June 30, 2011 – Since the overdue construction loan on Silver Tower was bought by the Davis Company of Boston, we thought we’d give you the most up to date prices that Jameson Realty is advertising. Davis was more than hinting at raising prices in a recent Crain’s article, so interested buyers may want to try and lock in a contract before the prices increase.

Below are some of the Silver Tower condos that Jameson is still marketing. Remember, these prices may increase.

Unit #2009 / 1BR/1Bath / $244,729 / Assessments: $285.00
Unit #3308 / 1BR/1Bath / $248,750 / Assessments: $313.00
Unit #2409 / 1BR/1Bath / $250,708 / Assessments: $296.00
Unit #3701 / 1BR/1Bath / $279,202 / Assessments: $327.00
Unit #1706 / 2BR/2Bath / $357,621 / Assessments: $370.00
Unit #3101 / 3BR/2.5 / $599,900 / Assessments: $685.00

The condos at Silver Tower come with stainless steel appliances, granite counter tops and some kitchens have a breakfast bar. The baths have marble tile and each unit has a balcony, washer/dryer hook-up hardwood floors and floor-to-ceiling windows. The tower has a 24 hour doorman, sun deck, fitness center and more.

You can find out more about Silver Tower and other River North Chicago condos in our development pages.

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

June 29, 2011 – Yesterday we talked about the $10,000 grant from the Partnership for New Communities that is available to buyers who purchase a unit in one of the participating developments. Just a few posts ago we also told you about price reductions of nearly 50% at Lake Park Crescent. The one story townhomes are listed from $159,800 and the rowhomes are priced from $429,800. The penthouse units with three bedrooms, a den and a rooftop deck are priced from $359,800. And according to a recent article in the Tribune, most of the Chicago real estate developments that are part of the Plan for Transformation campaign that started about ten years ago are all drastically reducing prices.

The article states that there are about 23 of the 68 units at Lake Park Crescent still for sale. Many of the Lake Park Crescent units were as high as $800,000 before the price cuts. According to the article, this Chicago real estate development was about 60% sold at its prime, but may buyers opted to walk away from their contracts because of financing or the market conditions. This year, seven units at Lake Park Crescent have sold and five of those have closed, leaving 23 units available for purchase.

Buyers can use the $10,000 grant to help with closing costs, down payments or other expenses, according to the article. The Chicago condos and townhomes at the participating commumities are all pretty much priced between $150,000 and $450,000.

So if you’re looking for affordable Chicago condos you may want to visit the sales center at Lake Park Crescent.

[tags]Lake Park Crescent, Chicago Condos, Chicago Real Estate[/tags]

June 28, 2011 – Chicago condo buyers can still get a $10,000 grant from the Find Your Place in Chicago campaign through the Partnership for New Communities organization. There are several Chicago real estate developments that are participating in the program. The grant, combined with price cuts at most of the developments, has given a boost to sales that have been otherwise flat. The program has helped 103 buyers with grants since it started in September of 2008, according to an article in the Tribune. But there are still 138 qualifying condos and townhomes available, so buyers who are interested still have a chance to cash in on the grant.

Parkside of Old Town is one of the communities that is eligible for the grant. There are 58 units still for sale. One bedroom condos start from $175,000 and two bedroom condos are priced from $280,000. Townhomes run from $342,000.

Oakwood Shores has six units available. Prices range anywhere from the $150,000s to $450,000s. Granite Partners is the developer, and Joseph Williams of Granite was quoted in the article as saying that, “Quite candidly, we would not have any sales if we did not have the (partnership) program in place.”

He also added that early buyers aren’t happy with the 25% to 35% price cuts now in place at Oakwood Shores. He said though that, “If you believe in real estate, you just have to believe that you keep building a neighborhood. Otherwise, you’ll continue to have a decline in the values of the existing neighborhood. These transformation sites are hard work.”

If making an investment in the future of a neighborhood, buy a Chicago condo at affordable prices plus get a $10,000 grant, these Chicago real estate developments may have the perfect home waiting for you.

[tags]Oakwood Shores, Chicago Condos, Chicago Real Estate[/tags]

June 27, 2011 – One luxury Chicago real estate development that has made a lot of high-dollar sales in the past year is Ten East Delaware. The Gold Coast high-rise sits next to the Talbott Hotel and the two had worked out an agreement where condo residents could order services from the hotel on a pay-as-you-go rate. This meant that residents could have catering, maid services and room service would be available but without having to pay high monthly assessments. That mutually beneficial partnership is a little strained right now though, because the hotel is suing developer Michael Reschke over revenue lost due to construction noise, according to Crain’s.

The article states that the suit claims that construction noise, dust, fumes, vibrations and flying debris seriously hurt the hotel’s business. Work went on late at night, early in the mornings and on weekends, the lawsuit states. They claims that customers canceled reservations, had to be moved to rooms away from the west side of the 149 room hotel and the conference rooms on that side couldn’t be rented. The hotel had to give refunds, upgrades or gift cards to satisfy customers and preserve their reputation for service and now they want reimbursed.

Mr. Reschke of Prime Group, the developer of Ten East Delaware, said in the article that, “10 East Delaware had already compensated the hotel for all amounts refunded to hotel guests who may have had a noise complaint, even if such noise complaints were themselves frivolous and without merit. The hotel sent us monthly invoices during the construction, and all of those invoices were paid.”

The hotel is suing for more than $50,000 in damages. The suit also claims that the developer didn’t level the connecting floor between the two buildings and there is a 7 inch difference.

On the bright side, sales at Ten East Delaware have been good. Deliveries began in late 2009 and as of the end of 2010 there were 91 (80%) of the 121 condos sold and 60 contracts closed, according to Appraisal Research Counselors.

Despite the lawsuit, Ten East Delaware is still one of the best-selling luxury towers of the past year. You can find more luxury Chicago condos like them in our development pages.

[tags]Ten East Delaware, Luxury Chicago Condos, Chicago Real Estate[/tags]

June 24, 2011 – How would you like to buy a Chicago condo for only $1,000 down? It’s possible at Lake Park Crescent. Prices have been cut by as much as 48% on select units and buyers can still get grants through the Partnership for New Communities that could knock the down payment way down, according to an article in the Tribune.

There are 68 units at Lake Park Crescent and right now the single-story townhomes are priced from $159,800. The three bedroom plus den terrace penthouses with a rooftop deck are priced from $359,800 which is down from the old price of $613,000. The row homes are listed from $429,800 which is also down from the previous price of almost $800,000 according to the article.

Finishes include hardwood flooring, granite counter tops, stainless steel appliances, carpeted bedrooms and marble bath vanity tops and floors. Buyers also get one indoor and one outdoor parking space included. The rwo homes come with a two car garage and a private deck, terrace or yard.

You can find other affordable Chicago condos and townhomes by following the link.

[tags]Lake Park Crescent, Chicago Condos, Chicago Real Estate[/tags]

June 23, 2011 – If you like a little fresh produce with your Chicago condos, Trump Tower will be the site of a farmer’s market again this summer. The market will take place the last Thursday of every month starting June 30th and continuing through September 29th. Other dates are July 28th and August 25th. You can check out the farmer’s market along the riverwalk outside the high-rise located on 401 North Wabash from 11am to 7pm on those Thursdays.

Trump Tower is also getting more high-tech. A recent press release from Hospitality News says the staff there will soon be more connected to residents and hotel guest through a mobile technology system called OPERA2Go. With this new system, hotel employees can use smartphones and tablets to check guests in or out without having to go to the front desk. They can also look up reservations, update guest information or specific requests and schedule housekeeping.

And finally, keep entering the HGVT Urban Oasis Giveaway every day through October 7th. You could win a free one bedroom, one bath condo at this Chicago real estate development. The unit will come fully decorated and the owner will have access to the same building amenities and services as hotel guests. It’s not often you get a chance to win free luxury Chicago condos so take advantage of it.

[tags]Trump Tower, Luxury Chicago Condos, Chicago Real Estate[/tags]

June 22, 2011 – Not very long ago we told you that a group of lenders headed by Bank of America N.A. had decided to put 82 unsold Chicago condos in Silver Tower up for sale in a bulk lot. Now Crain’s is reporting that the Davis Cos. from Boston has bought the outstanding construction loan on the project and will take control of the Chicago real estate development. The balance on the loan for the 38 story, 229 unit River North tower was around $30 million.

The number of unsold condos at Silver Tower had dropped from 82 to 60, and the article states that 20 of those are under contract and expected to close soon. The Davis Co. plans on marketing the condos as usual, not converting to rental or cutting prices even more. In fact, the article says that the investment group is thinking about rising prices on the remaining condos at Silver Tower.

Davis Company CEO Jonathan G. Davis was quoted as saying that, “The sales velocity there is very encouraging.” He also told Crain’s that, “We’re running out of inventory.”

Prices at Silver Tower were dropped about 20% back in March of 2010 and free parking was included after the tower fell into foreclosure. Sales picked up dramatically and have been strong ever since then, which is probably why Mr. Davis is considering raising prices.

Buyers who bought one of the Silver Tower condos over the past year probably got the lowest price that we’ll see at this high-rise for a while. It has been a long time since we’ve seen anyone raise prices on new Chicago condos instead of lowering them.

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

June 21, 2011 – Price cuts have been heavily advertised at Trio for quite a while now. There were around 13 of the condo lofts for sale at this Chicago real estate development and a free indoor parking space was being thrown in the deal. But the number of available lofts has gone down since there are several sales pending. The free parking space is also a thing of the past and now deeded parking is being offered for $20,000. But in case you didn’t notice, the prices on the remaining condos have been lowered by $20,000 so it all evens out in the end.

The lofts at Trio, which are located on 650-660 West Wayman, come with hardwood flooring, floor-to-ceiling windows, 10.5 foot ceilings, a balcony or terrace, stainless steel appliances, granite counter tops, glass tile backsplash, stone baths, a washer and dryer plus SmartHome technology.

Trio amenities include a a lounge with Wi-Fi access, fitness center, rooftop terrace, bike storage room and storage lockers. The building is FHA approved and welcomes pets.

The most current price sheet for Trio is listed below.

Unit #C108 / 1BR/1BA / 920 sq ft / Was $354,900 / Now $249,900 /Assessment $242.19
Unit #C208 / 1BR/1.5BA / 967 sq ft / Was $369,900 / Now $254,900 /Assessment $267.91
Unit #C308 / 1BR/1.5BA / 967 sq ft / Was $372,900 / Now $259,900 /Assessment $267.91
Unit #B308 / 1BR+D/1.5BA / 1,133 sq ft / Was $426,900 / Now $299,900 /Assessment $226.57
Unit #C107 / 1BR+D/2BA / 1,016 sq ft / Was $391,900 / Now $289,900 /Assessment $286.18
Unit #B201 / 1BR+D/2BA / 1,227 sq ft / Was $439,900 / Now $304,900 /Assessment $254.19
Unit #C104 / 2BR/2BA / 935 sq ft / Was $385,900 / Now $259,900 /Assessment $281.31
Unit #B701 / 2BR/2BA / 1,249 sq ft / Was $460,900 / Now $339,900 /Assessment $267.94

The sales center and models are open on Thursdays from noon to 6pm and weekends from noon to 5pm. There are other Chicago lofts for sale at reduced prices, so take the time to see what’s out there.

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

June 20, 2011 – A couple of weeks ago we told you that the Columbian was still advertising closeout pricing on the remaining unsold units in the tower. The prices have been cut for quite a while, and the unit list changes every so often. But now another incentive is being offered at this Chicago real estate development. Buyers can get up to $20,000 in decorating dollars and a free indoor parking space.

The decorating allowance is based on which unit you buy. If you purchase a one bedroom Chicago condo with a minimum price of $299,900 you’ll get $5,000 for decorating. A two bedroom unit that is priced from $399,900 will score you $10,000 in decorating dollars. For a three bedroom condo that has a minimum price of $399,900 buyers will receive a $15,000 decorating allowance. A penthouse unit nets the most decorating dollars at $20,000. Closeout prices run anywhere from $299,900 to $1,899,900.

GE Profile appliances, Grohe and Toto fixtures, granite counter tops, hardwood floors, washer/dryer hook-up, 12 inch ceramic bath floor tile and surround plus granite vanity and counter tops are standard finishes at the Columbian.

Building perks include a 24 hour doorman, fitness center, rooftop sundeck and party suite.

You can find out more about the Columbian and other downtown Chicago condos by following the link.

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

June 18, 2011 – There are only 12 developer units left for sale at 565 Quincy, according to a new press release in the Tribune. There is also a new model available for viewing and a new promotion.

Right now Chicago real estate developer Belgravia Group is offering a $5,000 retail furniture gift card plus free designer services for buyers who sign a contract by June 30th. The card will be given when you actually close on your unit.

Belgravia president Alan Lev was quoted in the article as saying that, “After coming up with a down payment, a lot of new buyers don’t have much left in the budget for furniture. With this promotion, buyers not only have a nice decorating budget, they also receive the services of a professional designer. All they have to do is enjoy the luxury of their new home while we take care of the rest.”

Along with the furniture gift car promotion, buyers will also get 10% knocked of the price of these Chicago condos.

Condos at 565 Quincy have from one to two bedrooms and baths with 588 to 1,058 square feet of living space. Prices run anywhere from $159,900 to $294,900 and a free indoor parking space is included with all but the junior one bedroom units. The building is also FHA approved.

Lev also said that 150 units have sold at 565 Quincy in the past 16 months, so if you’re interested in these condo lofts, you may want to act fast. Or you can check out some other Chicago lofts to find the perfect one for you.

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