March 31, 2011 – If you’ve ever considered buying one of the Chicago condos at 474 North Lake Shore Drive then now may be the time to do it because for a limited time the developer is offering $10,000 in free customizations options. According to a recent profile in the Sun Times, everything from deciding what color your want the granite counter tops and cabinets in your kitchen to be, what type of marble in your baths or an appliance upgrade is included.

All of the condos at 474 North Lake Shore Drive come with walk-in closets, a washer/dryer hook-up, hardwood floors, carpet in the bedrooms, GE appliances, Moen fixtures, stainless steel kitchen sink, ceramic bath tile, marble vanity top and oversized vanity mirror.

Residents of the high-rise have a 24 hour doorman on call, fitness center, indoor swimming pool, steam room, sauna and a 12,000 square foot entertainment suite with attached kitchen. The party room opens onto a 16th floor sun deck that features seating and BBQ areas.

Currently the studios are priced from $199,900 and one bedroom condos run from $279,900. The two bedroom units start at $499,900 and the three bedroom condos and penthouses are priced from $649,900.

The sales center is open and furnished models available for viewing on Monday through Saturday from 10am to 5pm and Sundays from noon to 5pm. There are also a lot of other great Downtown Chicago condos for sale right now so you may want to check out a few more while your at it.

[tags]474 North Lake Shore Drive, Downtown Chicago Condos, Chicago Real Estate[/tags]

March 30, 2011 – It looks as though another luxury Chicago real esate development may turn rental after being sold to investors. According to Crain’s, Ronald Shipka and Richard Stein of Enterprise Cos. and Mesirow Real Estate were on the verge of having to turn Walton on the Park over to lender ST Residential but at the last minute made a deal with the Dart Container Corp. family. The Darts paid off the $82 million loan and now are the new owners of the 31 story Gold Coast high-rise.

The original construction loan of $130 million was issued by the failed Corus Bank. The $82 million balance was taken over by ST Residential and would have been due this month with an option to extend it to September of next year, according to the article. But slow sales had convinced Mr. Shipka and Mr. Stein to begin a deed-in-lieu of foreclosure and they would have surrendered the tower if a buyer hadn’t been found. Just 33 closings have taken place in the 198 unit high-rise.

The article also points out that while the Darts are considering temporarily renting out the unsold Chicago condos at Walton on the Park, it may be challenging to do because the units are so large. The condos measure about 1,464 square feet on averge and rents could run a little high for that much space. But then again, there may be quite a few people who would jump at the chance to rent brand new Gold Coast Chicago condos.

[tags]Walton On The Park, Gold Coast Chicago Condos, Chicago Real Estate[/tags]

March 29, 2011 – If you’d like to save $10,000 on a new Chicago condo, then you may want to try and be one of the next three buyers at Michigan Avenue Tower II. According to a recent article in the Tribune, Chicago real estate developer Russland Capital Group is offering a $10,000 incentive on the next three condos sold at the 28 story, 257 unit tower. The incentive can be applied towards closing costs or as a price reduction. Frankel&Giles is marketing the condos and running the promotion.

Prices on the condos at Michigan Avenue Tower II have been cut for a while now. The tower is also FHA approved, so that’s an additional bonus for buyers who qualify.

The condos come with hardwood floors in all common areas, carpeted bedrooms, 9 foot ceilings, oversized windows, stainless steel appliances, granite counter tops and backsplash, stone baths, 42 inch oak or maple cabinets

Building amenities include a 24 hour doorman, fitness center, outdoor pool, sun deck, garden, bike storage room, business center and party room. The tower also has a coffee shop and dry cleaners on the lower level.

Here are some of the condos currently available at reduced prices.

4BR / 4.1 Bath / 3,471 sq ft / $1,499,990 MLS#:07600881
4BR / 3.1 Bath / 4,500 sq ft / $1,199,990 / MLS#:07596726
2BR / 2Bath / 1,260 sq ft / $419,777 / MLS#:07724806
1BR / 1 Bath / $269,900 / MLS#:07705390
1BR / 1 Bath / 783 sq ft / $249,990 / MLS#:07716497
1BR / 1Bath / 751 sq ft / $247,990 / MLS#:07423500
1BR / 1Bath / 751 sq ft / $241,990 / MLS#:07715861
1BR / 1Bath / 751 sq ft / $239,990 / MLS#:07587683
1BR / 1Bath / $239,990 / MLS#:07460921
1BR / 1Bath / 692 sq ft / $225,000 / MLS#:07722011

The deals on Chicago real estate should start heating up along with the spring weather, so come back regularly for the latest news and updates on Chicago condos.

[tags]Michigan Avenue Tower II, Chicago Condos, Chicago Real Estate[/tags]

March 28, 2011 – The Park Monroe hasn’t been in the news much lately but like so many other Chicago real estate developments, prices have been reduced on the remaining unsold condos in the tower. The building site is advertising, “special pricing on select units for a limited time and subject to availability.” That’s pretty much the same as a developer closeout or whatever other catchy ad phrase buyers have probably already seen many times before. But prices on these condos have been cut by quite a bit, so if you’re interested you may want to check them out.

The Park Monroe is located on 65 East Monroe Street and the condos start on floor 42. Unit finishes include 10 foot high ceilings, floor-to-ceiling windows, hardwood flooring, granite counter tops, stainless steel appliances and recessed private terraces.

Building amenities include a rooftop garden and the Park Monroe Club with its fitness center, swimming pool, sundeck, spa, party suite and movie room.

Some of the condos that are currently discounted at the Park Monroe are listed below.

Unit #4611 / 1BR / 1Bath /City View / 925 Sq Ft / Was $399,500 / Now $289,500
Unit #4520 / 1BR / 1Bath /City View / 1,077 Sq Ft / Was $379,900 / Now $299,500
Unit #4303 / 1BR / 1.5Bath /City View / 1,043 Sq Ft / Was $409,500 / Now $329,500
Unit #4515 / 2BR+Den / 2Bath /City View / 1,236 Sq Ft / Was $524,500 / Now $449,500
Unit #4724 / 2BR / 2Bath /Lake+City View / 1,453 Sq Ft / Was $699,900 / Now $599,900
Unit #4205 / 2BR / 2Bath /Lake+City View / 1,514 Sq Ft / Was $749,500 / Now $649,500
Unit #4425 / 2BR / 2Bath /Lake View / 1,448 Sq Ft / Was $829,500 / Now $739,500
Unit #4606 / 2BR / 2Bath /Lake View / 1,529 Sq Ft / Was $959,500 / Now $799,500
Unit #4619 / 2BR / 2Bath /Lake View / 1,684 Sq Ft / Was $909,500 / Now $844,500
Unit #4513 / 2BR+Den /2Bath /Lake View /1,955 Sq Ft / Was $1,499,900 / Now $999,000

We’ll keep you updated on other Chicago condos that offer price cuts, so check back here with us often.

[tags]Park Monroe, Chicago Condos, Chicago Real Estate[/tags]

March 25, 2011 – Not too long ago we told you that at least one buyer was suing to collect on a buy-back guarantee at Renaissance Lofts. Chicago real estate developer Nicholas Kopley included a two year buy-back guarantee at Renaissance Lofts and The Lofts at 1800, stating that buyers would get a full refund within 90 days of asking, minus the cost of any repairs needed. Now Crain’s is reporting that two owners are suing, claiming that Mr. Kopley hasn’t honored the agreement. And now MB Financial is entering the mix with a $1.8 million foreclosure suit over an unpaid loan.

The article goes on to say that five buyers have tried to get a refund from the no-questions-asked guarantee at Renaissance Lofts, located on 1791 W. Howard Street. But Mr. Kopley has only refunded one buyer so far. The two buyers who are suing purchased Chicago condos at Renaissance Lofts in 2009 for $160,000 and $255,000. The one buyer who has been refunded bought a $270,000 unit in 2008 and Mr. Kopley bought it back for the full price in 2010.

There are around eight condos left for sale in the 37 unit Renaissance Lofts. The article states that MB Financial is foreclosing on seven of those condos, including the one Mr. Kopley bought back.

Developers seldom offer an incentive as enticing as a no-questions-asked buy-back guarantee, probably for good reason. So just remember that in real estate, if it sounds too good to be true, it probably is. And also remember that there are plenty of other Chicago lofts that are great deals even without a buy-back guarantee.

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

March 24, 2011 – There’s trouble in River City to borrow a phrase from the musical. Chicago real estate developer Nicholas Gouletas of American Invsco is being sued by a lender over claims of mismanagement of the retail space and parking space at River City. A Crain’s report states that Cadle Co. of Ohio is suing the developer for about $15 million in lost revenue.

The article states that suit alleges Mr. Gouletas didn’t maintain the 240,000 square feet of commercial space well enough to attract businesses, thus failing to lease much of it. The retail space is more than 30% vacant. There was a foreclosure auction in July of 2007 and the suit claims that the space sold for half of what it would have been worth if it was properly maintained and leased.

Another complaint is that Mr. Gouletas relinquished the 133 space parking structure to a lender in 2006 in a foreclosure agreement, but kept an option to buy the parking garage back later. Basically, that buy-back agreement kept them from selling the parking spaces individually, which cost them money.

The 448 unit River City tower was converted from apartments to Chicago condos by American Invsco back in 1997. The tower, located on 800 South Wells, suffered about $8 million in damage from flooding last summer and caused residents to move out for around two weeks while repairs were made.

There are plenty of other South Loop Chicago condos for sale besides River City, so check back here daily for updates about price cuts and incentives.

[tags]River City, South Loop Chicago Condos, Chicago Real Estate[/tags]

March 23, 2011 – Another bulk lot of Chicago condos is being put up for sale. This time it’s a pair of Lakeview Chicago real estate projects that developer Robert Kroupa was renovating. The two buildings are located on 2930 and 3033 North Sheridan Road, with the first being Sheridan Tower. Crain’s is reporting that North Community Bank has taken over the buildings and intends to sell all of the 130 empty units in one lot. There are around 400 condos total in both buildings.

The article states that the estimated amount that the condos will bring is between $15 and $18 million. According to the article, Mr. Kroupa bought the buildings for a little over $70 million in November of 2006 and took out a $76.4 million loan from NCB. He turned over the towers in a deed-in-lieu of foreclosure after slow sales hampered efforts to pay the loan balance.

There are 252 condos at Sheridan Tower (2930 N Sheridan) and 189 of those were sold and closed. There are 145 condos at 3033 N Sheridan and only 78 of those sales closed. In the smaller tower (3033) around 40 of the 63 unsold condos are currently rented.

It has been a trend lately for real estate investors to buy large blocks of Chicago condos in a tower for a reduced price and lease them until the market improves. We’ll have to wait and see who ends up with the Sheridan Tower units and if they switch to rental.

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

March 22, 2011 – Back in December of last year we told you that Chicago real estate developer Centrum Properties was putting the Lofts at Roosevelt Collection up for sale. Now Crain’s is reporting that LA investment firm Canyon Capital Realty Advisors LLC and local developer Dan McCaffery are buying Roosevelt for around half of the $350 million construction cost of the project.

The article went on to say that Centrum would lose their entire investment in the development and their lenders who loaned $285 million for the project would take a hit as well if the sale only brings in about $160 to $175 million.

The Lofts at Roosevelt Collection has 342 apartments and 92% or 316 of those are leased. But only 23% of the 398,324 square feet of commercial space is rented, with only the Kerasotes ShowPlace Theatres LLC in residence, according to the article. The empty retail space was what caused some investors to shy away from the development. There is also a 1,482 space garage and two more sites that are already zoned for up to 658 residential units.

There may not be many units left to rent at the Lofts at Roosevelt, but there are other Chicago lofts available for lease.

[tags]The Lofts At Roosevelt Collection, Chicago Lofts, Chicago Real Estate[/tags]

March 21, 2011 – We haven’t heard much about the Legacy lately, so that means there have been no significant price cuts or incentives offered lately either at this Chicago real estate development. But there was a recent profile about the Legacy in the SunTimes stating that there are still a few Chicago condos for sale in the 72 story, 356 unit high-rise.

The big selling point that the article highlighted for the Legacy, which is located on 60 East Monroe Street, was the 42nd floor sky lounge, the 60th floor sky lounge and the 13th floor skybridge that connects the tower to the University Club where squash courts are available for resident use. The fantastic views of Lake Michigan, Millennium Park and Grant Park are also a major plus.

The one bedroom, one bath condos (some with a den) have from 925 to 1,189 square feet and the two bedroom, two bath and 2.5 bath units (some plus den) have 1,428 to 1,596 square feet. The three bedroom, three bath units size up from 1,969 to 2,405 square feet while the three bedroom, 3.5 bath condos have 2,436 square feet. A three bedroom, 3.5 bath plus den has 2,930 square feet. The largest condos are the penthouse units with three to four bedrooms and 4,378 to 4,757 square feet.

Finishes at the Legacy include Bosch and SubZero stainless steel appliances, granite counter tops, hardwood floors and natural stone baths.

Prices on the remaining available condos at the Legacy are running between the mid $300,000s to mid $900,000s.

Of if you want to rent a split-floor plan, Frankel&Giles is marketing for lease a four bedroom, 4.5 bath condo with 3,719 square feet. It has two master suites, each with a bath, and will rent for $10,000 per month.

If the Legacy isn’t what you’re looking for, there are plenty of other Downtown Chicago condos for sale.

[tags]The Legacy, Downtown Chicago Condos, Chicago Real Estate[/tags]

March 18, 2011 – Not too long ago we told you about the rental tower that is going up next to SoNo. Originally, SoNo was planned as a two-tower Chicago real estate development but declining Chicago condo sales prompted Smithfield Properties to put the second high-rise on hold. Now that the developer has switched plans for the second tower to apartments, construction is moving forward. But what about SoNo? Well, according to a recent article in Chicago Magazine there are only 11 developer units available for purchase.

The 28 story SoNo is located on 860 West Backhawk Street and has 199 units in all. The condos that are still left for sale are a mix of one and two bedroom units, all on floor eight or below. According to the article, the biggest condo is a two bedroom with 1,416 square feet of living space. It sits on floor four and has a price of $404,900.

The most affordable one bedroom condo is on floor two and has 756 square feet of living space. The price for this unit is $250,900. There are some one bedroom condos on floor eight and those are priced around $299,900.

Prices on parking spaces are also reduced and run from $9,000 to $21,000.

The article also stated that Smithfield has paid off the construction loans for SoNo, so you probably won’t see any further price reductions on these Chicago condos.

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