April 28, 2011 – Waterton Residential, the investment company that purchased 124 Chicago condos in the Mondial, has refined the rental rates for the studio to four bedroom units in the 15 story tower. The new advertised rates are pretty much the same as what we posted from rental sites about a week ago, although there is no mention now of the $500 to $1,000 off the first month’s rent with a 12 month lease. But prospective renters should always ask about any concessions that might be available but just not offered up front.

The updated leasing rates for Mondial condos are listed below.

Studios / 676 to 688 sq ft / $1,408 to $1,433 per month / 16 units available
1BR / 1 Bath / 668 to 906 sq ft / $1,403 to $2,000 per month / 13 units available
1BR / 1 Bath + Den / 917 to 1,019 sq ft / $1,834 to $2,109 per month / 13 units available
2BR / 1 Bath / 1,010 sq ft / $2,071 to $2,101 per month / 7 units available
2BR / 2 Bath / 1,010 to 2,039 sq ft / $2,486 to $3,088 per month / 46 units available
3BR / 2 Bath / 1,637 sq ft / $3,274 to $3,294 per month / 6 units available
3BR / 3 Bath / 1,874 to 2,039 sq ft / $3,998 to $4,328 per month / 2 units available
3BR / 3.5 Bath / 3,099 sq ft / $10,000 per month / 1 unit available
4BR / 3 Bath / 2,725 sq ft / $10,000 per month / 1 unit available

The condos at the Mondial come with hardwood flooring, oversized closets, granite kitchen counter tops, custom Italian cabinets, KitchenAid stainless steel appliances, natural stone bath tile and an in-unit washer and dryer. The building perks at this Chicago real estate development include extra resident storage space, a fitness center, business center, clubhouse and landscaped park.

More developers are offering Chicago condos for rent when sales prove difficult, so if you’re interested in a particular building, do be afraid to ask about the option of leasing.

[tags]The Mondial, Chicago Condos For Rent, Chicago Real Estate[/tags]

April 27, 2011 – The latest Chicago real estate development to be hit with a foreclosure suit is Opera Lofts. According to a recent article in Crain’s, the $21 million suit was filed by Urban Partnership Bank because the developers missed a July 1st loan payback date last year.

Andres Schcolnik, Leigh Ballen and Adolfo Castellanos are all named in the suit, according to the article. The three men personally guaranteed the loan they took out to convert the five story warehouse located on 2545 South Dearborn Street into 93 Chicago lofts back in 2006. The building was the old Lyric Opera storage facility and many of the original stage props were incorporated into the lobby design.

But despite the unique history of the building, only around 34 of the 93 Chicago condos have sold since first deliveries started in late 2007, according to the article. Just four lofts have sold since December of 2008. The one to two bedroom lofts were priced from $249,900 and the average sale price was about $325,000.

“The market went down all the way and took us with it,” Mr. Castellanos was quoted as saying.

After a foreclosure, the unsold units are usually either auctioned off, leased or marketed at reduced prices. We will keep you updated with any new information about Opera Lofts and also with the latest news about Chicago foreclosures.

[tags]Opera Lofts, Chicago Foreclosures, Chicago Real Estate[/tags]

April 26, 2011 – One well-known Chicago real estate development that still has a few units for sale is Motor Row Lofts located on 2303 South Michigan. Jameson Realty is marketing three of the Chicago condos in the development and they all come with traditional loft features. Motor Row Lofts is FHA approved and buyers can still lock in the 8 year tax freeze because of the historic designation of the building.

Unit #502 is a two bedroom, two bath duplex loft with 20 foot ceilings, a den and office plus a 15×20 foot roof deck. This condo comes with stainless steel appliances, granite counter tops, natural stone baths, a gas fireplace and washer/dryer hook-up. The loft is listed for $399,900. An indoor parking space will add another $20,000 to the price. Taxes are $936 per year.

Unit #505 is also a two bedroom, two bath duplex with 20 foot ceilings. The loft also has a den, gas fireplace, 15×10 foot roof deck, stainless steel appliances, granite counter tops, natural stone baths and washer/dryer hook-up. The price for this condo is $409,900 and again another $20,000 for garage parking. Yearly taxes are estimated at $924.

Unit #310 is a two bedroom, two bath duplex with 15 foot high ceilings. It also features a 9×18 foot roof deck, gas fireplace, stainless steel appliances, granite counter tops, natural stone baths and washer/dryer hook-up. This loft is priced at $269,900 with an indoor parking space for an additional $20,000. Taxes are estimated at $672 per year.

You can find more information about Motor Row Lofts and other Chicago lofts by following the link and checking out the development profile pages.

[tags]Motor Row Lofts, Chicago Lofts, Chicago Real Estate[/tags]

April 22, 2011 – A little bit of good Chicago real estate news hit the wire recently. According to the Illinois Association of Realtors, the median price of Chicago condos sold in March 2011 was actually higher than the median price one year ago. It’s the first year-over-year monthly increase since 2008.

A recent Tribune article highlighted the IAR report and stated that the March 2011 median price for a Chicago condo was $275,000 which is a 2.8% increase over the March 2010 median price of $267,500. The last time that there was a year-over-year gain was when the October 2008 median price of $315,000 was 3.3% higher than the October 2007 median price.

The median price may have improved, but the year-over-year sales numbers didn’t. March 2011 sales of Chicago area homes and condos dropped 15.6% and the median price fell 14.1% from However, sales of Chicago area single-family homes and condos were up 41.3% in March 2011 from February 2011. There were 5,324 single-family homes and condos sold in March 2011 with a median price of $158,000 which was 3.6% higher than in February 2011.

For in-town Chicago homes and condos, March 2011 sales were up 37.3% from February 2011 but down 20.1% from March of 2010, according to the report. There were 1,450 units sold in-town Chicago in March 2011 with a median price of $191,000. That was 7.6% higher than the median price in February 2011 but 8.6% lower than the median price of $209,000 in March of 2010.

We’ll have to wait a few more months and see if the median price for Chicago condos and Chicago real estate in general continues to improve in 2011.

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

April 21, 2011 – Back in February of this year we told you about the 10/20/30 sale going on at Emerald. The prices on 10 condos were being lowered for 20 days by 30% off original prices. But by now buyers are savvy to the fact that most Chicago real estate developers tend to modify promotional sales about as often as prices. So you can throw out the 10 and 20 at this point because at Emerald there are only four more Chicago condos that will be sold at a 30% price reduction. The latest email update from the developer doesn’t mention anything about a limited time either.

The remaining one bedroom condos at Emerald start at $250,000 while the one bedroom plus den condos are listed from $285,000. Two bedroom condos start at $385,000.

As far as eco-friendle features, Emerald certainly has its share. Everything from bamboo flooring, low VOC paint and recycled glass, materials and fabrics in the lobby. The condos in this Chicago real estate development feature stainless steel or granite counter tops, stainless steel appliances, natural stone bath tile, a washer and dryer hook-up, Grohe fixtures, floor-to-ceiling windows and a balcony.

If 30% off these Chicago condos at Emerald interests you, you can make an appointment to view the models through the week or catch them when they are open from noon to 3pm on Saturday and Sunday.

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

April 20, 2011 – Chicago real estate developer Lennar Homes latest promotion is a “Spring Into Home Ownership” event that runs through April 30th. Right now with the purchase of a Chicago condo or townhome they are offering a free washer and dryer, paid closing costs up to $5,000 and limited time pricing. One of the developments included in the promotion is Library Tower on South State Street.

The sales contract has to be signed by April 30th and closing must take place by May 15th. Buyers will have to go though Lennar’s prefered lender, Universal American Mortgage Company to qualify for this promotional offer.

Lennar has only three units currently listed for sale at this Downtown Chicago real estate development. There is a three bedroom, two bath condo with 1,805 square feet priced from $442,990. There is a two bedroom, two bath condo with 1,530 square feet of living space that is priced from $449,990. And there is another two bedroom, two bath condo that has 1,680 square feet that is priced from $489,990.

Library Tower is FHA approved, so you could qualifiy for a 3.5% down payment. The building amenities include a 24 hour doorman, fitness center, business center, theater room, party room, rooftop sun deck, bike storage room and landscaped park.

The condo finishes are the standard you’d expect in a new construction tower. They come with hardwood floors, stainless steel appliances, stone baths and granite counter tops.

If Library Tower just isnt what you’re looking for, there are quite a few other Downtown Chicago condos with price reductions right now.

[tags]Library Tower, Downtown Chicago Condos, Chicago Real Estate[/tags]

April 19, 2011 – It was just last week that we told you about the rental rates that Coldwell Banker was advertising for Chicago condos at Walton the Park. They have apparently already tweeked the rates a little bit because a new email from the company shows a slight increase.

Monthly lease rates for the one bedroom condos at this Chicago real estate development are now start from $2,800. The two bedroom condos are now renting from $3,800 per month and the three bedroom condos are being leased from $6,100 per month. There are four bedroom penthouse units with 3,400 square feet of living space that lease from $11,400 per month.

The first informational email from Coldwell Banker also stated that the rental rates for three and four bedroom condos would include a two free indoor parking spaces, but now it says that only one parking space is included with all condos. Rent also includes fees for heating, cooling, water, sewer, trash disposal and Internet service. Cable television and electric are the responsibility of the renter.

Building amenities include a fitness center, sauna, jacuzzi, party room with pool table and fireplace, outdoor sun deck, outdoor pool, fireplace, jacuzzi and outdoor kitchen with grilling area.

Availability dates for condos at this Gold Coast tower are May 1st, May 15 and June 1st. There are also other Gold Coast Chicago condos for rent if you don’t find anything you like at Walton on the Park.

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

April 18, 2011 – One of the most recent Chicago real estate developments that has switched to rental is the Mondial, located on 910 West Huron Street. Not too long ago we told you that developer Jack Berger sold 124 empty Chicago condos in the Mondial to a division of Waterton Associates and that company was planning on leasing the units. No rates were annouced at the time of the purchase, but now some rental companies are starting to advertise rates.

As with most new rental properties, there are a few incentives and concessions currently in place at the Mondial. With a 12 month lease on the one bedroom and one bedroom plus den condos you can get $500 off the first full month’s rent. Upon signing a 12 month lease on a two or three bedroom condo you can get $1,000 off the first full month’s rent.

Leasing rates being advertised for the Mondial are detailed below.

Studios – Starting From $1404 Per Month
1BR/1Bath Apartments – Starting From $1,403 Per Month
1BR/1Bath Apartments – Starting From $1,834 Per Month
2BR/2Bath Apartments – Starting From $2,486 Per Month
3BR/2Bath Apartments – Starting From $3,247 Per Month

The 15 story Mondial is pet-friendly. The apartments feature hardwood flooring, Italian cabinetry, stainless steel appliances, granite counter tops, stone baths, large closets and a washer and dryer. Building amenities include a fitness center, business center, clubhouse, landscaped park and storage space.

There may be a few more unsold Chicago condos in several towers that convert to rental before the year is over.

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

April 15, 2011 – Chicago real estate developer Gammonley Group is running a new promotion at 757 Orleans and still offering some other incentives. Right now the next five buyers who purchase one of the Chicago condos in the 22 story, 198 unit high-rise in River North will get $25,000 off the purchase price. The developer is also including a free indoor parking space for the next 20 sales as well as a 2 point buydown with their preferred lender.

Prices on the studios at 757 Orleans start in the $180,000s and one bedroom, one bath condos are priced from $269,400. For a two bedroom, two bath condo you can expect to pay from $362,000 and the three bedroom condos start in the $360,000s.

The condos come with a balcony or terrace, washer and dryer hook-up, pre-wiring for phones, cable and Internet plus designer lighting. Interior condo finishes include hardwood flooring, carpeted bedrooms, stainless steel appliances, maple or oak cabinets, double kitchen sink, granite counter tops, 12 inch ceramic bath tile and marble vanity tops.

Building perks include an outdoor pool and terrace, fitness center, business center, conference room and bike storage room.

You may want to visit 757 Orleans if you’ve been looking for new Chicago condos in River North.

[tags]757 Orleans, Chicago Condos, Chicago Real Estate[/tags]

April 14, 2011 – We’ve been talking about
Chicago lofts and if you’re a fan of exposed timbers and brick but just aren’t quite ready to buy, there are quite a few lofts for rent. One of those newer Chicago real estate developments with lofts available for lease is 1401 South State.

The loft layouts have from one to two bedrooms and baths and measure from about 614 to 1,000 square feet. Some of the units come with a balcony. Features include 10 to 16 foot high ceilings, floor-to-ceiling windows, gourmet open kitchens with cherry cabinets, brushed nickel hardware, built-in microwave, gas stove, dishwasher, ice-maker and garbage disposal. The baths are oversized, there are plenty of closets (some walk-in) and each unit has a washer and dryer.

Building amenities include 24 hour maintenance, a fitness center with free weights and cardio equipment, resident lounge with internet cafe and a fourth floor landscaped sky garden with grilling area, and a fire pit. This smoke-free building is also pet-friendly and has a dog run with bathing station and fountain.

The monthly rental rates for the one bedroom lofts at 1401 South State range from $1,458 to $1,600. The two bedroom lofts are renting for between $1,889 to $2,600 per month. An additional fee of $25 per month covers water, gas and sewer fees. Each resident is responsible for their own electricity, Internet and cable television fees. An indoor parking space is $195 per month.

[tags]1401 South State, Chicago Lofts, Chicago Real Estate[/tags]