October 14, 2011 – Sales of luxury Chicago condos continue to make news, and one Michigan Avenue high-rise inked three high-dollar contracts recently. According to an article in Crain’s, in the past 30 days the Park Tower on 800 North Michigan Avenue had buyers purchase three condos that were priced over $3 million each.

Those condos were a 4,200 square foot unit on floor 53 that was sold for $3.18 million, a 4,200 square foot condo on floor 48 that sold for $4.05 million and a 3,200 square foot condo on floor 47 that sold for $3.25 million.

But the article goes on to state that overall sales of Chicago luxury condos have slowed down somewhat. Midwest Real Estate Data says that there were 232 Chicago condos priced over $1 million that sold from October 1, 2010 and September 30, 2011. There were 291 Chicago condos priced over $1 million that sold during the same period a year earlier.

It will be interesting to see how sales pan out for the Ritz-Carlton Residences and Lincoln Park 2520 when they start making deliveries next year. Appraisal Research Counselors states that condos at the Ritz are priced at about $1,200 per square foot and at around $871 per square foot at Lincoln Park 2520.

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

October 13, 2011 – Addison Park On Clark, the controversial proposed Wrigleyville development, hit another foul this week. A foreclosure suite was filed by Bank of America against Chicago real estate developer Steven Schultz, who has been working to get the project off the ground since 2007. According to a Crain’s report, the bank is suing for $8.9 million is claims the developers owes. A previous foreclosure suit was filed in March of 2009 but was settled when the bank restructured the loan. This new suit claims loan came due on August 5th of this year and wasn’t paid.

The suit involves the some of the parcels of land located on Clark Street where the development is supposed to be built. The Addison park on Clark plan include a hotel, 150 Chicago apartments, 145,000 square feet of commercial space and an underground parking garage that would have 499 spaces. Wrigley fans and local residents opposed the development because they claimed that it would detract from and overshadow the ballpark. But Mr. Schultz revised the design and as of right now plans to have the height at eight stories, which would keep it lower than the top of Wrigley Field.

The developer doesn’t seem defeated by this latest problem, though. Mr. Schultz claims that he is close to getting a different loan from PrivateBank & Trust Co. “What’s really important is this development, not this one little blip that’s occurring for a very short amount of time,” he was quoted as saying.

But Mr. Schultz’s partern Tony Rossi of M&R Development also said in the article that they don’t have a hotel brand interested yet and also no prospects for a construction loan.

It’s still tough for Chicago real estate developers to get financing for anything other than rental towers, and with so many of those being built right now, that money may become harder to find as well.

[tags]Addison Park On Clark, Chicago Condos, Chicago Real Estate[/tags]

October 12, 2011 – Prices have been lowered and a new incentive put in place for the remaining unsold condos at The 21 Condos on Kristin Drive in Shaumburg. One bedroom, one bath condos at this Chicago real estate development were priced from $150,000 and now are from $119,900. These units start on the 7th floor. The two bedroom, one bath condos start on the first floor and were priced from $170,000 but now start at $99,900. Two bedroom, two bath condos are priced from $130,900. The three bedroom units are all sold out now.

Right now buyers can also get 50% off a platinum upgrade package on all remaining two bedroom units. The upgrade package is valued between $25,000 and $30,000. An upgrade for a two bedroom, one bath normally costs $17,000 but is now cut to $8,500. For a two bedroom, two bath condo upgrade package it would usually cost $19,500 but you can get it right now for $10,000.

Some platinum upgrade features include oak hardwood flooring, new bedroom carpet, new paint, Moen showers, white steel bathtub, marble bath sink, 36 inch maple bath cabinets, new mirror, lighting and fan. Kitchen upgrades include maple cabinets, new stainless steel sink and Moen faucet, 1.25 inch granite counter tops, stainless steel appliances and track lighting.

A few of the available units are listed below.

Unit #101 / 2BR / 1 Bath / $99,900
Unit #714 / 1BR / 1 Bath / $109,900
Unit #330 / 2BR / 2 Bath / $130,900

Building features include a fitness center with yoga room, a game room, business center, library, theater room, guest suite, outdoor swimming pool, tennis court, sand volley ball court, putting green and playground.

If you don’t find anything you like at The 21 Condos, there are quite a few other suburban Chicago condos for sale at reduced prices.

[tags]The 21 Condos, Suburban Chicago Condos, Chicago Real Estate[/tags]

October 11, 2011 – The price cuts that have been in place for nearly a year at 200 North Dearborn have paid off in sales. Appraisal Research Counselors lists the high-rise as one of the developments with the most sales in the first half of this year. Granted, sales of Chicago condos are still extremely low, but any sales are a big deal in this market.

There are still a few units left for sale at 200 North Dearborn. The current promotion is a 5% price discount if you use American Invsco’s preferred lender and a 10% discount for cash purchases made by October 14th.

The one bedroom Chicago condos in this high-rise are priced from $239,677 to $338,265. The two bedroom units range from $312,104 to $470,137. The three bedroom condos run from $570,893 to $646,378.

Unit #803 is a one bedroom, one bath with 860 square feet. The price is $239,677. Monthly assessments run $385 and yearly taxes are about $2,631.

Unit #3304 is a one bedroom, one bath with 870 square feet. The price is $338,265. Monthly assessments run $428 and yearly taxes are about $2,922.

Unit #906 is a two bedroom, two bath with 1,180 square feet. The price is $312,104. Monthly assessments run $529 and yearly taxes are about $3,614.

Unit #4002 is also a two bedroom, two bath condo. It has 1,165 square feet. The price is $470,137. Monthly assessments run $610 and yearly taxes are about $4,165.

Units #1105 and #1106 each have three bedrooms, three baths and 2,015 square feet. The price for each is $570,893. Monthly assessments run $903 and yearly taxes are about $6,170.

Units #3201 and #3202 also have three bedrooms, three baths and 1,755 square feet. The price for each is $646,378. Monthly assessments run $911 and yearly taxes are about $6,228.

As this year inches to a close, we may see some last minute price reductions at some Chicago real estate developments. We’ll keep you posted, so check back often.

[tags]200 North Dearborn, Chicago Condos, Chicago Real Estate[/tags]

October 10, 2011 – The latest news about 757 Orleans is that Chicago real estate developer Gammonley Group sold the retail space in the high-rise to Finesa Real Estate Group out of Maryland. The 13,738 square feet of commercial space is already occupied by Bank of America, Walgreens and Verizon, according to a Crain’s article. The developer got $10.8 million for the space, so that had to help their bottom line.

Appraisal Research Counselors reports that as of the end of June this year, 120 of the 198 Chicago condos in this River North high-rise were sold. If you do the math, there are still quite a few units available, and price cuts have been advertised for some time. Free parking was being offered for the next 20 buyers, but is now offered with all purchases of one bedroom or larger units. Buyers will also still get a 2 point rate buy down if they get a mortgage from Wells Fargo. The $5,000 in closing cost credit is also still on the table.

Prices on studios have dropped a little bit more and now start from $172,000. The one bedroom condos are still priced from $261,000 and the two bedrooms start from $354,000. You can expect to pay from $541,000 for a penthouse unit. All of the units have a balcony or a terrace.

The condos come with standard finishes like stainless steel appliances, granite counter tops, stainless steel double kitchen sinks, oak or maple cabinets, hardwood floors, washer/dryer hook-up and designer lighting. The baths have marble counter tops, ceramic tile and a large soaking tub.

More price cuts are being offered on Downtown Chicago condos as well as condos in River North, so be sure to shop around for the best deal on prices.

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

October 8, 2011 – If you’re looking for condos outside the Downtown Chicago real estate area, a couple of developments are offering price cuts and incentives for buyers. At Courthouse Square in Wheaton, Focus Development is having a closeout sale that starts October 22nd at 9am for the last three available condos.

According to a press release in the Tribune, all three condos are ready for occupancy and one is even furnished. If you’re interested, the condos are open for viewing from 10am to 4pm on two Saturdays, October 8th and 15th. The price cuts will be awarded to the first buyers who sign a contract, but you have to be pre-approved for a mortgage.

The Clocktower condo has three bedrooms, 3.5 baths, balcony, office and 4,683 square feet. The discounted price is $944,930.

The Chambers condo has three bedrooms, three baths, patio and 3,900 square feet. The reduced price for this condo is $692,930.

The Courtroom condo has three bedrooms, 3.5 baths a loft bedroom and 3,600 square feet. With a discount, you can expect to pay $769,930 for this condo.

All three condos come with two indoor parking spaces and a fireplace.

At River’s Edge in Vernon Hills, Weiss Development is offering as much as $20,000 to be applied to your mortgage, taxes and assessments for up to six months, according to a profile in the Tribune. There are four two bedroom condos that have 1,660 to 2,325 square feet left for sale. Prices start from $329,900.

These condos come with wood flooring, 42 inch kitchen cabinets, granite counter tops, granite vanity tops and baths with separate showers and tubs.

Be sure to check back with us for all the latest information about price cuts and incentives at Chicago real estate developments.

[tags]Courthouse Square, Chicago Condos, Chicago Real Estate[/tags]

October 7, 2011 – We’ve been hearing about how many Chicago real estate developers are either in the planning or building stage of apartment tower projects. Now the Sun Times is reporting that AMALI Residential will break ground on their new 50 story rental high-rise in River North this month. It will go up on the corner of Clark and Hubbard, according to the article. The site has been used as a parking lot for some time.

When completed in the summer of 2013, the tower will have 409 Chicago apartments. Building perks will include having the tower connected to a neighboring parking garage where the developer will turn the rooftop into a terrace for the apartment residents. Plans are to have a pool, BBQ area and cabanas.

Even though there are several other apartment towers going up at the same time as the AMALI one, the article states that AMALI VP Stephen Ross hopes that younger renters will pick this building because of the wide selection of restaurants and bars in the neighborhood.

The apartments will have high-end finishes, so expect the rents to be at the upper end of the scale. It will also be a non-smoking building, both in common areas and individual units. The article states that residents who violate the policy will be fined $250, which will then be sent as a donation to the American Lung Association.

Even though developers are focusing on apartments, there are still plenty of new construction Chicago condos for sale. Many are offering price cuts, and we’ll keep you posted on those.

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

October 6, 2011 – A few posts ago we told you about the Chicago apartment towers that were either up for sale or in the process of being sold. Now we have more news about the status of EnV, the 29 story, 249 unit high-rise located on 161 West Kinzie in River North. Crain’s is reporting that MetLife out of New York is negotiating a purchase of the tower for between $122 million and $126 million. If this deal goes through, the article states that it will be the first to quote, “break the $500,000 a unit barrier.”

Appraisal Research Counselors VP Ron DeVries was quoted in the article as saying that, “This is going to establish a new benchmark for downtown for pricing. It shows that there’s an incredible appetite for multifamily.” He also believes that rental rates for Downtown Chicago apartments will go up significantly because investors will be trying to make some profit on these big purchases.

The pending EnV sale is turning heads because the high price per unit is without the added value of the retail space in the high-rise. When you factor the price that way, EnV may win the title as the highest dollar value apartment tower sale in Chicago so far.

There could be another investor who outbids MetLife before the deal is sealed, but in any case a lot of Chicago real estate developers are probably watching and considering selling their own rental properties while the market is hot.

EnV is 91.2% occupied and is the second most expensive downtown Chicago rental building. The article states that a studio there runs $1,485 per month and the most expensive two bedroom rents for $6,073 per month.

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

October 5, 2011 – Yesterday we told you about some of the units for sale at Domain Lofts, located on 900 North Kingsbury Street. Today we will list some of the lofts that are for rent, and a couple of them are also for sale as well.

Unit #1068 is a three bedroom, four bath penthouse condo at Domain Lofts. It has custom furnishings, stainless steel appliances, a washer and dryer, 600 square foot terrace, kitchen pantry, island and breakfast bar. Heated garage parking is available. The monthly rent is $5,000 and this condo is also for sale with a price of $1,250,000.

Unit #778 is a two bedroom, two bath loft with east views. It has 1,431 square feet, stainless steel appliances, hardwood floors, washer and dryer, kitchen island, breakfast bar and pantry and natural stone baths with separate tub and shower. The monthly rent is $2,990. That includes heating, cooling, gas, Dish Network television channels and Internet service. One indoor heated parking spot will add $175 per month. This condo is also for sale and priced at $449,000.

Unit #1167 is a top floor condo with two bedrooms, two baths and 1,200 square feet. It comes with hardwood floors, a balcony, walk-in master bedroom closet, laundry with washer and dryer, stainless steel appliances, granite counter tops, kitchen island and stone bath with separate shower and tub. This unit rents for $2,350 per month and one indoor parking space is $175 per month additionally.

Building amenities at this Chicago real estate development include a 24 hour doorman, exercise room, resident storage space, party room, health club, sun deck and bike storage room. Pets are allowed with a deposit.

Domain Lofts isn’t the only building with Chicago lofts for sale and for rent. We’ll keep you posted about other developments that are lowering prices or offering deals on rental rates.

[tags]Domain Lofts, Chicago Lofts For Sale, Chicago Real Estate[/tags]

October 4, 2011 – There are several condos for sale and rent at Domain Lofts on 900 North Kingsbury Street. Today we’ll look at the units that are up for sale and tomorrow we’ll tell you about what is for rent at this Chicago real estate development.

Almost all of the condos come with a balcony, hardwood floors, stainless steel appliances, granite counter tops, natural stone baths with double sink and separate tub and shower. Some have a soaking tub. Most of the kitchens feature an island and have room for a table.

Unit #900 is a two bedroom, 2.5 bath corner condo on the 9th floor with 14 foot ceilings, lots of exposed brick and concrete. There is a gas fireplace and kitchen island. The price is $475,000 and the monthly association fee is $761. One indoor heated parking space is offered for $35,000.

Unit #906 is a two bedroom, two bath condo with vaulted ceilings, kitchen galley, island and table space. The price is $349,900 and the monthly association fee is $715. One to two indoor heated parking spaces are offered for $30,000 each.

Unit #725 is another two bedroom, two bath condo with 1,432 square feet. It comes with a patio, upgraded stainless steel appliances, gas fireplace, floor-to-ceiling windoes, walk-in closet, 42 inch maple kitchen cabinets and breakfast bar. The price is $349,000 and the monthly association fee is $779. One indoor heated parking space is included.

Unit #1053 is a two bedroom, two bath loft with a split floor plan and 1,400 square feet. It features 11 foot vaulted ceilings, eat-in kitchen with maple cabinets and island and master bedroom walk-in closet. The price is $349,000 and the monthly association fee is $641.

Unit #723 is a two bedroom, one bath corner condo with vaulted ceilings and soaker tub. The price is $320,000 and the monthly association fee is $554. One indoor heated parking space is offered for $30,000.

Unit #1030 is a two bedroom, three bath condo with 1,414 square feet, cherry cabinets, pantry, kitchen island, separate laundry room and 240 square foot covered terrace. The price is $310,000 and the monthly association fee is $615. One indoor heated parking spaces are offered for $30,000 each.

Unit #812 is a two bedroom, two bath condo with a 22 foot covered terrace, exposed brick, soaker tub and a breakfast bar in the kitchen. The price is $300,000 and the monthly association fee is $668. One indoor heated parking space is priced at $20,000 and has to be purchased with the condo.

Unit #1113 is a two bedroom, one bath condo with 1,152 square feet, a 15′ by 6′ balcony, whirlpool tub, separate shower, track lighting and breakfast bar. The price is $265,900 and the monthly association fee is $510. Indoor heated parking spaces are for sale.

Unit #921 is a two bedroom, one bath with 960 square feet. This is a short sale condo. The second bedroom is not enclosed. The price is $250,000 and the monthly association fee is $490. One indoor heated parking space is included.

Unit #1057 is a one bedroom, one bath with 12 foot ceilings and exposed brick. The price is $249,900 and the monthly association fee is $510. One indoor heated parking space is offered for $30,000.

Unit #911 is another one bedroom, one bath with 830 square feet, 15 foot ceilings and cherry cabinets. The price is $240,000 and the monthly association fee is $434. One indoor heated parking space is offered for $30,000.

Unit #1011 is a one bedroom, one bath condo with 907 square feet. It has been recently painted. The price is $237,000 and the monthly association fee is $488. One indoor heated parking space is offered for $30,000.

Unit #780 has one bedroom, one bath, 831 square feet, double oven, 6′ by 5′ work area and is an end unit. The price is $215,000 and the monthly association fee is $434. One indoor heated parking space is for sale.

Unit #903 is a one bedroom, one bath with 800 square feet on the 18th floor. It has new bedroom carpet, soaking tub and breakfast bar. The price is $209,900 and the monthly association fee is $502. One indoor heated parking space is offered for $30,000.

Be sure to check back tomorrow for a look at the Domain Lofts that are up for rent. You can also take a look at some other great Chicago lofts for sale.

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