October 6, 2011 – A few posts ago we told you about the Chicago apartment towers that were either up for sale or in the process of being sold. Now we have more news about the status of EnV, the 29 story, 249 unit high-rise located on 161 West Kinzie in River North. Crain’s is reporting that MetLife out of New York is negotiating a purchase of the tower for between $122 million and $126 million. If this deal goes through, the article states that it will be the first to quote, “break the $500,000 a unit barrier.”

Appraisal Research Counselors VP Ron DeVries was quoted in the article as saying that, “This is going to establish a new benchmark for downtown for pricing. It shows that there’s an incredible appetite for multifamily.” He also believes that rental rates for Downtown Chicago apartments will go up significantly because investors will be trying to make some profit on these big purchases.

The pending EnV sale is turning heads because the high price per unit is without the added value of the retail space in the high-rise. When you factor the price that way, EnV may win the title as the highest dollar value apartment tower sale in Chicago so far.

There could be another investor who outbids MetLife before the deal is sealed, but in any case a lot of Chicago real estate developers are probably watching and considering selling their own rental properties while the market is hot.

EnV is 91.2% occupied and is the second most expensive downtown Chicago rental building. The article states that a studio there runs $1,485 per month and the most expensive two bedroom rents for $6,073 per month.

[tags]EnV Apartments, Downtown Chicago Apartments, Chicago Real Estate[/tags]

October 5, 2011 – Yesterday we told you about some of the units for sale at Domain Lofts, located on 900 North Kingsbury Street. Today we will list some of the lofts that are for rent, and a couple of them are also for sale as well.

Unit #1068 is a three bedroom, four bath penthouse condo at Domain Lofts. It has custom furnishings, stainless steel appliances, a washer and dryer, 600 square foot terrace, kitchen pantry, island and breakfast bar. Heated garage parking is available. The monthly rent is $5,000 and this condo is also for sale with a price of $1,250,000.

Unit #778 is a two bedroom, two bath loft with east views. It has 1,431 square feet, stainless steel appliances, hardwood floors, washer and dryer, kitchen island, breakfast bar and pantry and natural stone baths with separate tub and shower. The monthly rent is $2,990. That includes heating, cooling, gas, Dish Network television channels and Internet service. One indoor heated parking spot will add $175 per month. This condo is also for sale and priced at $449,000.

Unit #1167 is a top floor condo with two bedrooms, two baths and 1,200 square feet. It comes with hardwood floors, a balcony, walk-in master bedroom closet, laundry with washer and dryer, stainless steel appliances, granite counter tops, kitchen island and stone bath with separate shower and tub. This unit rents for $2,350 per month and one indoor parking space is $175 per month additionally.

Building amenities at this Chicago real estate development include a 24 hour doorman, exercise room, resident storage space, party room, health club, sun deck and bike storage room. Pets are allowed with a deposit.

Domain Lofts isn’t the only building with Chicago lofts for sale and for rent. We’ll keep you posted about other developments that are lowering prices or offering deals on rental rates.

[tags]Domain Lofts, Chicago Lofts For Sale, Chicago Real Estate[/tags]

October 4, 2011 – There are several condos for sale and rent at Domain Lofts on 900 North Kingsbury Street. Today we’ll look at the units that are up for sale and tomorrow we’ll tell you about what is for rent at this Chicago real estate development.

Almost all of the condos come with a balcony, hardwood floors, stainless steel appliances, granite counter tops, natural stone baths with double sink and separate tub and shower. Some have a soaking tub. Most of the kitchens feature an island and have room for a table.

Unit #900 is a two bedroom, 2.5 bath corner condo on the 9th floor with 14 foot ceilings, lots of exposed brick and concrete. There is a gas fireplace and kitchen island. The price is $475,000 and the monthly association fee is $761. One indoor heated parking space is offered for $35,000.

Unit #906 is a two bedroom, two bath condo with vaulted ceilings, kitchen galley, island and table space. The price is $349,900 and the monthly association fee is $715. One to two indoor heated parking spaces are offered for $30,000 each.

Unit #725 is another two bedroom, two bath condo with 1,432 square feet. It comes with a patio, upgraded stainless steel appliances, gas fireplace, floor-to-ceiling windoes, walk-in closet, 42 inch maple kitchen cabinets and breakfast bar. The price is $349,000 and the monthly association fee is $779. One indoor heated parking space is included.

Unit #1053 is a two bedroom, two bath loft with a split floor plan and 1,400 square feet. It features 11 foot vaulted ceilings, eat-in kitchen with maple cabinets and island and master bedroom walk-in closet. The price is $349,000 and the monthly association fee is $641.

Unit #723 is a two bedroom, one bath corner condo with vaulted ceilings and soaker tub. The price is $320,000 and the monthly association fee is $554. One indoor heated parking space is offered for $30,000.

Unit #1030 is a two bedroom, three bath condo with 1,414 square feet, cherry cabinets, pantry, kitchen island, separate laundry room and 240 square foot covered terrace. The price is $310,000 and the monthly association fee is $615. One indoor heated parking spaces are offered for $30,000 each.

Unit #812 is a two bedroom, two bath condo with a 22 foot covered terrace, exposed brick, soaker tub and a breakfast bar in the kitchen. The price is $300,000 and the monthly association fee is $668. One indoor heated parking space is priced at $20,000 and has to be purchased with the condo.

Unit #1113 is a two bedroom, one bath condo with 1,152 square feet, a 15′ by 6′ balcony, whirlpool tub, separate shower, track lighting and breakfast bar. The price is $265,900 and the monthly association fee is $510. Indoor heated parking spaces are for sale.

Unit #921 is a two bedroom, one bath with 960 square feet. This is a short sale condo. The second bedroom is not enclosed. The price is $250,000 and the monthly association fee is $490. One indoor heated parking space is included.

Unit #1057 is a one bedroom, one bath with 12 foot ceilings and exposed brick. The price is $249,900 and the monthly association fee is $510. One indoor heated parking space is offered for $30,000.

Unit #911 is another one bedroom, one bath with 830 square feet, 15 foot ceilings and cherry cabinets. The price is $240,000 and the monthly association fee is $434. One indoor heated parking space is offered for $30,000.

Unit #1011 is a one bedroom, one bath condo with 907 square feet. It has been recently painted. The price is $237,000 and the monthly association fee is $488. One indoor heated parking space is offered for $30,000.

Unit #780 has one bedroom, one bath, 831 square feet, double oven, 6′ by 5′ work area and is an end unit. The price is $215,000 and the monthly association fee is $434. One indoor heated parking space is for sale.

Unit #903 is a one bedroom, one bath with 800 square feet on the 18th floor. It has new bedroom carpet, soaking tub and breakfast bar. The price is $209,900 and the monthly association fee is $502. One indoor heated parking space is offered for $30,000.

Be sure to check back tomorrow for a look at the Domain Lofts that are up for rent. You can also take a look at some other great Chicago lofts for sale.

[tags]Domain Lofts, Chicago Lofts, Chicago Real Estate[/tags]

October 3, 2011 – A lot of Chicago real estate developments seem to be having continuous closeout sales that never end. In many cases that’s because sales aren’t materializing. Back in July we told you that the Columbian did net at least one sale from their ongoing closeout sale and now it looks as though two more have been sold.

One of the two Chicago condos that went under contract is unit #3101, which is a two bedroom, 2.5 bath condo that had been originally priced at $810,000 and was reduced to $644,900.

The other Columbian condo that recently sold is unit #3505, which is a three bedroom, 2.5 bath condo that had an original price of $1,199,900 but was lowered to $899,900.

The units that are highlighted on the developer’s price sheet are listed below.

Unit #3004 is a one bedroom, one bath with 844 square feet and a price of $299,900.
Unit #2002 is a two bedroom, two bath with 1,231 square feet that is priced at $399,900.
Unit #2403 has two bedrooms, two baths, 1,485 square feet and a price of $499,900.
Unit #1101 is a two bedrom, 2.5 bath condo with 1,572 square feet and priced at $579,900.
Unit #1105 is a two bedroom, two bath condo with 1,479 square feet and price of $449,900.
Unit #1107 has three bedrooms, 2.5 baths, 1,929 square feet and is priced at $709,900.
Unit #4202 has three bedrooms, three baths, 2,438 square feet and priced at $999,900.
Unit #4101 is a two bedroom, 2.5 bath condo with 3,483 square feet and price of $1,899,900.

The condos at the Columbian come with the expected hardwood floors, stainless steel appliances, granite counter tops and natural stone baths. Building amenities include a fitness center, 24 hour doorman, rooftop sundeck and entertainment suite.

We will probably see more developers offering end-of-year sale prices on Downtown Chicago condos, so check back with us for the latest information on pricing.

[tags]The Columbian, Downtown Chicago Condos, Chicago Real Estate[/tags]

September 30, 2011 – A few posts ago we told you that Echelon at K Station was one of several Chicago apartment buildings that are either up for sale or on the verge of being sold. So we thought we’d check in and see what apartments are available at this rental high-rise.

Apartment #2806 is a one bedroom, one bath with 613 square feet of living space. The monthly rent is $1,651 and the unit is available now.

Apartment #3801 is a one bedroom, one bath with 617 square feet. It rents for $1,684 per month and you can move in now.

Apartment #3203 is a one bedroom, one bath unit with 711 square feet of living space. This apartment rents for $1,723 per month and is available right now.

Apartment #0709 is another one bedroom, one bath unit. It has 736 square feet, rents for $1,687 per month and is ready for move-in now.

Apartment #0502 is a one bedroom, one bath unit with 825 square feet of living space. This unit leases for $1,755 per month and is available on October 11th.

Apartment #3505 is also a one bedroom, one bath unit that has 832 square feet. The monthly rent for this unit is $1,893 and it’s ready for a tenant right now.

Apartment #1607 s a two bedroom, two bath residence that has 1,109 square feet. The rent is $2,496 per month and it is available now.

Apartment #1210 is another two bedroom, two bath unit with 1,111 square feet of living space. The monthly rent is $2,528 and it is ready for move-in now.

All of the apartments at Echelon at K Station are air conditioned and come with stainless steel kitchen appliances, granite counter tops, kitchen island, ceramic bath and kitchen floor tile, ceramic shower and tub surround tile, oversized closets, paneled wood cabinets, in-unit washer and dryer, floor-to-ceiling windows and a balcony.

The building amenities include a fitness center, game room with billiard tables, party suite, business center, swimming pool, wireless Internet access,

We’ll keep you updated about if and when this rental tower sells, as well as tell you about any concessions or specials offered at Chicago apartments.

[tags]Echelon At K Station, Chicago Apartments, Chicago Real Estate[/tags]

September 29, 2011 – Chicago real estate developers Gerald Fogelson and Ron Shipka Sr. of Fogelson Properties and Enterprise Companies have been fighting law suits brought by several buyers at One Museum Park West who want to get their deposits back. Now Chicago Agent Magazine is reporting that 5 buyers have won lawsuits against the developers.

The magazine article states that back in 2006, buyers Craig Stepnicka and Janet Elston paid a $98,500 deposit on a condo priced at $985,000. The condo was supposed to be delivered in 2008. But the developers claim that due to delays involving the weather, building permits and a shortage of construction supplies, the completion of the 53 story high-rise was set back a couple of years and out of their control. The two buyers, along with several others, want a refund and a judge agreed.

Another lawyer (Howard Dakoff) who didn’t represent any of the parties involved was quoted as saying that, “This decision is a judicial warning to developers that they will be strictly held to the terms of their purchase contracts and not be given flexibility due to the economic climate.”

There are still 30 more lawsuits that have been brought against the developer over the return of deposits at One Museum Park West, so it will be interesting to find out the ruling in those cases. With more and more Chicago condo buyers unable or unwilling to close on units, we may see more lawsuits filed if there is reasonable cause.

[tags]One Museum Park West, Chicago Condos, Chicago Real Estate[/tags]

September 28, 2011 – Yesterday we told you that so far this year there has been $999 million in Chicago apartment sales. Because of the stong demand for rental units, the increase in rental rates and Chicago real estate developers who are willing to cash out to investors, this year could record $2.87 billion in apartment tower sales if all of the pending deals go through. According to Crain’s, there are several well-known Chicago apartment towers that are currently in the process of being sold, and we’ll highlight those below.

The 848 unit Alta at K Station on 555 West Kinzie Street could change hands soon. The one bedroom apartments there start at $1,633. You can expect rents to start at $2,728 per month for the two bedroom units.

Echelon at K Station 353 North Desplaines Street has 350 studio, one and two bedroom apartments and is up for sale. Monthly rents range from about $1,324 to $2,517.

EnV on 161 West Kinzie Street is looking for a buyer and has 249 one and two bedroom apartments. The available one bedroom units are renting from $2,142 per month and the two bedroom units start from $3,320 per month.

The Parc Huron, located on 469 West Huron Street, is the most expensive downtown rental building. Units there lease for about $2.73 per square foot. It has 221 apartments and is up for sale.

Another rental building up for sale is Flair Tower on 222 West Erie Street. There are 198 one to two bedroom apartments in this high-rise. Monthly rents on the one bedroom units start at $2,125 and the two bedroom units start at $3,096.

And the article pointed out that the biggest dollar sale of a Chicago apartment tower so far this year is the $320 million that Hartz Mountain Industries out of N.J. paid for 809 unit One Superior Place.

According to the article, actors encouraging investors to make these big purchases include low interest rates, big lenders Fannie Mae and Freddie Mac backing loans on these deals and big insurance and pension funds fronting cash for apartment tower purchases.

Even with occupancy rates high, don’t worry yet about finding an apartment. There is still a good selection of aparments available as well as a lot of Downtown Chicago condos for rent.

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

September 27, 2011 – Apartments are the hot spot in the Chicago real estate market right now, and we’ve been hearing about it for months. So it may or may not come as a surprise that investors have paid $999 million so far this year on apartment deals in Chicago. According to a Crain’s article, if the rental buildings that are expected to sell before the end of the year actually do go change hands, this year will go down as the biggest sales year in the past four years for Chicago apartments.

CB Richard Ellis states in the article that apartment sales are up 33% over last year. And because of the increase in deals during the past few weeks, that $999 million so far spent could double before the end of 2011. If that happens, it will beat the record of $2.48 billion in apartment sales in 2007.

According to the article, Ellis recently released a report that stated, “Given the typical end-of-the-year push to close transactions, activity will be extraordinary over the next few months.”

Right now there are apartment sale contracts pending that total $477 million and another $1.39 billion in apartments are up for sale. That doesn’t include the $999 million Chicago apartment deals that have already closed. In the report, CB Richard Ellis says that if all of those deals go through before the end of 2011, and that’s a big if, it would add up to $2.87 billion in Chicago apartment sales to investors.

Appraisal Research Counselors stated in the article that because so many buyers are opting to rent instead of purchasing Chicago condos, net rents at class A apartment towers is up nearly 10% this year and even suburban class A rents are up over 5%. So if you’re looking for Chicago apartments to rent, you can expect to pay significantly more than you might have last year.

Tomorrow we’ll tell you what the biggest dollar deal was so far this year and which apartment towers are in negotiations to be sold.

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

September 26, 2011 – There is a new duplex model open for viewing at Lake Park Crescent. It’s a three bedroom, 2.5 bath CityHome duplex, according to a press release in the Tribune. It comes with hardwood flooring, carpeted bedrooms, stainless steel appliances, custom cabinets, granite counter tops and marble baths. All of the duplexes at Lake Park Crescent have oak flooring, a private deck, backyard and garage.

Prices for the CityHome duplex residences start from $249,800. The one bedroom condos are priced from $154,800. If you were interested in one of the rowhomes, it’s too late. The rowhomes, priced from $429,800, are now all sold out according to the article. Nearly all of the condos come with a single indoor parking spot along with a tandem parking spot outside.

There are also Terrace penthouse units available. These residences have three bedrooms, a den, oak flooring, chef’s kitchen, gas living room fireplace and marble bath tile. The penthouse units had been priced from $613,000 but have since been dropped to $339,800.

Check back with us often for updates on price cuts and more information about affordable Chicago condos.

[tags]Lake Park Crescent, Chicago Condos, Chicago Real Estate[/tags]

September 24, 2011 – There are still one and two bedroom condos available at Grand Bend at Green Bay in Evanston. There is a $5.3 million loan from Northbrook Bank & Trust coming due on these suburban Chicago condos in March of next year, so The Bluewater Group needs to net some sales soon.

Prices were cut by 30% to 40% months ago, at this 6 story, 49 unit low-rise. The building site advertises “large floor plans at much smaller prices.” Junior one bedrooms are listed from the low $170,000s and one bedroom condos start at about $205,000. The two bedroom condos are priced from $249,900 and the penthouse units that used to be priced in the $700,000s are now listed from $499,900.

Buyers get a free heated indoor garage parking space and Grand Bend At Green Bay is FHA approved.

The condos feature a private balcony or terrace, low E Thermo Pane windows, GE stainless steel appliances, Wellborn Forest cabinets, granite counter tops and backsplash, Moen fixtures, laundry with 12″ ceramic tile and Fridgidaire washer and dryer. Other finishes include carpeted bedrooms, vinyl clad wire closet shelving, granite master bath vanity tops, 12″ ceramic tile floor and shower surround, Kohler tiolet, Moen shower head, 5″ soaker tub and oversized mirrors.

If you’re shopping for a new home in Evanston, you may want to consider a condo at grand Bend at Green Bay or a unit in one of the other suburban Chicago real estate developments there.

[tags]Grand Bend At Green Bay, Suburban Chicago Condos, Chicago Real Estate[/tags]