July 30, 2011 – Prices have dropped again at Van Buren Lofts. Email sales fliers are being sent out and say that the two bedroom, 1.5 bath Courtyard Lofts with 1,100 square feet at this are now priced from $174,900. The two bedroom, one bath condo lofts at this Chicago real estate development are now starting at $199,900. Free parking is also included. The building is FHA approved as well.

Units have traditional loft features like 10 to 12 foot exposed concrete ceilings, concrete columns, exposed ductwork and 4 inch wide hardwood floor boards. Other finishes include a washer and dryer, private balcony, upper kitchen cabinets that measure 42 inches, Bosch stainless steel appliances, Quartz stome counter tops and natural stone bath vanity tops and tile.

You can check out the model units at Van Buren Lofts on Mondays and Wednesdays from 11am to 6pm and Saturdays and Sundays from 12pm to 5pm or by appointment. You can also visit some other Chicago lofts to compare prices and finishes.

[tags]Van Buren Lofts, Chicago Lofts, Chicago Real Estate[/tags]

July 29, 2011 – Back in March of this year we told you that Chicago real estate developer American Invsco was being sued for around $15 by a lender contending that the retail and parking space at River City was mismanaged and not maintained. As a result, the lender claimed that a July 2007 foreclosure auction of the space only brought half of what it was worth. Now Crain’s is reporting another lawsuit affecting River City. This time the owners of water damaged Chicago condos in the tower are suing the Metropolitan Water Reclamation District of Greater Chicago.

The 17 story tower was slammed with about $8 million in water damage las July when 7.5 inches of rain fell in a two day storm, according to Crain’s. The Metropolitan Water Reclamation District didn’t open the locks that connect the Chicago River to Lake Michigan, the lawsuit claims. That caused the river to overflow and dump about 12 feet of water into the lower floors of the high-rise.

Around 100 cars in the parking garage were covered in water, and a haz-mat team had to be called in to clean up the gas from the cars and chlorine from the swimming pool.

There were about 1,500 River City residents who went without elecrticity for several days as a result of the flooding. The article also states that many condo residents had to live elsewhere for several weeks until the building was cleaned up and repairs made.

One piece of advice that anyone thinking about buying Chicago condos can take away from this story is to do some research and make sure the unit you’re considering has never had flood damage.

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

July 28, 2011 – Chicago real estate developer Toll Brothers is having a Dream Home Sales Event through July 31st. There are eight participating Chicago area developments included, with Patriot Commons in Glenview being one of them. In this promotion, buyers who make a purchase agreement from now through July 31st will be entitiled to incentives offered from Kohler, Whirlpool, and Shaw that will help them customize and upgrade finishes like hardwood flooring, carpeting, appliaces, faucets and fixtures. According to a press release in the Tribune, buyers must make the purchase agreement by the end of this month, put a deposit on the home and sign a sales contract within 10 days of making that deposit.

There will also be representatives from TBI Mortgage (which is a subsidiary of Toll Brothers) on hand to give advice on “below-market mortgage programs” for buyers.

There are several condos for listed for sale right now at Patriot Commons. There is a one bedroom, one bath with 1,184 square feet for $319,995. There are two one bedroom, 1.5 bath condos with 1,141 and 1,184 square feet that are priced at $299,995 and $329,995.

A 1,276 square foot condo with two bedrooms, two baths and an indoor parking space is listed for $349,995.

There is also a 1,426 square foot condo with two bedrooms, two baths and an indoor parking spot for $379,995.

One more two bedroom, two bath condo with an indoor parking spot and 1,437 square feet is priced at $389,995.

Any buyers interested in Patriot Commons and getting a discount on upgrades may want to visit the sales center before this month is over. There are some great Suburban Chicago condos out there and many have price cuts in play.

[tags]Patriot Commons, Suburban Chicago Condos, Chicago Real Estate[/tags]

July 27, 2011 – The most recent Chicago real estate development to make the switch to rental is one that has sat unfinished since 2008 due to a lack of financing. Just a 27 story concrete parking garage shell on 111 West Wacker is all that developer Teng & Associates had to show after running out of money for the Waterview Tower project. It was originally planned to be a 90 story high-rise with a hotel and condo units. But according to Crain’s, Related Midwest is buying a controlling stake in the project and say that they plan to switch the development to a 65 story rental high-rise with 500 luxury apartments. Teng will still have a stake in the project as well, according to the article.

Related Midwest purchased the stake from lenders who had taken control of the project in 2010. Other developers, including Mark Goodman and Michael Reschke had wanted to take over the project and continue with the hotel plans and office space. But the article points out that because the rental market is so hot right now, Related’s plans for the project made it much easier to get financing.

Work on the Waterview Tower apartments won’t start until early 2012 and it will take 18 to 24 months to finish. The article states that Related Midwest is also has a 500 unit apartment tower in the works on 500 North Lake Shore Drive. There are 10 or more other rental towers in the planning stages from other developers as well as 4 projects that are already being built downtown.

If you can’t wait for Waterview Tower to be completed, you can find more information about Chicago apartments that are ready for occupancy right now by following the link.

[tags]Waterview Tower, Chicago Apartments, Chicago Real Estate[/tags]

July 26, 2011 – By now we all know that the Chicago Spire isn’t likely to be built, at least not to the original plans. Now we have news that the managing director for the Chicago division of Shelbourne Development (the Spire development company) has been named in a foreclosure suit against another Chicago real estate project.

Crain’s is reporting that Peter Smolenski personally guranteed a $6.6 million dollar loan for a 31 unit conversion project located on 38083816 North Sheffield called Sheffield Condo Living. Mr. Smolenski and Antonio Torres were partners in the project. According to the article, just 8 buyers have closed on condos there. The building did house apartments before being converted into condos. About $4.9 million is still owed on the loan from Harris N. A. The payback deadline for the loan was June 2008, so the lender is suing for the balance along with court costs and interest.

The bank also wants a court-appoined receiver to take control of the building but the developers are fighting that because the courts already turned over the building to the condo association this year. The condo board has rented out 23 of the unsold condos to generate cash to pay assessments.

There are other Lakeview Chicago condos available for sale and rent, so buyers might want to check those out and adopt a wait-and-see attitude on the Sheffield condos until this dispute is resolved.

[tags]Chicago Spire, Lakeview Chicago Condos, Chicago Real Estate[/tags]

July 25, 2011 – There was quite a bit of uproar a few days ago over the news that the Illinois Association of Realtors data has been incorrect and inflated in terms of Chicago condo and home sales as well as median price. Now the June 2011 numbers have been released by the IAR and they look more realistic.

According to the report, Chicago area sales of single-family homes and condos in June of this year amounted to 7,481 units. That is a 13.2% increase from May 2011 when 6,608 units were sold. It’s down 17.7% from June 2010 though when 9,085 single-family homes and Chicago condos were sold.

There were 1,841 Chicago condos and single-family homes sold within the city during June 2011. That is an 8% increase over May 2011 sales of 1,705 units but down a whopping 27.1% from the 2,526 units sold in-town Chicago during June 2010.

The median sales price for Chicago area homes and condos was $180,000 for June of this year (2011). That is a 5.9% increase over the May 2011 median price of $169,900 but down 13.3% from the June 2010 median price of $207.500.

The median price for Chicago homes and condos sold within the city during June 2011 was $207,000. That dropped 11.6% from the June 2010 median price of $234,250 but up 8.9% from the May 2011 median of $190,000.

Chicago Association of Realtors president Mabel Guzman was quoted in the report as saying that, “Chicago condos continue to outpace single family by 30 percent for the second month evident not only in units, also in downward price movement. In the coming months, we will be observing the economic pressures which will likely lead to an increase in distressed assets to the market.”

We’ll have to wait and see if her Chicago real estate prediction comes true. Until then, check back with us for the latest news about Chicago condos and Chicago homes for sale.

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

July 22, 2011 – We’ve been talking about how Chicago real estate developers keep extending their closeout sales and promotions well past initial end dates. The reasons for stretching them out can be polar opposites. The promotion could be bringing in a lot of new sales or it might not be boosting sales enough, in which case the developer may give it a few more weeks to see if it works.

At the Columbian we’ve seen several weeks of developer closeout pricing and a new $5,000 to $20,000 decorating incentive plus a free indoor parking spot and it looks as though at least one Chicago condo finally sold.

The unit that has been listed as sold on the developer’s price sheet is #1207. It’s a three bedroom, 2.5 bath condo with 1,929 square feet that had been listed for $994,900 but with the price reduction it was $709,900. There were certainly less expensive condos left for sale at the Columbian as well as more costly, but this particular unit must have appealed to a buyer.

The price sheet still lists a one bedroom, one bath with 844 square feet for $299,900. There are three Chicago condos with two bedrooms and two baths listed. They have between 1,231 and 1,485 square feet and are priced from $399,900 to $499,900. There is a two bedroom, 2.5 bath unit with 1,572 square feet for $579,900.

A couple of penthouse units are also still listed. One is a two bedroom, two bath with 3,483 square feet for $1,899,900 and a three bedroom, three bath with 2,438 square feet for $999,900.

We’ll keep you posted if any more units sell at the Columbian and as always, we’ll keep you updated about price cuts on other downtown Chicago condos.

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

July 21, 2011 – If you’re one of the many homeowners affected by Chicago foreclosures and your lender was Countrywide, you may have a refund coming your way. A recent announcement by the Federal Trade Comission stated that Countrywide Home Loans is accused of overcharging at least 450,000 homeowners who were facing foreclosure or who had defaulted on their loans.

At first the estimate was about 200,000 homeowners who were due a refund. Bank of America took over Countrywide in mid 2008 and B of A agreed to pay around $108 million in a settlement with the FTC. That money will be used to pay all of the refunds.

Countrywide allegedly charged homeowners too much for property inspections and title reports as well as other fees related to defaults on loans. The FTC report also stated that Countrywide even inflated the amount still owed on mortgages before homeowners went into bankruptcy. The FTC statement says the refund checks being sent out range from $500 to $7,000.

These refund checks won’t have any big impact on Chicago real estate as a whole, but it does remind homeowners to be very aware of all fees charged to their mortgages and exactly how much is really owed on your loan.

[tags]Countrywide Home Loans, Chicago Foreclosures, Chicago Real Estate[/tags]

July 20, 2011 – The 20% off selected units sale at Optima Old Orchard Woods has been extended to July 31st. The original cutoff date was May 31st. Buyers who can sign a contract by the end of this month will receive the price reduction.

The suburban Chicago condos included in the Optima sale are mostly two and three bedroom units. The two bedroom, two bath condos available with the 20% price cut have anywhere from 1,269 to 1,514 square feet of living space. Prices on those units run from $275,200 to $383,200. Assessments range from the $360s to $490s.

The three bedroom, two bath condos that are included in the promotion have 1,654 square feet and are priced from $379,900 to $435,040. Assessments run from the $470s to $490s.

Condos at this suburban Chcago real estate development come with hardwood floors, a balcony or terrace, washer and dryer, optional fireplace, marble bath tile, granite kitchen counter tops and stainless steel appliances. Each of the three interconnected towers has a party room, spa, pool, indoor parking and fitness center.

Leasing is also available at Optima Old Orchard Woods, There are also a lot of great rent to own Chicago condos available as well at area developments.

[tags]Optima Old Orchard Woods, Rent To Own Chicago Condos, Chicago Real Estate[/tags]

July 19, 2011 – Sales and promotions at Chicago real estate developments seem to last way beyond their initial expiration date. There have been several closeout sales and limited time offers that have gone on for weeks and even months. Granted, some developers do hold to their cut off date, but buyers shouldn’t be afraid to ask if promotional prices or perks are still available.

One good example is at 757 Orleans. The Gammonley Group has been running a sale at the 22 story, 198 unit tower for a while now. The constant has been a free indoor parking space for the next 20 buyers and a 2 point buydown when you go with their preferred lender. What has fluctuated is either a $25,000 price cut or $5,000 closing credit.

757 Orleans has a 24 hour doorman, exercise room, party room, business center, indoor and outdoor pools, sundeck, bike storage room and conference room. The Chicago condos in this tower have floor-to-ceiling windows, granite counter tops, marble vanity tops, ceramic bath tile, oversized tub, washer/dryer hook-up, stainless steel appliances, hardwood floors, a balcony and 42 inch cabinets.

Prices run anywhere from the $180,000s to the low $400,000s for the studio to three bedroom condos.

Remember, don’t be afraid to ask a Chicago real estate sales rep about extending a promotion if you missed the deadline. You might be surprised at how flexible most of those deadlines are.

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