August 31, 2011 – Suburban Chicago apartments have been in the headlines a lot lately, and the latest news is that Chicago real estate developer AMALI Residential will start construction on a five story, 214 unit apartment building in Evanston. According to Crain’s, the new low-rise will have 19 units that the developer classifies as “live-work” residences, indoor parking and about 7,000 square feet for retail.

Gregory Mutz, AMALI CEO, was quoted in the article as saying that, “We like Evanston a lot. We like (Northwestern) University, we like everything about the market; we think it’s likely to do well from a rental housing standpoint.”

The new apartment building will be built on three lots located on Chicago and Kedzie Avenues, according to the article. The developer just now paid $5.37 million for them and actually had intended to launch the project three years ago. They opted to wait because, as Mr. Mutz put it, “The market turned sideways on us and we didn’t think it was the right time to start.”

The new Evanston apartments should be ready for move-in sometime in the spring of 2013. Rents are expected to run anywhere from around $1,000 to $3,000 per month.

As long as demand for Chicago apartments is high, most developers will put plans for new condo towers on the back burner.

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

August 30, 2011 – Once again, investors have purchased a block of units at another Chicago real estate development. Ten condos and 16 townhomes at Eastgate Village were sold to Alex Zhdanov and Igor Blumin for $4.1 million. The Chicago condos and townhomes were originally priced at around $12 million, according to an article in Crain’s.

The sale came after MB Financial Bank acquired the 26 units in a deed-in-lieu of foreclosure deal from New West Realty Group and Fogelson Development. Eastgate Village, located on East 25th Street, was originaly inntended to be a larger project. But the collapse of the housing market put a halt to any further construction. According to the article, 97 units were built, including nine townhomes that still need the interiors finished.

Essex Realty was hired to broker the sale and managing director James Darrow was quoted as saying that, “What makes this deal unusual is, they’re planning to sell the units. I interpret that as a good thing for the (housing) market in general. Maybe things are getting better rather than worse, for resales anyway.”

He also said in the article that, “We’ve been doing a lot of fractured condo deals and selling them in bulk.” But as we know from past experience, investors usually rent the units until the market improves. But since the units at Eastgate Village are being put back up for sale, it’s possible that prices could be reduced as they have been on other Chicago condos in similar situations.

[tags]Eastgate Village, Chicago Condos, Chicago Real Estate[/tags]

August 29, 2011 – The most recent suburban Chicago real estate development to be hit with a foreclosure suit is Cornerstone in Evanston. Crain’s is reporting that even though developer Steven Lome cut prices more than once on the project, he still wasn’t able to sell enough units to pay off the construction loan. First Midwest Bank is suing to collect a balance of $4.7 million.

The original construction loan of $7 million was issued in 2007 and came due in October of 2009. It was extended twice, according to the article. Cornerstone consists of 15 suburban Chicago condos and four townhomes. The article states that just three condos were sold as of this March, while four more have recently been sold and two more have gone under contract. Of the townhomes, one is sold and the remaining three are being rented.

The prices for a three bedroom condo at Cornerstone currently run from about $324,900 on up to $549,000 for a larger 2,000 square foot condo on floor four of the building.

The article went on to say that buyers are being turned off rather than on by suburban median sales prices that have dipped 15.8% since July of 2010. Instead of looking for great deals, buyers are wary that prices will go even lower and aren’t willing to make a move right now.

Still, if you’re looking for reduced prices on a new or second home or even investment property, there are lots of Chicago foreclosures for sale right now.

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

August 26, 2011 – Since Burnham Pointe on 730 South Clark Street was one of the first Chicago real estate developments that switched to rental, many others have followed. But we haven’t checked up on this early trendsetter in quite a while, so we thought we’d check availibility.

In floor plan #1 there is one unit available. This is a 1 bedroom, one bath condo with 735 square feet. The monthly rent is $1,658 and a $250 deposit is required.

In floor plan #12 there is one condo available. It too is a one bedroom, one bath condo with 815 square feet. The deposit is $250 and monthly rent runs from $1,678 to $1,844.

Floor plan numbers 2 & 11 have three available units with one bedroom, 1.5 baths and 886 square feet each. The deposit is $250 and the rents run from $1,873 to $1,996 per month.

In floor plans number 5 & 8 there are also three units available. They are one bedroom, 1.5 bath condos with 908 square feet. The depoist is $250 and the monthly rents range from $1,837 to $2,098.

There are two condos for rent in floor plan numbers 6 & 7. The have one bedroom, 1.5 baths and 963 square feet. A $250 deposit is required and rental rates are $2,128 to $2.264 per month.

Penthouse floor plan #2703 has one unit up for rent from $4,692 to $5,722 per month with a $250 deposit. It has two bedrooms, three baths and 2,084 square feet.

Floor plan #10 has one available. It’s a two bedroom, two bath with 1,046 square feet. The rent is $2,323 per month with a $250 deposit.

Floor plan #3 has one unit available. It’s a two bedroom, two bath with 1,186 square feet. The rent is $2524 to $2805 per month with a $250 deposit.

There is a single two bedroom, two bath condo available in floor plan #4. It has 1,322 square feet and rents for $3,050 per month with a $250 deposit.

There is also only one unit up for rent in floor plan #9. It is a two bedroom, two bath with 1,262 square feet. The deposit is $250 and the monthly rent runs $2,792.

Interior finishes include hardwood floors, stainless steel appliances, granite counter tops, a balcony, walk-in closets, individual heating and colling controls and pre-wiring is in place for high-speed Internet, cable, ceiling fans or light fixtures. Building amenities include a fitness center, observation deck, bike storage room, 24 hour doorman, resistance pool, sauna, spa, dog walk, lounge with kitchen, bar and flat screen televisions.

If you can’t find a unit you like at Burnham Pointe, there are a lot of Downtown Chicago condos up for rent right now.

[tags]Burnham Pointe, Downtown Chicago Condos, Chicago Real Estate[/tags]

August 25, 2011 – Chicago real estate developer Belgravia Group is having an open house party at CA23 on September 15th from 5:30pm to 7:30pm. The development is located on 23 North Aberdeen. This would be a good opportunity for anyone interested in these condos to take a tour of the new three bedroom model and also have a drink and some appetizers, courtesy of Belgravia.

There are nine condos left for sale at CA23. Prices range from $484,900 to $549,900. They come with 11′ to 22′ ceilings, floor-to-ceiling windows, hardwood flooring, carpeted bedrooms, washer/dryer hook-up, two private balconies per condo and some units have a 600 square foot terrace as well. There is a seperate lobby entrance for each condo and also private elevator entrance for each unit.

Kitchens feature natural stone countertops, an island, custom cabinets, stainless steel appliances and stainless steel undermount sink.

The baths also have natural stone tile, vanity tops and surround, double bowl sink and walk-in shower.

Buyers looking for new Chicago condos may want to pencil in September 15th on their calendar and plan on visiting CA23 to see what they have to offer.

[tags]CA23, New Chicago Condos, Chicago Real Estate[/tags]

August 24, 2011 – Just a few months ago we posted about McCaffery Interests buying the Lofts at Roosevelt Collection from Centrum Properties. We also told you how The new owner plans to knock out a portion of the buildings that were slated to house retail shops in the center of the commercial section of the mixed-used Chicago real estate development and make it more attractive to both shoppers and venders. A playground and green space will make up the new plaza. So with all this activity we wanted to check up on availability and rates.

Even though the 342 apartments at Roosevelt Lofts are around 92% leased, a representative confirms that there are still several units up for rent. The one bedroom lofts start at $1,833 per month and the two bedrooms from $2,085 per month. Those rates include current concessions. Indoor garage parking is an additional $225 per space per month.

Loft features include 10 foot high ceilings, hardwood flooring, Italian cabinets, stainless steel appliances and granite counter tops. The units also each have a balcony and a full-sized washer and dryer.

Building amenities at the lofts include a fitness center, lounge, business center, rooftop sun deck and lower level dry cleaners. For the movie fans, the 16 screen Kerasotes theater complex complete with lounge and bar is also located in the retail space at Roosevelt. Pets are welcome and the building is smoke-free.

You can find more information about other Chicago lofts and compare rates by following the link to our development pages.

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

August 23, 2011 – Despite all the dismal news about how sales of Chicago condos are still down and prices haven’t rebounded, the latest Illinois Association of Realtors report based on data from Midwest Real Estate will supposedly show that some neighborhoods actually made gains in July.

Crain’s published an article on the report that is due out this week and it showed sales of condos in the city went up by 2.1% in July. This data is supposed to be correct, as the IAR reviewed and corrected the past seven months of incorrect, inflated sales numbers and prices. The mistake was attributed to computer problems.

The report also stated that condo sales in Lakeview actually jumped 33% in July and the median price went up by 19%. July condo sales in Hyde Park were even more impressive because they nearly doubled year-over-year, according to the article. The median July condo sales price for that neighborhood increased 3.7%.

In Uptown, condo sales also improved with 36 units sold in July of this year, up from the 22 that sold in July of 2010. The median price didn’t follow though, and actually was down 12%.

The article goes on to say that the two factors fueling the sales increases were sellers who were the most motivated and had reasonable prices in line with the market and higher demand for homes in popular neighborhoods.

With sales of Lakeview condos and Hyde Park condos on the rise, it’s a good sign that Chicago real estate could be starting to rebound a little.

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

August 22, 2011 – Even suburban apartment projects are hot with Chicago real estate developers. A new 174 unit apartment tower is in the works for Evanston and if aproved will be built on the empty parcel of land where the last Sienna towers never materialized. According to an article in Evanston Now, Focus Development plans to out up the new 8 story rental tower on 1717 Ridge Avenue and tie in the design with the two Sienna towers that are already standing.

The project has been approved by the Site Plan and Appearance Review Committee but still has to go before the City Council’s Planning and Development Committee and the City Council for aproval.

The article states that the apartments will be smaller than a typical condo units because the new tower design calls for 29 more units than originally allowed at the site. But is also has 11 less parking spaces, so with smaller units and fewer parking the total area of the project is the same. The developer believes that smaller units rent easier than they sell.

When completed, the new rental tower will have a third floor swimming pool, internet lounge and fitness center. There will also be a second floor plaza and the Sienna condo owners will be able to use the new apartment tower pool, according to the article.

It’s too early for any word about completion dates or lease rates. If you can’t wait for these new suburban are ready for renters, there are still suburban Chicago condos rent.

[tags]Sienna Condominiums, Suburban Chicago Condos, Chicago Real Estate[/tags]

August 19, 2011 – We’ve been talking about how rents are going up at most downtown Chicago apartment buildings, occupancy rates increasing and more Chicago real estate developers are building rental towers. But what we haven’t mentioned yet is that several developers are suddenly putting their existing rental towers up for sale. According to an article in Crain’s, four well-known downtown apartment buildings are now on the market. The two motivating factors are that prices for rental buildings are skyrocketing and developers want to make a profit on existing buildings before all the other new rental projects are completed and possibly decrease both demand and values in a few years.

“People are taking profits now because they can,” VP Mark Stern of Waterton Associates was quoted as saying. His company purchased 124 unsold Mondial condos earlier this year and converted them to rental units.

EnV, the new 29 story, 249 unit tower on 161 West Kinzie in River North, has been up for sale for a while now. The article states that bids were due last week, so we’ll soon know if the sale came close to the estimated high end price of $131 million or $525,000 per apartment.

The four new construction rental towers that are now up for sale are listed below.

Alta at K Station from Fifield Cos. has 848 apartments in two towers on 555 West Kinzie Street. The units are 87% leased and no estimated asking price was listed.

The 39 story Echelon at K Station is also from Fifield Cos and has 350 units. The tower is lcoated on 353 N. Des Plaines Street and is 95% leased. No estimated price for this one either.

Flair Tower is from McCaffery Interests. The tower has 198 apartments and is 96% leased. Located on 222 West Erie Street, the article didn’t state an estimated price.

The 21 story, 221 unit Parc Huron on 469 West Huron Street may bring the highest price yet though since it currently has the highest rents of any downtown apartment tower. The developers are Thomas Moran and Anthony Rossi and the tower is 94% leased.

The article mentioned that the 324 unit SoNo East rental tower that is currently under construction and due to be completed in about a year is also being put up for sale by Smithfield Properties.

It will be interesting to see how much these apartment towers bring. We’ll keep you posted and as always keep you updated with the latest news about Chicago condos.

[tags]Parc Huron, Chicago Condos, Chicago Real Estate[/tags]

August 18, 2011 – Yesterday we talked about how only 261 downtown Chicago condos and townhomes sold during the first half of this year but there are just 1,911 unsold units left on the market right now. Today we’ll talk about what factors are helping to reduce the condo inventory.

In a Crain’s article, Appraisal Research Counselors said that one big cause of the inventory reduction is the number of Chicago real estate developments that have switched to rental. Those include the Lofts at Roosevelt Collection, Mondial, Astoria Tower, Lexington Park, Walton the Park, Mod, Trio and Burnham Pointe.

Another reason that the unsold condo inventory is slowly shrinking is that developers are making deep price cuts. The article states that because of lower prices, buyers made 757 North Orleans, Silver Tower and 200 North Dearborn three of the top-selling developments during the second quarter of this year.

And the article also said that Magellan Development is offering financing options with preferred lenders MetLife Bank and Alliant Credit Union for buyers at Aqua. Of the 262 condos in the 82 story Aqua, 158 have sold.

But even with all the price cuts, converting to rental and preferred lender help, Chicago condo sales aren’t likely to improve enough to make this year any better than the last four. Many real estate developers believe that rising rents and the eventual depletion of new construction condos will bring buyers back to the market though, but it could take another few years.

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