December 15, 2010 – Yesterday we told you about how the Bluewater Group is struggling to make sales at Grand Bend At Green Bay even though they reduced prices by nearly 40%. The Crain’s article stated that similar suburban Chicago real estate developments that are also offering price cuts are heating up the competition for buyers. One of those developments is Sienna in Evanston.

Sienna is located on 1720-40 Oak Avenue and has a total of 111 units. The remaining unsold one bedroom condos at this tower are priced from $160,000 and the three bedroom units are priced from $385,000.

Another development that is going to give Grand Bend at Green Bay a run for buyer’s money is the renamed Winthrop Club which is now One Evanston. The Amalgamated Bank of New York is cutting prices on the unsold condos there by around 20%. One Evanston is located on 1571 Elmwood Avenue and has a total of 96 units, with 72 of those still up for sale. Prices are running from $234,400 to almost $1 million.

Developers of suburban Chicago condos may have to slash prices even further to lure buyers off the fence and into the sales center. We’ll keep you posted with any new price reductions, so be sure to check back here often.

[tags]One Evanston, Chicago Condos, Chicago Real Estate[/tags]

December 14, 2010 – Last week we told you about how ownership of the Winthrop Club in Evanston reverted back to a lender and has a new name, One Evanston. The Amalgamated Bank of New York is marketing the 72 unsold suburban Chicago condos at about a 20% price reduction. Now Crain’s is reporting that a development/investment company has had little success selling units at another suburban Chicago real estate project.

The Bluewater Group paid $6.75 million for 38 unsold suburban Chicago condos at Grand Bend At Green Bay this past March. The development had been faced with foreclosure. According to the article, Bluewater reduced prices by almost 40% and that eye-popping price cut resulted in only 6 sales. The other 32 unsold units are up against several other suburban developments that are also carving deep price cuts.

Robert Matthews, president of Bluewater was quoted in the article as saying that, “We feel we’re competitive with the other downtown (Evanston) locations. It’s been slow since the tax credit disappeared.”

A $5.3 million loan from Northbrook Bank & Trust comes due in March 2012, so Bluewater needs to sell those condos before then to make the payback date.

Junior one bedroom condos at Grand Bend at Green Bay are now priced from $179,900 and the penthouse units are priced from $639,900. Old prices ran from $295,900 to $765,000.

Tomorrow we’ll tell you about the other suburban Chicago real estate

[tags]Grand Bend At Green Bay, Chicago Condos, Chicago Real Estate[/tags]

December 13, 2010 – The popularity of Chicago lofts hasn’t waned over the past few years. In fact, if anything it has increased. There are a few new Chicago real estate projects that are true loft developments, so buyers have a pretty good selection in terms of price, finishes and size. One of those developments is Chess Lofts, located on 320 East 21 Street.

This eight story traditional loft building has one and two bedroom, one to two bath lofts available. Finishes include kitchens with stainless steel appliances, granite counter tops, track lighting, hardwood flooring, 10 to 16 foot high ceilings, stone bath tile and a balcony. Building amenities include a fitness center, common rooftop deck with landscaping and the building is also pet friendly.

Chess Lofts is FHA approved, so that could add up to some serious savings and a low down payment for qualified buyers. Some of the condos currently listed for sale by Frankel&Giles are as follows.
2 BR / 2Bath / 1042 Sq. Ft. / Price $239,900
2 BR / 2 Bath / 1027 Sq. Ft. / Price $229,900
2 BR / 2 Bath / 917 Sq. Ft. / Price $229,900
2 BR / 2 Bath / 1054 Sq. Ft. / Price $229,900
2 BR / 2 Bath / 874 Sq. Ft. / Price $195,900
1 BR / 1 Bath / 950 Sq. Ft. / Price $189,900

You can compare Chess Lofts with other Chicago lofts and narrow down your list of sales centers to visit.

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

December 10, 2010 – Of all the planned Chicago real estate developments that have been announced over the past two or three years, there is one that doesn’t seem to be throwing in the towel just yet. Solstice on the Park, the Hyde Park project designed by Jeanne Gang of Aqua fame is still hanging on. Developer Antheus Capital is still listing units for sale and states that the 26 story, 142 unit tower will go up in 2012.

Another clue to Antheus’ intentions about Solstice recently appeared in an article in the Hyde Park Herald. That publication reported that Antheus is going to start work this coming summer on building a new playground for the Bret Harte Elementary School and redeveloping the the alley behind the school to lead to a one-way pick up and drop off lane for students. These two projects were promised by Antheus in exchange for the Chicago Board of Education selling a small piece of land next to the Solstic site..

The paper quoted Peter Cassel of Antheus as saying that, “Although we do not have enough units sold to begin work on the Solstice building, we are interested in making improvements to the school and the school parking lot without regard for condo marketing and making preparation to the site the Solstice will be built on.”

Solstice on the Park will have two to three bedroom Chicago condos. Prices on the units that are currently being marketed run anywhere from the $480,000s to about $2.5 million. You can compare these to other Hyde Park Chicago condos and see how they measure up with other developments.

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

December 9, 2010 – Yesterday we told you about Garrett Kelleher of Shelbourne Development losing control of the Chicago Spire site. Stephen Bell of CB Richard Ellis is now the court appointed receiver for the property, according to Crain’s. This was the result of the Anglo Irish Bank petitioning the court to take over the proerty and order it sold to pay off the balance $77.3 million loan that Mr. Kelleher owed.

But the Anglo Irish Bank isn’t the only one trying to collect money owed by the Spire developer. Lorig Construction, which is a local concrete company, filed a lien this September to collect $512,000 it claims is still owed for building the off ramps at the site for this failed Chicago real estate project. That suit is actually what prompted the bank to file their suit and push for the sale of the property in order to collect their money first.

There are also two firms who have purchased the delinquent property taxes on the Spire site. The 2008 taxes were sold in September and the first payment for the 2009 taxes was sold this past Monday. The companies that bought them for a combined total of over $312,000 were FNA Elm LLC and Wellington Investments LLC., according to a Tribune article.

The article went on to state that in November of this year, both the Anglo Bank and Shelbourne Development both inquired about redeeming the taxes but nothing was ever done after that. If the taxes aren’t paid within two years by one of the parties who currently holds an interest in the property, then the parties who bought the taxes could file to take ownership of the site.

The value of the Spire site certainly isn’t what it was a couple of years ago. According to the article, county records state that the biggest part of the site was revalued and the equalized assessed value is $2 million, less than half of the original value.

With at least Shelbourne’s version of the Chicago Spire out of the picture, quite a few buyers who purchased pre-construction Chicago condos at this project could be back in the market to buy at another development.

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

December 8, 2010 – With so many liens, lawsuits and foreclosures filed against the Chicago Spire it was only a matter of time before developer Garrett Kelleher lost control of the building site. According to Crain’s, the property is now under the control of CB Richard Ellis Inc. by order of a Cook County Circuit Court Judge. The Anglo Irish Bank, the Sipre’s biggest lender, had asked the court to turn the site over to a receiver after filing a $77 million foreclosure suit.

According to the Tribune, Mr. Kelleher of Shelbourne Development filed papers in court stating that they only owed the bank $69.5 million and that he should maintain the Spire site and was best able to find a buyer for it. Obviously the judge didn’t agree.

The court appointed receiver, Stephen Bell of CB Richard Ellis, was quoted in the Tribune as saying that, “My job is to manage the property for the court while the two parties proceed with their foreclosure. It’s simply a vacant parcel and my job is to watch it.”

He will be paid $250 per hour but not over $1,200 per month. He may also use CB Richard Ellis if needed for no more than another $1,395 per month.

Tomorrow we’ll talk more about how the Spire property fight gets even more complicated in terms of liens and delinquent taxes. Many buyers have found great deals on Chicago condos via Chicago foreclosures, but a foreclosure as complex as the Spire is going to be a bit more complicated for any developer to buy.

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

December 7, 2010 – The 20/20/20 sale at Optima Old Orchard Woods may be long over but there are still some suburban Chicago condos for sale with good prices at this Skokie development. The development also recently won two designs for architectural design, according to a Tribune article.

The first award that Optima Old Orchard Woods won is the American Institute of Architects
Distinguished Building Honor Award. The other award is Buildings Magazine’s Merit Award for Innovation.

According to the article, some of the unique design feature that set this development apart from other entries include the glass, two story lobbies on each of the three connected towers. Another great feature is the courtyard that showcases a paver driveway, 500 foot portico, plenty of landscaping, a reflecting pond with lights and 20 fountains.

Two of the three towers are sold out but there are still units available in the last high-rise, Maple Tower. The remaining one bedroom condos are priced from $199,680. The two bedroom units start at $275,120 and the three bedrooms are priced from $409,240. There are also some penthouse residences available and those range from $665,000 to $1,375,000.

Optima Old Orchard in Skokie is one of the bigger suburban Chicago real estate developments and one of the few to win design awards.

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

December 6, 2010 – The latest suburban Chicago real estate development to revert back to a lender is the Winthrop Club.
The 15 story, 96 unit tower is located on 1570 Elmwood Avenue in Evanston and is now being called One Evanston. The tower was completed last year. Developers Robert Horner and Ibrahim Shihadeh of Winthrop Properties LLC agreed to a deed-in-lieu for 72 unsold condos in the high-rise, along with an unspecified sum or money, in exchange for the Amalgamated Bank of New York not foreclosing on the overdue remaining balance on a $49 million construction loan. Crain’s is reporting that Related Midwest will manage the tower and Jameson Real Estate will market the unsold condos.

Mr. Horner was quoted in the article as saying that, “They (the lender) were in a better position financially to carry the remaining units than we were. Sales were behind what we expected. It was straining our financial capabilities.”

The available condos at One Evanston have from one to three bedrooms and according to the article, about 20% reduction has been made on the lower end prices. Right now the condos at One Evanston are listed from $234,400 to $999,900. The old prices ranged from $290,000 to $1.48 million. Depending on which unit you buy, you’ll get one to two indoor parking spaces thrown in at no extra cost. There is also guest parking available.

If the price cuts at One Evanston aren’t enough to motivate you, there are quite a few other New Chicago Condos being marketed with reductions as well.

[tags]One Evanston, New Chicago Condos, Chicago Real Estate[/tags]

December 5, 2010 – If you’ve got your gift list ready and you’d like to combine holiday shopping with Chicago condo shopping, you’re in luck. Chicago real estate developers Belgravia Group are hosting a holiday open house at 600 North Lake Shore Drive in Streeterville on Tuesday, December 7th from 4pm to 7pm. The shopping perk is that they are giving visitors to their sales center 12 free hours of complimentary parking at the W Hotel, which is across the street from the tower in Streeterville.

You will need to RSVP to participate in this open house and qualify for the parking, but that’s pretty simple on the development site.

The open house is being held in unit #3611. Visitors can tour what the developer describes as their 3 bedroom beachfront model. Drinks, snacks, sweets and hors d’oeuvres will be offered.

The units that are currently listed for sale from Belgravia are detailed below.
3 BR beachfront residences from $1.2 – $1.9 million
2 BR residences from $650,000 – $665,000
1 BR residences from $467,900 – $511,900

Individual condos are listed below.
Price $455,400 | Unit 10 | 835 Sq Ft | 1 Bedroom | 1.5 Baths | Available Now
Price $1,192,000 | Unit 11 | 2,124 Sq Ft | 3 Bedrooms | 3 Baths | Available Now
Price $1,650,000 | Unit 12 | 2,547 Sq Ft | 3 Bedrooms | 3.5 Baths | Available Now

You can find more Chicago Condos in Streeterville by following the link.

[tags]600 North Lake Shore Drive, Chicago Condos, Chicago Real Estate[/tags]

December 3, 2010 – It looks as though prices may be going to drop again at the Mondial. Prices on the 141 Chicago condos at this development were lowered back in June by almost 30% and that resulted in 17 sales, according to a Crain’s report. But there are still only 25 of the 141 units sold, and Chicago real estate developer Jack Berger of Citta Development may be on the verge of dropping prices even further.

The rush to make sales at the 15 story high-rise, which is located on 900 West Huron Street, is because the balance on a $38 million construction loan for the project is due to mature in June of 2012 and Mr. Berger needs to make sales to pay it off. The only way to do that these days seems to be by reducing prices. About three units a month had been selling and they need to sell at least six per month to have any hope of paying off the loan on time.

Mr. Berger was quoted in the article as saying that, “The market is just brutal.”

Late last year Mr. Berger cancelled the 48 sales contracts he had and decided to switch the project to rental. But no bank would sign off on that venture so he had to start reselling units again and just eight of the old buyers were forgiving enough to sign on again. It will take 30 sales in total for the tower to be approved for Fannie Mae and Freddie Mac backed mortgages.

The firm marketing the Mondial condos is @Properties and they stated in the article that the condos that would see price cuts would be the already lowest priced units. It won’t be as big of a drop as the summer sale was, but it will be substantial. Right now one bedroom condos at the Mondial are priced from $189,000 and three bedroom units from $460,000.

We’ll keep you posted with updates about new pricing at the Mondial along with price cuts at other New Chicago Condos

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