower was going to be built will be auctioned on July 27th by Rick Levin as per a court order. Crain’s is reporting that developer Warren Barr was hit back in May of 2008 with an $18.7 million foreclosure suit filed by lender First American Bank. That amount owed has now ballooned to $25.3 million with the accrued interest, although the suggested opening bid set for the parcel of land is $9 million.

Right now though, the South Loop is still full of unsold Chicago condos and launching a new development there isn’t on anyone’s short-term aganda right now. But some developers may be planning ahead. It will be interesting to see how much the site actually brings and just how many developers believe the housing market is recovered enough to make that sort of investment. Rick Leven was quoted in the article as saying that, “When it does come back, land along Grant Park should be the first to benefit. There aren’t a lot of vacant parcels on this stretch that could offer this large of a development opportunity.”

The Park 1000 was to be a 40 story high-rise with 350 one to three bedroom, one to 3.5 bath condos. The units would have measured from 1,273 to 4,659 square feet. Prices on the units had run anywhere from $299,000 on up to more than $1.6 million. The tower would have had a fitness center, indoor pool and golf simulator.

With so many Chicago foreclosures available at discounted prices, you may want to see if anything appeals to you in that category.

[tags]Park 1000, Chicago Foreclosures, Chicago Real Estate Listings[/tags]

May 26, 2010 – All of the speculation about Lexington Park can come to an end now as news broke today that the Chicago real estate development is being handed over to its lender in a deed-in-lieu of foreclosure transaction. Irish developer the Chieftain Group gave up the tower last week, according to an article in Crain’s.

Chieftain had borrowed $84 million in late 2006 from the now defunct Corus bank for construction on the dvelopment. Corus was taken over by ST Residential LLC, which is a division of Starwood Capital Group and TPG Capital of Fort Worth, Texas, according to the report. A representative of ST was quoted in the article as saying that, “The building’s in strong hands. We just took ownership last week, and we’re evaluating our next steps.”

Lexington Park, at 35 stories and 333 Chicago condos, now holds the dubious title of being the largest high-rise to revert back to a lender so far in this economic and housing downturn.

So far there have only been three contracts close, although the development is around 55% sold, according to data from Appraisal Research Counselors. The three sales that have been completed are in the 36 unit, seven story loft portion of the project.

Crain’s speculates that since most of the buyers signed contracts back in 2006 when marketing just began and condo prices were higher, many probably won’t close now. The uncertainty of the development and the declining condo values may prompt buyers to walk away from those contracts. Inability to get a mortgage may also keep many buyers from closing. But this may not be bad news to ST Residential because the company may want to convert the units to apartments or even hold an auction to sell the condos at reduced prices.

Buyers who were waiting to see the outcome of Lexington Park may want to check into other Chicago lofts that are available. Or they might want to hang on a little longer in case they can grab a unit there at a discounted price.

[tags]Lexington Park, Chicago Lofts, Chicago Real Estate Listings[/tags]

May 25, 2010 – Chicago home sales and median prices both posted gains in April, acording to the latest report from the Illinois Association of Realtors. The median sales price of single-family homes and condos in-town Chicago was up 3.2% in April of this year compared to that of April 2009. The median price last April was $218,000 and this April it was $225,000. This is the first year-over-year increase in median sales prices of Chicago condos and homes since June of 2008, according to a Crain’s article.

The median sales price for April 2010 doesn’t fare as well when you include stats for the suburbs though. With the suburbs included, the median sales price for Chicago condos and single-family homes showed little change with April 2010 being $190,000 and $191,000 in April 2009.

Total single-family and condo sales for in-town Chicago were also up 41.1% in April of this year compared to April 2009. There were 1,985 total sales last month, up from the 1,407 units sold in April 2009. This April was the eighth month in a row that Chicago posted increases in sales year-over-year.

If you break the numbers down into two categories, Chicago condos and single-family homes, there is a big difference. The April 2010 median sales price for single-family homes was up nearly 15% from last April, 2009. But the median price of Chicago condo sales in April 2010 was down almost 4% from April 2009.

While there are some positive signs of a rebound in Chicago real estate sales, prices seem to still have some ground to gain back before we can say that the recovery is well on its way.

[tags]Chicago Home Sales, Chicago Condos, Chicago Real Estate Listings[/tags]

May 24, 2010 – Grand Bend At Green Bay in Evanston is back on the market and listing the remaining unsold suburban Chicago condos at lower prices. This suburban Chicago real estate development had some financial difficulties last year but now according to a recent press release, a new sales team is at work and construction on the final units is almost complete. Quite a few of the condos are ready for move-in and there are also some unfinished penthouse units that you still have time to customize.

There are 38 of the total 49 units left for sale at Grand Bend At Green Bay on 1228 Emerson Street, and Insight Real Estate Partners is handling the marketing of those condos. Finishes and features include floor-to-ceiling windows, hardwood flooring, carpeted bedrooms, stainless steel appliances, kitchen breakfast bars, granite counter tops, soaker tubs with separate shower, extra storage space plus a balcony or terrace.

Junior one bedroom condos with from 830 to 964 square feet are currently price from the $180,000s to $200,000s. The one bedroom, one bath condos have 1,047 square feet and run from the $220,000s to $230,000s. The two bedroom, two bath units have from 1,410 to 1,610 square feet and are listed from the $290,000s to $350,000s. The penthouse units come with two to three bedrooms, two to 2.5 baths and measure 1,792 to 2,055 square feet with a price in the $570,000s to $630,000s. Penthouse unit buyers get two free indoor heated parking spaces and all other condos come with one space.

If you’re shopping for Evanston condos, then grand Bend At Green Bay may well be worth a visit to the sales center. You should also check out any Chicago short sales in the area for more bargins.

[tags]Grand Bend At Green Bay, Chicago Short Sales, Chicago Real Estate Listings[/tags]

May 22, 2010 – For those of you who have thought about purchasing one of the remaining Chicago condos at 600 North Lake Shore Drive there is a new model available now for viewing. The fully decorated model is a three bedroom unit that boasts 180 degree views of Lake Shore Drive and the lake and beach. It also has a great room with 25′ of glass that faces to the north and 27′ to the west, according to a recent Tribune article.

600 North Lake Shore Drive is a product of Sandz Development and Belgravia Group. Buzz Ruttenberg of Belgravia was quoted in the article as saying that, “We are already over 85 percent sold and occupied. Over the last two years, we have maintained a steady sales pace that seems to defy what has been happening in the rest of the marketplace.”

There are only a limited number of one bedroom condos left for sale in this dual high-rise development. Those units are running anywhere from the low $400,000s on up to the low $500,000s. Prices on the remaining three bedroom condos are ranging between $1.2 million to $1.9 million.

Building amenities for both towers include sun decks with sculpture gardens, party rooms with kitchens on the roofs and a fitness center.

You can visit the sales center and tour the models at 600 North Lake Shore Drive from 10am to 6pm every day and compare them to other Chicago Luxury Condos for sale right now.

[tags]600 North Lake Shore Drive, Chicago Luxury Condos, Chicago Real Estate Listings[/tags]

May 21, 2010 – The strategy of most Chicago real estate developers who hold auctions to thin out unsold inventory has been to then reprice the remaining unsold Chicago condos in the high-rise to auction levels. The developer of Michigan Avenue Tower II is no different and the “auction pricing without the auction” is still in effect. So if you’re “gavel-phobic” as the project site says, you may want to check out the prices there.

The remaining one bedroom condos at Michigan Avenue Tower II are now priced from $199,990 to $259,990. The one bedroom plus den units are now listed from $209,990 to $259,990. For a two bedroom condo you can expect to pay from $299,990 to $335,990 and for two bedroom condos on the penthouse level the new prices run from $335,990 to $550,990. Parking is an additional $37,500 to $65,000.

Some specific examples of units include #503 which is a one bedroom, one bath with 740 square feet that was priced at $235,990 but is now listed for $199,990.

Unit#1508 is a one bedroom, one bath plus den withg 751 square feet of living space. This condo had been listed for $265,990 and the new lower price is $209,990.

Unit#2110 has two bedrooms and two baths with 1,027 square feet of living space. The previous price for this condo was $385,990 and it has been reduced to $299,990.

Finishes include hardwood flooring, stainless steel kitchen appliances, 42″ cabinets, granite counter tops, washer and dryer hook-up, ceramic floor tile and tub surround in the baths, marble vanity top and soaking tub. Building amenities include a 24 hour doorman, fitness center, outdoor pool and sun deck, bike storage, club house with kitchen and dog run.

Remember that besides all of the deals on developer condos, you can also find Chicago short sales at a discount as well.

[tags]Michigan Avenue Tower II, Chicago Short Sales, Chicago Real Estate[/tags]

May 20, 2010 – Optima Old Orchard Woods has made Builder Magazine’s list of top ten list of best-selling small home communities in the U.S. and in fact been named to the number one spot. According to a recent press release, this list is usually made up of single-family homes, so to have a suburban Chicago real estate project of condos make the top spot isn’t the norm.

The press release went on to state that Optima Old Orchard Woods made the number one spot because the Skokie development has had such a steady sales rate. The project opened towards the end of 2004 and has averaged over seven sales contracts signed each month. Optima Old Orchard is about 75% sold at this point and from September 2009 through November 2009 managed an impressive twenty sales contracts per month.

Optima is unique in that in the trio of twenty story high-rise buildings, each tower has a glass lobby that spans two stories. The also each have a landscaped roof terrace ad a fitness center on the upper floor. Other amenities include an indoor swimming pool with views of nearby Harms Woods, a spa, tennis courts, sun deck and two story party suite with attached kitchen.

There are 665 condos total and every one comes with either a private balcony or terrace. Currently the one bedroom units are priced from $234,700 and the two bedroom units start at $267,000. If you need more room, the three bedroom condos are listed from $489,000. Penthouse residences are priced from $665,000 and the largest four bedroom penthouse units start at about $1 million. The development is also FHA approved and some buyer incentives are being offered on certain imediate delivery sales.

If you look through the Chicago real estate listings you’ll still find a good selection of new Chicago condos at great prices.

[tags]Optima Old Orchard Woods, Chicago Condos, Chicago Real Estate Listings[/tags]

May 19, 2010 – The Mondial is over its identity crisis and has at least for now settled on being market-rate Chicago condos for sale and not coverting to apartments. Chicago real estate developer Jack Berger had been considering switching the 141 unit project to a rental tower late last year, but according to a Crain’s article, he was unable to find a financial partner interested in funding the switch. “The numbers just didn’t work,” he was quoted as saying.

The River West high-rise, located on 900 West Huron Street, still has around 100 units left for sale. To generate more sales, Mr. Berger is cutting prices on the remaining condos by up to 30% from the previous prices for which they were being marketed. Junior one bedroom condos will now start from $199,000 and the two bedroom units will now be priced from $389,000. Before the reductions, the condos at this development had been listed betweem the $230,000s to $500,000s.

Mr. Berger had already cancelled around 50 sales contracts and refunded deposits last fall in anticipation of switching to rental units, but eight of those buyers have decided to sign on again at the reduced prices. A sales office will open again next month, and when Mr. Berger was asked if he had any trepidtion about pushing forward with sales again he said, “If diarrhea and not sleeping at night is trepidation, yes.”

You can compare the units at the Mondial with other new Chicago condos and see if they really are a bargin.

[tags]Mondial, New Chicago Condos, Chicago Real Estate[/tags]