January 31, 2011 – Crescent Heights hasn’t wasted any time promoting their newest Chicago real estate purchase. The development site for Astoria Tower has already been redesigned and is advertising apartments for lease. The banner headline says that one month’s free rent will be thrown in if you sign a 12 month lease on a one bedroom plus den or two bedroom unit in the tower.

It’s interesting to note that the square foot estimate has been left out of all of the unit descriptions. In fact, there is a disclaimer at the bottom of the page stating that, “Renters who are concerned with more exact dimensions and square footages are encouraged to take their own measurements before entering into a lease.” So you might want to take a tape measure and see for yourself if you have any questions.

Office hours at Astoria Tower are Monday through Thursday from 9am to 6pm, Fridays from 9am to 3pm and Sundays from 10am to 5pm. They are closed on Saturdays, so you might consider finding a couple of other rental Chicago real estate developments to visit on the same day you check out these apartments.

Below is a list of some of the studios and one bedroom, one bath apartments that Crescent Heights is advertising.

Studios
Unit #1608 / Available Now / $1,235.00 / Per Month
Unit #1508 / Available Now / $1,401.00 / Per Month
Unit #1708 / Available Now / $1,240.00 / Per Month
Unit #1808 / Available Now / $1,295.00 / Per Month

One bedroom, one bath apartments
Unit #0203 / Available Now / $1,390.00 Per Month
Unit #0701 / Available Now / $1,314.00 Per Month
Unit #0404 / Available Now / $1,488.00 Per Month
Unit #0504 / Available Now / $1,466.00 Per Month

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

January 29, 2011 – Last week we talked a bit about some of the units left for sale in a few of Chicago real estate developer Belgravia Group’s projects. One we didn’t mention at that time is 433 West Briar in Lakeview. Belgravia restored 17 of the two to three bedroom Chicago condos in the 11 story vintage building and is still offering them for sale at 20% to 39% off the original prices.

Residence A plans have three bedrooms, 2.5 baths and 2,300 square feet. They had been priced from $770,000 to $890,000 but are now listed from $539,900 to $599,900.

Residence B plans come with two bedrooms, 2.5 baths and 1,600 square feet. They were marketed from $520,000 to $650,000 but have been lowered to $349,900 to $419,900.

Residence C plans feature two bedrooms, 2.5 baths and 1,600 square feet. These condos had been listed from $425,000 to $670,000 but now are running from $339,900 to $404,900.

On-site parking is only offered for sale to buyers of the three bedroom units

Finishes include the standard hardwood floors, washer/dryer hook-up, stainless steel appliances, granite counter tops, under mount kitchen sink and double vanity sink, marble baths, Grohe fixtures and oversized windows. Some of the condos also have a fireplace and kitchen island. Building amenities include a fitness room, bike storage and pets are welcome.

There are two models available for viewing at 433 West Briar. They are open every day from 10am to 6pm.

You can check out some other Lakeview Chicago condos by following the link.

[tags]433 West Briar, Lakeview Chicago Condos, Chicago Real Estate[/tags]

January 28, 2011 – Every so often we like to see what’s still available at some of Chicago real estate developer Belgravia Group’s projects. Their lofts and Chicago condos at 565 Quincy have sold well and the units at 600 North Lake Shore Drive have been popular with buyers also.

There are always a few less units available at 565 Quincy every time we check what the developer has listed. Right now there are three condos and one loft that they are advertising. Those are listed below.
Tower Unit #12 / 548 Sq Ft / Studio / 1 Bath / Available Now / $155,900
Tower Unit #14 / 700 Sq Ft / Studio / 1 Bath / Available Now / $192,900
Loft Unit #2 / 985 Sq Ft / 1 BR / 1.5 Baths / Available Now / $269,900 With Parking
Tower Unit #8 / 1,104 Sq Ft / 2 BR / 2 Baths / Available Now / $341,900 With Parking

At 600 North Lake Shore Drive in Streeterville there is one less condo listed than the last time we checked. The units Belgravia is advertising are listed below.
Unit #11 / 2,124 Sq Ft / 3 BR / 3 Baths / Available Now / $1,192,000
Unit #12 / 2,547 Sq Ft / 3 BR / 3.5 Baths / Available Now / $1,650,000

And at Union Row on 606 West 16th Street in the South Loop there appears to be just one developer unit left for sale.
Unit E / 2,901 Sq Ft / 4 BR / 4 Baths / Available Now / $499,900

If you don’t find something you like at 565 Quincy, there are plenty of other Chicago lofts waiting for a buyer.

[tags]565 Quincy, Chicago Lofts, Chicago Real Estate[/tags]

January 27, 2011 – As we inch closer to spring and the traditionally busier season for sales of Chicago condos, more developments will probably be launching sales events. One Chicago real estate development that is currently running a new promotion is 235 Van Buren. The development site says that there is a “Special buyer incentive for the next 20 buyers” on their FHA approved units. You can score free assessments for one year, $5,000 closing cost credit and get a 2.875% 5-year FHA ARM or 4.375% 30-year FHA Fixed Rates mortgage if you qualify. Buyers will of course have to have a 3.5% down payments and also must close by April 15, 2011. For condos that cost less than $211,000 the closing cost credit will be below $5,000.

There are 19 furnished models at 235 Van Buren, so you can really get a look for what the development has to offer. The sales office is open Monday through Friday from 11am to 6pm
and Saturday and Sunday from noon to 5pm.

City Homes (condos) are priced from $146,900 and two bedroom, two bath condos from $269,900. The penthouse units are listed from $339,900.

Condos at 235 Van Buren come with a washer/dryer hook-up, hardwood floors, carpeted bedrooms, high-speed phone, cable and Internet connections, vinyl clad closet shelving and designer lighting.

Baths have marble vanity tops, ceramic tile and large frameless mirror. The kitchens are Eurpoean-style with stainless steel appliances, granite counter tops, double bowl stainless steel sinks and pull-out spray plus plenty of cabinets.

You can check out some other new Chicago condos besides those at 235 Van Buren and compare prices.

[tags]235 Van Buren, New Chicago Condos, Chicago Real Estate[/tags]

January 26, 2011 – It has been a while since we checked in with Emerald to see what units are still available at this eco-friendly Chicago real estate development. Either nothing much has changed and no sales have been made in several weeks, or the developer is extremely slow about updating their price sheet. Since Senco, the developer, has often stated that they believe in the value of their units and price cuts at Emerald will be few and far between, it’s probably safe to assume they won’t budge anytime soon.

The two 12 story towers, located on 123 Green Street, have 212 Chicago condos. Finishes include hardwood or bamboo floors, floor-to-ceiling windows, 42 inch upper kitchen cabinets, stainless steel appliances and double bowl sink, Grohe faucets and fixtures plus stainless steel or granite counter tops. The baths come with natural stone floor tiles and tub/shower surround, stone vanity tops, Grohe fixtures and custom cabinets. The bedrooms have wall-to-wall carpeting and vinyl-coated wire shelves in the closet. All of the condos have a balcony, washer/dryer hook-up, track lighting and security system.

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

There are other eco-friendly condos in Chicago for sale, so check back here for updates on prices and reductions.

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

January 25, 2011 – We haven’t been hearing about quite as many foreclosures being filed on Chicago real estate developments lately or developers filing for Chapter 11, but a new one was just reported by Crain’s. Paramount Homes president Bruce Fogelson has filed for Chapter 11 bankruptcy on his Bucktown Station development. The four story, 15 condo building, which is located on 1845 North Western Avenue in Bucktown, was on the verge of being foreclosed on by the PNC Bank, the project’s lender.

According to the article, just three units had sold at Bucktown Station since the development started making deliveries back in late 2008. The bank had sued Fogelson back in June to collect the balance still owed on the construction loan, which is about $5.6 million The loan supposedly came due in September 2008 but Mr. Fogelson claims he made monthly payments up until the middle of 2010. At that point the bank refused his checks and the property went into receivership.

The report goes on to say that of the 15 two to three bedroom Chicago condos in this development, three are sold, two empty and 10 are currently being rented. There are also 21 indoor parking spots and about 3,000 square feet of retail space, with around half of that filled.

Mr. Fogelson was quoted in the article as saying that filing Chapter 11 gives hime a “chance to catch my breath and finish the project. I have to have time to reorganize.”

The bankruptcy filing stops the foreclosure for a short time and may give the developer time to renegotiate a payback plan with the bank.

There are plenty of other Chicago foreclosures out there, so if you’re looking for a deal you can probably find one.

[tags]Bucktown Station, Chicago Forclosures, Chicago Real Estate[/tags]

January 24, 2011 – Weichert Realtors, Frankel & Giles seem to be constantaly running some sort of special pricing promotion on the Chicago real estate developments they market. At Chess Lofts, which is located on 320 East 21st Street, they are still touting price reductions of as much as 40% off original list prices when the project began sales.

The building is FHA approved, and the units come with a balcony and finishes like track lighting, hardwood flooring, stainless steel appliances, granite counter tops and natural stone baths. An indoor heated parking space in the garage will add about another $35,000 to the price tag though.

Some of the lofts that are currently being marketed are listed below.

2BR / 2 Bath / 1,042 sq ft / Price $239,900
2BR / 2 Bath / 917 sq ft / Price $229,900
2 BR / 2 Bath / 874 sq ft / Price $195,900
2 BR / 2 Bath / 1,168 sq ft / Price $239,900
1 BR / 1 Bath / 950 sq ft / Price $189,900

There are quite a few other new and renovated Chicago lofts with traditional loft features for sale at reduced prices. Check back here often and we’ll keep you updated.

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

January 22, 2011 – According to the latest report issued from the Illinois Association of Realtors, sales of Chicago homes and condos in 2010 were the lowest sales numbers in the past ten years. There were 69,010 existing Chicago area condos and single-family homes sold in 2010, which is a 0.5% drop from the year before (2009). That is the biggest decline in year over year sales since 2000, which is the first year the IAR began keeping data.

For sales of Chicago condos in the city during 2010 there was a 2.5% drop from total sales during last year (2009). There were 11,051 units sold in the city for 2010 with an average median price of $267,900 for 2010 which is a 4.3 % decrease from the previous year.

The Tribune published highlights from the IAR report and stated that area sales of Chicago condos and single-family homes in December 2010 were down 10% from December of 2009. There were 5,204 single-family homes and Chicago condos sold in December 2010. That is up 15.2% from November 2010 but down 9.9% from the year before when 5,779 homes were sold in December 2009. The median price for December of 2010 was also down to $167,850 which is down from the $182,000 in December of 2009.

These numbers show that buyers are still finding good deals on prices of Chicago homes for sale.

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

January 21, 2011 – With all of the recent news about Chicago real estate developers pushing new rental tower construction plans, we also see that investors are paying attention to opportunities as well. Crescent Heights of Miami, the developer who recently bought 205 units in Astoria Tower for $45 million, has decided to sell one of their other relatively recent purchases. Cityfront Place, the 39 story, 480 unit Streeterville apartment tower located on 400 North McClurg Court, is now being marketed by CB Richard Ellis according to a Crain’s report.

Crescent Heights paid $82 million for Cityfront Place in December of 2009. The article goes on to say that the tower might bring $100 million or even more, as investors are eager to bet on rental properties lately. CB Richard Ellis was cited in the article as showing that Cityfront Place is 98% leased and effective rents are 5% to 6% higher than they were a year ago. Rents run from $1,095 to $2,285 for the studio to two bedroom apartments there.

Another rental property that Crescent Heights is looking to sell is Regents Park. This Hyde Park development on 5020-5050 South Lake Shore Drive consists of two towers and is 95% occupied. The developer paid $128 million for it back in 2005 and is expected to make quite a bit of a profit from the sale.

Appraisal Research Counselors VP Ron DeVries was quoted in the article as saying that, “There’s huge demand out there for people to buy assets, particularly the Class A-type properties, the institutional assets. It’s almost like we went from a condo-flipper market to an apartment-flipper market.”

Besides the current supply of apartments available, there are also a lot of Chicago condos for rent as well.

[tags]Cityfront Place, Chicago Condos For Rent, Chicago Real Estate[/tags]

January 20, 2011 – Yesterday we told you about the new rental tower being built next to SoNo by Chicago real estate developer Smithfield Properties. Crain’s reported that the developer had scrapped their original plans for a second condo tower in favor of an apartment tower. The article also went on to say that right now, lenders are more likely to finance rental projects than market rate condo developments. About 2,324 downtown apartments hit the market last year, according to the article, and many more are coming.

Experts estimate that if the current trend continues, demand for Downtown Chicago apartments will exceed supply in about 2012 and rents may go up by as much as 10%. Appraisal Research Counselors data shows that ocupancy rates for Downtown apartments was 94.7% in the third quarter of 2010, which is higher than the 91.1% occupancy from a year ago. Net effective rents also went up 5.7%.

Many buyers who might have been considering purchasing Chicago condos have reconsidered due to difficulty in obtaining a loan or because condo values continue to slide downward. The article quoted RMK Management Corp. president Tony Rossi as saying that, “A few years back, people would have said, ‘I’ll just flip it and make some money.’ Nobody’s saying that anymore.”

RMK is trying to land a loan to build a 321 unit rental high-rise on 73 East Lake Street that will have an estimated construction cost of $130 million.

Another rental tower will go up on 1233 North Wells Street in Old Town. HInes Interests L.P. from Houston locked in a loan last month for the $100 million project that will have 250 apartments. Work will start this April and wrap up in mid 2012.

Another project named in the article is a 45 story office tower being renovated on 188 West Randolph Street by Village Green Cos. The $147 million project will have 313 apartments and welcome renters in early 2012.

And Magellan Development is planning a 500 unit apartment tower for the East Loop area.

If you can’t wait for any of these new rental projects to be completed by next year, there is a god selection of Chicago Apartments for rent right now.

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