November 18, 2008 - Checking in on the last few Chicago real estate developments that wrapped up construction in late 2008 brings us to Belgravia Group’s 600 North Lake Shore Drive. The two tower project was a good seller for the developer. At last count, there were about five Chicago condos still for sale in the building on the north side and sales figures for the south building had hit the 80 percent mark. The project was designed by Pappageorge and Haymes and the sleek lines and contemporary look, along with the great location near the Lake and Navy Pier, have made this a stand-out development.

There are a combined 400 units at 600 North Lake Shore Drive, with units having one to three bedrooms and varying in price anywhere from the $400,000s to over $1.7 million. Generally Belgravia doesn’t completely finish out a condo until it is sold so that the new home owner can customize the unit.

The Tribune recently provided an interesting look into Belgravia’s origins. Founders Alan Lev and Buzz Ruttenberg named the company after an elite neighborhood in London and have been in business for more than 20 years. The company has diversified and now includes Belgravia Mortgage, Belgravia Homes Resale which sells company homes for buyers so they can purchase a new one and Belgravia Plus which is a kind of home repair service that can be hired for any condo or house, not just a Belgravia built one.

The company has been building from two to six developments per year, although the current lack luster market will probably slow that number down for a bit. But no matter the number, you can count on Belgravia to be one of the most respected Condo Developers in Chicago.

Technorati Tags: 600 North Lake Shore Drive, Chicago condos, Chicago real estate

November 17, 2008 - For those of you who indulge in holiday treats a bit too much and consider putting a personal trainer at the top of your wish list, CA23 and its developer The Brixton Group may be able to grant that wish. Their previous incentive of a $30,000 grant for furnishings and the services of designer Matt Lorenz for buyers who purchased a unit by the end of January 2009 was first advertised in the Tribune and now we have an update on the offer. It has been expanded rather creatively, and the $30,000 can now also be used towards the services of a personal trainer at John Hall Studios, which is located not far from CA23.

It seems to be an either or deal. Either you dole out the money between paying fees to Matt Lorenz, who was the 2007 winner of the Bravo channel’s Top Design show, and the rest to buy furniture or upgrades or invest it in some serious fitness for yourself. It may be a hard decision for anyone who was considering purchasing one of the remaining dozen or so Chicago condos left in the development.

The units in Phase I of CA23 range in layouts from two to four bedroom condos and have from about 1,900 to 2,000 square feet of space. The development will consist of two mid-rise buildings when complete and have 48 units. The Brixton Group is hoping to start moving residents in sometime in early to mid January and if all goes well, break ground on the second phase a month or so later. A new model is also expected to open sometime next month. Prices are holding fairly steady from the mid $600,000s to as high as $1.5 million.

With so many developers looking to thin out inventory on their Chicago real estate projects before the end of the year, buyers should be on the lookout for even more creative incentives on Chicago Condos.

Technorati Tags: CA23, Chicago condos, Chicago real estate

November 15, 2008 - With the end of 2008 fast approaching, it also means the end of some incentives and promotions offered at several Chicago real estate developments. A few, like free parking with the purchase of east facing units at Emerald are good until Thanksgiving. Others, like the offer to delay closing and live for free all summer at the Marquee and then later changed to live for free until 2009 have been changed yet again. Now buyers can take advantage of a 3 percent discount on the Chicago condos that are still available in this 25 story high-rise.

The Marquee is in a great location on 1464 South Michigan Avenue. The tower has 208 condos, ranging in size from one to three bedrooms. The developer, Sedgwick Properties, has over two dozen units left for sale, and there are condos available in every one of the nine different floor plans. The one bedroom and one bath units start in the $240,000s while the two bedroom, two bath condos run from the low to high $300,000s. The bigger three bedroom, two bath condos start in the $490,000s.

According to Appraisal Research Counselor’s latest report, there is another addition to the list of condo projects that have been scrapped. Park 1000, Renaissant Development’s planned South Michigan Avenue 40 story, 350 unit high-rise is no longer in the works. The surprise isn’t necessarily that another project has been canceled, but that more haven’t. ARC reports that sales of condos and townhomes in Chicago are down 82% from this time last year. With contracts for less than 1,000 condo and townhome units signed in 2008, it makes ‘08 the worst sales year since ARC began keeping records in 1997. The list of active Pre Construction Condos in Chicago could see very few additions for some time.

Technorati Tags: Marquee Michigan Avenue, Chicago condos, Chicago real estate