The 309-unit Chicago condos located at 200 N Dearborn, in the city’s well-known Theatre District, are offered buyers a gift for the holidays. For a limited time, American Invsco provided sales incentives to those buying these downtown condos. The sale reduced the original prices as much as 51% and homebuyers paying in cash received an additional 10% off with closing costs covered. At the time of this writing, the 47-story building recently received 18 cash deals that closed in one month, most likely due to the added discount for cash purchases.

Here’s a look at some examples of this holiday pricing: Unit number 905, priced at $193,830. The 835-square-foot unit has one bedroom and was originally listed for $339,000. This sale price is without the additional cash discount. Another unit, number 1106, is a three-bedroom, 2,015-square foot condo with the sale price of $449,085. The unit was previously listed for $833,300.

Here’s a bit more general information about 200 N Dearborn… The building was originally constructed as Chicago apartments in 1989. Recently, the property was redeveloped and modernized into condos by American Invsco, which has developed 45,000 residential units all over the United States. The full-amenity building also houses 24,000 square feet of commercial space, including a 7-Evelen, food court, dry cleaners and Pedway system that connects to different points in downtown Chicago, making winter walks comfortable. Amenities in the building consist of a fitness center, party room, same-day maintenance service, laundry facilities, 24-hour doorman, an indoor swimming pool, a 3,200-square-foot landscaped terrace with barbecue facilities and five floors of indoor parking (residents must pay an additional fee for parking spots, though).

Upgrade packages are also included in deals for this downtown Chicago high-rise. The Majestic package incorporates new hardwood floors or marble entrance, stainless steel appliances in the kitchen, new cabinets, countertops made of granite, upgraded bathrooms, and new countertops and sinks.

Downtown Chicago condos under development closed 229 sales during the 3rd quarter. That is better than 2nd quarter 2011 sales (which hit 196) but is a decrease from the 251 deals closed during the 3rd quarter of 2010, according to a report from Appraisal Research Counselors, a consulting firm based out of Chicago. According to an article in a November issue of Crain’s, psychology plays a huge factor in what is working against developers of Chicago condos with potential buyers. Consumers fear prices falling and many are noticeably waiting out the market.

Developers of Chicago real estate who slashed prices to attract sales were selling leaders during the third quarter. Pricing is a decisive motivating factor regarding resistant consumers. For example, one-bedroom Chicago condos previously priced at $259,000 were lowered to $155,040 and included free parking; two-bedroom units fell from $369,900 to $229,500. Additionally, many first-time buyers of Chicago condos have stepped into the market, mostly due to locale, price points and incentives such as a grant from the city of Chicago for $10,000.

First-time purchasers of downtown Chicago condos were most helpful to raise sales during the third quarter, especially for developments such as 757 Orleans, 200 N. Dearborn, Silver Tower, Quincy 565, 235 West Van Buren and Parkside of Old Town on Division Street, a redevelopment of what was previously Cabrini Green public housing.

Parkside Old Town had the most closings during this quarter, after slashing prices 30-40%. The number of Chicago condos sold in this development reached 26 units, out of a total 161. Parkside of Old Town, constructed by Holsten Real Estate Development Corporation, worked with lenders in the Chicago Housing Authority to produce a new pricing schedule. The undertaking incorporated Chicago condos with market-rate and market-rate inexpensive units, as well as CHA replacement housing in townhomes and two mid-rise properties.

Some high-end downtown Chicago condos sold reasonably well during the 3^rd quarter, even though they aren’t the most attractive to first-time buyers. A few of these Chicago condos include the Trump International Tower, the Aqua and the Legacy at Millennium Park.

According to the article from Crain’s, there will not be any newly constructed units placed on the Chicago condo market this year. Chicago real estate that is currently under construction and scheduled to open in 2012 includes the residences at the Ritz Carlton and Lincoln Park 2520. Even though demand for downtown Chicago condos has been weak, supply is recovering, primarily because a lot of Chicago condos have become rental units.

The number of Chicago condos and townhomes that remain unsold fell to 2,198 during the 3rd quarter of 2011–it was as high as 7,689 in 2007′s 2^nd quarter. Developers of downtown Chicago condos closed on 614 condos and townhomes during the first nine months of 2011, compared to 1,431 in 2010.

Similar to other parts of the country, local residents have become increasingly familiar with the existence of empty or abandoned Chicago real estate due to the recent economy crash. On a brighter note however, Chicago real estate located in the city’s South Loop neighborhood is starting to be redeveloped and repurposed. Renters are filling up Chicago condos that have gone through foreclosure and, although there is no news as to whether it will eventually offer Chicago condos for sale, a newer residential building at 1712 S. Prairie Avenue was recently snatched up by a pair of development companies that already have a hand in many projects around the city.

Developers Golub & Co. and Sandz Development Co.—the buyers of many Chicago condos—are the current owners of 1712 S. Prairie Avenue, which is referred to as the “X/O” building. X/O’s original owners, Keith Giles and Jerry Karlik, built the South Loop condominiums during the housing bubble. At the time, the duo dealt with a lot of community resistance to them building their properties, which include Chicago lofts and high rises.

According to a November 9^th article in the Chicago Journal, the original X/O developers faced many obstacles when they attempted to place these Chicago condos for sale. Second Ward Alderman Robert Fioretti initiated an ordinance to rezone the property, in order to limit the number of units within the building. Giles and Karlik filed a lawsuit to keep progress going and the ordinance was eventually withdrawn. Unfortunately, the economy collapsed soon after and the development ran into even bigger problems. Even though most of the real estate development in the South Loop neighborhood is seemingly high-rise rentals and condos, the Prairie District Neighborhood Alliance (a smaller community located within the larger South Loop area) actively protested construction of X/O. The complaint was due to a dislike of high-rise Chicago condos being built on this once-historic avenue.

Consequently, there was a lack of buyers for X/O and since the construction was not financed, the Chicago condos laid empty for years. Complaints were made to the alderman regarding poor upkeep in several abandoned South Loop buildings. But developers have made strong efforts to fence off property sites and clean up the areas to keep squatters at bay. The abandoned X/O site still has signs from the original opening in 2007 that boast “The Journey Begins Here” and “The Sexiest in the South Loop”.

It remains so be seen what Golub & Co. and Sandz Development are going to do with the old X/O condos, especially as demand for rental units inspires a new wave of apartment construction in the city. Other Chicago real estate has been purchased in the South Loop as of late, including a 53,000-square-foot lot that has been vacant for years on 18^th Street and Wabash. The property was purchased by Dynacorp in October for commercial development.

September 9, 2011 – Yesterday we talked about how there is a two and a half year supply of downtown Chicago condos already built, on the market and ready for move-in right now. A recent second quarter 2011 benchmark report from Appraisal Research Counselors as highlighted in a Skyline Newspaper article also stated that while buyers aren’t exactly rushing to sign sales contracts on condos, there were several Chicago real estate developments that did make double-digit sales during the second quarter of this year.

With 21 units sold and closed, 757 Orleans was ahead of the pack in the second quarter. 770 Lofts came in second with 15 units sold and closed, according to ARC.

235 West Van Buren was a close third with 14 condos sold and closed in the second quarter of this year, and Silver Tower along with 200 North Dearborn tied them for third with 14 sales inked as well.

Aqua and the Legacy at Millennium Park tied for fourth place with 12 condos closed in the second quarter of this year.

Coming in fifth place was the Park Monroe with 11 condos that closed from April through June. And the Trump Tower Chicago made it onto the list in sixth place with 10 luxury Chicago condos sold and closed during the second quarter of 2011.

So there you have the best-selling downtown Chicago condos in Q2 of 2011, according to Appraisal Research Counselors. If you’re in the market to buy, you may want to check out these developments and see what they have to offer that has attracted buyers.

[tags]235 Van Buren, Downtown Chicago Condos, Chicago Real Estate[/tags]

June 2, 2011 – For any buyers who are looking for suburban Chicago condos, One Evanston, which used to be called Winthrop Club Condos, has a good selection of units still available. Jameson Realty is marketing the one to three bedroom condos and prices run anywhere from just below $200,000 to just under $1 million. Indoor parking is included in the purchase price.

The units at this suburban Chicago real estate development come with a balcony, floor-to-ceiling windows, hardwood flooring, 9 to 10 foot ceilings, stainless steel appliances, granite counter tops, high-speed wiring for Internet, phones and cable television, large closets, under cabinet lighting, stone bath tile, oversized tubs and showers.

Building perks at One Evanston include a 24 hour doorman, receiving room, club room and catering kitchen, storage lockers and bike storage room, fitness center, indoor pool and whirlpool with towel service.

According to the article, the fitness room, lobby and main entrance at One Evanston have had a makeover. Other building amenities include a 24 hour doorman, club room with catering kitchen, whirlpool, indoor swimming pool, bike storage room and resident storage lockers.

Some of the One Evanston condos currently for sale are listed below.

Unit #608 / 1BR / 1 Bath / Price $199,900 / Assessments $280 / Northeast corner unit with 2 terraces.
Unit #809 / 1BR / 1 Bath / Price $260,900 / Assessments $298
Unit #710 / 2BR / 2 Bath / Price $294,900 / Assessments $370
Unit #704 / 2BR / 2 Bath / Price $373,900 / Assessments $426 / Model unit with south view.
Unit #911 / 2BR / 2 Bath / Price $444,900 / Assessments $502
Unit #505 / 2BR / 2 Bath / Price $559,900 / Assessments $578 / Unit has 2 private terraces.
Unit #805 / 3BR / 2 Bath / Price $568,900 / Assessments $642
Unit #1105 / 3BR / 2 Bath / Price $583,900 / Assessments $642
Unit #1203 / 3BR / 3 Bath / Price $699,900 / Assessments $721
Unit #504 / 3BR / 205 Bath / Price $924,900 / Assessments $1,076 / Northeast corner unit with 2 terraces.
Unit #1404 / 3BR / 2.5 Bath / Price $974,900 / Assessments $978 / Penthouse floor unit with east lake view and north downtown view.

The sales center is open on weekends from 1pm to 3pm. You can compare One Evanston with some other suburban Chicago condos and see which development is the best fit for you.

[tags]One Evanston, Suburban Chicago Condos, Chicago Real Estate[/tags]

May 18, 2011 – A couple of weeks ago we told you about the new leasing program at Optima Old Orchard Woods in Skokie. Just to refresh your memory, The one bedroom suburban Chicago condos, of which there are few if any left, are renting from $1,500 to $1,800 per month and the two bedroom condos from $1,800 to $4,125 per month. The thre bedroom and penthouse units are leasing between $3,125 to $4,725 per month.

There is also a new promotion in progress at this suburban Chicago real estate development. Buyers who sign a purchase agreement by May 31st can get 20% off some select units at Optima. Some of the units that are available are listed below.

Unit #2-1609 / 2BR/2Bath / 1,169 sq ft / was $344,000 now $275,200 / $362 Assessments
Unit #2-1706 / 2BR/2Bath / 1,250 sq ft / was $431,100 now $344,800 / $426 Assessments
Unit #2-1803 / 2BR/2Bath / 1,269 sq ft / was $419,500 now $335,600 / $425 Assessments
Unit #2-709 / 2BR/Bath / 1,442 sq ft / was $428,500 now $342,800 / $409 Assessments
Unit #1-616 / 2BR/2Bath / 1,514 sq ft / was $479,00 now $383,200 / $498 Assessments
Unit #2-911 / 3BR/2Bath / 1,654 sq ft / was $511,550 now $379,900 / $473 Assessments
Unit #2-1511 / 3BR/2Bath / 1,654 sq ft / was $543,800 now $435,040 / $495 Assessments

The condos come with marble baths, granite counter tops, hardwood floors, stainless steel appliances, floor-to-ceiling windows, custom cabinetry, a terrace or balcony, washer and dryer and a fireplace can be installed. Building amenities for all of the three towers include a fitness center, indoor heated parking, indoor pool, spa and party room.

Be sure to check back with us for updates on rental options and price discounts on Chicago condos.

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

May 10, 2011 – Chicago real estate developers keep cutting prices and offering incentives, although maybe not as frantically as they were a year or so ago. Buyers can also find deals on condos outside the downtown Chicago area as well. At 21 Kristin in Schaumburg prices have been lowered quite a bit and you can also get a major discount on an upgrade package on select units.

Right now buyers can get 50% off the platinum upgrade package on all 2 bedroom, one bath condos at this Chicago real estate development. The ad states that one bedroom, one bath Chicago condos at XXI Kristin did start at $150,000 but now are priced from $119,900. Those one bedroom units start on the 7th floor. The two bedroom condos had been priced from $170,000 but now are listed from $115,000 and they start on the 1st floor. There are also quite a few that are priced from $99,900. The three bedroom condos had been priced from $230,000 but are now listed from $164,900. There are only 2 of the three bedroom condos left for sale and those come with a free platinum upgrade package.

21 Kristin is FHA approved and has an outdoor pool, putting greens, sand volley ball court, tennis court, fitness center, game room, yoga room, business center, library, theater room, card room, guest suite and convenience store.

Some of the condos that Jameson Realty is marketing at 21 Kristin are listed below.

Unit #110 / 2BR / 1 Bath / $99,900
Unit #828 / 2BR / 1 Bath / $115,000
Unit #714 / 1 BR / 1 Bath / $119,900
Unit #330 / 2BR / 2 Bath / $130,900
Unit #1009 / 2 BR / 2 Bath / $146,900

You can find some great deals on suburban Chicago condos so check back with us often for updates.

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

May 4, 2011 – If you’ve thought about purchasing one of the suburban Chicago condos at Optima Old Orchard Woods but just aren’t quite ready to take the plunge, you may want to try renting first. Optima Inc. has launched a leasing program at the three tower, 646 unit complex in Skokie, according to a press release in the Tribune. With the new Luxury Leasing Program at Optima you can get a taste of living in this suburban Chicago real estate development before actually buying a condo.

Award-winning Optima developer and architect David Hovey said in the article that, “Many prospective buyers have expressed interest in living at Optima Old Orchard Woods but are not ready to purchase. Our new program offers the chance to lease a condominium and enjoy living in the community while preparing to purchase in the future.”

There are one to three bedroom (some with a den) units available for lease at Optima. Penthouses are also being offered for lease. Rents for the one bedroom condos run from $1,500 to $1,800 per month. The two bedroom condos are leasing for between $1,800 to $4,125 per month. For a three bedroom condo you can expect to pay from $3,125 to $4,725 per month and those rates include some penthouse units.

Each of the three Optima towers has its own amenities so residents don’t have to travel between towers. There is a fitness center in each high-rise, indoor swimming pool, spa, party room and heated garage parking included.

The condo features include stainless steel kitchen appliances, granite counter tops, custom cabinets, marble baths, hardwood flooring, floor-to-ceiling windows, a balcony or terrace, a washer and dryer plus an optional fireplace.

Check back with us often for more updates about Suburban Chicago condos for rent and for sale.

[tags]Optima Old Orchard Woods, Suburban Chicago Condos, Chicago Real Estate[/tags]

March 16, 2011 – Ever since new owner Related Midwest aquired Winthrop Club Condos and changed the name to One Evanston, they have been promoting price cuts to spark some sales in this suburban Chicago real estate development that is located on 1570 Elmwood Avenue. Now a new article in Chicago Magazine states that quite a few improvements have been made to the building and common resident areas.

According to the article, the fitness room, lobby and main entrance at One Evanston have had a makeover. Other building amenities include a 24 hour doorman, club room with catering kitchen, whirlpool, indoor swimming pool, bike storage room and resident storage lockers.

The condos feature 9 to 10 foot ceilings, floor-to-ceiling windows, hardwood flooring, a balcony, stainless steel appliances, under cabinet lighting in the kitchen, granite counter tops, lots of closet space, stone baths and are pre-wired for high-speed Internet, cable and phones. Some condos also come with a kitchen pantry, oversized shower and 6 foot soaking tub.

Jameson Realty is marketing 70 of the condos in the 96 unit One Evanston, according to the article. Prices on those condos range from $234,900 for a one bedroom unit with 752 square feet to $989,900 for a three bedroom, 3.5 bath condo with 2,874 square feet. One to two indoor parking spaces are included with each condo and guest parking is also available.

The price reductions on Chicago condos just keep coming, so be sure to check in with us for the latest news and developer incentives.

[tags]One Evanston, Chicago Condos, Chicago Real Estate[/tags]

March 12, 2011 – If you’re looking for price cuts on suburban Chicago condos in Evanston, you may want to check out the Cornerstone project on 641-49 Custer Avenue. This 19 unit development of condos and townhomes is offering price reductions of up to 10%, according to a recent Crain’s report.

Cornerstone wrapped construction in 2009 and according to the article, just three units have closed although six are currently under contract. Three of the townhomes are rented. A nearly $7 million construction loan is past due by more than two years, due in January 2009, so selling out this suburban Chicago real estate project is vital to avoid a foreclosure at this point.

Development partner Steven Lome of Eon Partners was quoted in Crain’s as saying that, “We’re not looking to make any money. The realistic goal is to liquidate the asset and pay back as much of the loan as we can.”

Lome also stated that he hopes they can sell of the the units at Cornerstone by the end of this year, although that will be tough. “Low pricing and low rates have not been enough to spark the market. There’s been a perfect storm of other factors in play.”

Prices on the condos at Cornerstone originally ranged from $350,000 to $415,000 with the top level condo priced at $600,000. Now the condos are listed between $324,000 to below $380,000 and the 2,000 square foot top floor unit is listed for $549,000.

There are other suburban Chicago condos offering price cuts, so check back with us for updates.

[tags]Cornerstone, Suburban Chicago Condos, Chicago Real Estate[/tags]