Archive for the 'Luxury Condos' Category

Ultra Modern Penthouse in River North

Monday, June 1st, 2015

River North is one of the most sought after residential and commercial areas in Chicago. Known for its extravagance and easy access to the beating heart of the city, the River North neighborhood continues its tradition of producing fabulous listings. Now it introduces a brand new, luxurious Chicago condo, listed at $1.85 million.

The 3,000 square-foot unit has high-gloss concrete flooring, two terraces; floor-to-ceiling windows a fireplace and sliding glass doors that also act to hide extra storage space. As if that weren’t enough, the previous owners have added their own upgrades, increasing the charm and warmth of this beautiful penthouse.

New stainless steel appliances and counters, a 200-bottle wine rack and leather Italian tile in the powder room compliment the numerous features that were already included by the architect himself, David Miller of the Miller Hull Partnership.

But one of the most impressive changes was the removal of two kitchen islands and replaced with a 14-foot Arclinea chef’s island lifted in by crane through the back windows. This change adds more space, creating a more welcoming environment for hosting large gatherings.
And it works! The open feeling of the living room, kitchen and dining area are complimented by the south facing window wall that provides an abundance of natural light and a gorgeous view of the city.

Two of the three bedrooms feature en suite baths, with the master bedroom sporting a roomy walk-in closet and indulgent soaking tub. There is also a private den area.

The back balcony follows suit as a standard and basic balcony, but the front balcony truly stands out with its wiry rails, permeable steel screen, painted beams and partial shelter provided by the terrace.

The massive Chicago penthouse occupies the entire eighth floor of its nine-story building.

The beautiful boutique building is located at 156 West Superior Street and is the laborious fruit of the Ranquist Development Group from 2006.

South Bend Gets Luxury Condominium

Wednesday, July 31st, 2013

When someone tells you they live in a mid or high-rise luxury condo, you probably assume they live in New York, Chicago or another major metropolitan market.

Well add South Bend, Indiana to your list of choices.  If all goes to plan, the Panzica Building Corporation and Frank Perri will be developing part of the city to include a new, urban lifestyle option with their Cascade Condominiums.

It’s not the Notre Dame Irish fans that drove the developers to choose the South Bend site; rather the motive was the St. Joseph River.  The development team says the luxury condos will provide remarkable views and draw attention back to the clean environment and the peaceful riverfront.

The Cascade Condominiums is projected to include two seven-story towers incorporating a sustainable design and green concepts built upon a parking garage.  Each tower will include 12 units varying in size from 2,500 -3,100 square feet.

Communal features include a landscaped enclosed courtyard, roof terrace, entertainment penthouse featuring a wet bar, decorative rooftop lighting, and various outdoor eating areas.  In addition, second floor units will offer residents private green roof patios and optional solarium extensions.  Developers are also planning to build a third building onsite to house studio apartments and retail space.

Condos are currently priced at $500,000-$700,000 – a competitive asking-price for the current market.  Developers hope to pre-sell more than half the units before construction begins and requested the city of South Bend to offer financial support.    However, no offer has been extended yet.  With or without financial assistance the Panzica Building Corporation and Frank Perri plan to move forward with construction of the mid-rise condo complex.

How will the new construction impact your real estate search?  Will you be tempted to move from your Chicago home to the suburbs?

Chicago’s Luxury Condominium The Grant Gets Redesigned

Wednesday, July 24th, 2013

At some point you may think it’s time for a change.  Related Midwest hit that point.  The Grant, a luxury Chicago condo community, owned by Related Midwest announced their renovations plans of the 1201 South Prairie Avenue South Loop real estate.

Renovations (which are now complete) include a fresh design-aesthetic in both units and communal areas and “an unrivaled resident experience,” said President Curt Bailey, through a suite of new amenities and services.

Renovations were made in an effort to help residents grow with rather than out of the property.  Bailey stated, “The residences at The Grant are so large, buyers won’t grow out of them.  They can remain in the city and enjoy everything the South Loop has to offer.”

The complex now includes 54 stories of 2 and 3 bedroom units, ranging in square footage from 1,207 to 3,000.  Each home features a private balcony and 9 foot ceilings that show off views of Lake Michigan, Grant Park, Solider Field and the Chicago skyline.

The new and improved Grant will offer first of its kind amenities for a downtown Chicago building, including most notably access to a Related Personal Assistant.  The Related Personal Assistant will be ready to help residents with moving and other varying concierge services.

The building will be stocked with other opulent amenities such as a children’s playroom, fitness center and locker room, indoor pool with a hot tub, sun deck and grilling area, a screening room and lounge , bike maintenance and a pet grooming area and outdoor dog park.

What’s more, Related is on trend with entertainment facilities that includes a suite with a catering kitchen available to residents for reservation.

If The Grant sounds like home, call your local Chicago real estate agent and get your checkbook ready as the price ranges between $300,000 to more than $2 million, dependent on unit.

Luxury Rental Coming to Near West Side

Sunday, July 7th, 2013

West Loop real estate just got an upgrade with the addition of the luxury rental property The Madison at Racine. Located in the bustling Near West Side area, the development includes nine stories and will sit on the northwest corner of Madison Street and Racine Avenue.

The project is a joint venture with Ascend Real Estate Group, locals at Team4 Development LLC, and Intercontinental Real Estate Corp.

Designed by FitzGerald Associates Architects with a 10,000-square-foot retail space on the ground floor, the building will feature 214 units that include convertible, one, and two-bedroom units, and 227 parking spaces.

Residents, who are scheduled to be moving in fall 2014, will enjoy a convenient location where they can walk to work and be just steps away from Chicago’s popular dining scene on Randolph Street. The long list of amenities includes Wi-Fi throughout the building, a courtyard for grilling, and a café bar in the lobby.

The glass-enclosed club room on the ninth floor allows for gorgeous views of the city and is stacked with lounge areas, televisions, and a bar and kitchen for hosting parties. Outdoors, the building’s landscaped sun deck includes seating, a fire pit, pool, and hot tub.

Besides being a luxury rental, striving for an environmental design also sets the building apart with the aim to achieve Leadership in Energy and Environmental Design (LEED) certification.

Planet-friendly amenities include Zipcar rental service, charging stations for electric cars, and bike room storage. And of course, the ability to walk to work, shopping, and entertainment as well as a close proximity to public transportation are another bonus. Pet owners can take advantage of washing stations and outdoor areas for their furry friends.

The Madison at Racine will be a great addition to a neighborhood that is “over the critical point of residential expansion,” as Rebenson points out in the Tribune article. “A lot of traditional and converted loft condos have been built, but there are no other luxury rental buildings in this area of the West Loop.”

In the Lap of Luxury in Lincoln Park

Monday, February 18th, 2013

Chicago may be known as the Second City, but when it comes to high-end condominium properties, we’re second to none.

Look no further than 2701 N. Greenview #E—a Chicago condominium that spans an entire corner of the luxurious Tamerlane in Lincoln Park. Currently owned by its interior designer, this expansive living space has been perfected to meet its maximum potential as a high-end, luxury condo.

This palatial townhouse boasts 4,000 square feet and consists of three massive bedrooms and five bathrooms, all positively flooded with an abundance of natural light from their multiple outdoor exposures. And in this upscale condo, the master suite—equipped with four closets, a fireplace and a sitting area—more than lives up to its name.

An additional room, currently being utilized as a play/family room with custom built-ins, can function as a fourth bedroom if need be, but with so much space, it could be virtually anything its new owner desires. As an added bonus, every room comes with its very own audio system.

The open floor plan allows the space to flow freely, merging the living room, dining room and gourmet eat-in kitchen into a singular, party-friendly entity. The kitchen alone is a feat of real estate, consisting of gourmet granite, custom white wood cabinets and a six-burner Viking range.

Even in a city with such a diversity of beautiful neighborhoods, the surrounding Lincoln Park area is considered one of the prime residential areas in Chicago. Greenview is a quiet street located within walking distance of several gourmet restaurants, entertainment hot spots and high-end boutiques. Of course if you live in 2701 N. Greenview #E, you can always take the neighborhood in from the privacy of your very own gargantuan outdoor patio—the largest outdoor space in the entire complex.

In short, when searching for something special amongst the Chicago condos for sale, there’s nothing “second” about this luxury unit. Replete with a laundry list of sumptuous amenities, the corner townhouse at the Tamerlane has everything a smart, modern Chicagoan could ever hope for in a living space, and much, much more.

All Roads Lead to a Wrigleyville Condo

Wednesday, January 23rd, 2013

Wrigley Field is one of the most recognizable attractions in Chicago. In fact, it’s actually the third largest tourist draw in Illinois. Any Chicagoan who has ever ventured north of Division Street will openly admit that Wrigley is generally used as a point of reference (much like the North Star) helping millions of visitors reach their desired destinations.

Over the years, Wrigleyville has earned the dubious distinction of being the mecca of summer fun. While libations and sunshine dominate the scene from May to September, the area also has developed into one of the most desirable family destinations in the city due to the plethora of conveniences and features of the neighborhood.

1.     1021 W. Barry #2W Chicago, IL 60657 (3 Bed, 2 Bath, $725,000)

This 2,200 square foot top floor triplex is located roughly three city blocks from Wrigley Field. The luxury condo offers south and west exposures, cathedral ceilings, wooden beams and exposed brick throughout. Plus, the open layout is perfect for entertaining and the three king-sized bedrooms are perfect to accommodate any family. Two heated/indoor parking spots are included, not to mention the spectacular rooftop deck has an amazing skyline view. 1021 W. Barry is located on a tree-lined street and is merely steps away from the Belmont Brown Line station. At this location you’re close enough to the party to join when it suits you, but far enough away to avoid the zoo when needed.

2.     1141 W. Patterson #2W Chicago IL 60613 (2 Bed, 2 Bath, $395,000)

Three blocks too far out from the in-season action? Then visit this beautiful condo that’s literally just up the street from Wrigley Field. In addition to its incredible location, this upgraded unit boasts Brazilian Cherry hardwood floors throughout, as well as a wood-burning fireplace and huge private deck. Inside the stunning chef’s kitchen is a stainless steel appliance package and attached breakfast bar, while bathrooms shine with marble finishes. Couples will love the spa-like master bath, with a dual vanity and separate shower. And of course, you’re less than three blocks from great bars, restaurants and even grocery stores!

3.     1009 W. Grace Chicago, IL 60613 (2 Bed, 2 Bath, $439,900)

You’re going to absolutely fall in love with this charming Wrigleyville townhome, which provides you two outdoor spaces (a private deck and large, ground-level patio) and puts you within one city block of every Wrigley Field activity. You’ll adore the large, eat-in kitchen, which absolutely glows thanks to the rich hardwood floors and cabinetry, and will be stunned by the main living area, featuring 16-foot ceilings and a wood-burning fireplace. The luxurious master suite includes a steam shower, Jacuzzi tub, skylights and dual vanity. Meanwhile, you’ll find yourself wonderfully close to Whole Foods Market, Starbucks and every great eatery in Wrigleyville.

West Loop Area to Get First-Class Facelift

Monday, January 14th, 2013

New construction is at a near-standstill across the country, but one Chicago developer is venturing into territory that many are too wary to approach.

Hoping to revitalize a neglected sector of downtown Chicago, Jason Vondrachek of Quest Realty Group recently shelled out almost $2.5 million for a 25,000 square foot parcel of land at 37 S Sangamon St. in the West Loop. In addition to the planned construction of five new single-family homes with skyline views, Mr. Vondrachek is allegedly considering construction of as many as 40 condos in place of the dilapidated warehouse currently situated there.

Mr. Vondrachek’s decision to invest such a large sum of money in new construction is a bold one, considering how much difficulty established residential buildings have had attracting buyers. When the market slowed after the housing bubble burst, new construction went with it. In 2011, only 624,061 building permits were issued nationwide, down from 1,398,415 back in 2007, according to the United States Census Bureau.

Still, many experts agree that population growth will eventually demand a significant increase in the number of living space needed in the coming months and years. After all, developers can remain cautious only for so long before their hesitation turns their business stale. Many developers are finding success in the burgeoning apartment market, which has exploded thanks to a hordes of Chicagoans still too wary to buy.

But as rent prices skyrocket, more and more apartment-dwellers are considering the perks of owning their own condo, paving the way for a healthy Chicago condo market in the coming years. At the end of the third quarter in 2012, the Second City had just 46 unsold, new construction condos, down from 973 completed or under construction four years earlier, according to Chicago-based consulting firm Appraisal Research Counselors.

Even as demand for condos rises exponentially, investing in a major construction project remains a risky venture nowadays. Mr. Vondrachek, however, remains confident that his risk will pay off, stating, “We’ve always tried to go against the grain a little bit, and we know that condos work in this location.”

The West Loop area may still be a bit fragile in the wake of the condo craze of the previous decade, but Mr. Vondrachek and the other developers planning construction in the area are banking on the business of those seeking a more “boutique” vibe. One can only hope his fortitude and confidence is paid off in the long run, and that those investing in new construction serve to bolster Chicago’s tender real estate sector.

Rich & Famous: Chicago’s Luxury Real Estate

Monday, December 10th, 2012

Luckily, the general public doesn’t have to endure the insufferable Robin Leach shtick of the early 1990s to find out how “the other half” lives.

Prior to the Thanksgiving holiday, Chicago real estate reached a new milestone when the most expensive condo exchanged hands for a staggering $15,000,000. While working Chicagoans are budgeting for imminent CTA fare hikes, I think it’s fair to assume that this transaction serves as a sobering reminder that not everyone is affected by the Red Line renewal project.

So what exactly does a $15,000,000 condo look like? I have no idea, but the MLS listing states that the 66th floor penthouse in the Park Tower at 800 N. Michigan Ave is 7,900 ft. of luxury. There are three bedrooms, four full bathrooms, five half baths and three garage spaces belonging to this penthouse suite. The unit also boasts 16-foot ceilings, 360 degree panoramic views and a private 44-foot outdoor terrace.

If you’re a Chicago homeowner, you’ve gotta be asking yourself, “What about the monthly and yearly taxes/assessments?” Glad you asked. Monthly assessments come in at $5,372 while property taxes are an impressive $109,373. No big deal. The sale of this unit has broken several Chicago real estate records because in addition to being the most expensive condo in Chicago it also smashes the record for the most expensive price per square footage at $1899.

The terms of the sale are a bit dubious as the unit was never featured on the open market; it was listed on the MLS Friday night, after the deal had already closed. This of course means the deal was privately negotiated and was only placed on the MLS so that the broker could be publicly credited for the transaction.

Richard Cooper, head of Oak Brook hedge fund Cooperfund, bought this unit back in August of 2000 for slightly over $3,000,000. Sold only 12-years later for a substantial mark-up, it appears that Mr. Cooper made yet another phenomenal investment.

Are luxury apartments Chicago’s alternative to condo living?

Friday, August 31st, 2012

Sale of Chicago condos may be suffering as a result of continued inconsistency in the housing sector, but there’s one market that continues to thrive even as the nation’s economy works toward recovery: the rental market.

With jobs still in a precarious position and condo prices seemingly uncertain, many Chicagoans are simply unwilling to settle for a property with so many “ifs” attached to it—and why should they, when the apartment market has become so eager to and adept at replicating the experience of living in a luxury condo without requiring the commitment of purchasing?

Developers, too, are growing more inclined to invest in the luxury apartment market, especially in light of stagnant homeownership figures and the increasing difficulty of securing financing for condos. Hoping to attract a broader clientele in more areas, many of them are bringing high-end apartment complexes that replicate the experience of a luxury condo or hotel out of the city and into the suburbs.

Wheaton, Lisle, Evanston and Orland Park are just a handful of suburbs that should expect to see luxury apartment buildings spring up in the next couple of years. These buildings will likely contain high-end amenities like Yoga and Pilates studios, day spas, dog runs and washing stations, as well as luxurious units that should cost roughly between $1,000 and $2,000 a month for renters.

This year alone, some 1,100 new apartments are slated for construction in the Chicago area—up from less than 300 last year—with the brunt of them situated in Chicago proper. The coming years, however, will likely witness the springing-up of at least 7,000 new rental units in the suburbs and 15,000 in Chicago, according to Marcus & Millichap, a real estate investment service provider.

By and large, the individuals renting these luxury apartments are former condo-owners who have opted to rent because their ownership seemed an instable option, but they didn’t want to settle for something lesser. These and other renters helped ensure a surprising 95 percent occupancy rate amongst suburban apartments in the year’s first quarter, driving up demand (and price).

Though new apartment construction is expected to increase exponentially in a short period of time, industry watchers believe the demand for them is high enough to negate the possibility of an apartment construction bubble. As the housing market begins to pick itself up and the economy works to gain stability, we can only hope they are right.

River North Condo Tower Bulk Sale

Monday, June 4th, 2012

After years of sitting on the market largely untouched, a River North condo tower at 757 N. Orleans St. sold 39 of its luxury condominium units last week.

The investor, Florida-based Gamla Cedron Group, snapped up the last available units in the Chicago condo tower for just under $11 million ($252/square foot), officially releasing the project’s developer, La Grange-based Gammonley Group. Gammonley struggled for years to garner interest in the 198-unit luxury tower, finally offering up the recently sold 39 units as a bulk sale, a common tactic among developers and banks in today’s distressed condo market. Gamla plans to rent out the luxury condo properties until the market improves.

The purchase of River North’s 39 units marks Gamla’s first venture outside of Florida, where they have acquired almost 1,000 units since 2009. The firm specializes in the acquisition of so-called “fractured” condo projects, which have a tendency to scare off bigger firms due to their potential complications. In general, they are more difficult to finance and sell, fostering potential conflicts between buyers and sellers.

But with bigger risks, says Gamla president Shaoul Mishal, come bigger rewards.

Mr. Mishal believes the River North condo properties will effortlessly draw in renters due to their unique features, which include balconies and floor-to-ceiling windows, not commonly seen in the rental community. Until the Chicago condo market gets off the ground again, Mishal vows to rent the units for “no less than marketplace”—around $2.60 per square foot.

Gamla would be wise to turn the condos over to buyers as soon as possible, lest the River North condo tower lose its Fannie Mae and Freddie Mac backing. The mortgage finance firms, which buy mortgages from lenders, tend to avoid loans in buildings occupied by more renters than buyers. 757 N. Orleans may have enough buyers to keep Fannie and Freddie interested for the time being, but as soon as the Chicago condo market picks up, Mishal should act quickly.