February 28, 2011 – There are several Chicago real estate developments that are sitting on unsold inventory. At some towers there are quite a few empty units and at others there are only a handful. But in either case the objective is the same; developers want to sell those condos and in many cases are going back to offering price cuts and incentives. One of those developments is Emerald, located on 123 Green Street.

Right now there is a 10/20/30 sale going on at Emerald. There are 10 Chicago condos that for 20 days will be discounted by 30%.

One bedroom condos were priced at $357,000 but are now $250,000. One bedroom plus den condos were previously listed for $407,000 but ave been reduced to $285,000. The two bedroom units had been priced at $550,000 but you can now purchase one for $385,000.

There are 212 condos in the two 12 story Emerald towers. Finishes include bamboo or hardwood 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. Baths feature natural stone floor tiles and tub/shower surround, stone vanity tops, Grohe fixtures and custom cabinets. Bedrooms come with wall-to-wall carpeting and vinyl-coated wire shelves in the closet. All of the units have a balcony, washer/dryer hook-up, track lighting and security system.

The sales center is open Saturday and Sunday from noon to 3pm or by appointment on weekdays. You may want to compare Emerald with some other eco-friendly Chicago real estate developments.

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

February 24, 2011 – There are a few Chicago real estate developers who, in the heat of marketing campaigns, promised all kinds of guarantees to condo buyers. The guarantees ranged anywhere from price matching within six months of closing to outright buy-back guarantees with no questions asked. The Kopley Group made just such a promise at their Reniassance Lofts and Lofts At 1800 developments and now, according to a recent Chicago Magazine article, at least one buyer is suing to get his money back.

According to the report, Nick Kopley has had five buyers apply for refunds but so far he has just refunded one of them. One of the remaining unsatisfied buyers claims he has been asking for his money back since June of 2010 and is now suing the developer. The article says that the buyer purchased a one bedroom loft on floor 6 of the 37 unit building. He paid $160,000 for the condo and then spent another $3,660 on new windows in an attempt to reduce traffic noise. He was also bothered by emissions from a nearby restaurant exhaust system. The buyer claims in the suit that Kopley’s buy-back guarantee was the main reason he decided to purchase a unit.

The buy-back guarantee was part of the sales contract and stated Kopley would refund the purchase amount minus any damages within 90 days of a buyer’s request. The lawsuit alleges that Kopley keeps backing out of repaying and the buyer is currently living in the loft but with all of his belongings packed and ready to go.

The moral of this story is to make sure you get everything in writing, because even if you do, you may still have problems. There are plenty of other great Chicago lofts for sale for any buyers who are still shopping for a new home.

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

February 23, 2011 – Another Chicago real estate development that Weichert, Realtors – Frankel & Giles is still marketing units in is Priarie District Lofts on 1727 South Indiana Avenue in the South Loop. This development has been sold out for a while now, but there are a few of these lofts for sale from individual sellers. The lofts are FHA approved, which is always a plus, and their location in the Histpric Prairie District not far from Lake Michigan and Museum Campus puts residents close to some great recreational options.

There are 116 lofts at Priarie District Lofts and those range from one to three bedrooms with 730 to 2,400 square feet of living space. Ceiling heights range from 12 to 20 feet. Other features include exposed timber beams and brick, oversized windows, individual heating adn cooling controls, gas fireplace, hardwood floors, stainless steel kitchen appliances, granite counter tops, stone bath tile and washer and dryer hook-up.

Common amenities at Priairie District Lofts include a fitness center, landscaped atrium, rooftop sun deck, extra resident storage and bike storage room.

Some of the units currently for sale at Prairie District Lofts from Frankel&Giles are listed below.

2 BR / 2 Bath / 1,822 Sq Ft / Price $439,900 / MLS#:07715920
3 BR / 4 Bath / 2,026 Sq Ft / Price $325,000 / MLS#:07541144
3 BR / 2 Bath / 1,537 Sq Ft / Price $324,800 / MLS#:07722492
2 BR / 2 Bath / 1,335 Sq Ft / Price $296,800 / MLS#:07700909
1 BR / 1 Bath / 924 Sq Ft / Price $185,850 / MLS#:07714214
1BR / 1 Bath / Price $182,800 / MLS#:07541940

So if you’re interested in purchasing Chicago lofts you may want to check out these units.

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

February 22, 2011 – Weichert, Realtors – Frankel & Giles have been promoting price cuts at Chess Lofts for some time now. The lofts are currently listed for up to 40% off of the original prices, and the number of available units at this Chicago real estate development are slowly dwindling down. So if you are interested in this development, which is lcoated on 320 East 21st Street, you may want to schedule a showing.

The condos at the eight story Chess Lofts come with 10 to 16 foot high ceilings, hardwood floors, oversized windows, stainless steel appliances, granite counter tops, designer track lighting, washer and dryer hook-up plus natural stone tile and surround in the baths. Every loft also has a balcony. The building amenities include a fitness center, rooftop sun deck with landscaping and it’s pet-friendly.

Right now only four lofts are advertised with the marketing company and those are listed below.

2BR / 2 Bath / 1,042 sq ft / Price $239,900 / MLS#:07719493
2BR / 2 Bath / Price $199,900 / Includes Parking / MLS#:07666890
1BR / 1 Bath / 950 sq ft / Price $189,900 / MLS#:07563357
1BR / 1 Bath / Price $95,000 / MLS#:07724110

Chess Lofts is FHA approved, so that means a low down payment and low interest rates for qualified buyers. You can find more FHS approved Chicago lofts by following the link.

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

February 21, 2011 – We know that Chicago real estate developer Magellan’s Aqua high-rise has been one of the best-selling towers in Lakeshore East. We also know that the Chicago apartments at Aqua have been very popular as well. So we thought we’d take a look at the units that Magellan is currently advertising for sale at the tower and get an idea of what is available for buyers.

Unit #5306 / Studio / Price $299,000 / MLS Number: 07461764
Unit #5512 / 1 Bedroom / Price $375,000 / MLS Number: 07461817
Unit #5605 / Studio / Price $303,000 / MLS Number: 07461788
Unit #6208 / 1 Bedroom / Price $675,000 / MLS Number: 07462228
Unit #6204 / 1 Bedroom / Price $719,000 / MLS Number: 07462304
Unit #5603 / 1 Bedroom / Price $499,000 / MLS Number: 07461877
Unit #5407 / Studio / Price $330,617 / MLS Number: 06580449
Unit #8107 / 4 Bedrooms / Price $1,988,832 / MLS Number: 07269423
Unit #5305 / Studio / Price $279,000 / MLS Number: 07269196
Unit #6506 / 2 Bedrooms / Price $780,000 / MLS Number: 06623385
Unit #5909 / 1 Bedroom / Price $375,000 / MLS Number: 06616188
Unit #6101 / 3 Bedrooms / Price $1,029,000 / MLS Number: 06998273

Remember that the Chicago condos at Aqua start on floor 53, so the views in each one are almost guaranteed to be great. Finishes include bamboo flooring, GE stainless steel appliances, quartz or limstone tile and counter tops, floor-to-ceiling windows and in-unit laundry. Building amenities are top-notch with the huge sundeck, two pools, cabanas, outdoor cafe, grilling areas, hot tubs, fitness center, business center, movie room and much more.

As always, check back here with us for daily updates on pricing and availability of condos in Chicago.

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

February 19, 2011 – Back in late December we told you that Chicago real estate developer Jonathan Zitzman of JFJ Development Co. had ten units left for sale at Superior 110, the 57 unit, 27 story new construction tower. The developer hasn’t disclosed how many, if any sales have occured in the past two months, but from the building site it looks as though there are still several Chicago condos available, two of which are penthouse terrace units. Those are listed below.

One is unit #701 which is a 3 bedroom, 2.5 bath residence with 2,120 square feet of living space. It has ESW views and is located on floor 7 of the high-rise. The price for this condo is $1,199,900 and that includes two indoor parking spaces. Monthly assessments run about $1,065.43.

Unit #703 is a 3 bedroom, 2.5 bath condo with 2,290 square feet of living space. It comes with ENW views and is also located on floor 7 of the tower. The price for this unit is $1,279,000 and also includes two garage parking spots. The monthly assessment is around $1,300.14.

Condo finishes at Superior 110 include 3 inch oak plank hardwood flooring, carpeted bedrooms, recessed lighting, pre-wiring for surround sound, phones, cable and Internet, GE Smarthome System, full-size front loading Frigidair washer and dryer and private balconies or terraces. The kitchens come with Snaidero cabinets, Wolf, Bosch, Dacor and GE stainless steel appliances, Grohe faucets, quartz or natural stone counter tops, glass tile backsplash, double sink and kitchen island. The baths feature Snaidero vanity with quartz or stone top, Grohe faucets, Toto fixtures, tile flooring, Kohler sinks, oversized mirrors, 6 foot soaking tub and 5 foot whirlpool tub.

Building amenities include a 24 hour doorman, business lounge and fitness center.

You can compare these last condos at Superior 110 with other similar New Chicago Condos and see which ones have the most value for your investment.

[tags]Superior 110, New Chicago Condos, Chicago Real Estate[/tags]

February 18, 2011 – Yesterday we talked about how there were only 498 downtown Chicago condos sold in 2010. We also told you that Appraisal Research Counselors data that was included in a recent Crain’s article stated that 19 buyers opted to walk away from sales contracts in the last quarter of 2010, and that was more than the number of new sales that actually stuck that quarter. What we didn’t tell you was that one Chicago real estate developer was credited with more than one third of all sales of Chicago condos and townhomes last year. That developer was Belgravia Group with 180 sales, according to the article.

Their 565 Quincy and Union Row projects were a hit with buyers because of significant price cuts. Belgravia president Alan Lev was quoted in the article as saying that, “I’m not sure if I should laugh or cry. I feel a hell of a lot better in 2011 than I did a year ago.” He also stated that the loans were paid off on both projects now and his company is focusing on buying distressed condo projects and remarketing them or renting them.

At Trio, which is located on 670 West Wayman Street, Marquette Cos. of Naperville and AEW Capital Management of Boston are the new owners. They intend to put 13 of the 21 unsold condos in the two seven story low-rise towers back up for sale with price cuts. All of the units in the 23 story Trio high-rise will be leased though, not for sale.

One bedroom condos at Trio will start from the $190,000s and two bedroom condos from the low $300,000s. Incentives will include free indoor parking, smart home features and the developers will pay down mortgage points for buyers.

So it isn’t all bad news after all for Downtown Chicago Condos.

[tags]565 Quincy, Downtown Chicago Condos, Chicago Real Estate[/tags]

February 17, 2011 – Sales of Downtown Chicago Condos took a dive in the last quarter of 2010, according to Appraisal Research Counselors. Chicago real estate developers actually had more buyers walk away from sales contracts than they had sign new contracts, a recent Crain’s report quotes from the ARC data.

There were 19 buyers who walked away from sales contracts on downtown Chicago condos and Chicago townhomes in the fourth quarter of last year (2010). That is a significant drop from the 111 contracts signed in the third quarter of 2010 and the 148 sales made in the fourth quarter of 2009. That brought the total sales number down to 498 downtown units sold during 2010. There were 572 downtown condos sold in 2009.

Those numbers made 2010 the fifth year in a row of decreased sales and the third year in a row of total sales less than 600. In the ten years before 2008, there had never been fewer than about 3,200 downtown Chicago condos and townhomes sold per year, according to the article.

Gail Lissner, ARC vice president was quoted in the article as saying that, “Everybody who sold well (last year) repriced their units. People who held firm on pricing saw very little sales absorption. I would think we would start seeing some movement on price for the unsold inventory, which will generate more sales.”

There are around 3,000 unsold Chicago condos and townhomes in the South and West Loop neighborhoods right now. Tomorrow we’ll tell you what development had the most success selling Downtown Chicago Condos in 2010 as well as what development plans on cutting prices to boost sales later this month.

[tags]Chicago Townhomes, Downtown Chicago Condos, Chicago Real Estate[/tags]

February 16, 2011 – Yesterday we told you about the 40% to 55% discounts that American Invsco is offering on the next 16 units sold at 200 North Dearborn. This is an effort to meet minimum Fannie Mae pre-sales requirements. We listed the available convertibles and one bedroom condos yesterday and today we will list the two bedroom units and their discounted prices.

The sales center is open every day from 11am to 7pm at this Chicago real estate development, so if you’re interested in one of these condos you might consider making them an offer. Who knows? You might get even more then the advertised 55% off if they are serious about making sales. And don’t forget to compare them to some other Chicago condos that have cut prices as well just to be sure you’re getting the most for your money.

Two Bedroom
Unit# Old Price$ New Price$ Savings$ Discount %
4106 575,800 338,100 237,700 41.28
3502 553,500 297,500 256,000 46.25
2406 521,200 280,100 241,100 46.26
3302 549,800 291,500 258,300 46.98
1307 480,300 253,000 227,300 47.32
3202 547,900 288,500 259,400 47.34
3002 525,900 275,500 250,400 47.61
2006 508,400 266,100 242,300 47.66
1107 476,600 247,000 229,600 48.17
2902 524,000 271,500 252,500 48.19
1806 504,800 260,100 244,700 48.47
1007 474,700 244,000 230,700 48.60
2802 522,200 267,500 254,700 48.77
1706 502,900 257,100 245,800 48.88
907 472,900 241,000 231,900 49.04
2602 518,500 263,500 255,000 49.18
1506 499,200 251,100 248,100 49.70
2502 516,700 259,500 257,200 49.78
1406 497,400 248,100 249,300 50.12
2202 511,200 247,500 263,700 51.58
2002 507,500 243,500 264,000 52.02
906 488,200 233,100 255,100 52.25
1902 505,600 239,500 266,100 52.63
806 486,400 230,100 256,300 52.69
1702 502,000 231,500 270,500 53.88
1502 498,300 227,500 270,800 54.34

[tags]200 N Dearborn, Chicago Condos, Chicago Real Estate[/tags]

February 15, 2011 – Chicago real estate developer American Invsco is at it again with another over-the-top sales promotion for 200 North Dearborn. Just last month is was the “make us your best or worst offer” promotion. This was due to the fact that they needed to ink 36 more sales to meet new Fannie Mae pre-sale requirements. That promotion ended on January 31st. The must have sold 20 Chicago condos in the tower because now they are advertising “huge discounts” for the next 16 buyers. Prices will be cut 40% to 55% plus an additional 5% for any cash sale. The available convertible and one bedroom condos in the tower are listed below. We’ll list the two bedroom units tomorrow. And as always, we’ll keep you updated on price reductions and incentives for all condos in Chicago.

Convertibles
Unit# Old Price$ New Price$ Savings$ Discount %
4101 298,200 146,500 151,700 50.87
3601 295,200 141,500 153,700 52.07
3101 292,100 136,500 255,600 53.27
2601 289,000 132,500 156,500 54.25
2401 287,800 130,500 157,300 54.66
2001 285,300 126,500 158,800 55.66
1901 284,700 125,500 159,200 55.92
One Bedroom
4507 414,900 247,400 167,500 40.37
1004 338,200 185,400 152,800 45.18
2103 372,400 202,400 169,000 45.50
905 339,000 184,600 154,400 45.55
904 336,900 183,400 153,500 45.56
2507 367,100 198,400 168,700 45.95
2908 333,700 179,500 154,200 46.21
1903 368,900 198,400 170,500 46.22
2407 365,900 196,400 169,500 46.32
2107 356,100 190,400 165,700 46.53
1803 367,700 196,400 171,300 46.59
2307 364,600 194,400 170,200 46.68
2007 354,800 188,400 166,400 46.90
1703 366,400 194,400 172,000 46.94
2207 363,400 192,400 171,000 47.06
2204 394,800 208,800 186,000 47.11
3108 338,200 178,300 159,900 47.28
1603 365,200 192,400 172,800 47.32
1807 352,400 184,400 168,000 47.67
1503 364,000 190,400 173,600 47.69
1403 362,800 188,400 174,400 48.07
1607 349,900 180,400 169,500 48.44
1003 357,900 180,400 277,500 49.59
3505 350,700 176,000 174,700 49.82
803 355,400 176,400 179,000 50.37
3407 464,000 224,400 239,600 51.64

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