July 31, 2010 – Back in February The Columbian was taken over by Fidelity Investments Bank and and Chicago real estate developer Allison Davis lost control of the 46 story high-rise. As is usually the case with foreclosures, the remaining unsold Chicago condos are marketed with some hefty price cuts. About 71% of the 220 units in The Columbian were sold, and now “newly reduced pricing” is being advertised for the rest of the condos. A free parking space is also included with the purchase price. The development’s site lists the units and pricing as follows
below.

1 BR/1 Bath / Unit #906 / 760 sq. ft.
Was $329,900 Now $249,900 / Reduced by $80,000

1 BR/1 Bath / Unit #2804 / 846 sq. ft.
Was $425,900 Now $299,900 / Reduced by $126,000

2 BR/2 Bath / Unit #1802 / 1232 sq. ft.
Was $504,900 Now $399,900 / Reduced by $105,000

2 BR/2 Bath / Unit #1303 / 1485 sq. ft.
Was $550,900 Now $449,900 / Reduced by $101,000

2 BR/2 Bath / Unit #2305 / 1479 sq. ft.
Was $619,900 Now $524,900 / Reduced by $95,000

2 BR/2 Bath / Unit #3503 / 1511 sq. ft.
Was $695,900 Now $599,900 / Reduced by $96,000

2 BR/2.5 Bath / Unit #2601 / 1571 sq. ft.
Was $819,900 Now $634,900 / Reduced by $185,000

3 BR/2.5 Bath / Unit #3107 / 1929 sq. ft.
Was $1,090,000 Now $749,900 / Reduced by $340,100

3 BR/3 Bath / Unit #3401 / 2460 sq. ft.
Was $1,139,500 Now $949,900 / Reduced by $189,600

There are also several other Downtown Chicago Condos that are being marketed at reduced prices, so be sure to compare them to see which ones offer the most for
the money.

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

July 30, 2010 – It’s been quite a while since we posted anything about 757 Orleans so we thought we’d revisit that Chicago real estate development and see what might be new there. As it turnes out though, there isn’t a whole lot that has changed at 757 Orleans. Price cuts on the unsold Chicago condos in the tower were advertised back in April, and the last sales data that was released then put the number of contracted units at just under 70 out of a total of 198 in the tower.

That being said, even with a few more sales in the pocket, there should be plenty of condos left to pick from at 757 Orleans if you’re interested. The Gammonley Group is the developer and original prices on the studios and one to two bedroom condos started in the $240,000s. The price cuts knocked off as much as $125,000. With those price cuts, the studios then started from $187,000 and one bedroom condos from $287,000. The two bedroom units were also lowered and priced from $387,000.

Kitchens at 757 Orleans come with maple or oak cabinets, granite counter tops and backsplash, stainless steel appliances, double bowl stainless steel sinks and hardwood flooring. Baths feature 12 inch ceramic tile floors and tub/shower surround, maple or oak vanity cabinets, marble vanity top, soaker tub, dressing mirror and theatrical lighting. The condos also have 9 foot high ceilings, oak hardwood flooring, designer lighting, carpeted bedrooms, washer/dryer hook-up, a balcony or terrace and vinyl-clad wire shelving in the closets.

The open house days and hours for 757 Orleans are listed as Monday, Tuesday, Friday and Saturday from 10am to 5pm and on Sundays from 12pm to 5pm.

If the price cuts at this development aren’t enough to convince you to buy, you may want to watch for deals on Chicago short sales.

[tags]757 Orleans, Chicago Short Sales, Chicago Real Estate[/tags]

July 29, 2010 – Another new rental Chicago real estate project is in the planning stage for River North. This time it’s a 49 story tower that would have 427 rental units and around 4,500 square feet of retail space located on the southeast corner of Clark and Hubbard Streets, according to a recent Crain’s article. AMLI Residential Partners and developer Albert Friedman are proposing the tower.

Construction on this planned high-rise is expected to start sometime next year with a completion date of 2013. However, Stephen C. Ross, who is executive VP of development for AMLI, said in the article that the construction schedule depends on the housing market.

Currently the new 11 story Greenway Self Park Garage is a short distance to the north of the planned tower and owned by Mr. Freidman. The article stated that residents of this new tower would be able to use the amenities that are to be located on top of the garage. Those include a landscaped deck, swimming pool, dog run and jogging path.

This planned tower would be the second in Chicago for the development company. The AMLI 900 tower, located on 900 South Clark Street and completed in 2008, is the first. That 440 unit apartment high-rise is completely rented, as stated by Mr. Ross in the article.

Besides all of the Chicago apartments that are available, there are also lots of Chicago Condos being offered for rent and on lease-to-own deals, so keep that in mind as well.

[tags]AMLI 900, Chicago Condos, Chicago Real Estate[/tags]

July 28, 2010 – Even though there are record numbers of both Chicago condos for lease as well as new construction Chicago apartments hitting the market, the demand for rental units seems to be holding steady. Alta at K Station, a project of Chicago real estate developer Fifield Cos., opened the 37 story west tower this March and the 41 story east tower this month, according to an article in GlobeSt. The west tower is already 60% leased and a total of around 350 apartments in all have been rented in both towers.

There are 848 studio to three bedroom apartments in the two rental towers and according to the article, nearly 30 lease contracts have been signed per week for several weeks now. Rental rates had been listed around $1,295 to $3,100 per month.

Once again it seems to be the amenities package that is drawing renters to this project. The 32,000 square foot Club K has a fitness center, full gym, movie room that seats 24, party room, cafe, Olympic-sized outdoor pool, sun deck and cabanas. The towers also have a lounge, business room and 700 parking space garage.

Fifield Senior VP Alan Schachtman was quoted in the article as saying that, “We’re not seeing much, if any, push-back on rental rates, there seems to be plenty of people willing to lease. There’s just not a ton of product like this out there.”

With so many Chicago Apartments like Alta at Ka Station for rent right now at competitive rates, you should really shop around before you sign a lease to make certain you get the best deal available.

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

July 27, 2010 – Another Chicago real estate development that offers its residents spa-like amenities is Walton on the Park, located on 2 West Delaware Street. This building started making first deliveries last month and according to a recent Tribune article, the 201 Chicago condos in it are around 50% sold and occupied. Enterprise Companies director of sales Ralph Olivia was quoted as saying that, “Developers used to get away with an exercise room and small TV. Now it’s grand space, which is being demanded by buyers.”

The spa at Walton on the Park sits on floor seven and boasts an outdoor swimming pool along with lots of lush greenery on the deck, a fireplace and whirlpool plus tables and chairs in the grilling area. There is also a fitness center, shower rooms and sauna.

Since there are still around 100 Chicago condos for sale at Walton on the Park, buyers have a good variety of units to pick from at this point. There are quite a few one bedroom condos with from 920 to 965 square feet of living space that are priced from $450,000.

The remaining two bedroom condos have from 1,275 to 1,520 square feet and are priced from the $540,000s.

Three bedroom condos size up from 1,410 to 2,130 square feet and are listed from the $540,000s.

The remaining three and four bedroom penthouse units measure anywhere from 2,335 to 3,400 square feet and start at about $1.3 million.

You can compare the units at Walton on the Park to other luxury Chicago condos and see how the amenities and prices stack up before you visit the sales centers.

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

July 26, 2010 – With so much competition for buyers between Chicago real estate projects, developers will do whatever they can to make their building stand out and seem like the best deal. Price cuts and incentives can only go so far though, because if the Chicago condos a developer is trying to sell don’t compare well with the others in the same bracket on the market, a buyer won’t buy it. A recent Tribune article stated that amenities at condo spas are one thing that still attract some buyers, so we’ll highlight a few developments that fit the bill.

Astoria Tower, which has advertised price cuts for some time, has studios that start in the $160,000s. There are 248 condos at Astoria Tower and 58 are under contract with 40 closed and occupied, according to the article.

This 30 story South Loop tower features a $3 million, 12,000 square foot spa center on floor ten. This amenity level has landscaped terrace that measures over 1,900 square feet, along with floor-to-ceiling windows for some great lake and city views with residents relax or work out. There is a fitness center, pool, hot tub, steam room, sauna, yoga room, massage room, nail salon, separate men’s and women’s locker rooms, barber shop and hair salon.

There is also a library on floor six, game room on floor eight and golf center with putting green on floor nine, according to the article.

Tomorrow we’ll profile another Chicago real estate development that offers its residents spa-like amenities.

[tags]Astoria Tower, Chicago Condos, Chicago Real Estate[/tags]

July 24, 2010 – There was some good news about Chicago real estate from the Illinois Association of Realtors. Sales of Chicago area condos and single-family homes have increased for 12 months in a row now, according to new data released from the IAR. June 2010 sales of Chicago condos and single-family homes were up over 27.2% from June 2009 sales. That translates to 9,085 homes sold last month compared to 7,140 homes sold in June of last year, as reported in a recent Crain’s article.

Numbers for just in town Chicago were similar with a 27.5% increase in sales of Chicago condos and single-family homes this June compared to the same month last year. There were 2,526 homes sold in town Chicago this June compared to 1,981 homes sold last June. That marked the 10 months in a row of incresed year-over-year sales for in town, according to the article.

However, the median price for Chicago area condos and single-family homes fell by 1.2% his June compared to June of 2009. The June 2009 median price was $210,000 compared to $207,500 for June 2010.

The median price for in town Chicago also dropped by 3.2% to $234,250. The median price in town Chicago during June of last year was $242,050.

The Sun Times quoted director of Regional Economics Applications Laboratory at the University of Illinois Geoffrey Hewings as saying that he predicts double digit sales increases for the Chicago area through September. But he believes prices on Chicago condos and single-family homes won’t increase much. He told the Sun that he thinks there will be only, “slight upward movement in Illinois in July and August, followed by little or no change in September. In the Chicago region, the changes continue to trend down in the 1 to 5 percent range.”

No matter who makes predictions on prices of Chicago condos, you can get the latest information about price cuts by checking back here and by using the Chicago MLS search.

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

July 23, 2010 – A few posts ago we told you about the two day weekend sale at Library Tower. As we so many limited time offers at Chicago real estate developments, this two day sale looks as though it has been extended, judging from the ad on the tower’s website.

The so-called 48 hour super summer sale has now been extended to July 25th, so we’ll do a quick refresher course on what deals Lennar is offering on the remaining Chicago condos at this 18 story high-rise.

There are just three one bedroom condos left for sale from the developer at Library Tower and those units are now priced from $259,990. The remaining two bedroom condos are priced from $339,990. For the three bedroom units that are still available, you can expect to pay from $499,990. All of the condos are ready for occupancy and the tower is FHA approved.

A free washer and dryer plus refrigerator is also part of the deal, along with as much as $2,500 back in closing costs.

Perks for residents at Library Tower include a private park, rooftop sun deck, fitness center, movie room, business center, 24 hour doorman, bike room and gathering room.

You can check out the furnished models at the tower, which is located on 520 South State Street, on Monday through Saturday from 10am to 6pm and Sundays from 12pm to 6pm.

The condos at Library Tower are loft-like in design, but if you’re a purist, you can find plenty of true Chicago lofts for sale right now as well.

[tags]Library Tower, New Chicago Lofts, Chicago Real Estate[/tags]

July 22, 2010 – Since we’ve been talking about Chicago townhomes, we can’t leave out the nine new parkhomes at the base of Aqua. According to a recent press release from Chicago real estate developer Magellan and Studio Gang Architects, you can now tour one of the parkhomes and see for yourself what they’re like on the inside.

Architect Jeanne Gang designed this model that is open for viewing, and the interiors of the parkhomes were furnished by Florense, which is a green furniture and cabinet manufacturer from Brazil who recycles 100% of their waste products, according to the press release.

All nine of the parkhomes at the base of Aqua are three story buildings with three bedrooms, three baths, 3,226 square feet and a two car garage. Prices start at $1.6 million.

One of the great perks about living in one of these parkhomes is that you woule have access to Aqua’s 80,000 square foot amenity sundeck that features a hot tub, swimming pool, yoga terrace, fire pit, grilling areas, running track, gazebos, cabanas, gardens and WiFi access. There is also a 27,000 square foot indoor area with a fitness center, pool, hot tub, spa, sauna, sky garden lounge, media room, business center, basketball court, group exercise studio, movie theater, billiards and game room plus party room with kitchens..

These Aqua parkhomes would be a great home for someone who appreciates having a lot of living space and easy access to so many recreational options. But if you don’t need that many amenities, you can also find quite a few New Chicago Condos that are pretty spacious as well.

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

July 21, 2010 – We’ve mentioned Union Row a few times lately. One post was about Union row being one of the top fifteen best-selling Chicago real estate developments so far this year and one was about the 30% price reductions that Belgravia has had in place there. We thought we’d let you know that the last two town homes there are under contract now.

But even though Union Row may be sold out, there are quite a few townhomes for sale at the 40 unit Church Street Village in Evanston. There are two bedroom, 2.5 bath plus den units with about 2,031 square feet that start at $325,000. There are also three bedroom, 2.5 bath plus den townhomes with about 2,126 square feet that are priced from $399,000.

All of the Church Street Station townhomes come with an attached two car garage, 9 foot high ceilings, stainless steel appliances, granite counter tops, 42 inch kitchen cabinets, hardwood flooring, outdoor green space, brick exteriors and geothermal heating and cooling systems.The development is pet-friendly and also FHA approved.

If you’re interested in living in downtown Chicago though, there are plenty of other Chicago Townhomes for sale.

[tags]Church Street Station, Chicago Townhomes, Chicago Real Estate[/tags]