September 18, 2010 – Buyers only have this weekend and Monday to cash in on the 20 times 3 sale at Optima Old Orchard Woods in Skokie. Just to remind you, the developer of this suburban Chicago real estate project is offering 20% off of 20 select units until September 20th. The floor plans on these suburban Chicago condos run from one to three bedrooms with a handful of combination and penthouse condos as well.

Prices for the one bedroom condos included in this promotion start at $199,320. For the two bedroom condos at Optima you can expect to pay from $274,920. And the three bedroom condos that are part of this special offer are listed from $413,600. The units are all completed and ready for immediate occupancy.

There are 646 condos at Optima, with the impressive three glass towers all having a fitness center on the penthouse level of each tower to make it easier for residents to access. Other building perks include a dog park (pets are welcome), spa room, sun deck and party room. Optima is a great choice for buyers interested in suburban Chicago Condos.

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

August 12, 2010 – Yesterday we told you about the “20″ sale going on at Optima Old Orchard Woods in Skokie. To refresh your memeory, buyers can get 20% the price of 20 select condos until September 20th. Prices on the one bedroom units now start at $199,320. The two bedroom suburban Chicago condos start at $274,920 and the three bedroom units now run from $413,600. One indoor space in the heated garage is included free with each purchase.

The Tribune article advertising the price cuts at this suburban Chicago real estate development in Skokie highlighted two specific units included in the sale. Unit #1014 has one bedroom and one bath with an open kitchen, great room with terrace access, entire wall with windows in the bedroom and is priced at $199,320.

Unit #1012 is a two bedroom, two bath condo with an open kitchen and great room with terrace access. There is a walk-in closet plus wall closet in the master bedroom, which also has a private bath and double bowl sink in the vanity. The reduced price for this condo is $274,920.

Condo finishes include hardwood flooring, stainless steel kitchen appliances, granite counter tops, luxury baths, window treatments, optional gas fireplace, a washer and dryer and at least one wall with floor-to-ceiling windows.

Building amenities for the three towers at Optima include a fitness center on the top floor of each high-rise, indoor pool, spas, green roof, sundeck, reflecting pool, fountain, gardens, tennis court and party room with catering kitchen.

September 20th isn’t that far away, so you may want to check out the Optima condos pretty soon if you’re interested. And if you’d rather have exposed timbers and concrete, there are lots of Chicago lofts for sale with reduced prices.

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

August 11, 2010 – For those of you who might have been thinking about purchasing a suburban Chicago condo, you may want to visit the sales center at Optima Old Orchard Woods in Skokie. Right now there is a “20″ sale in progress. For a limited time buyers can get 20% off of 20 select luxury residences by September 20, 2010 at this suburban Chicago real estate development. Penthouses and combination units also available, according to the ad.

A recent article about the sale in the Tribune quoted Optima director of marketing Eric Richards as saying that the one bedroom condos were a great deal for buyers. “This is a great opportunity for a single professional who wants to own a sophisticated yet carefree home,” he said. There are several floor plans still available, so there should be something for everyone.

All of the units in the sale at Optima Old Orchard are ready for move-in. Prices on the one bedroom condos start at $199,320 which is down from the previous prices starting at $259,700. The two bedroom units that had been listed from $340,500 are now starting at $274,920. The three bedroom condos that had been marketed from $517,000 are now priced from $413,600.

Tomorrow we’ll detail a couple of the specific condos offered in the “20″ sale and run down the interior finishes and common amenities at this three tower, 665 unit development, so be sure to check back with us for that information and all the latest news about Chicago real estate.

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

May 24, 2010 – Grand Bend At Green Bay in Evanston is back on the market and listing the remaining unsold suburban Chicago condos at lower prices. This suburban Chicago real estate development had some financial difficulties last year but now according to a recent press release, a new sales team is at work and construction on the final units is almost complete. Quite a few of the condos are ready for move-in and there are also some unfinished penthouse units that you still have time to customize.

There are 38 of the total 49 units left for sale at Grand Bend At Green Bay on 1228 Emerson Street, and Insight Real Estate Partners is handling the marketing of those condos. Finishes and features include floor-to-ceiling windows, hardwood flooring, carpeted bedrooms, stainless steel appliances, kitchen breakfast bars, granite counter tops, soaker tubs with separate shower, extra storage space plus a balcony or terrace.

Junior one bedroom condos with from 830 to 964 square feet are currently price from the $180,000s to $200,000s. The one bedroom, one bath condos have 1,047 square feet and run from the $220,000s to $230,000s. The two bedroom, two bath units have from 1,410 to 1,610 square feet and are listed from the $290,000s to $350,000s. The penthouse units come with two to three bedrooms, two to 2.5 baths and measure 1,792 to 2,055 square feet with a price in the $570,000s to $630,000s. Penthouse unit buyers get two free indoor heated parking spaces and all other condos come with one space.

If you’re shopping for Evanston condos, then grand Bend At Green Bay may well be worth a visit to the sales center. You should also check out any Chicago short sales in the area for more bargins.

[tags]Grand Bend At Green Bay, Chicago Short Sales, Chicago Real Estate Listings[/tags]

May 20, 2010 – Optima Old Orchard Woods has made Builder Magazine’s list of top ten list of best-selling small home communities in the U.S. and in fact been named to the number one spot. According to a recent press release, this list is usually made up of single-family homes, so to have a suburban Chicago real estate project of condos make the top spot isn’t the norm.

The press release went on to state that Optima Old Orchard Woods made the number one spot because the Skokie development has had such a steady sales rate. The project opened towards the end of 2004 and has averaged over seven sales contracts signed each month. Optima Old Orchard is about 75% sold at this point and from September 2009 through November 2009 managed an impressive twenty sales contracts per month.

Optima is unique in that in the trio of twenty story high-rise buildings, each tower has a glass lobby that spans two stories. The also each have a landscaped roof terrace ad a fitness center on the upper floor. Other amenities include an indoor swimming pool with views of nearby Harms Woods, a spa, tennis courts, sun deck and two story party suite with attached kitchen.

There are 665 condos total and every one comes with either a private balcony or terrace. Currently the one bedroom units are priced from $234,700 and the two bedroom units start at $267,000. If you need more room, the three bedroom condos are listed from $489,000. Penthouse residences are priced from $665,000 and the largest four bedroom penthouse units start at about $1 million. The development is also FHA approved and some buyer incentives are being offered on certain imediate delivery sales.

If you look through the Chicago real estate listings you’ll still find a good selection of new Chicago condos at great prices.

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

April 17, 2010 – April seems to be a popular month for suburban and Chicago real estate auctions. This time it’s another Sheldon Good & Company event in Willow Springs. There are a total of 25 condos located at the Market Street West development that are going to be up for bid on April 29th. Market Street West is a two building complex that contains a combined total of 103 units in all. The Gammonley Group is the developer, and the buildings are located at 300 Village Circle.

The 25 condos can be toured from now through the 28th of April. On Turedays through Thursdays the open house hours are noon to 7pm. If weekends work better for you, then stop by on Saturday or Sunday from 11am to 2pm.

The condos are FHA approved and according to an auction brochure, the lowest minimum bids are set at $129,000. Some of the minimum bids are 42% below previous prices.

A sampling of the units up for auction are below.

Unit#203/ 1BR-1.5Bath/ 1,018 Sq Ft/ Was $198,900/ Minimum Bid $129,000

Unit#102/ 2BR-2Bath/ 1,404 Sq Ft/ Was $308,293/ Minimum Bid $179,000

Unit#106/ 2BR-2Bath/ 1,692 Sq Ft/ Was $364,778/ Minimum Bid $220,000

Unit#406/ 3BR-2.5Bath/ 2,024 Sq Ft/ Was $426,164/ Minimum Bid $295,000

Unit#505/ 4BR-3.5Bath/ 2,504 Sq Ft/ Was $542,099/ Minimum Bid $375,000

Finishes on these units include kitchens with oak cabinets and 13″x13″ ceramic tile. Baths come with marble counter tops, oversized mirror, 5′ soaker tub and shower plus a double sink. Other features that are standard are a GE Spacemaker washer and dryer, wall-to-wall carpeting, Moen faucets and designer lighting fixtures.

Be sure to check back with us for news about other Chicago condo auctions scheduled for this summer.

[tags]Market Street West, Chicago Condo Auctions, Chicago Real Estate[/tags]

February 22, 2010 – This past December there was a “phase II developer closeout” auction of 18 suburban Chicago condos at Seven Bridges Condominiums in Woodridge. Prior to that there was an auction in July of ’09 for 40 units. Now Sheldon Good, who handeled the both auctions, is advertising that only 5 units are left at Seven Bridges. Interestingly though, those units are being offered to the buying public with minimum bids, not a set sale price.

There are three units, numbers 401, 408 and 501 that are two bedroom, two bath plus den layouts with 1,759 square feet of living space. Those condos are for sale with a minimum bid of $230,000.

Units 901 and 1001 are also two bedroom, two bath plus den condos with 1,759 square feet of living space. But the minimum bid on these units is set at $250,000.

There is also a 5% buyer’s premium added to each sale.

You can view these condos on Saturdays or Sundays from 11AM to 2PM each weekend.

Seven Bridges is located on 6420 Double Eagle Drive in Woodridge. The tower has 12 stories and 140 condos. In the last auction, some of the condos were unfinished and winning bidders could pick out their preferences. But the current ad for the final 5 doesn’t state whether or not these units are already completed. The units that were finished had stainless steel appliances, maple wood cabinets, granite counter tops and soaking tub in the master bath. Building amenities include a 24 hour doorman, bike storage room, party room, pool and sun deck. The development is also next to a golf course.

More developers of suburban and Chicago real estate are holding after-auction sales to liquidate inventory one way or another. You can also find some good deals on Chicago short sales right now as well.

[tags]Seven Bridges Condominiums, Chicago Short Sales, Chicago Real Estate[/tags]

January 9, 2010 – According to data gathered by Chicago real estate expert Tracy Cross and published in a recent Tribune article, fewer than 5,000 residential units will be constructed in the Chicago area this year. That number is 33,000 units below what was built in 2005 but it is also a 4,000 unit increase from last year (2009). And while developers are unsure whether this year will bring any more buyers to the table, they are forging ahead with several projects.

West Point Builders president Patrick Curran was quoted in the article as saying that, “After the job market improves, the pent-up demand should increase housing sales. But it boils down to pricing. Construction unions will have to bend on the cost of labor.”

He also stated that many developers are concerned that the tougher FHA loan requirements will prevent some buyers from purchasing Chicago condos. He estimates that the FHA changes that will make it harder to get a loan, “Could result in a 20 percent sales drop.”

But Mr. Curran’s company is betting on buyers returning to the market. West Point Builders is currently planning on constructing 84 detached townhomes at West Point Gardens in Elgin that would be a bit smaller than the typical Chicago townhome. These residences will sit on 26 foot wide lots, have between 1,000 and 1,600 square feet, have a full basement and two car garage. The price would range from about $170,000 to the low $200,000s.

With far fewer large Chicago real estate projects on the horizon, be sure to check out the suburbs and surrounding area for new developments that might interest you.

[tags]West Point Gardens, Chicago Condos, Chicago Real Estate[/tags]

December 7, 2009 – It was only a few posts ago that we told you about the drop in average rents for Chicago apartments. This was attributed to the growing number of Chicago real estate projects that have switched to rental and the increasing number of Chicago apartment towers that are either already completed or will be in the next year. Add in the Chicago condos that are up for rent and you have a supply and demand issue.

But now Crain’s is reporting that suburban Chicago apartment rents have gone up slightly in the third quarter of this year. Don DeVries, VO of Appraisal Research Counselors, was quoted in the article as saying that suburban rents, “appear to be stabilizing.” He also stated that, “If we could just get some employment growth, we could be in a much better position for the spring rental market.”

Appraisal Research Counselors reported that suburban apartment occupancy increased to 92% in the third quarter of this year. That number is up from the 91.7% of the second quarter. Even with the increase though, it is lower than the 92.8% occupancy rate of the third quarter of last year (2008).

Suburban rents also went up slightly, with averages being $1.07 per square foot. That is a penny more than the $1.06 of the first quarter of this year. Not much of a gain there.

With the surplus in both Chicago apartments and Chicago Condos, renters and buyers should stay in the driver’s seat in Chicago real estate for a while yet.

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

September 16, 2009 – The lease-to-own programs keep popping up in more Chicago real estate developments and Optima Old Orchard Woods has joined the crowd. The lease-to-own program doesn’t include all of the remaining unsold suburban Chicago condos in this Skokie project, but it is still a pretty good deal. According to a press release, Optima is offering one year leases on certain one to three bedroom units and you can apply as much as 50% of the rent you paid towards buying that condo.

Optima is also offering between $10,000 and $30,000 off prices on the next five contracts for 30 to 60 day delivery residences.

There are a total of 665 condos in the trio of adjoining high-rises. In Elm Tower you can still have your pick of several two and three bedroom condos. Prices run anywhere from about $408,200 to $543,800.

In Maple Tower there are one to three bedroom units available for quick delivery. The prices start from $255,000 for one bedroom condos, the low $300,000s for two bedroom units, the $580,000s for three bedroom condos and penthouse units run from the $750,000s and up.

The condos at Optima have the standard luxury finishes like custom wood kitchen cabinets, stainless steel appliances and granite counter tops, hardwood flooring, marble baths, washer and dryer, optional fireplace and either a balcony or roof top garden. Each tower at Optima also has a fitness center of its own for resident convenience.

If you’re interested in buying a Chicago condo but need a little time, there are more Rent to own condos in Chicago like Optima Old Orchard Woods so be sure to shop around.

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