September 30, 2010 – Back in March, Chicago real estate developers the Gammonley Group held an auction for several units at Prairie Point at Central Station. Tha auction resulted in several sales, with eleven of the thirteen Chicago condos up for bid actually selling. Those units sold for anywhere from about $192,500 to $295,000.

Right now the development site states that there are only eleven more lofts left for sale, so buyers who missed the auction but are still interested may want to check out the model and sales center. There are also several units on the market from investors. Buyers can find one to three bedroom lofts from both the developer and investors priced anywhere from the $170,000s to the high $800,000s.

Finishes in these lofts consist of nine to ten foot high ceilings, a balcony or terrace, washer and dryer hook-up, hardwood floors in the common areas, ceramic tile floor and surround in the baths and carpeted bedrooms. The units also have a gas fireplace with a marble hearth, stainless steel kitchen appliances, granite counter tops, marble vanity tops, double bowl stainless steel sink and 42 inch upper kitchen cabinets. Each lofts is also pre-wired for cable and phones.

Building amenities include a 24 hour doorman, fitness center, party room, business conference room, sundeck with whirlpool, adjacent park with a dog run and dry cleaning and valet service.

Be sure to check back here for more details about other great Chicago lofts for sale.

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

September 29, 2010 – September is almost over, but there might still be enough time to cash in on some incentives we just found out about at one Chicago real estate development. American Invsco is offering several perks at to buyers who buy one of the remaining Chicago condos at 200 North Dearborn before this month is over. This developer has been known to extend so-called limited time sales past the end date, but if you’re interested you may want to get to the sales center in the next couple of days to be sure.

Buyers who do make a purchase in September will get one year of free parking or a zip car, one year free Peapod delivery, one year free laundry service or dry cleaning and one year free monthly house cleaning. Buyers will also get a year’s free guest parking, free season tickets for two to the Goodman Theater or Cadillac Theater and a free catered party for 25 guests in either the 200 North Dearborn Club Room or the Van Gogh Terrace.

These free services are based on what an average usage would be and cannot go above 3% of the purchase price of your condo.

Prices on the remaining convertibles start in the $170,000s. The one bedroom, one bath condos run from the $190,000s. For the two bedroom, two bath condos you can expect to pay from the $220,000s.

The sales office is open Monday through Friday from 10am to 10pm and Saturday and Sunday from 9am to 9pm.

You can compare the units at 200 North Dearborn with other Downtown Chicago Condos and see if the incentives are worth the price.

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

September 28, 2010 – The Clarovista, which was formerly known as The Granville,
still has quite a few Chicago condos for sale. Like a lot of other Chicago real estate developments, The Clarovista has had a few financial problems, but Jameson Real Estate is marketing the unsold units at some pretty heafty discounts. And although the development isn’t FHA approved, Jameson is also advertising special financing for as low as 3.5% down.

The Clarovista is located on 1134 West Granville in Edgewater and the all new brick building has a total of 160 units. Features include hardwood flooring, stackable washer and dryer, balconies, maple cabinets, GE stainless steel appliances, granite kitchen counter tops, marble top bath vanities and marble bath floors.

Some of the condos at The Clarovista being marketed by jameson are listed below.
Unit #702 / $175,000 / 2 beds / 1.1 baths
Unit #604 / $200,000 / 2 beds / 2 baths
Unit #703 / $200,000 / 2 beds / 2 baths
Unit #501 / $200,000 / 2 beds / 1 baths
Unit #717 / $225,000 / 2 beds / 2 baths
Unit #1117 / $245,000 / 2 beds / 2 baths
Unit #619 / $250,000 / 2 beds / 2 baths
Unit #505 / $275,000 / 2 beds / 2 baths

Remember that there are other developments with some pretty cheap Chicago condos if you don’t find what you need at The Clarovista.

[tags]The Clarovista, Cheap Chicago Condos, Chicago Real Estate[/tags]

September 27, 2010 – It’s been quite a few weeks since we checked up on Emerald, the two-tower eco-friendly Chicago real estate development on 123 Green Street. Senco, the developer, has made several sales so far this year, but there is still a pretty good selection of Chicago condos up for sale in both towers. The current incentive is a free indoor parking space in the heated garage that is valued at $35,000.

The condos come with floor-to-ceiling windows, Bamboo or hardwood floors, washer/dryer hook-up, a balcony, stainless steel or granite counter tops, stainless steel appliances and double bowl sink and 42 inch upper cabinets. The baths feature natural stone vanity tops plus stone tub and shower surround and floor tile. Bedrooms have wall-to-wall carpeting and vinyl clad wire closet shelving.

Building amenities include a shared two story atrium lobby for the two 12 story towers, business room with a fireplace and wireless Internet service, fitness center, great room with flatscreen television plus a private study. Club Emerald is available to resident for entertaining as well. The towers are pet-friendly, too.

The units listed as available on Senco’s price sheet are detailed below.
1 Bedroom / 1 Bath Condos
Unit #1107A / 765 sq. ft. / Price $276,800 / Assessment $266
Unit #1207B / 765 sq. ft. / Price $292,800 / Assessment $277
Unit #1202A / 765 sq. ft. / Price $296,800 / Assessment $273
1 Bedroom + Den / 1 Bath Condos
Unit #504A / 900 sq. ft. / Price $295,000 / Assessment$280
Unit #404A / 900 sq. ft. / Price $309,600 / Assessment $276
Unit #805A / 900 sq. ft. / Price $310,000 / Assessment $292
Unit #904B / 900 sq. ft. / Price $328,000 / Assessment $296
Unit #1005B / 900 sq. ft. / Price $330,400 / Assessment $301
Unit #904A / 900 sq. ft. / Price $331,200 / Assessment $296
Unit #304A / 900 sq. ft. / Price $331,200 / Assessment $307
Unit #305A / 900 sq. ft. / Price $336,800 / Assessment $307
Unit #1204B / 900 sq. ft. / Price $374,400 / Assessment $320
Unit #1205B / 900 sq. ft. / Price $376,800 / Assessment $320
2 Bedroom / 2 Bath Condos
1201A / 1,250 sq. ft. / Price $404,800 / Assessment $391
406A / 1,300 sq. ft. / Price $429,600 / Assessment $376
606B / 1,300 sq. ft. / Price $451,200 / Assessment $380
906B / 1,300 sq. ft. / Price $454,400 / Assessment $392
806A / 1,300 sq. ft. / Price $462,400 / Assessment $392

If you don’t find what you want at Emerald, there are other eco-friendly and pet-friendly condos in Chicago.

[tags]Emerald, Condos In Chicago, Chicago Real Estate[/tags]

September 25, 2010 – Chicago real estate developer Magellan is on the verge of selling a 75% steak in the rental portion of Aqua to Texas-based real estate investment trust (REIT). The company, Behringer Harvard Multifamily REIT I Inc., already bought Burnham Pointe this past June. They paid $88 million for the 298 unit South Loop tower on 730 South Clark Street. The Aqua deal is for a 75% ownership steak in exchange for $189 million, according to Crain’s.

The deal has a few strings though, according to the article. Magellan has to close the deal to sell 18 empty floors of Aqua to the Carlson Hotels chain that plans to open a 334 room Radisson Blu hotel in 2011. In turn, Behringer has to get around $100 million in financing, according to the article. They would then have a yearly return of 9% on the $89 million investment.

Currently there are quite a few apartments for rent at Aqua. You can find a handful of studios and convertibales that run anywhere from around $1,520 to $1,669 per month. The one bedroom apartments are ranging from around $2,063 to $2,316. The two bedroom apartments are running anywhere from about $3,219 to $3,237 per month.

Rental properties are the hot ticket right now, and you can find lots of available Chicago Apartments if you’re looking for a new home.

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

September 24, 2010 – As Chicago real estate developers continue to struggle a bit to make sales, more are deciding to offer units on a rent-to-own basis. There are even options available with suburban Chicago condos, and the latest to offer a program is Grand Bend At Green Bay, located on 1228 Emerson Street in Evanston. Under new marketing, the units had been offered at lower prices recently, but now buyers who aren’t quite ready or able financially can still have a portion of their rent counts towards a purchase. If you sign up under this lease agreement, 25% of your rent will count towards the purchase price of the condo.

A call to the sales center at Grand Bend At Green Bay confirmed that two of the condos have already gone under a rent-to-own contract. The sales team didn’t say how many more are going to be offered in this limited time promotion, only that they expect a handful more to be leased this way.

The sales slogan on the development site is, “Large floor plans, much smaller prices.” Right now the prices on the one bedroom start in the $190,000s. The two bedroom condos are priced from the $290,000s and the three bedroom condos are priced from the $570,000s.

The six story Grand Bend At Green Bay has a total of 49 condos. Finishes include floor-to-ceiling windows, resident storage spaces, a balcony or terrace, GE stainless steel appliances, Wellborn cabinets, granite counter tops plus a Moen double sink and fixtures. Other features are vinly clad closet shelving, 12 inch ceramic bath tile and surround, body spray shower head and soaking tub and a laundry with Fridgidair washer and dryer.

Models can be viewed on Mondays, Tuesdays and Fridays from 10:00am to 5:00pm. Weekend hours are Saturday from 11:00am to 5:00pm and Sunday from Noon to 5:00pm.

You can find other great rent to own condos in Chicago like Grand Bend At Green Bay by following the link.

[tags]Grand Bend At Green Bay, Rent To Own Condos In Chicago, Chicago Real Estate[/tags]

September 23, 2010 – Sometimes it’s amazing what a price reduction will do for a Chicago real estate development. The The Columbian experienced some financial problems back in February of this year and prices on the unsold Chicago condos in the tower were cut by around 25% as a result. Since then the Columbian has gone from around 71% sold to 80% sold, according to the latest report on the Chicago Business Wire. The tower was also just turned over to its homeowners association last month.

There are still some units left for sale though according to the press release, with everything from one to three bedroom condos available for immediate delivery. The one bedroom, one bath condos are priced from $299,900 and the two bedroom, two bath condos start at $399,900. For a three bedroom, 2.5 bath condo you can expect to pay from $699,900. Monthly assessment fees begin at around $245 for the smaller units.

The 46 story, 220 unit Columbian has a 24 hour doorman, fitness center, business center and dog run. The condos feature hardwood flooring, marble baths with Toto fixtures and Whirlpool or soaking tub, stainless steel kitchen appliances and granite counter tops.

Another plus for the Columbian is that the Grant Park views will never be blocked. That can’t be said for every high-rise in the neighborhood, but you can still compare the Columbian with other South Loop Chicago condos to find the perfect one for you.

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

September 22, 2010 – It hasn’t been very long ago that we told you about sales of Chicago Luxury Condos increasing slightly. It looks as though at least one Chicago real estate development can verify that now. According to a recent Crain’s article, the Ritz-carlton Residences, located on 664 North Michigan Avenue, has had three buyers sign contracts in the last three months.

There are 88 luxury Chicago condos at the 40 story Ritz, which is scheduled to be completed in late 2011. Prism Development principal Bruce Schultz told Crain’s that they want to have 75% of those condos, which is 66 units, sold by the time the Ritz is finished. Mr. Schultz wouldn’t say exactly how many are currently under contract, only that they are around 50%. He also confirmed that these past three sales have been the only sales so far this year.

The Ritz-Carlton pre-sold 29 condos from February 2006, when marketing started, through the end of that same year according to Appraisal Research Counselors. Like at so many other developments, sales dropped off after that. But Prism doesn’t intend to lower prices like many other developers did, and right now the condos are listed from $1.25 million to $12 million.

The Ritz comes with a construction price tag of about $242 million, and the $137.5 million loan from German bank Helaba doesn’t come due until 2012. We’ll have to wait and see if more buyers are willing to pay for a Chicago luxury condo at the Ritz or if Prism decides to lower prices when the loan payback date gets closer.

[tags]Ritz-Carlton Residences, Chicago Luxury Condos, Chicago Real Estate[/tags]

September 21, 2010 – The first rental Chicago real estate development to earn LEED Gold certification is the Parc Huron. This 221 unit rental tower is located on 469 West Huron Street in River North. M&R Development and RMK Management are the developers of this high-rise and according to a recent Tribune article, there are quite a few high standards that a tower has to meet before receiving this certification.

To earn Gold LEED status, the Parc Huron had to use locally purchased construction materials, recycled materials, have above average water and electricity efficiency and indoor air quality with a filter system. The tower also used materials with low VOC levels. The article also stated that because the developers added a green rooftop, a neighboring park, lots of natural light and windows in the tower, those features helped to earn the Gold LEED rating.

Anthony Rossi Sr., president of RMK Management was quoted as saying that, “We are thrilled to be the first LEED Gold-certified rental high-rise in Illinois, and are even more excited to offer this type of residence to the people of Chicago.”

Tha Parc Huron has a selection of one to three bedroom apartments that range in size from 614 to 1,443 square feet. The monthly rental rates run from $1,842 to $4,057 per month.

Unit features include 9.5 to 10.5 foot ceilings, hardwood floors, window treatments, granite ocunter tops, stainless steel backsplash and stainless steel appliances. The residences also come with a balcony, built-in work station plus laundry. Some of the apartments also have a utility room, walk-in closets and posh master baths with double bowl vanity and separate tub and shower.

Building amenities available include a 24 hour doorman, 14,000 square foot park, 12 seat movie room, wine storage room, business meeting room, fitness center, spa, hot tub, steam room, Internet lounge and outdoor cyber cafe with fireplace.

The Parc Huron has a lot of perks, but you still may want to compare it to other Chicago Apartments.

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

September 20, 2010 – It was just last Friday that we told you about the 20% off 20 suburban Chicago condos sale ending today at Optima Old Orchard Woods in Skokie. Now the Tribune is reporting that because 11 units sold and 9 are still available, the developer has decided to extend the sale until October 30th.

The article went on to say that Optima is trying to close out sales in the three tower complex. The nine condos that are left for sale range from one to four bedrooms plus combination units and penthouse units in Maple Tower.

To update potential buyers on the sale prices, the remaining one bedroom condos now run from $199,320 which is down from $259,700. The two bedroom layouts left in the promotion were priced from $343,900 but are now listed from $275,120. The three bedroom condos that had been priced from $511,550 are now starting at $409,240. The building is FHA approved and an indoor heated parking spot is included with purchase.

Condo finishes range from hardwood flooring, floor-to-ceiling windows, stainless steel appliances, custom wood cabinets, full size washer and dryer, granite counter tops, optiona gas fireplace and window treatments.

Optima in Skokie is worth taking a look at if you’re considering buying a condo in a suburban Chicago real estate development.

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