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]

April 20, 2010 – Foreclosure suits against Chicago real estate developers aren’t unusual these days, but federal indictments for misuse of construction loans are a little more rare. It does look as though the developers of Six North Michigan are facing some serious charges concerning personal use of funds, according to a recent Crain’s report.

Global Real Estate Investors LLC principals Bassam Haj and Romel Esmail are charged with taking about $3.6 million from loans obtained for the conversion project. Both of the men have two bank fraud counts filed against them as well as three charges of providing fales information and statements to obtain those loans.

According to the article, loans were taken out in 1999 from CIB Bank of Hillside for the condo conversion project of Six North Michigan and also to purchase 59 East Van Buren. The pair are accused of using part of the loans to buy jewelry, cars and more real estate.

Mr. Yousif will be arraigned soon, but Mr. Esmail, who is from Iran, is classified as a fugutive. A U.S. Attorney’s spokesperson was quoted in the article as saying that, “We have some leads on where Esmail might be, but his exact whereabouts are unknown.”

Supposedly, the developers reported to the bank that the sale price of Six North Michigan was around $17 million when the real price was $13 million. The pair also stated in loan papers that they could put up $4.2 million in equity, which they didn’t have.

Six North Michigan was constructed in the 1890s, according to Crain’s. The tower was the previous Montgomery Ward Company headquarters. The conversion project was taken over by FBOP Copporation in 2007 after CIB Bank sued the developers and took the project back in 2004.

According to Appraisal Research Counselors, around half of the 120 Chicago condos at Six North Michigan are sold and 11 more are currently under contract. Prices on the one to three bedroom condos have been running from $279,900 to around $5.5 million.

The charges brought against the developers likely won’t have any effect on prices at this tower since the men haven’t had control of it for some time. But there are still a lot of Chicago short sales if you’re looking for a bargain.

[tags]Six North Michigan, Chicago Short Sales, Chicago Real Estate[/tags]

April 17, 2010 – April seems to be a popular month for suburban and Chicago real estate auctions. This time it’s another Sheldon Good & Company event in Willow Springs. There are a total of 25 condos located at the Market Street West development that are going to be up for bid on April 29th. Market Street West is a two building complex that contains a combined total of 103 units in all. The Gammonley Group is the developer, and the buildings are located at 300 Village Circle.

The 25 condos can be toured from now through the 28th of April. On Turedays through Thursdays the open house hours are noon to 7pm. If weekends work better for you, then stop by on Saturday or Sunday from 11am to 2pm.

The condos are FHA approved and according to an auction brochure, the lowest minimum bids are set at $129,000. Some of the minimum bids are 42% below previous prices.

A sampling of the units up for auction are below.

Unit#203/ 1BR-1.5Bath/ 1,018 Sq Ft/ Was $198,900/ Minimum Bid $129,000

Unit#102/ 2BR-2Bath/ 1,404 Sq Ft/ Was $308,293/ Minimum Bid $179,000

Unit#106/ 2BR-2Bath/ 1,692 Sq Ft/ Was $364,778/ Minimum Bid $220,000

Unit#406/ 3BR-2.5Bath/ 2,024 Sq Ft/ Was $426,164/ Minimum Bid $295,000

Unit#505/ 4BR-3.5Bath/ 2,504 Sq Ft/ Was $542,099/ Minimum Bid $375,000

Finishes on these units include kitchens with oak cabinets and 13″x13″ ceramic tile. Baths come with marble counter tops, oversized mirror, 5′ soaker tub and shower plus a double sink. Other features that are standard are a GE Spacemaker washer and dryer, wall-to-wall carpeting, Moen faucets and designer lighting fixtures.

Be sure to check back with us for news about other Chicago condo auctions scheduled for this summer.

[tags]Market Street West, Chicago Condo Auctions, Chicago Real Estate[/tags]

April 14, 2010 – 235 Van Buren is advertising some new incentives in hopes of selling a few more Chicago condos. This 46 story high-rise has a whopping 714 units and the last update that developer CMK Realty threw out for this Chicago real estate project was that over 400 units were under contract.

Right now buyers can score from $10,000 to $20,000 off list prices for many of the condos. The available units affected by these reductions range from studios to two bedroom layouts. There are fourteen furnished models open for viewing, so you can get a pretty good idea of what this tower offers.

Another perk offered for a limited time is anywhere from $2,500 to $5,000 in closing credits for buyers. That incentive is good for purchases of one and two bedroom condos, not studios.

Prices for the studios that have 522 square feet are running from the $170,000s. The one bedroom, one bath condos that have 656 to 770 square feet start in the $210,000s. For the two bedroo, one bath units with 749 to 936 square feet you can expect to pay from the $250,000s to $270,000. A two bedroom, two bath condo with from 888 to 1,292 square feet will run anywhere from the $260,000s to $360,000s. And for penthouse units that size up from 891 to 2,272 square feet you’ll pay between the $330,000s to $990,000s. So far the condos on floor 14 through floor 18 are FHA approved and parking runs anywhere from $31,900 to $36,900.

Condo finishes include 10′ exposed concrete ceilings, washer/dryer hook-up, floor-to-ceiling windows, hardwood flooring, carpeted bedrooms, ceramic bath tile and surround, marble vanity top, vinyl clad wire closet shelves, designer lighting, stainless steel kitchen appliances and granite counter tops.

If 235 Van Buren isn’t a good fit for you, keep in mind that many developers are lowering prices on Chicago homes for sale.

[tags]235 Van Buren, Chicago Homes For Sale, Chicago Real Estate[/tags]

April 13, 2010 – The Chicago Spire is in the news again, and it isn’t exactly good news. According to Crain’s, Garrett Kelleher, developer of this planned and stalled Chicago real estate project, has been warned by KPMG accountants that, “additional write-downs to the company’s financials could be required if it is unable to recover loans to related companies that total 35 million euros, or $47.5 million, or obtain ‘adequate funding facilities,’ according to a report filed April 6 with Ireland’s Companies Registration Office.”

Kelleher’s Shelbourne Property Group is also said to be in “technical default” on several loans from banks. Among those lenders is the Anglo Irish Bank, which back in 2006 loaned Mr. Kelleher an undisclosed amount to buy the $64 million building site where the 150 story Chicago Spire was to be constructed.

According to the article, an additional Shelbourne company branch was also in technical default as of this February on what they termed loan-to-value interest coverage covenants with lenders who includedthe Royal Bank of Scotland PLC.

In retort, Shelbourne Finance claims that many of it’s lenders have already agreed to restructure some of the delinquint loans and they are on good terms with all of the banks.

About $121 million was loaned to the Spire project by Shelbourne Finance and around 68% was put back against a potential loss on those loans. SF had a loss of $86.8 million for the twelve month period that ended the end of March 2009. They also had total assets of around $259.4 million compared to liabilities of around $347.7 million for that same recording and reporting period.

Downtown Chicago Condos

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

April 5, 2010 – Another rental Chicago real estate tower scheduled for completion this year is the Parc Huron, located on 469 West Huron. First residents are expected to be able to move in sometime in early June and RMK Management has just recently announced the monthly rental rates and leasing fees for the River North high-rise.

The apartment layouts range from one to two bedrooms and one to 2.5 baths. Finishes include hardwood flooring, 9.5 to 10 foot high ceilings, granite kitchen counter tops, under cabinet lighting, wood cabinets and stainless steel GE Energy Star appliances including a side-by-side refrigerator. The baths come with granite conter tops and Italian tile on the floors. The units also have a full size stackable washer and dryer.

Building amenities include a fitness center, sauna, steam room, pool, movie room, storage lockers and WiFi lounge. The resident terrace will be fully landscaped and have a fireplace. There will also be a 14,000 square foot park.

According to the developer, current leasing rates per month are listed below.

1BR/1Bath/614 – 729 square feet, $1,837 – $2,587
1BR/1Bath/Dens/ 780 – 871 square feet, $2,233 – $2,847
2BR/2Bath/1,100 – 1,128 square feet, $2,977 – $3,510
2BR/2Bath/Dens and 3BR Apts/1,274 – 1,443 square feet, $3,110 – $4,057

There are several other fees such as application fees($60), dog($300) and cat($250) to name a few and those are won’t be refunded. Utilities include water, trash pick-up, gas, air conditioning, cable television and high-speed Internet run from $120 to $175 per month. Parking is an aditional $250 per month for a full-size space or $120 for a motorcycle.

And remember that there are still plenty of rent to own Chicago condos as well.

[tags]Parc Huron, Rent To Own Chicago Condos, Chicago Real Estate[/tags]

April 2, 2010 – Last week we told you about the price cuts at Silver Tower. Now we have a little more specific information about the new pricing at this Chicago real estate development that is facing a foreclosure suit.

Jameson Real Estate is handling sales for the River North tower and according to a press release, the new lower prices have already netted about 15 sales contracts. A detailed list of the prices for these Chicago condos is below.

In the one bedroom, one bath category you can now get a 578 square foot unit from $170,000. Previously they were priced from the $220,000s.

The 728 square foot one bedroom, one bath condos are now priced from the $230,000s to $270,000s which is down from the $300,000s to $350,000s.

For a 783 square foot one bedroom you can expect to now pay from the $230,000s to $250,000s. Those had been marketed between the $280,000s to $350,000s.

The 813 square foot one bedroom, one bath condos are now listed between the $240,000s to $260,000s which is down from the old prices between the $290,000s and $370,000s.

The 829 square foot one bedroom, one bath units are now listed for between the $250,000s and $280,000s. The old price range was between the $290,000s and $380,00s.

For a one bedroom, one bath plus den with 947 square feet you can expect to pay from the $270,000s to $330,000s. Those condos had been listed for between the $350,000s and $450,000s.

A one bedroom, two bath plus den with 930 square feet will now be priced from the $230,000s to $300,000s. Previous prices feel betwen the $260,000s and $440,000s.

Moving up to the two bedroom, two bath condos, a 1,080 square foot unit will now cost between the $350,000s to $380,000s. Old prices ranged from the $370,000s to $500,000s.

The two bedroom, two bath with 1,138 square feet are now listed between the $320,000s to $420,000s which is down from the $400,000s to $530,000s.

For a two bedroom, two bath with 1,190 square feet you can now expect to pay from the $400,000s to $460,000s which is down from the old pricing between the $410,000s to $600,000.

The three bedroom, 2.5 bath condos at Silver Tower are now listed between the $$620,000s and $680,000s. Previously they were priced from the $790,000s.

You can compare the new lower prices at Silver Tower with those of other Chicago condos and see how much of a deal you may be getting.

[tags]Silver Tower, Chicago Condos, Chicago Real Estate[/tags]

April 1, 2010 – Despite the high number of apartment towers due to wrap consrtuction and be available for move-in this year, there still seems to be renters ready to sign leases. One Chicago real estate development that welcomed its first renters just about eight months ago is already 83% leased, according to a recent PRNewswire press release. That development is Streeter Place, located on 355 East Ohio Street.

Right now Golub&Company is also still advertising two months rent free if you sign a 12 month lease. This applies to all floor plans. Parking is also still being offered at a reduced rate of $99 per space. The monthly rent includes utilites such as water, gas, air conditioning, wireless Internet connection, basic cable television, HBO and DVR service.

Senior VP of Golbu&Company Paula Harris was quoted in the press release as saying that, “In today’s real estate market, even those who have the money to buy are choosing to lease, and full service rental units give residents the opportunity to experience the luxury and comfort of a condominium without being tied down with a mortgage.”

There are 480 apartments at the 53 story Streeter Place, ranging from studios, convertibles, one bedroom (with or without den), two bedrooms and three bedroom units. Stainless steel appliances and a washer and dryer are included. Building amenities include the Club 355 on floor 12 where you’ll find a fitness center, business center, media room, outdoor pool and BBQ area.

Streeter Place may be a good fit for you if you’re looking ofor a new rental apartment. Remember there are also near record numbers of Chicago condos for rent right now as well.

[tags]Streeter Place, Chicago Condos, Chicago Real Estate[/tags]