May 17, 2010 – Here is the developer list of price reductions on the remaining two bedroom Chicago condos at 200 North Dearborn. Also, this Chicago real estate development is FHA approved, so if you qualify for the low 3.5% down payment, a $200,000 would have a down payment starting at $7,000 and the down payment on a $300,000 unit would start at $10,500. For a $400,000 condo you could expect to have a down payment starting at $14,000.

Unit#807 2 BR 1060SF Was $471,100 Now $222,815
Unit#1006 2 BR 1180SF Was $490,000 Now $294,000
Unit#1106 2 BR 1180SF Was $491,900 Now $295,140
Unit#1306 2 BR 1180SF Was $495,600 Now $297,360
Unit#1502 2 BR 1165SF Was $498,300 Now $298,980
Unit#1506 2 BR 1180SF Was $499,200 Now $299,520
Unit#1606 2 BR 1180SF Was $501,100 Now $300,660
Unit#1702 2 BR 1165SF Was $502,000 Now $301,200
Unit#1706 2 BR 1180SF Was $502,900 Now $301,740
Unit#1802 2 BR 1165SF Was $503,800 Now $302,280
Unit#1806 2 BR 1180SF Was $504,800 Now $302,880
Unit#1902 2 BR 1165SF Was $505,600 Now $303,360
Unit#1906 2 BR 1180SF Was $506,600 Now $303,960
Unit#2002 2 BR 1165SF Was $507,500 Now $304,500
Unit#2006 2 BR 1180SF Was $508,400 Now $305,040
Unit#2106 2 BR 1180SF Was $510,300 Now $306,180
Unit#2202 2 BR 1165SF Was $511,200 Now $306,720
Unit#2302 2 BR 1165SF Was $513,000 Now $307,800
Unit#2306 2 BR 1205SF Was $519,400 Now $311,640
Unit#2402 2 BR 1165SF Was $514,800 Now $308,880
Unit#2406 2 BR 1205SF Was $521,200 Now $312,720
Unit#2502 2 BR Model 1165SF Was $516,700 Now $310,020
Unit#2506 2 BR 1205SF Was $523,100 Now $313,860
Unit#2602 2 BR 1165SF Was $518,500 Now $311,100
Unit#2606 2 BR 1205SF Was $524,900 Now $314,940
Unit#2802 2 BR 1165SF Was $522,200 Now $313,320
Unit#2806 2 BR 1205SF Was $528,600 Now $317,160
Unit#2902 2 BR 1165SF Was $524,000 Now $314,400
Unit#2906 2 BR 1205SF Was $530,400 Now $318,240
Unit#3002 2 BR 1165SF Was $525,900 Now $315,540
Unit#3006 2 BR 1205SF Was $532,300 Now $319,380
Unit#3102 2 BR 1165SF Was $543,100 Now $327,660
Unit#3106 2 BR 1205SF Was $557,400 Now $334,440
Unit#3202 2 BR 1165SF Was $547,900 Now $328,740
Unit#3206 2 BR 1205SF Was $559,200 Now $335,520
Unit#3302 2 BR 1165SF Was $549,800 Now $329,880
Unit#3306 2 BR 1205SF Was $561,100 Now $336,660
Unit#3402 2 BR 1165SF Was $601,900 Now $361,140
Unit#3502 2 BR 1165SF Was $553,500 Now $332,100
Unit#3602 2 BR 1165SF Was $555,300 Now $333,180
Unit#3702 2 BR 1165SF Was $557,100 Now $334,260
Unit#3706 2 BR 1205SF Was $568,400 Now $341,040
Unit#3806 2 BR 1205SF Was $570,300 Now $342,180
Unit#3906 2 BR 1205SF Was $572,100 Now $343,260
Unit#4002 2 BR 1165SF Was $562,700 Now $337,620
Unit#4006 2 BR 1205SF Was $574,000 Now $344,400
Unit#4102 2 BR 1165SF Was $564,500 Now $338,700
Unit#4106 2 BR 1205SF Was $575,800 Now $345,480
Unit#4206 2 BR 1205SF Was $577,600 Now $346,560
Unit#4302 2 BR 1165SF Was $568,200 Now $340,920
Unit#4402 2 BR 1165SF Was $570,000 Now $342,000
Unit#4502 2 BR 1165SF Was $571,800 Now $343,080
Unit#4602 2 BR 1165SF Was $779,800 Now $467,880

And if you’d rather remodel your current condo instead of purchasing a renovated one, there are lots of talented Chicago remodeling contractors you can hire to do the job.

[tags]200 North Dearborn, Chicago Remodeling Contractors, Chicago Real Estate[/tags]

May 13, 2010 – Despite all the speculation and previous talks that Chicago real estate developer Magellan had with Kimpton Holding Group, the confirmed hotel chain that is purchasing 18 floors in Aqua is Radisson Blu. Yesterday we reported that several news sources had predicted that Kimpton was the hotel chain that would be announced this week as the buyer, but that in fact proved incorrect. Crain’s is reporting today that Radisson Blu, which is a new hotel brand from Carlson Hotels Worldwide, will invest $125 million to complete a 334 room hotel in the high-rise on North Columbus Drive. The actual purchase price was around $60 million.

According to Crain’s, Carlson and Magellan will each hold an equal stake in the new upscale hotel. This will be the first Radisson Blu in the U.S., although there are now about 155 of them that have opened in other countries since 2009.

Aqua’s new hotel won’t open until fall of 2011, and financing to finish out the raw space still has to be found. Carlson needs to secure a loan for about 50% of the estimated $125 million needed to finish the project.

Carlson chief operating officer Thorsten Kirschke was quoted in the article as saying that, “I think timing-wise we couldn’t be positioned better.” He stated that he believes both the credit market and the hotel market will improve in the next year. “We are setting ourselves up for that rebound,” he said.

With the addition of the Radisson Blu Hotel, Aqua will soon be filled on nearly every level. The article states that all of the 474 apartments are rented and not counting the three models, 82% of the 262 Chicago condos in the tower are sold with 40% already closed.

If Aqua doesn’t have a unit left for sale that appeals to you, remember that you can still find some great deals on Downtown Chicago Condos.

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

May 12, 2010 – Aqua may have finally reeled in a hotel, according to the latest buzz on several news sites. For some time now Chicago real estate developer Magellan has been in talks with the Kimpton Holding Group and it looks as though a deal may be finalized soon and a formal announcement made either later this week or early next week, according to the Tribune.

Kimpton, which is a San Fransicso boutique hotel company, is planning on purchasing 15 floors of the 82 story high-rise. The hotel would be located on floors 4 through 18 and include a large ballroom. The 474 apartments in the tower are located on floors 19 through 52 and the 264 Chicago condos are on floors 53 through 81.

According to Crain’s, Kimpton Chief Investment Officer Joe Long was quoted as saying that, “It’s the same as every project today. You’ve got to get financing and you’ve got to re-adjust your expectations in terms of future of performance.” But he also stated that the two groups are close to reaching a deal on the purchase.

Strategic Hotels backed out of a purchase agreement for the hotel space at Aqua some time ago and in doing, forfeited about $28 million in earnest money. That amount will lwoer the purchase price for Kimpton, bringing the cost of the hotel space down to about $56 million.

We’ll update you on any more information that becomes available about the Aqua hotel deal, as well as all the latest Chicago condo news. So be sure to check our Chicago real estate blog often to stay informed.

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

May 11, 2010 – While there isn’t much news about the actual construction of the Chicago Spire or even any solid leads on a source for a construction loan, we do have a bit of news about Shelbourne Development. The Irish Independent newspaper is reporting that Emmet O’Reilly, Shelbourne Development’s finance director, is leaving the company to work with a new social networking site dubbed Weedle. Mr. O’Reilly began working as the financial director for Shelbourne back in 2003, which the article states is three years before the company started the now stalled Chicago real estate project.

The newspaper also reports that Weedle, whose goal is to connect people looking for work with the jobs that best suit their skills, recently raised about $4 million in start-up funds.

The eventual fate of the Spire is still unresolved. The last best hope for financing was the AFL-CIO union funds, but that has since evaporated. Liens, lawsuits and counter suits are stacked up against the project, and most recently there have been auditor questions about the long-term ability of Shelbourne Property Group to function under the weight of the money invested in the Spire project. Bank of America is also seeking to have a counter suit by Shelbourne’s founder, Garrett Kelleher, thrown out. BofA is owed several million on loans used to finance preliminary work and marketing for the project.

If you had been waiting on the Spire to restart construction, you may want to consider some other new Chicago Condos that are ready for move-in and priced to sell. It could be some time before this mega Chicago real estate project makes it out of the ground, if at all.

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

May 10, 2010 – In case any of you haven’t noticed or had a chance to go see it, the outdoor plaza at Trump Tower is now open to the public and so far has received good reviews. The plaza or pedway connects Michigan and Wabash Avenues and creates a pretty fantastic walkway between the two. According to a recent article in the Tribune, the entire plaza is 1.2 acres and encorporates plenty of green landscaping, steps, curves and paths both through the 92 story tower and winding around it.

The article goes on to describe the plaza by saying that the design of the three levels that bring pedestrians down to the Chicago River almost create a stage to that view and mesh with the also new riverwalk that the city opened last year.

The landscaping is what you’d expect from a Trump Chicago real estate project, which is to say it’s not just maple trees and common grass. The plants used include, acording to the article, “a richly-textured mix of wetland grasses, sumac bushes and tall plane trees that evokes a Midwestern riverbank.” There are also oversized planters filled with greenery to carry out the look. Landscape architect Peter Schaudt was quoted as saying that, “The whole idea of landscape in the urban environment is to pull people away—with illusion.”

Other features of the plaza include benches, ” hand-chiseled Jerusalem limestone retaining walls,” and a lily pond. There will also be tables with seating in place by Memorial Day.

The 90,000 square feet of retail space is still empty though, and retailers would certainly add some excitement to the plaza.

There are also still plenty of Chicago Luxury Condos for sale at Trump Tower in case you’d like to have the plaza right outside your door.

[tags]Trump Tower, Chicago Luxury Condos, Chicago Real Estate[/tags]

April 30, 2010 – If you haven’t signed a contract to buy a new Chicago condo or single family home by midnight tonight, then you won’t be able to cash in on the $8,000 first-time homebuyer credit or the $6,500 repeat buyer tax credit. The federal stimulus deal may be nearly over, but there are other credit programs and incentives ready to pay off if you know how to use them.

There is a 30% tax credit (up to a limit of $1,500) if you buy and install some energy efficient products or improvements, according to an article in the Sun Times. These include installing energy efficient doors and windows, heating, cooling and ventilation systems, insulation and roofing. The deadline for those is December 31st.

There is also a tax credit of 30% with no dollar limit if you install solar energy systems, a residential wind turbine or a geothermal heating system. That deadline is not until December 31, 2016.

Coldwell Banker is also promoting a new “buyer bonus sales event,” according to the Tribune. With this offer, Coldwell Chicago real estate agents are encouraging sellers to offer a 3% colsing credit with a miximum dollar limit of $8,000 for buyers who sign a contract from May 1st though July 31st. The advantage to this is that there isn’t a closing deadline, no income restrictions and you can research most properties online to see what the previous price was. The perk for the seller is that his or her home will be spotlighted in local advertisements and via the Internet.

Coldwell Banker regional VP Kathy Kalnes was quoted in the article as saying that, “We’ve got some momentum going in the real estate market and whether it has to do with the first-time homebuyer money or not we don’t know, but why take a chance.”

Fannie Mae is also offering to allow homeowners who willingly agree to a deed-in-lieu or short sale instead of waiting for a foreclosure to reapply for a new Fannie Mae backed mortgage in two years if they have a 20% down payment. The old wait period was four years. This policy goes into effect July 1st. The difficult part may be getting your local lender to agree to the transaction.

We’ll have to wait and see if the expiration of the tax credit slows down sales of Chicago Condos or if buyers are still willing to make a purchase this year.

[tags]Fannie Mae, Chicago Condos, Chicago Real Estate[/tags]

April 28, 2010 – The first time homebuyer tax credit deadline is April 30th, and anyone who wants to cash in on that $8,000 only has a couple more days to get a sales contract signed. You also have to close by June 30th of this year. But Chicago real estate developer Belgravia Group plans on helping prospective buyers make the most out of the short amount of time left by keeping the 565 Quincy sales center open until midnight on April 29th and 30th.

According to an article in the Tribune, buyers will be served Red Bull and pizza both nights, making it a sort of homebuyer’s party. Prices on the Chicago condos and lofts at this development were cut by as much as 30% a few months ago, knocking anywhere between $40,000 and $140,000 off the units.

Prices on the new one and two bedroom condos left for sale in this 18 story, 241 unit project are running from $155,900 to $355,900. The one bedroom (some with dens) and two bedroom conversion lofts range from $223, 900 to $362,900. All but the junior one bedroom condos come with a free parking space. The development is also FHA approved.

Condo and loft finishes include hardwood flooring, carpeted bedrooms, GE stainless steel appliances, granite counter tops, 42″ cabinets and marble baths.

Building amenities are highlighted by the Q Room with its 11,000 square feet of indoor fun. A theater, lounge, fitness center, putting green, pair of bowling lanes and ping-pong, billiards and foosball tables. There is also a 24 hour doorman, bike storage room and sundeck plus catering kitchen.

So if you’ve been looking at Chicago lofts, you might as well make a late visit to 565 Quincy sometime in the next couple of nights.

[tags]565 Quincy, Chicago Lofts, Chicago Real Estate[/tags]

April 27, 2010 – Here is a breakdown of the Chicago condos that sold Sunday during the 1400 North Lakeshore Drive auction. According to numbers released by the auction company, the units brought in nearly $3.5 million. Those condos had been priced for around $6.35 million total before the auction. There was also a 5% buyer’s premium attached to the winning bids, which seems to be the norm these days at auctions. Most of the units were also already leased, so the buyers were either purchasing as an investment or will have to wait until the current resident’s lease expires before they can move in.

Studio/ Old Price $144,900/ Min Bid $65,000/ Sold For $85,500
1BR-1Bath/ Old Price $320,900/Min Bid $175,000/ Sold For $185,000
1BR-1Bath/ Old Price $327,400/ Sold For $188,000
1BR-1Bath/ Old Price $325,400/ Sold For $188,000
1BR-1Bath/ Old Price $239,900/ Min Bid $125,000/ Sold For $170,000
1BR-1Bath/ Old Price $334,000/ Sold For $170,000
1BR-1Bath/ Old Price $279,400/ Sold For $170,000
1BR-1Bath/ Old Price $344,400/ Sold For $170,000
1BR-1Bath/ Old Price $266,400/ Min Bid $100,000/ Sold For $145,000
1BR-1Bath/ Old Price $330,900/ Min Bid $100,000/ Sold For $140,000
1BR-1Bath/ Old Price $252,900/ Min Bid $100,000/ Sold For $146,000
1BR-1Bath/ Old Price $481,900/ Sold For $146,000
1BR-1Bath/ Old Price $265,900/ Min Bid $100,000/ Sold For $117,000
1BR-1Bath/ Old Price $225,900/ Min Bid $90,000/ Sold For $110,000
1BR-1Bath/ Old Price $243,900/ Sold For $110,000
1BR-1Bath/ Old Price $231,900/ Sold For $110,000
2BR-1Bath/ Old Price $329,400/ Min Bid $150,000/ Sold For $188,000
2BR-2Bath/ Old Price $481,900/ Min Bid $200,000/ Sold For $252,500
2BR-2Bath/ Old Price $465,900/ Min Bid $175,000/ Sold For $250,000
2BR-2Bath/ Old Price $465,900/ Min Bid $175,000/ Sold For $252,000

If you missed this Chicago real estate auction, we’ll keep you updated on any new Chicago condo auctions as they are announced.

[tags]1400 North Lakeshore Drive, Chicago Condo Auctions, Chicago Real Estate[/tags]

April 26, 2010 – The 1400 North Lakeshore Drive Chicago condo auction was held yesterday and there were 19 units that sold along with seven more new contracts that are waiting for Chicago real estate developer RDM’s approval, according to a Crain’s report. The developer had planned on auctioning 15 condos but ended up throwing a few more into the mix. There were 80 of the 391 condos in this Gold Coast tower still unsold even though the conversion project started in 2006. This auction brough that number down a bit and supposedly sparked interest in the high-rise.

Michael Fine of Fine & Co. which handled the auction was quoted in Crain’s as saying that, “The phones are ringing right now with people still wondering if they can buy units at auction prices.”

Some of the 19 condos went for as much as 56% off the original list prices. That low price was for a contract sale of a one bedroom unit at $117,000. RDM has a five day option of not accepting any low price though. The lowest discount was on a studio condo that had been priced at $144,900 and had a winning bid of $89,775 which is a 38% drop.

The highest bid on a one bedroom unit was $197,400 and that was 40% off list price for that unit. The highest bid for a two bedroom condo at the auction was $314,600 which was a 33% discount from the previous list price. The lowest contract price on a two bedroom condo was $185,000 which is 42% below the old price. There was a 5% buyer’s premium that was added on as well.

This is the first Gold Coast Chicago condo auction since the housing market slump. While these winning bids and new sales contract prices seem cheap for that location, you have to consider that these condos weren’t completely finished and no parking spaces went with them. Marketing firm Garrison Partners president Garry Benson was quoted in the article as saying that, “It’s a low price for that location, but if you go back into those units and you’re in an unrenovated one, it’s like you’re in a Stephen King movie.”

Tomorrow we’ll have a unit by unit breakdown of the winning bids. be sure to check the Chicago condo auctions page for updates on any future Chicago auctions.

[tags]1400 North Lakeshore Drive, Chicago Condo Auctions, Chicago Real Estate[/tags]

April 24, 2010 – If Chicago real estate developers want to attract more buyers, make pet-friendly Chicago condos. At least that’s the advice that the Humane Society is giving to builders. According to data in a recent Tribune article, 62% of American households have one or more pets. And there are specific condo finishes and building amenities that pet owners want.

Balconies or terraces are prefered for both the buyer and his or her pet so they can be outside without actually going down to the ground level. Having a green roof top with a dog run or being near a park is also a plus. Distressed or scraped wood floors are also a new feature that dog and cat owners love because they don’t have to worry about scratching the hardwood floors, according to the article. A laundry room with a tub and pull-out spray faucet makes a great place to bathe a pet. Windows with wide sills or seats and plenty of sun are perfect for cat naps. Verticle as opposed to horizontal blindes are also prefered and landsacping shouldn’t include toxic plants.

One Chicago real estate developer who encourages pet owners to live in their towers is Magellan. Most of their high-rise buildings at Lakeshore East such as Aqua 340 On The Park and The Chandler are pet-friendly. Lakeshore East also has a dog park, fountain for pets, veterinarian who will make a house call, mobile pet groomer and dog walkers in residence, according to the article.

If you are a pet owner, you can find other pet-friendly Chicago condos by checking the Chicago real estate listings

[tags]Pet-Friendly Chicago Condos, Chicago Condos, Chicago Real Estate Listings[/tags]