September 30, 2011 – A few posts ago we told you that Echelon at K Station was one of several Chicago apartment buildings that are either up for sale or on the verge of being sold. So we thought we’d check in and see what apartments are available at this rental high-rise.

Apartment #2806 is a one bedroom, one bath with 613 square feet of living space. The monthly rent is $1,651 and the unit is available now.

Apartment #3801 is a one bedroom, one bath with 617 square feet. It rents for $1,684 per month and you can move in now.

Apartment #3203 is a one bedroom, one bath unit with 711 square feet of living space. This apartment rents for $1,723 per month and is available right now.

Apartment #0709 is another one bedroom, one bath unit. It has 736 square feet, rents for $1,687 per month and is ready for move-in now.

Apartment #0502 is a one bedroom, one bath unit with 825 square feet of living space. This unit leases for $1,755 per month and is available on October 11th.

Apartment #3505 is also a one bedroom, one bath unit that has 832 square feet. The monthly rent for this unit is $1,893 and it’s ready for a tenant right now.

Apartment #1607 s a two bedroom, two bath residence that has 1,109 square feet. The rent is $2,496 per month and it is available now.

Apartment #1210 is another two bedroom, two bath unit with 1,111 square feet of living space. The monthly rent is $2,528 and it is ready for move-in now.

All of the apartments at Echelon at K Station are air conditioned and come with stainless steel kitchen appliances, granite counter tops, kitchen island, ceramic bath and kitchen floor tile, ceramic shower and tub surround tile, oversized closets, paneled wood cabinets, in-unit washer and dryer, floor-to-ceiling windows and a balcony.

The building amenities include a fitness center, game room with billiard tables, party suite, business center, swimming pool, wireless Internet access,

We’ll keep you updated about if and when this rental tower sells, as well as tell you about any concessions or specials offered at Chicago apartments.

[tags]Echelon At K Station, Chicago Apartments, Chicago Real Estate[/tags]

September 29, 2011 – Chicago real estate developers Gerald Fogelson and Ron Shipka Sr. of Fogelson Properties and Enterprise Companies have been fighting law suits brought by several buyers at One Museum Park West who want to get their deposits back. Now Chicago Agent Magazine is reporting that 5 buyers have won lawsuits against the developers.

The magazine article states that back in 2006, buyers Craig Stepnicka and Janet Elston paid a $98,500 deposit on a condo priced at $985,000. The condo was supposed to be delivered in 2008. But the developers claim that due to delays involving the weather, building permits and a shortage of construction supplies, the completion of the 53 story high-rise was set back a couple of years and out of their control. The two buyers, along with several others, want a refund and a judge agreed.

Another lawyer (Howard Dakoff) who didn’t represent any of the parties involved was quoted as saying that, “This decision is a judicial warning to developers that they will be strictly held to the terms of their purchase contracts and not be given flexibility due to the economic climate.”

There are still 30 more lawsuits that have been brought against the developer over the return of deposits at One Museum Park West, so it will be interesting to find out the ruling in those cases. With more and more Chicago condo buyers unable or unwilling to close on units, we may see more lawsuits filed if there is reasonable cause.

[tags]One Museum Park West, Chicago Condos, Chicago Real Estate[/tags]

September 28, 2011 – Yesterday we told you that so far this year there has been $999 million in Chicago apartment sales. Because of the stong demand for rental units, the increase in rental rates and Chicago real estate developers who are willing to cash out to investors, this year could record $2.87 billion in apartment tower sales if all of the pending deals go through. According to Crain’s, there are several well-known Chicago apartment towers that are currently in the process of being sold, and we’ll highlight those below.

The 848 unit Alta at K Station on 555 West Kinzie Street could change hands soon. The one bedroom apartments there start at $1,633. You can expect rents to start at $2,728 per month for the two bedroom units.

Echelon at K Station 353 North Desplaines Street has 350 studio, one and two bedroom apartments and is up for sale. Monthly rents range from about $1,324 to $2,517.

EnV on 161 West Kinzie Street is looking for a buyer and has 249 one and two bedroom apartments. The available one bedroom units are renting from $2,142 per month and the two bedroom units start from $3,320 per month.

The Parc Huron, located on 469 West Huron Street, is the most expensive downtown rental building. Units there lease for about $2.73 per square foot. It has 221 apartments and is up for sale.

Another rental building up for sale is Flair Tower on 222 West Erie Street. There are 198 one to two bedroom apartments in this high-rise. Monthly rents on the one bedroom units start at $2,125 and the two bedroom units start at $3,096.

And the article pointed out that the biggest dollar sale of a Chicago apartment tower so far this year is the $320 million that Hartz Mountain Industries out of N.J. paid for 809 unit One Superior Place.

According to the article, actors encouraging investors to make these big purchases include low interest rates, big lenders Fannie Mae and Freddie Mac backing loans on these deals and big insurance and pension funds fronting cash for apartment tower purchases.

Even with occupancy rates high, don’t worry yet about finding an apartment. There is still a good selection of aparments available as well as a lot of Downtown Chicago condos for rent.

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

September 27, 2011 – Apartments are the hot spot in the Chicago real estate market right now, and we’ve been hearing about it for months. So it may or may not come as a surprise that investors have paid $999 million so far this year on apartment deals in Chicago. According to a Crain’s article, if the rental buildings that are expected to sell before the end of the year actually do go change hands, this year will go down as the biggest sales year in the past four years for Chicago apartments.

CB Richard Ellis states in the article that apartment sales are up 33% over last year. And because of the increase in deals during the past few weeks, that $999 million so far spent could double before the end of 2011. If that happens, it will beat the record of $2.48 billion in apartment sales in 2007.

According to the article, Ellis recently released a report that stated, “Given the typical end-of-the-year push to close transactions, activity will be extraordinary over the next few months.”

Right now there are apartment sale contracts pending that total $477 million and another $1.39 billion in apartments are up for sale. That doesn’t include the $999 million Chicago apartment deals that have already closed. In the report, CB Richard Ellis says that if all of those deals go through before the end of 2011, and that’s a big if, it would add up to $2.87 billion in Chicago apartment sales to investors.

Appraisal Research Counselors stated in the article that because so many buyers are opting to rent instead of purchasing Chicago condos, net rents at class A apartment towers is up nearly 10% this year and even suburban class A rents are up over 5%. So if you’re looking for Chicago apartments to rent, you can expect to pay significantly more than you might have last year.

Tomorrow we’ll tell you what the biggest dollar deal was so far this year and which apartment towers are in negotiations to be sold.

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

September 26, 2011 – There is a new duplex model open for viewing at Lake Park Crescent. It’s a three bedroom, 2.5 bath CityHome duplex, according to a press release in the Tribune. It comes with hardwood flooring, carpeted bedrooms, stainless steel appliances, custom cabinets, granite counter tops and marble baths. All of the duplexes at Lake Park Crescent have oak flooring, a private deck, backyard and garage.

Prices for the CityHome duplex residences start from $249,800. The one bedroom condos are priced from $154,800. If you were interested in one of the rowhomes, it’s too late. The rowhomes, priced from $429,800, are now all sold out according to the article. Nearly all of the condos come with a single indoor parking spot along with a tandem parking spot outside.

There are also Terrace penthouse units available. These residences have three bedrooms, a den, oak flooring, chef’s kitchen, gas living room fireplace and marble bath tile. The penthouse units had been priced from $613,000 but have since been dropped to $339,800.

Check back with us often for updates on price cuts and more information about affordable Chicago condos.

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

September 24, 2011 – There are still one and two bedroom condos available at Grand Bend at Green Bay in Evanston. There is a $5.3 million loan from Northbrook Bank & Trust coming due on these suburban Chicago condos in March of next year, so The Bluewater Group needs to net some sales soon.

Prices were cut by 30% to 40% months ago, at this 6 story, 49 unit low-rise. The building site advertises “large floor plans at much smaller prices.” Junior one bedrooms are listed from the low $170,000s and one bedroom condos start at about $205,000. The two bedroom condos are priced from $249,900 and the penthouse units that used to be priced in the $700,000s are now listed from $499,900.

Buyers get a free heated indoor garage parking space and Grand Bend At Green Bay is FHA approved.

The condos feature a private balcony or terrace, low E Thermo Pane windows, GE stainless steel appliances, Wellborn Forest cabinets, granite counter tops and backsplash, Moen fixtures, laundry with 12″ ceramic tile and Fridgidaire washer and dryer. Other finishes include carpeted bedrooms, vinyl clad wire closet shelving, granite master bath vanity tops, 12″ ceramic tile floor and shower surround, Kohler tiolet, Moen shower head, 5″ soaker tub and oversized mirrors.

If you’re shopping for a new home in Evanston, you may want to consider a condo at grand Bend at Green Bay or a unit in one of the other suburban Chicago real estate developments there.

[tags]Grand Bend At Green Bay, Suburban Chicago Condos, Chicago Real Estate[/tags]

September 23, 2011 – A few posts ago we told you about the dispute between tenants at the John Hancock Center and the condo board over limiting the number of rental units in the tower. The board wanted to limit the number of rental units to 145. There are 705 Chicago condos in the high-rise, which is located on 175 East Delaware, and 142 of those are currently leased.

According to a Crain’s report, the condo board has decided to table the proposed new rental rule and did not vote on it at this past Monday night meeting. Two of the building’s residents had filed a lawsuit against the board, claiming limiting rentals would infringe upon their rights as an owner and the new rule would have to be approved by two-thirds of the residents, not just the condo board.

The article goes on to state that the condo board decided to have a committee study the issue and come up with a revised solution. The reason for the board wanting to limit the number of rentals at this Chicago real estate development is because some fear that leasing too many condos will bring down the value of the other owner-occupied units.

Stephen Panko, one of the two men who filed the lawsuit, says that the condo board at the John Hancock already does a lot to discourage renters. Renters can only lease a year at a time and there is a $350 application fee charged. Mr. Panko points out that about half of the 48 condo board members are up for re-election next month and he intends to run for a seat.

The outcome of this dispute could set the stage for more legal fights over limiting rentals in condo buildings. There are now more Chicago condos for rent because investors and owners are having a hard time selling and need to generate some income until the market improves.

[tags]John Hancock Center, Chicago Condos For Rent, Chicago Real Estate[/tags]

September 22, 2011 – Rental Chicago real estate developments are in such demand with investors that some are even being sold before construction is completed. A prime example is SoNo East, the 22 story apartment tower being built next to SoNo, the 199 Chicago condo tower. According to a report in Crain’s, Prudential Real Estate Investors out of New Jersey is negotiating the deal with SoNo developer Smithfield Properties.

The SoNo East high-rise is expected to be finished around June of next year after breaking ground earlier this year. The Lincoln Park tower, which is located on 840 West Blackhawk Street, will have 324 apartments. The article states that while the price of the tower hasn’t been disclosed yet, it’s estimated that it will sell for between $110 million to $115 million. That’s around $340,000 to $355,000 per unit.

The article goes on to point out that first class apartment buildings are hot with investors because rents and occupancy continue to climb. As more developers have switched to building rental towers instead of Chicago condo buildings, they are also taking advantage of the high prices and selling out at a profit to investors.

CB Richard Ellis senior VP John Jaeger was quoted as saying that, “A lot of owners are taking advantage of great conditions.” His firm has brokered several such sales.

It will be interesting to see if the demand for Chicago apartments remains as strong after all of the new projects are completed in the next year or two and more downtown apartments hit the market.

[tags]SoNo East, Chicago Apartments, Chicago Real Estate[/tags]

September 21, 2011 – If you’re looking for condos in Glenview, you may want to check out Patriot Commons. There are several new condos still for sale at this suburban Chicago real estate development. All of the condos at Patriot Commons in Glenview come with hardwood flooring, granite counter tops, Kohler fixtures, a private balcony, in-home storage space and one indoor garage parking space.

There is a one bedroom, 1.5 bath Clark model at Patriot Commons that has 1,141 square feet and is priced at $299,995. The MLS number is 7649904.

Another Clark model with one bedroom, 1.5 baths and 1,184 square feet is priced at $319,995. The MLS number for this condo is 7649998.

A third Clark floor plan with one bedroom, 1.5 baths and 1,14 square feet has MLS number 7650003. The price for this suburban Chicago condo is $329,995.

There is also an Ellis model with two bedrooms, two baths and 1,276 square feet of living space for sale for $349,995. The MLS number is 7649896. This condo comes with a large living room and a priate balcony.

A two bedroom, two bath Archer model is also available. This unit has 1,437 square feet and is priced at $389,995. The MLS number is 7650029. This is a corner unit with plenty of windows for natural sun light, private balcony and master bath with separate tub and shower.

There are other great suburban Chicago condos for sale at affordable prices, so check back here often for updates.

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

September 20, 2011 – Yesterday we talked about how Chicago real estate developer Belgravia Group is helping buyers who previously bought one of their residences and now want to sell and purchase another Belgravia built home. We highlighted some of the one bedroom resale condos at 600 North Lake Shore Drive, and now we’ll list the two and three bedroom units that are available.

All of these luxury Chicago condos come with GE stainless steel appliances, a pantry, breakfast bar, granite counter tops and backsplash, 42″ cabinets, under cabinet lighting, marble baths with soaker or whirlpool tub and separate shower, recessed medicine cabinets, dual vanities, washer and dryer, 9′ 4″ ceilings plus custom window treatments. A 13 month homeowner’s warrenty is also included and monthly assessments cover the cost of water, gas, heating, AC and basic cable.

Building amenities include a fitness center, party rooms with attached catering kitchens, business center, bike storage room, storage lockers, sun deck with sculpture garden, commissary, dry cleaners and valet. Pets that weight 40 pounds and under are welcome.

Unit #3602 is a two bedroom, two bath with 1,373 square feet plus an 84 square foot south balcony. Priced at $649,000 it has been professionally decorated and comes with hardwood floors, walk-in master bedroom closet and option to buy an indoor parking space.

Unit #2309 has two bedrooms, two baths, 1,290 square feet, an 84 square foot balcony and option to pick your own indoor parking space. Other features include glass tile backsplash, hall closet and a split-bedroom floor plan. The price is $650,000.

Unit #2004 is a two bedroom, three bath unit with 1,900 square feet and an 83 square foot balcony priced at $850,000. Two indoor side-by-side parking spaces can be purchased for $50,000 each. This condo has his-and-her bathrooms with walk-in closets, limestone flooring, maple cabinets and laundry room.

Unit #3201 is a two bedroom, 2.5 bath condo with 1,621 square feet and an 84 square foot balcony. It is priced at $875,000. The condo has a split-bedroom floor plan, walk-in bedroom closet and gas fireplace with marble surround and hearth.

Unit #1811 has three bedrooms, three baths, 2,124 square feet and a spacious balcony. It is another split-bedroom floor plan with his-and-hers closets, laundry room, marble entryway with large closet and the option to buy two adjacent indoor heated parking spaces. The price for this condo, without parking, is $1,150,000.

Unit #1604 has three bedrooms, 2.5 baths, 2,159 square feet, large eastern balcony, and is a corner unit. This unit has a bedroom wing apart from the living area. It also comes with a marble foyer, double cook oven, his-and-hers closets, plus all bedrooms have a view of the landscaped building terrace. The price is $1,150,000. You can opt to purchase side-by-side parking.

Unit #2004 is a three bedroom, 2.5 bath condo with 2,159 square feet and large balcony. This condo features a media/office with surround sound and built-ins, cherry kitchen cabinets and pendant lighting, double oven, cherry shelving in the master bedroom walk-in closet and limestone master bath. The price, if you don’t decide to buy the two indoor parking spaces, is $1,175,000.

Unit #3304 is another three bedroom, 2.5 bath condo with 2,149 square feet of living space and a large eastern balcony. Priced at $1,250,000 before parking, it comes with a bedroon wing separate from the living area, marble entryway with two coat closets, oak hardwood flooring, double oven, his-and-hers master bedroom closets and laundry room with extra storage.

Unit #1204 is a three bedroom, 2.5 bath residence with 2,159 square feet and roomy east balcony. This condo is a corner unit and has the separate bedroom wing, marble foyer with two closets, cherry kitchen cabinets and double oven. Before parking, the price is $1,295,000.

Unit #3612 is a spacious three bedroom, 3.5 bath condo with 2,547 square feet. This corner unit has wrap-around windows, a south balcony, lots of upgrades, split-bedroom floor plan, custom electric window shades, double oven, his-and-hers master bedroom closets, marble/granite master bath and a laundry room. The price is $1,850,000.

Unit #4112 is also a three bedroom, 3.5 bath residence with 2,547 square feet of living space. It also has wrap-around windows and a southern balcony. The condo comes with 5″ walnut hardwood flooring, paneled doors, Bosch, Sub-Zero and Wolf appliances, laundry room, his-and-hers master bedroom closets and dual vanities. The price is $1,850,000 and you have the option of buying side-by-side indoor parking spaces.

These resale condos at 600 North Lake Shore Drive may be just what you’re looking for, and if not, there are a lot of other luxury Chicago condos for sale at reduced prices.

[tags]600 North Lake Shore Drive, Luxury Chicago Condos, Chicago Real Estate[/tags]