June 16, 2010 – For those of you who can’t get enough exposed brick and ductwork, there are still units available at Opera Lofts. This Chicago real estate project is a renovation of the old Lyric Opera storage warehouse and some of the original scenery has even been incorporated into the lobby and common areas of the seven story building. There are a total of 93 condo lofts at this development and many are FHA approved. Quite a few of the units are currently being rented, but there is a good selection of almost every floor plan available for purchase. Prices on the remaining units are running from the $130,000s to the $790,000s.

Finishes at Opera Lofts include minimum ceiling heights of 13 feet, large windows, private balconies, oak hardwood flooring, optional fireplace, an in-wall electronic safe, pre-wiring for high-speed Internet, cable and phones plus a washer and dryer hook-up. Kitchens come with 42 inch maple upper cabinets, GE stainles steel appliances, double stainless steel sink, under cabinet lighting and granite counter tops. Baths feature Egyptian, Travertine and Argentine marble, 6 foot tub with jets and separate shower.

Building amenities include a green roof top with common deck, dog run, fitness center and bike storage.

A sampling of units on the third floor includes:
Unit #313 / 1 BR/ 1 Bath / 1098 Sq Ft / 63 Sq Ft Balcony
Unit #314 / 3 BR/ 2 Baths/ 2 Balconies / 1270 Sq Ft / 125 Sq Ft Balcony
Unit #317 / 1 BR/ 1 Bath / 1053 Sq Ft / 63 Sq Ft Balcony

On the fourth floor some available lofts include:
Unit #403 / 2 BR/ 2 Baths / 1164 Sq Ft / 63 Sq Ft Balcony
Unit#406 / 2 BR/ 2 Baths/ 2 Balconies / 1272 Sq Ft / 125 Sq Ft Balcony

The fifth floor has units available including these:
Unit #502 / $429,900 / 2 BR/ 2 Baths/ Den/1842 Sq Ft/ 63 Sq Ft Balcony
Unit #504 / 2 BR/ 2 Baths/ Den/ 1714 Sq Ft/ 63 Sq Ft Balcony
Unit #515 / 2 BR/ 2 Baths/ 2 Balconies/ 1328 Sq Ft/ 125 Sq Ft Balcony
Unit #517 / 1 BR/ 2 Baths/ Den/ 1254 Sq Ft/ 63 Sq Ft Balcony

The sixth floor units include:
Unit #603 / 3 BR/ 2 Baths/ 1723 Sq Ft/ 63 Sq Ft Balcony
Unit #604 / $309,900/ 2 BR/ 2 Baths/ 1082 Sq Ft/ 63 Sq Ft Balcony
Unit #605 / 2 BR/ 2 Baths/ 1096 Sq Ft/ 63 Sq Ft Balcony
Unit #606 / 3 BR/ 2 Baths/ 1270 Sq Ft/ 125 Sq Ft Balcony
Unit #608 / 2 BR/ 2 Baths/ 1105 Sq Ft/ 63 Sq Ft Balcony
Unit #609 / 2 BR/ 2 Baths/ 1318 Sq Ft/ 63 Sq Ft Balcony
Unit #611 / 2 BR/ 2 Baths/ 1329 Sq Ft/ 63 Sq Ft Balcony

The seventh floor has available units such as:
Unit #701 / 3 BR/ 2 Baths/ 1605 Sq Ft/ 63 Sq Ft Roof Deck
Unit #702 / 3 BR/ 2 Baths/ 1560 Sq Ft/ 63 Sq Ft Roof Deck
Unit #703 / 3 BR/ 2 Baths/ 1619 Sq Ft/ 63 Sq Ft Roof Deck
Unit #704 / $319,900/ 2 BR/ 2 Baths/ 1080 Sq Ft/ 63 Sq Ft Balcony
Unit #707 / 3 BR/ 2.5 Baths/ 2 Decks/ 2207 Sq Ft/ 1010 Sq Ft Roof Deck
Unit #708 / 3 BR/ 2.5 Baths/ 2 Decks/ 2912 Sq Ft/ 1017 Sq Ft Roof Deck
Unit #709 / 3 BR / 2.5 Baths / 2 Decks / 2862 Sq Ft /798 Sq Ft Roof Deck

Opera Lofts is one of many developments with unsold Chicago condos that have lowered prices, so be sure to check back here for updates about reductions.

[tags]Opera Lofts, Chicago Condos, Chicago Real Estate[/tags]

June 15, 2010 – The marketing push for the remaining usold Chicago condos at Chess Lofts has been pretty intense for a couple of months now. This Chicago real estate development used to be the old Chess Records studio and storage facility on 320 East 21st Street. This South Loop project has three models available for viewing and around four dozen units left for sale from the developer.

Prices on the remaining one bedroom, one bath lofts have been running from the $190,000s to $230,000s. These units size up from about 793 to 943 square feet.

The remaining unsold two bedroom, two bath lofts have been running from the $240,000s to the $280,000s. These lofts measure between 1,027 to 1,168 square feet.

Indoor parking will add another $35,000 to the price.

This past weekend there was a “developer’s special” event where the first ten buyers could purchase a one bedroom loft for $169,900 or a two bedroom loft for $229,900. No word yet on how many units actually sold at those discounts, and it wouldn’t hurt to ask the sales team if you could still buy at those prices if you missed the sale last weekend.

Loft finishes include hardwood flooring, stainless steel appliance package, granite counter tops, maple cabinets, marble and ceramic tile in the baths and washer and dryer hook-up.

Building perks include a roof top sun deck, dog run, fitness center and bike storage.

If you’re not sure that Chess Lofts is right for you, then check out some of the other Chicago lofts that are for sale right now.

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

June 14, 2010 – Sales of luxury Chicago condos have seen a small increase lately, despite the slow recovery of the housing market. 50 East Chestnut, one of the newer luxury Gold Coast Chicago real estate developments still has about twelve condos left for sale from the developer. According to a recent profile in Chicago Magazine, one of the best selling points for this 39 story tower is that all of the units have 270 degree views. Another selling point is that there is only one unit per floor and each condo has direct elevator access.

The article goes on to say that the windows are concentrated on the southern side of the high-rise, creating a wide angle view with basically an 80 foot glass wall in each unit. Most of the condos that remain for sale are finished out, but there are a few that aren’t. This gives buyers the choice of leaving the glass window wall to the south or opting to divide it with walls.

All of the twelve units for sale from the developer have three bedrooms and size up at about 3,900 square feet. Prices run from $2,871,000 to $3,495,900. If you want an indoor heated parking space you’ll have to add another $65,000 to the total.

Building amenities include a 24 hour doorman, individual resident storage lockers, terrace and dog run and an exercise room on floor 39. Condo features include hardwood flooring, gas fireplace with stone surround and hearth, parivate terrace off the kitchen with gas grill hook-up, another terrace off the master bedroom, marble flooring and surround in the baths, steeping tub, granite counter tops, kitchen island, stainless steel appliaces by Wolf, Sub-Zero, Bosch and GE and full size Maytag washer and dryer.

You may want to visit 50 East Chestnut and some other Chicago Luxury Condos to find the best value in price, finishes and amenities.

[tags]50 East Chestnut, Chicago Luxury Condos, Chicago Real Estate[/tags]

June 13, 2010 – Yesterday we talked about the high number of new rental Chicago real estate developments that are being completed this year. Demand is also up, and with it leasing rates may also be on the rise. A recent Tribune article stated that experts predict much higher monthly rental rates for Chicago apartments by spring of 2012. That is in part due to the fact that after this year’s increase, no new large rental projects are currently on the horizon. You can still find developers who are offering one or two month’s of free rent, but as those buildings fill up the concessions will disappear. Developers instead are incorporating more luxury amenities like pools, business centers, party rooms, fitness centers and other perks to entice renters.

Flair Tower, located on 222 West Erie, is one of the new rental buildings to welcome residents this year. Building manager Lauren Dolan was quoted in the article as saying that, “I think the landlords are starting to regain control. A year ago, some properties were waiving three months’ rent or throwing in all utilities. We’re pulling away from that now.”

Appraisal Research Counselor VP Ron DeVries stated in the article that he predicts a 3% to 4% increase in downtown Chicago apartment rental rates this year and a minimum increase next year of 5%.

Declining home values are causing potential buyers of Chicago condos to wait about making a purchase. According to the Chicago Association of Realtors and Midwest Real Estate Data, the median value of a CHicago condo or townhome in April of 2010 was $316,000 which is down nearly 10% from only this January.

RMK Management president Tony Rossi Sr. said in the article that the renters who were signing leases at his Parc Huron high-rise wouldn’t have a problem getting a loan for a condo. “The people that are coming through, most are clearly capable of buying a condo,” he stated.

215 West Apartments, which we posted about recently, is another new apartment high-rise that just started welcoming welcoming renters a couple of months ago is already 25% leased according to the article.

In addition to all of the new Chicago apartments that are hitting the market, there are also still plenty of Rent to own Chicago Condos if that option is more appealing to you.

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

June 12, 2010 – If you’re one of the many who have decided to rent instead of buy Chicago condos, you may not have as many offers of free rent or other concessions than you might have had a few months ago. Over 2,200 apartment units in six different Chicago real estate developments will hit the market this year alone, according to a recent article in the Tribune. And those apartments are in buildings that have luxury amenities usually found only in top notch condo towers. Those luxury perks are attracting renters, taking the pressure off developers who had been dangling incentives to get leases signed. The article also stated that many experts predict that these new rental towers will be over 90% leased within 12 to 15 months from now.

Steven Fifield of Fifield Company commented that, “We were building right through the recession which wasn’t so great but we opened up at the beginning of a fundamental economic recovery in Chicago. Is there a huge recovery, no. But there are fewer people buying condos and more people renting.”

Fifield’s Alta at K Station on 555 West Kinzie has 848 new apartments and is the biggest apartment project in the downtown Chicago area in the past 11 years. The studio to three bedroom apartments have from 508 to 1,514 square feet of space and rents start at about $1,455 per month.

Mr. Fifield was also quoted in the article explaining what his company does to attract renters in a competitive market. “With renters, we have to resell ourselves every year because every year people can choose to leave. We’re not trying to rent an apartment. We’re trying to rent a lifestyle.”

With the increase in new Chicago Apartments as well as the increase in demand and potentially rental rates as well, anyone interested in leasing a unit may want to do so sooner as opposed to later.

[tags]Alta at K Station, Downtown Chicago Apartments, Chicago Real Estate[/tags]

June 10, 2010 – A few posts ago we told you about the top fourteen Chicago real estate developments in terms of highest number of sales from the last quarter of 2009 to the first quarter of this year (2010). The Metropolitan Tower, located on 310 South Michigan Avenue, came in sixth place with 23 sales.

This project also won the 2009 Chicago landmark Award for Preservation Excellence. This award is given to projects that have made significant improvements to Chicago Landmarks or buildings in the Landmark District.

Prices on the remaining one to three bedroom Chicago condos at Metropolitan Tower were cut anywhere from about 17% to 34% back in January and that generated some sales activity. Right now the project’s site is still advertising final closeout prices and says to, Make us an offer on Chicago’s best views before they’re gone.”

Unit #1213 is listed as a two bedroom, two bath model that was priced at $649,900 and is now listed for $449,900.

Unit #2203 is a two bedroom, two bath penthouse that had been listed for $769,900 and is now lowered to $464,900.

Unit #1000 is a three bedroom, three bath with NE corner view. The old price was $1,249,000 and the condo is now listed for $924,900.

Unit #702 is a three bedroom, 2.5 bath with a lake view. It was previously priced at $899,900 but is now listed for a reduced price of $599,900.

Parking spaces have also been cut from $57,900 down to $35,000.

You can check out some other Downtown Chicago Condos that are for sale right now and see how they compare to what is left at Metropolitan Tower.

[tags]Metropolitan Tower, Downtown Chicago Condos, Chicago Real Estate[/tags]

June 9, 2010 – Chicago Apartments are still big news, and one of the larger new rental Chicago real estate developments recently opened the amenities floor for its residents. On June 7th, Jupiter Realty Company’s 215 West Apartments welcomed its residents to the 14th floor amenity level, according to a PRNewswire press release.

The amenities floor has what the article describes as, “a unique combination of state-of-the-art technology and eco-friendly finishes for residents to enjoy.” Those include a landscaped green rooftop with grilling areas, pool and garden, a lounge with Wi-Fi, fitness club with steam and massage rooms, movie room, business center, library with fireplace, clubroom with billiards, iPod docking and HDTV, party room with attached kitchen and a free tea and coffee station.

The building’s models are also located on this floor, so potential renters can tour everything on one level.

The 50 story 215 West is located on 215 West Washington Street and has a total of 389 studio to three bedroom units. This development’s claim to fame is that it is the first residential high-rise constructed in the Loop in the past 15 years. If all goes according to plan, it will also be one of the first to receive LEED certification. The apartments at 215 West have rents ranging anywhere from $1,258 to $4,567 per month.

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

June 8, 2010 – A little more information about Lexington Park came out recently. Last week, ownership of the South Loop Chicago real estate development reverted back to its lender in a deed-in-lieu of foreclosure transaction with ST Residential and the Chieftain Group. Now a recent article in the Chicago Journal states that ST Residential intends to finish the development, although whether they rent the Chicago condos at Lexington Park or sell them is yet to be determined.

A representative of ST was quoted in the article as saying that, “Like many properties across the country, development at Lexington Park was severely impacted by the real estate market downturn. Given that unfortunate reality, ST Residential concluded that it was in everyone’s best interest to take control of the project. ST intends to complete construction essentially as planned, with a variety of design enhancements under consideration.”

There are only three units that have have closed in the seven story loft building, according to the article. The loft low-rise and the 35 story tower have a combined total of 297 units.

When asked about what she thought was the downfall for the project, former Vice president of the Chicago branch of Chieftain Britta Rivera told the Journal that, “The models were done. The lobby was done. We were 98 percent done — the outdoor landscaping was done. People could see the final product, but the pricing was too high. It was kind of a Catch 22.”

She also stated that since the failed and federlly seized lender Corus held the $84 million construction loan, she was unale to lower prices and buyers who had signed contracts couldn’t close in time to get the $8,000 first time homebuyer tax credit.

Unless you are one of the buyers left in limbo at Lexington Park, or perhaps even if you are, you may want to see what other Chicago lofts are available in the South Loop right now.

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

June 7, 2010 – We haven’t heard a lot about the Columbian since Fidelity Investments Bank too control of the tower back in February after Chicago real estate developer Allison Davis was unable to pay back a $29 million loan. Crain’s had reported then that Appraisal Research Counselors said there were around 156 of the 220 Chicago condos in the tower under contract and that prices were running from $279,900 to $2.3 million.

Those prices have since been reduced. One bedroom condos in the 46 story Columbian on 1160 South Michigan Avenue now start in the $240,000s. For the remaining two bedroom units you can expect to pay from the $390,000s. Three bedroom condos in the tower are starting in the $690,000s and penthouse units are listed from the $790,000s. Buyers also get a free parking space with the purchase of a condo at the Columbian.

The one to three bedroom units range in size from abot 760 to 3,690 square feet and come with hardwood flooring, stainless steel appliances, granite counter tops, stone baths and oversized windows. Building amenities include a 24 door person, party room, rooftop sundeck and fitness center.

Be sure to check back with us here for updates about price reductions at Chicago real estate developments.

[tags]The Columbian, Chicago Condos, Chicago Real Estate[/tags]

June 4, 2010 – About three weeks ago, Chicago real esate developer Magellan announced that the Radisson Blu Hotel would be purchasing 18 floors of the 82 story Aqua and opening a 334 room hotel by fall of 2011. That was good news for not only the developer, but for buyers of the Chicago condos in the tower. But apparently not evrey buyer is happy with their purchase at Aqua. Crain’s is reporting that a couple who bought a unit are now suing to try and have their contract voided and get their deposit back.

According to the article, Melissa and Arman Sarkisian made a purchase agreement with Magellan for a three bedroom condo on floor 67 and put $10,000 down on it in April of 2008. They now want out of the agreement and the earnest money returned to them because they claim the “spectacular views” they were guaranteed are no longer there.

The alleged loss of these spectacular views is due to the fact that the Blue Cross Blue Shield tower is now taller. When the contract for the unit was made, the views weren’t obstructed by the now 57 story Blue Cross high-rise. The article points out that the Blue Cross building is located on 300 East Randolph Street, which is around a half a mile south of Aqua, which is lcoated on 225 North Columbus Drive.

It will be interesting to see if a judge will actually release these buyers from the sales contract due to loss of view from the condo. Although it may be a valid complaint, it could also open the door for other buyers in other towers to file suits and establish a precedent. Around 82% of the 262 Chicago condos at Aqua are under contract, but there are only just about 40% of those that have closed so far.

There are still a few condos for sale at Aqua that have great views if you’re interested. There are also lots of Downtown Chicago Condos with some impressive views as well.

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