February 12, 2010 - According to the latest numbers released from Appraisal Research Counselors, downtown Chicago condo sales were up slightly in the fourth quarter. The increase is attributed to Chicago real estate developers making deep price cuts to try and move unsold inventory. Crain’s reports that ARC numbers showed that 148 condos and townhomes were sold during October, November and December 2009. That is 56 more than were sold in the third quarter of 2009. There was also a net sales loss of 253 units in the fourth quarter of 2009.

ARC vice-president Gail Lissner was quoted in Crain’s as saying that buyers won’t start making purchases again until certain conditions fall into place. “They have to be convinced that the market has bottomed out and we’re going to see some price appreciation.”

In all, only 572 Chicago condos and townhomes were sold during the entire year of 2009. That number is even lower than total sales for 2008, which were 592.

The number of unsold condos and townhomes right now is about 3,000 units, which is less than the 4,000 units that were piled up at the end of 2008. ARC states that there will be 2,234 new downtown condos and townhomes completed this year though, which will only add to the oversupply.

It will be interesting to see what 2010 brings for sales of Chicago townhomes and condos. If you check the Chicago real estate listings you’ll see plenty of units available as well as price reductions. And if sales remain sluggish, you’ll probably see more of the same in the coming months.

Technorati Tags: Chicago Townhomes, Chicago Real Estate Listings, Chicago Condos

May 10, 2008 - The West Loop has seen a 15 year dry spell when it comes to apartment high-rise construction. But that changed as of this past week. Ground was officially broken on Tuesday for what is being dubbed Chicago’s first green construction apartment tower. The sleek 50 story building is going up on 215 West Washington and being developed by Jupiter Realty.

Mayor Richard Daley was enthusiastic in his response to the high-rise. “This project will not only stand in the history of Chicago, but I believe in this country and in the world,” Daley was quoted as saying in Medill News, Northwestern University. Right now Chicago takes the second spot in the nation for number of LEED certified and/or registered buildings. The Mayor has been actively encouraging more Chicago real estate to go green.

The planned apartment tower is already LEED registered with the U.S. Green Building Council but won’t receive certification until construction is complete. Jupiter Realty expects for the first units to be ready for occupation sometime in the spring of 2010. Eco-friendly features include a green roof top, energy efficient heating and cooling systems and windows which will all combine to reduce energy consumption and lower utility bills for residents.

Jupiter expects to attract a lot of interest from corporations who are increasingly trying to bolster their image by going green themselves or endorsing green projects by renting in LEED buildings. The location of this apartment tower would be well suited for anyone who works in the West Loop and prefers to walk to work.

With so many potential Chicago condo buyers now waiting to make a purchase, rental units have become more attractive. Vacancy rates for the first quarter stood at 4.7 percent, according to Hendricks & Partners. The national rate was identical to that number, and as high as 7 percent is widely considered average. All of these factors have influenced a growing number of developers to invest in building more Chicago Apartments.

Technorati Tags: 215 West Washington, Chicago Condo, Chicago Real Estate

The anticipated opening of the Solis Chicago Hotel Condominiums at 71 East Wacker Drive reflects the local and coastal trend of new hotel condominiums.  Hotel condominiums offer the amenities of a hotel contained within the benefits of homeownership, and can be a sound second home or vacation home choice.  The new Solis Chicago, currently Hotel 71, will feature views of the Chicago River as well as the skyline, and promises to be a beautiful addition to the cityscape.  Steps from Michigan Avenue, the homes will be in the midst of all the Chicago glitter as well as within walking distance of the theater district and the Lyric Opera. The development is conceptualized to be competitive with Trump and the Shangri-La in the luxury market, while offering less expensive units.

Presently in first-phase sales, the Solis Chicago is a planned 40 story building with 438 units.  The homes will be sold from the low 300s with all furnishings included. The size of the units will range from 430 to 960 square feet and there will be nine room styles available to choose from. The entrances of the homes and the bathrooms of each unit will have stone floors.  In the bedroom, a plasma television is included, along with an armoire with a refrigerator, safe, and microwave.  In the bathroom, an LCD screen is present, as is a rainshower shower head.  Depending on the level of the unit, some have hardwood floors, sitting areas, and/or a wet bar.

A restaurant that features American food is being constructed.  The restaurant will have an al fresco dining area and will be run by Chef Marco Bustamante, formerly of New York’s Per Se.  The fare will be fresh organic food with an exclusively American wine list.  A 7,000 square foot luxury spa will be completed as well.  The spa will have ten treatment rooms, an aerobics studio, and a yoga studio.  A ballroom is available for events as well as smaller meeting spaces.

The Solis Hotels and Resorts brand is new, and is focusing on frequent travelers and “ultra-luxury properties in gateway cities,” according to the West Paces Hotel Group website.  The West Paces Hotel Group is led by Horst Schulte.  Mr. Schulte has served as vice-chairman for The Ritz-Carlton Hotel Company, and has won several quality awards for the company.  Solis Chicago is planned as the flagship of the brand; other properties in development include Arizona, Georgia, Florida, and Frankurt, Germany.  The website for the development is located at www.solischicagocondos.com.

by Risa Beckwith

Technorati Tags: Solis Chicago, Chicago Hotel Condos