May 21, 2008 Renaissance Lofts, a Kopley Group Chicago loft development at 1791 Howard Street, is featuring a two year, no questions asked, money back guarantee to buyers.

Finally… A Developer Who Puts His Money Where His Mouth is…

We spoke with Nick Copley last week. He’s determined to prove that Renaissance Lofts is the best Chicago loft that money can buy, so he’s offering what appears to be Chicago’s only unconditional money back guarantee on a Condo development.

“If in two years you don’t still love your loft. The Kopley Group will buy it back from you with no questions asked.”

We’re wondering… will other Chicago Condo developers will step up to the plate and offer hesitant buyers this kind of guarantee?
We’ll update you soon about the effect on sales…

Technorati Tags: Rogers Park, Chicago Lofts, Chicago Real Estate

April 12, 2008 - Belgravia Group seems to have scored another sales winner with 600 North Lake Shore Drive. The developer recently confirmed that the 41 story north tower is basically sold out, and just about a dozen units are all that are left of the building’s 154 Chicago condos. Those remaining units that are not under contract are a combination of floor plans, with the bulk being one bedroom condos and a couple of two and three bedroom units. The price for these condos begins in the low to mid $400,000 range.

The south tower, which is slightly taller at 47 stories, is about 70 percent under contract right now. The most popular units there seem to have been the two and three bedroom condos, of which certain floor plans are already sold out according to the sales agents. The two towers combined in this Chicago real estate development have 400 units total, and construction should be complete in the first quarter of 2009.

600 North Lake Shore Drive billed itself as one of the last addresses on the lake. Its prime location next to Ohio Street Beach, a Starbucks, dry cleaners, Subway, Flamingo Bar and Grill as well as Navy Pier had to certainly make these condos more attractive to buyers. The interior finishes are top notch, too, with GE Profile stainless steel appliances, Kohler Mariposa soaking tub in the master bath, Wood-Mode cabinetry, building roof top sun deck and sculpture garden, fitness center and 24 hour doorman.

Belgravia Group has earned a well-deserved reputation for developing some of the best Chicago Luxury Condos, and both their sales figures and buildings show it.

Technorati Tags: 600 North Lake Shore Drive, Chicago Condos, Chicago Real Estate

Freddie Mac’s weekly survey showed rates for the benchmark 30-year loan near its yearly low as of Thursday, December 13th.

Nationally, the 30-year fixed-rate loan averaged 6.12% for the week, up from 6.11% in the week prior. The mortgage’s low point was Jan. 19, when it hit 6.1%. At this time last year the loan averaged 6.3%.

15-year loans, popular with homeowners looking to refinance, rose from 5.84% to 5.86% . At this time last year the 15-year averaged 5.85%.

The 1-year Treasury-indexed adjustable rate went up from 5.43% to 5.45% (compared with 5.15% a year ago), while the 5-year hybrid ARM held steady at 5.92% (compared with 5.77% a year ago).

Reports of increased job growth and November retail sales that exceeded expectations were offset by weaker wage growth and lower consumer confidence in December. According to Freddie Mac chief economist Frank Nothaft, these mixed economic reports prevented any drastic changes in mortgage rates this week.

The Mortgage Bankers Association said Wednesday that applications for mortgages, particularly applications for refinancing, have increased in recent weeks due to mortgage rates’ stabilizing at comparatively low levels.

With rates remaining around their lowest levels for 2006, many borrowers who relied on exotic mortgages like subprime ARMS to purchase high-priced homes are now seeking safety in a fixed-rate loan, said Richard Powers, general manager of the online-mortgage lender Ditech.com.

However, borrowers are increasingly failing to keep up with their mortgage payments. According to the MBA, mortgage delinquencies spiked upward during the third quarter for all types of loans, but especially for subprime ARMs.

Technorati Tags: Chicago Mortgages, Interest Rates, Chicago ARMs

Del.icio.us Tags: Chicago Mortgages, Interest Rates, Chicago ARMs