May 18, 2010 – If you didn’t get a chance to see the elaborate NBC Tower 18th floor sales office and full model for the Chicago Spire, you probably never will now. Spire developer Garrett Kelleher and his Shelbourne Development Group were served an eviction notice last year in August after supposedly not paying rent from April 2009 forward on the sales center. According to a Crain’s report, that eviction suit was settled and Shelbourne has closed the office and will handle sales from Shelbourne’s office on Wacker Drive in Chicago. Although the landlord claimed that $316,000 in back rent was owed, a judgement for $55,000 was ordered but voided with Shelbourne leaving the space, according to the article.

Any potential buyers will now only get to view three-dimensional computer models instead of the real thing, according to a Tribune article. The old sales center cost $10 million to build, $350,000 of which the NBC Tower landlords contributed. The full-floor sales center model was designed by architect Santiago Calatrava, who also designed the Spire.

Developer Garrett Kelleher insists that this Chicago real estate project isn’t closed and a spokeswoman for Shelbourne told the Tribune that, “He’s being smart. If you’re in a situation where things are slowing down, you need to consolidate and you need to be smart. Clearly the economy has been tough and he’s had to focus on areas of his portfolio that are doing well.”

The Chicago Spire may never make it out of the hole it’s in, both literally and figuratively, but there are many other luxury Chicago condos already built and showing price reductions if you’re in the market to buy.

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

May 17, 2010 – Here is the developer list of price reductions on the remaining two bedroom Chicago condos at 200 North Dearborn. Also, this Chicago real estate development is FHA approved, so if you qualify for the low 3.5% down payment, a $200,000 would have a down payment starting at $7,000 and the down payment on a $300,000 unit would start at $10,500. For a $400,000 condo you could expect to have a down payment starting at $14,000.

Unit#807 2 BR 1060SF Was $471,100 Now $222,815
Unit#1006 2 BR 1180SF Was $490,000 Now $294,000
Unit#1106 2 BR 1180SF Was $491,900 Now $295,140
Unit#1306 2 BR 1180SF Was $495,600 Now $297,360
Unit#1502 2 BR 1165SF Was $498,300 Now $298,980
Unit#1506 2 BR 1180SF Was $499,200 Now $299,520
Unit#1606 2 BR 1180SF Was $501,100 Now $300,660
Unit#1702 2 BR 1165SF Was $502,000 Now $301,200
Unit#1706 2 BR 1180SF Was $502,900 Now $301,740
Unit#1802 2 BR 1165SF Was $503,800 Now $302,280
Unit#1806 2 BR 1180SF Was $504,800 Now $302,880
Unit#1902 2 BR 1165SF Was $505,600 Now $303,360
Unit#1906 2 BR 1180SF Was $506,600 Now $303,960
Unit#2002 2 BR 1165SF Was $507,500 Now $304,500
Unit#2006 2 BR 1180SF Was $508,400 Now $305,040
Unit#2106 2 BR 1180SF Was $510,300 Now $306,180
Unit#2202 2 BR 1165SF Was $511,200 Now $306,720
Unit#2302 2 BR 1165SF Was $513,000 Now $307,800
Unit#2306 2 BR 1205SF Was $519,400 Now $311,640
Unit#2402 2 BR 1165SF Was $514,800 Now $308,880
Unit#2406 2 BR 1205SF Was $521,200 Now $312,720
Unit#2502 2 BR Model 1165SF Was $516,700 Now $310,020
Unit#2506 2 BR 1205SF Was $523,100 Now $313,860
Unit#2602 2 BR 1165SF Was $518,500 Now $311,100
Unit#2606 2 BR 1205SF Was $524,900 Now $314,940
Unit#2802 2 BR 1165SF Was $522,200 Now $313,320
Unit#2806 2 BR 1205SF Was $528,600 Now $317,160
Unit#2902 2 BR 1165SF Was $524,000 Now $314,400
Unit#2906 2 BR 1205SF Was $530,400 Now $318,240
Unit#3002 2 BR 1165SF Was $525,900 Now $315,540
Unit#3006 2 BR 1205SF Was $532,300 Now $319,380
Unit#3102 2 BR 1165SF Was $543,100 Now $327,660
Unit#3106 2 BR 1205SF Was $557,400 Now $334,440
Unit#3202 2 BR 1165SF Was $547,900 Now $328,740
Unit#3206 2 BR 1205SF Was $559,200 Now $335,520
Unit#3302 2 BR 1165SF Was $549,800 Now $329,880
Unit#3306 2 BR 1205SF Was $561,100 Now $336,660
Unit#3402 2 BR 1165SF Was $601,900 Now $361,140
Unit#3502 2 BR 1165SF Was $553,500 Now $332,100
Unit#3602 2 BR 1165SF Was $555,300 Now $333,180
Unit#3702 2 BR 1165SF Was $557,100 Now $334,260
Unit#3706 2 BR 1205SF Was $568,400 Now $341,040
Unit#3806 2 BR 1205SF Was $570,300 Now $342,180
Unit#3906 2 BR 1205SF Was $572,100 Now $343,260
Unit#4002 2 BR 1165SF Was $562,700 Now $337,620
Unit#4006 2 BR 1205SF Was $574,000 Now $344,400
Unit#4102 2 BR 1165SF Was $564,500 Now $338,700
Unit#4106 2 BR 1205SF Was $575,800 Now $345,480
Unit#4206 2 BR 1205SF Was $577,600 Now $346,560
Unit#4302 2 BR 1165SF Was $568,200 Now $340,920
Unit#4402 2 BR 1165SF Was $570,000 Now $342,000
Unit#4502 2 BR 1165SF Was $571,800 Now $343,080
Unit#4602 2 BR 1165SF Was $779,800 Now $467,880

And if you’d rather remodel your current condo instead of purchasing a renovated one, there are lots of talented Chicago remodeling contractors you can hire to do the job.

[tags]200 North Dearborn, Chicago Remodeling Contractors, Chicago Real Estate[/tags]

May 15, 2010 – Last month we told you that Chicago real estate developer American Invsco was cutting prices on 40 units at 200 North Dearborn by around 44% to 52% until April 30th. Like so many other so-called limited time offers, this one has been extended. All of the remaining Chicago condos in the tower are now 40% off previous list prices until July 19th.

Below is a list of the studios, convertibles and one bedroom units that are still for sale at 200 North Dearborn from the developer. Tomorrow we’ll post a rundown of the two bedroom condos that are available and their price reductions. Also keep in mind that there are price reductions on many Chicago New Construction Condos.

Unit#1208 Studio 570SF Was $250,700 Now $150,420
Unit#801 Conv 640SF Was $304,400 Now $182,640
Unit#2301 Conv 590SF Was $287,200 Now $172,320
Unit#2401 Conv 590SF Was $287,800 Now $172,680
Unit#3101 Conv 590SF Was $292,100 Now $175,260
Unit#3201 Conv 590SF Was $292,700 Now$175,620
Unit#3601 Conv 590SF Was $295,200 Now$177,120
Unit#3701 Conv 590SF Was $295,800 Now $177,480
Unit#4101 Conv 590SF Was $298,200 Now $178,920
Unit#4401 Conv 590SF Was $300,100 Now$180,060
Unit#803 1 BR 860SF Was $355,400 Now $195,691
Unit#805 1 BR 795SF Was $327,700 Now $196,620
Unit#901 1 BR 875SF Was $355,100 Now $190,223
Unit#902 1 BR 885SF Was $359,100 Now $215,460
Unit#904 1 BR 830SF Was $336,900 Now $202,140
Unit#905 1 BR 835SF Was $339,000 Now $189,399
Unit#1001 1 BR 875SF Was $356,400 Now $191,001
Unit#1002 1 BR 885SF Was $360,400 Now $216,240
Unit#1003 1 BR 860SF Was $357,900 Now $197,088
Unit#1004 1 BR 830SF Was $338,200 Now $202,920
Unit#1005 1 BR 835SF Was $340,200 Now $190,069
Unit#1102 1 BR 885SF Was $361,600 Now $202,025
Unit#1103 1 BR 860SF Was $359,100 Now $197,759
Unit#1104 1 BR 830SF Was $339,400 Now $203,640
Unit#1201 1 BR 875SF Was $358,800 Now $192,437
Unit#1203 1 BR 860SF Was $360,300 Now $198,485
Unit#1204 1 BR 830SF Was $340,600 Now $204,360
Unit#1205 1 BR 835SF Was $342,600 Now $191,410
Unit#1301 1 BR 875SF Was $360,000 Now $193,156
Unit#1403 1 BR 860SF Was $362,800 Now $217,680
Unit#1404 1 BR 830SF Was $343,100 Now $205,860
Unit#1503 1 BR 860SF Was $364,000 Now $218,400
Unit#1603 1 BR 860SF Was $365,200 Now $219,120
Unit#1703 1 BR 860SF Was $366,400 Now $219,840
Unit#1704 1 BR 830SF Was $346,800 Now $208,080
Unit#1705 1 BR 835SF Was $348,800 Now $209,280
Unit#1803 1 BR 860SF Was $367,700 Now $220,620
Unit#1804 1 BR 830SF Was $348,000 Now $208,800
Unit#1805 1 BR 835SF Was $350,000 Now $210,000
Unit#1903 1 BR 860SF Was $368,900 Now $221,340
Unit#1904 1 BR 830SF Was $349,200 Now $209,520
Unit#1907 1 BR 860SF Was $353,600 Now $195,858
Unit#2003 1 BR 860SF Was $370,100 Now $222,060
Unit#2004 1 BR 830SF Was $350,400 Now $210,240
Unit#2005 1 BR 835SF Was $352,400 Now $211,440
Unit#2103 1 BR 860SF Was $371,400 Now $222,840
Unit#2204 1 BR Model 870SF Was $394,800 Now $236,880
Unit#2207 1 BR 860SF Was $363,400 Now $218,040
Unit#2303 1 BR 860SF Was $373,800 Now $224,280
Unit#2304 1 BR 870SF Was $370,300 Now $222,180
Unit#2307 1 BR 860SF Was $364,600 Now $218,760
Unit#2403 1 BR 860SF Was $375,000 Now $225,000
Unit#2404 1 BR 870SF Was $371,500 Now $222,900
Unit#2407 1 BR 860SF Was $365,900 Now $219,540
Unit#2504 1 BR 870SF Was $372,700 Now $223,620
Unit#2507 1 BR 860SF Was $367,100 Now $220,260
Unit#2603 1 BR 860SF Was $377,500 Now $226,500
Unit#2604 1 BR 870SF Was $374,000 Now $224,400
Unit#2607 1 BR 860SF Was $368,300 Now $220,980
Unit#2702 1 BR Was $384,800 Now $230,880
Unit#2703 1 BR 870SF Was $381,300 Now $228,780
Unit#2804 1 BR 870SF Was $376,400 Now $225,840
Unit#2807 1 BR 860SF Was $370,800 Now $222,480
Unit#2903 1 BR 860SF Was $381,200 Now $228,720
Unit#2904 1 BR 870SF Was $377,600 Now $226,560
Unit#2907 1 BR 860SF Was $372,000 Now $223,200
Unit#2908 1 BR 770SF Was $333,700 Now $200,220
Unit#3003 1 BR 860SF Was $382,400 Now $229,440
Unit#3004 1 BR 870SF Was $378,900 Now $227,340
Unit#3007 1 BR 860SF Was $373,200 Now $223,920
Unit#3104 1 BR 870SF Was $392,400 Now $235,440
Unit#3107 1 BR 860SF Was $397,800 Now $238,680
Unit#3108 1 BR 775SF Was $338,200 Now $202,920
Unit#3204 1 BR 870SF Was $393,600 Now $236,160
Unit#3304 1 BR 870SF Was $394,800 Now $236,880
Unit#3307 1 BR 860SF Was $400,200 Now $240,120
Unit#3407 1 BR 860SF Was $464,000 Now $278,400
Unit#3501 Model 590SF Was$365,700 Now $219,420
Unit#3505 1 BR 755SF Was $350,700 Now $210,420
Unit#3506 Sales 1205SF Was $608,900 Now $365,340
Unit#3804 1 BR 870SF Was $400,900 Now $240,540
Unit#3807 1 BR 860SF Was $406,300 Now $243,780
Unit#4004 1 BR 870SF Was $403,400 Now $242,040
Unit#4007 1 BR 860SF Was $408,800 Now $245,280
Unit#4208 1 BR 775SF Was $351,600 Now $210,960
Unit#4307 1 BR 860SF Was $412,500 Now $247,500
Unit#4308 1 BR 775SF Was $352,900 Now $211,740
Unit#4507 1 BR 860SF Was $414,900 Now $248,940
Unit#4604 1 BR 870SF Was $416,900 Now $250,140

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

May 13, 2010 – Despite all the speculation and previous talks that Chicago real estate developer Magellan had with Kimpton Holding Group, the confirmed hotel chain that is purchasing 18 floors in Aqua is Radisson Blu. Yesterday we reported that several news sources had predicted that Kimpton was the hotel chain that would be announced this week as the buyer, but that in fact proved incorrect. Crain’s is reporting today that Radisson Blu, which is a new hotel brand from Carlson Hotels Worldwide, will invest $125 million to complete a 334 room hotel in the high-rise on North Columbus Drive. The actual purchase price was around $60 million.

According to Crain’s, Carlson and Magellan will each hold an equal stake in the new upscale hotel. This will be the first Radisson Blu in the U.S., although there are now about 155 of them that have opened in other countries since 2009.

Aqua’s new hotel won’t open until fall of 2011, and financing to finish out the raw space still has to be found. Carlson needs to secure a loan for about 50% of the estimated $125 million needed to finish the project.

Carlson chief operating officer Thorsten Kirschke was quoted in the article as saying that, “I think timing-wise we couldn’t be positioned better.” He stated that he believes both the credit market and the hotel market will improve in the next year. “We are setting ourselves up for that rebound,” he said.

With the addition of the Radisson Blu Hotel, Aqua will soon be filled on nearly every level. The article states that all of the 474 apartments are rented and not counting the three models, 82% of the 262 Chicago condos in the tower are sold with 40% already closed.

If Aqua doesn’t have a unit left for sale that appeals to you, remember that you can still find some great deals on Downtown Chicago Condos.

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

May 12, 2010 – Aqua may have finally reeled in a hotel, according to the latest buzz on several news sites. For some time now Chicago real estate developer Magellan has been in talks with the Kimpton Holding Group and it looks as though a deal may be finalized soon and a formal announcement made either later this week or early next week, according to the Tribune.

Kimpton, which is a San Fransicso boutique hotel company, is planning on purchasing 15 floors of the 82 story high-rise. The hotel would be located on floors 4 through 18 and include a large ballroom. The 474 apartments in the tower are located on floors 19 through 52 and the 264 Chicago condos are on floors 53 through 81.

According to Crain’s, Kimpton Chief Investment Officer Joe Long was quoted as saying that, “It’s the same as every project today. You’ve got to get financing and you’ve got to re-adjust your expectations in terms of future of performance.” But he also stated that the two groups are close to reaching a deal on the purchase.

Strategic Hotels backed out of a purchase agreement for the hotel space at Aqua some time ago and in doing, forfeited about $28 million in earnest money. That amount will lwoer the purchase price for Kimpton, bringing the cost of the hotel space down to about $56 million.

We’ll update you on any more information that becomes available about the Aqua hotel deal, as well as all the latest Chicago condo news. So be sure to check our Chicago real estate blog often to stay informed.

[tags]Aqua, Chicago Condos, Chicago Real Estate[/tags]

May 11, 2010 – While there isn’t much news about the actual construction of the Chicago Spire or even any solid leads on a source for a construction loan, we do have a bit of news about Shelbourne Development. The Irish Independent newspaper is reporting that Emmet O’Reilly, Shelbourne Development’s finance director, is leaving the company to work with a new social networking site dubbed Weedle. Mr. O’Reilly began working as the financial director for Shelbourne back in 2003, which the article states is three years before the company started the now stalled Chicago real estate project.

The newspaper also reports that Weedle, whose goal is to connect people looking for work with the jobs that best suit their skills, recently raised about $4 million in start-up funds.

The eventual fate of the Spire is still unresolved. The last best hope for financing was the AFL-CIO union funds, but that has since evaporated. Liens, lawsuits and counter suits are stacked up against the project, and most recently there have been auditor questions about the long-term ability of Shelbourne Property Group to function under the weight of the money invested in the Spire project. Bank of America is also seeking to have a counter suit by Shelbourne’s founder, Garrett Kelleher, thrown out. BofA is owed several million on loans used to finance preliminary work and marketing for the project.

If you had been waiting on the Spire to restart construction, you may want to consider some other new Chicago Condos that are ready for move-in and priced to sell. It could be some time before this mega Chicago real estate project makes it out of the ground, if at all.

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

May 10, 2010 – In case any of you haven’t noticed or had a chance to go see it, the outdoor plaza at Trump Tower is now open to the public and so far has received good reviews. The plaza or pedway connects Michigan and Wabash Avenues and creates a pretty fantastic walkway between the two. According to a recent article in the Tribune, the entire plaza is 1.2 acres and encorporates plenty of green landscaping, steps, curves and paths both through the 92 story tower and winding around it.

The article goes on to describe the plaza by saying that the design of the three levels that bring pedestrians down to the Chicago River almost create a stage to that view and mesh with the also new riverwalk that the city opened last year.

The landscaping is what you’d expect from a Trump Chicago real estate project, which is to say it’s not just maple trees and common grass. The plants used include, acording to the article, “a richly-textured mix of wetland grasses, sumac bushes and tall plane trees that evokes a Midwestern riverbank.” There are also oversized planters filled with greenery to carry out the look. Landscape architect Peter Schaudt was quoted as saying that, “The whole idea of landscape in the urban environment is to pull people away—with illusion.”

Other features of the plaza include benches, ” hand-chiseled Jerusalem limestone retaining walls,” and a lily pond. There will also be tables with seating in place by Memorial Day.

The 90,000 square feet of retail space is still empty though, and retailers would certainly add some excitement to the plaza.

There are also still plenty of Chicago Luxury Condos for sale at Trump Tower in case you’d like to have the plaza right outside your door.

[tags]Trump Tower, Chicago Luxury Condos, Chicago Real Estate[/tags]

May 7, 2010 – We haven’t heard a lot about Walton on the Park lately, but this Gold Coast Chicago real estate project is supposed to start making deliveries sometime this summer. The Enterprise Companies and Mesirow Financial Real Estate are the developers and the last published sales numbers put the 31 story high-rise at just below 50% sold. However, according to an update from a Baird and Warner Realtor, only one penthouse unit is still left for sale.

The last unsold penthouse at Walton on the Park is priced at $2.74 million and is a 3,425 square foot unit with four bedrooms and 3.5 baths. The article stated that although the majority of the Chicago condos in this development have galley size kitchens, the penthouse units have kitchen islands. They also come with Viking appliances.

Examples of other condos avilable in the 198 unit tower are several one bedroom, one bath units with 920 square feet and priced between the $520,000s and $620,000s. There are also some one bedroom, 1.5 bath condos with between 945 and 1,000 square feet that are listed from the $490,000s to $620,000s.

There are quite a few two bedroom, two bath condos with 1,280 to 1,416 square feet of living space that run from the $650,000s to $960,000s.

As for the three bedroom, two bath condos with 1,920 square feet, you can expect to pay from $1.25 million to $1.56 million. And the three bedroom, three bath units with 2,165 square feet run from $1.36 to $1.68 million.

The original plan for Walton on the Park was to have two towers, but the 37 story north tower may not break ground for some time, if at all. The developers had said that work on the second high-rise wouldn’t start until the first building reached the 75% sales mark. Since there are still so many Chicago homes for sale with reduced prices, the competition for buyers is going to remain stiff for developers with unsold inventory.

[tags]Walton on the Park, Chicago Homes, Chicago Real Estate[/tags]

May 6, 2010 – Renaissance Lofts is close to being sold out, according to the Chicago real estate development’s site. It states that there are only five units left for sale, although there may only be three if you check out the floor plans that are marked as still available. The Kopley Group was the first Chicago developer to offer a , “No questions asked, two year price buy–back guarantee.” This looks to still be in effect and basically states that if for any reason in the two year period after purchasing a unit you decide you want a refund, you can get it.

According to the floor plans that are marked as still available, plan #4 is a two bedroom, two bath condo with 1,050 square feet. There is one left, unit #604, and it is priced at $238,500.

Floop plan #6 also has one unit #406 left for sale. It is a two bedroom, two bath condo with 1,200 square feet and a balcony. The price on this loft is listed as $274,500.

There is also one loft, unit #407, left in floor plan #7. This one is again a two bedroom, two bath loft with a balcony and 1,050 square feet of living space. The price on this condo is $238,500.

The units at Renaissance Lofts feature 10 to 12 foot high ceilings, hardwood flooring, washer and dryer hook-up, oversized windows plus pre-wiring for Internet., cable and phones. Kitchens come with stainless steel appliances, 42″ cabinets, granite counter tops, pull-out faucet and undermount stainless steel sink. The baths have Moen fixtures, marble vanity tops and bowl, 12″ ceramic tile floor and surround, soaker tub and sconce lighting.

The building amenities include a rooftop deck and storage lockers.

Remember that there are other Chicago lofts for sale at reduced prices, so be sure to shop around before you buy.

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

May 5, 2010 – We haven’t heard much about Ten East Delaware since first deliveries began this past January. It does look as though Chicago real estate developer the Prime Group still has several units left for sale in this Gold Coast tower. There are 121 Chicago condos in all at this high-rise, with floor plans ranging from one to three bedrooms, and there are some of each layout still available.

There are a few of the one bedroom condos at Ten East Delaware for sale that start in the $490,000s and there are also some upper floor combination units that run past $2.5 million.

The condo finishes are top of the line with Wolf, Miele and Sub Zero appliances, Poggenpohl cabinets and granite counter tops. The master baths feature a Kohler soaking tub and the master bedrooms have large walk-in closets. The units also have oversized windows, 9.5′ to 11′ high ceilings, hardwood flooring and a private balcony with wrought iron.

The Ten Club on the top floor boasts a swimming pool, whirlpool, sundeck, fitness center, party room and men’s and women’s locker rooms.

Residents of Ten East Delaware can also opt to have on-demand services such as housecleaning, concierge and room service from the nearby Talbott Hotel.

There are still buyers willing to pay in excess of $2 million for penthouse units, as evidenced by sales at Ten East Delaware. But there are still developments with Chicago Luxury Condos that have plenty of unsold inventory as well.

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