August 31, 2010 – It looks as though some Chicago real estate developers still have more confidence in the rental market than in selling market rate Chicago condos. According to a recent Crain’s article, RMK Management Corporation is planning to construct a new 44 story rental tower on 73 East Lake Street. The high-rise will have 321 units and cost around $120 to build. Locking in a construction loan is probably the biggest challenge for the developers, but if they can they expect to start work on the tower next year and finish in 2013.

Tony Rossi, who is president of RMK, is motivated by the success of the River North rental tower his company recently completed. The 21 story Parc Huron with its 221 apartments on 469 West Huron Street started welcoming renters in June and is about 60% leased at this point. According to the article, monthly rental rates at the Parc Huron are up around 5% more than the developers had estimated.

“The leasing pace has been really good,” Mr. Rossi was quoted as saying about the Parc Huron. “I don’t want to uncross my fingers, but we’re pretty happy right now.”

The Parc Huron is the first downtown Chicago rental tower to score a Gold LEED certification. Finishes on the one to three bedroom apartments include hardwood floors, floor-to-ceiling windows, 9.5 foot ceilings, stainless steel appliances, granite kitchen counter tops and bath vanity tops, wood cabinets and private balconies.

Leasing rates as advertised by RMK are listed below. You can also print off a coupon from the development site and get $100 off your first month’s rent.

1BR/1Bath/614 Sq Ft/ $1,840 – $2,295
1BR/1Bath/729 Sq Ft/ $2,130 – $2,585
1BR/1Bath/770 Sq Ft/ $2,235 – $2,690
1BR/1Bath/790 sq ft/ $2,238 – $2,715
1BR/1Bath/825 sq ft/ $2,265 – $2,720
1BR/1Bath/868 sq ft/ $2,370 – $2,825
1BR/1Bath/877 sq ft/ $2,370 – $2,850
2BR/2Bath/1,120 sq ft/ $3,055 – $3,510
2BR/2Bath/1,100 sq ft/ $2,980 – $3,435
2BR/2Bath/1,274 sq ft/ $3,115 – $3,570
2BR/2Bath/1,318 sq ft/ $3,400 – $3,855
3BR/2Bath/1,443 sq ft/ $3,605 – $4,055

If you’re looking to rent instead of buy, there are lots of Chicago Apartments available right now.

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

August 30, 2010 – Since we’ve been talking about some of the units still available and prices of Chicago lofts, we thought we’d mention another Chicago real estate development that falls into that category. The Lofts at 1800 is a 91 unit building on West Grace that still has quite a few condos left for sale. Deliveries began late last year and the last figures released by the developer The Kopley Group put the number of sales somewhere between 60% and 70%.

There are one, two and three bedroom units at the Lofts at 1800. One bedroom lofts are priced from $259,900. Two bedroom condo lofts start at $304,500. The remaining unsold duplex lofts are priced from $439,500.

There are more than 40 floorplans with either timber, concrete or duplex lofts. Kitchens come with Bosch stainless steel appliances, granite counter tops and double bowl stianless steel sinks. Baths have granite vanity tops, marble or porcelain tile and surround and Whirlpool tubs. The lofts also have a Whirlpool washer a dryer, floor-to-ceiling-windows, hardwood flooring, ceilings up to 15′ high and a balcony, terrace or patio.

Building amenities include a 24 hour doorman, fitness center and a rooftop sun deck.

The Lofts at 1800 was a runner up for the Best in Class Bruce Abrams award given yearly by the Chicago Association of Realtors this past spring. And you can compare other Chicago lofts with the ones at 1800 to find the best deals.

[tags]Lofts at 1800, Chicago Lofts, Chicago Real Estate[/tags]

August 28, 2010 – For those of you who might be interested in buying one of the remaining unsold Chicago condos at Aqua but haven’t had time to stop at the sales center, you can now check them out via your cell phone. A new marketing campaign for the Chicago real estate development has been launched and prospective buyers can use their smartphone to scan a barcode that is being displayed on a ground level window of the 82 story Lakeshore East high-rise.

The window ad states that you can text the word smartcode to number 313131 to download the application needed to scan the barcode on Aqua’s window if you have a Blackberry, iphone, Andriod or almost any other camera cell phone. Then you can view condo information, amenities, selling points and many other features of Aqua from your phone. It’s sort of like a virtual sales center.

If you are interested in Aqua condos and thought they were nearly sold out, there may be more available than you think. The 264 unit were said by Magellan Development to be about 82% sold, but there have been more condos listed lately from the developer. There are also quite a few investors listing units for sale. Prices on the studio to three bedroom condos are running anywhere from the high $200,000s to almost $2 million.

And remember that while they may not have a barcode to scan, there are lots of other New Chicago Condos for sale.

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

August 27, 2010 – Enough unhappy buyers have come forward to verify that Starwood Capital and ST Residential do not intend to honor the contracts for the Chicago condos that were pre-sold at Lexington Park. Earlier reports that deposits will not be returned in full have also been confirmed, as buyers who had an email contact on file with the companies were notified of the decision and told they have 30 days to agree to the terms and basically keep quiet about the whole deal.

Starwood and ST have stated that they will return the deposits with interest but minus 5%. The deduction was being called an administrative fee and now is tagged as a processing fee. Either way, it’s doubtful that the interest will cover the fee. Even if it does, buyers have lost a lot of time waiting on this financially troubled Chicago real estate development as well as lost out on the $8,000 tax credit.

It will be interesting to see how many buyers take the money and move on or if any decide to take legal action to get all of their earnest money refunded. If there was no drop dead clause in the sales contracts, it may be difficult to do. Generally developers are legally bound to deliver a home within a reasonable amount of time even if it isn’t specifically stated in the contract or the buyer has a right to cancel and request the return of his or her deposit.

The Lexington Park drama may continue for some time and is a reminder for buyers that the housing market still hasn’t recovered. But the bright side of that is that buyers can find some good deals on prices of Chicago short sales.

[tags]Lexington Park, Chicago Short Sales, Chicago Real Estate[/tags]

August 26, 2010 – Even though Prairie District Lofts is a sell-out for the developer, there are still several units for sale in this South Loop Chicago real estate project. Along with the units at Chess Lofts that we talked about yesterday, Weichert Realtors, Frankel & Giles is marketing quite a few Priairie District Loft condos as well. This development is located on 1727 South Indiana Avenue in the historic Prairie District neighborhood, as the name of course implies. And for buyers who want traditional loft features, these condos may well be perfect.

The units have high ceilings, up to 20 feet, along with lots of brick and exposed timber and ductwork. Kitchens come with 1.25″ granite counter tops, 42″ cabinets and a stainless steel appliance package. The lofts have hardwood floors, oversized windows, a washer/dryer hook-up and balcony or deck. Building amenities include a fitness room, bike storage room and rooftop sun deck.

Some of the Chicago condos currently up for sale at Prairie District Lofts include the ones listed below.

1 Bed/1.1 Baths/ 1211 Sq. Ft./ $233,800
1 Bed/1.1 Baths/ 1211 Sq. Ft./ $233,800
1 Bed/1.1 Baths/ 1211 Sq. Ft./ $233,800
1 Bed/1 Bath/ 1579 Sq. Ft./ $262,800
2 Beds/2 Baths/ 1501 Sq. Ft./ $324,800
2 Beds/2 Baths/ 1822 Sq. Ft./ $355,000
2 Beds/1 Bath/ 983 Sq. Ft./ $229,800
3 Beds/4 Baths/ 2026 Sq. Ft./ $499,900
3 Beds/2 Baths/ 1537 Sq. Ft./ $339,800

There are other great Chicago lofts for sale right now as well, so be sure to shop around to find the best prices, amenities and condo finishes.

[tags]Prairie District Lofts, Chicago Lofts, Chicago Real Estate[/tags]

August 25, 2010 – Chicago real estate marketing firm Weichert Realtors, Frankel & Giles is still advertising price reductions at Chess Lofts, located on 320 East 21st Street in the South Loop. According to recent press releases and ads, prices on several of the remaining unsold Chicago condos in this eight story renovated loft development have been cut by as much as 50%. Many of them also come with upgrades and all are available for immediate move-in right now.

According to the ads, the one and two bedroom condos at Chess Lofts are being sold from $189,900 to $319,000. Indoor parking is $35,000. The lofts feature hardwood flooring, 12′ to 18′ ceilings and a washer/dryer hook-up. The kitchens have stainless steel appliances, granite counter tops and maple cabinets. The baths are upgraded as well with stone tile. Common building perks include a rooftop sun deck with landscaping and BBQ area, dog run, fitness center and bicycle storage space.

Below are a few of the units listed for sale at Chess Lofts.

1 Bed/1Bath/ 856 Sq. Ft./ $174,900
1 Bed/1Bath/ 943 Sq. Ft./ $189,900
1 Bed/1Bath/ 950 Sq. Ft./ $189,900
2 Beds/2Baths / 1144 Sq. Ft./ $309,900
2 Beds/2Baths/ 1042 Sq. Ft./ $239,900
2 Beds/2Baths/ 1027 Sq. Ft./ $239,900
2 Beds/2Baths/ 1168 Sq. Ft./ $239,900
2 Beds/2Baths/ 1054 Sq. Ft./ $234,900

The sales center at Chess Lofts is open only by appointment from noon to 5pm on Saturdays and Sundays, so you need to call ahead. You can also view some other Chicago lofts for sale while you’re out and about this weekend.

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

August 24, 2010 – It was only a couple of weeks ago that the National Association of Realtors reported that second quarter 2010 sales of Chicago area condos and single-family homes increased about 35% over the same three months last year. Then we got some more specific numbers that showed sales of downtown Chicago condos and townhomes dropped during the second quarter of this year as compared to last. Now the IAR’s latest report states that July sales of Chicago area condos and single-family homes declined by 25% as compared to the same month last year. This is the first drop in monthly year-over-year sales numbers in a year.

In a recent Crain’s article the IAR numbers showed that there were 5,561 Chicago area condos and single-family homes sold in July 2010 which was down from the 7,427 that sold in July of 2009. The numbers reflect sales of both new construction units and already existing homes.

For in-town Chicago, the drop was less but there was still a decline. For July 2010 there were
1,589 units sold which was a 19.5% decline from the 1,975 units that sold in-town Chicago in July of 2009. That drop in sales for in-town Chicago condos and single-family homes put the breaks on a 10 month run of year-over-year increased home sales.

The median price in July for Chicago area condos and single-family homes also declined by 9.6% to $193,000. The median price last July was $213,500.

The median price for in-town Chicago condos and single-family homes took a harder fall of almost 20% in July 2010, bringing it down to $196,500. The median price in July 2009 for in-town Chicago condos and single-family homes was $245,000.

Chicago still fared better than the state overall, as Illinois home sales tumbled almost 30% in July 2010 over July 2009.

Most analysts claim that the continued high unemployment rate coupled with the end of the $8,000 first-time home buyer tax credit and the $6,500 repeat buyer credit are likely to blame for the sudden decrease in sales of Chicago homes. That decline could continue and prompt Chicago real estate developers to cut prices later this fall.

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

August 23, 2010 – With last week’s news that Lincoln Park 2520 now has construction financing in place and should start delivering in early 2012 and be completed by summer 2012, most would consider it a positive sign for the Chicago real estate market. So far Lincoln Park is the only major development set to deliver in 2012, with the next closest being the Ritz-Carlton Residences with 86 luxury Chicago condos in 2011. But a recent article in the Tribune points out that the latest report from Appraisal Research Counselors notes that 25% off all downtown Chicago condo projects experienced contract walk-away (negative sales) from April through June of this year and 21% of them made no new sales at all during that time. Adding another 229 units to the mix could have mixed results.

As far as the amount of unsold new construction Chicago condos and townhomes on the market right now, ARC reports that the number is the sames as it was in 2000. There are over 2,200 condos and townhomes newly constructed and unsold right now and 550 that are still being built but haven’t yet sold. The article states that an important difference between now and 2000 is that in 2000 the unsold units were only on paper and now they are already built.

ARC vice president Gail Lissner was quoted in the Tribune article as saying that, “There’s just not a lot pushing people to buy right now. The surge was last quarter. I think the developers were really sitting back (in the second) quarter and seeing how it played out.”

Second quarter 2010 sales data from ARC showed that there 150 condos and townhomes were either under contract or closed. The number was higher in the first quarter of 2010 with 256 sold or closed and 313 sold or closed in the last quarter of 2009.

But the bright spot is that there were 406 Chicago condos and townhomes either contracted or closed during the first six months of 2010. There were only 572 sold during all of last year (2009).

With so many Chicago homes for sale, developers may start heating up the competition with price reductions or incentives to entice buyers so sales won’t cool down this fall.

[tags]Chicago Homes For Sale, Chicago Condos, Chicago Real Estate[/tags]

August 21, 2010 – Here is a little more information about the new Chicago real estate development that broke ground in Lincoln Park. As we told you in the last post, Row 2750 from LG Development Group will have two duplex Chicago condos and nine row homes.

According to the press release in the Tribune, interior finishes for the Chicago condos and row homes at Row 2750 will include 10′ high ceilings, hardwood floors, walk-in closets, a wood burning fireplace with gas starter and stone hearth in both the family room and master bedroom, built-in bookcases, wiring for high-speed Internet, cable and surround sound plus a security system.

Kitchens will come with stainless steel appliances by Wolf, Miele and Sub-Zero, a prep island, custom cabinets and lighting, oversized sink and granite counter tops and glass, tile or stone backsplash. In some of the units buyers can opt to have a private rooftop terrace, wine cellar or spa bath installed.

The master bath will feature a delux steam shower, Thermo-Masseur air-jet tub, double vanity sinks and granite, marble or vanity counter tops.

The eleven individual units at Row 2750 are being advertised by the developer as listed below.

Unit#1 / 4BR/4Bath / 3,982 sq ft / $1,349,000 / for sale
Unit#2 / 4BR/4Bath / 3,472 sq ft / $1,199,000 / for sale
Unit#3 / 2BR/2Bath / 1,791 sq ft / $699,000 / under contract
Unit#4 / 3BR/3Bath / 2,972 sq ft / $999,000 / for sale
Unit#5 / 4BR/4Bath / 3,472 sq ft / $1,199,000 / under contract
Unit#6 / 4BR/4Bath / 3,982 sq ft / $1,349,000 / for sale
Unit#7 / 4BR/4Bath / 3,982 sq ft / $1,399,000 / for sale
Unit#8 / 4BR/4Bath / 3,742 sq ft / $1,299,000 / for sale
Unit#9 / 4BR/5Bath / 4,008 sq ft / $1,399,000 / for sale
Unit#10 / 4BR/4Bath / 3,472 sq ft / $1,299,000 / for sale
Unit#11 / 4BR/4Bath / 3,982 sq ft / $1,399,000 / under contract

You can compare Row 2750 with other Chicago Townhomes and see which ones offer the most for your money.

[tags]Row 2750, Chicago Townhomes, Chicago Real Estate Listings[/tags]

August 20, 2010 – It looks as though Lincoln Park 2520 isn’t going to be the only Chicago real estate development going up on Lakewood Avenue. Ground was recently broken on another new project, Row 2750. When completed, it will have nine row homes and two duplex condominiums, according to a Tribune article. Row 2750 is an LG Development Group project and designed by Hartshorne Plunkard Architecture.

According to the article, these Chicago condos and townhomes will size up from 1,890 to 4,100 square feet and range in price from $699,000 to $1.499 million. The residences have floor plans with two to five bedrooms and two to five baths, with eight of the eleven homes having four bedrooms and four baths. There is one unit with four bedrooms and five baths along with one two bedroom, two bath condo and one three bedroom, three bath unit. Buyers can opt for an attached one to three car garage as well.

Tomorrow we will list the eleven townhomes and condos being built at Row 2750 in more detail and tell you which ones have already sold. If you can’t wait for Row 2750 to be completed, then you can always check the Chicago real estate listings and see what’s available for move-in right now.

[tags]Row 2750, Chicago Condos, Chicago Real Estate Listings[/tags]