March 15, 2010 - The Prairie Pointe auction for 13 Chicago condos was held yesterday and quite a bit of information has surfaced about how the event and bidding went. Unlike several other Chicago real estate auctions that have taken place over the past few
months, this one wasn’t as big a hit with buyers or investors. That is said because not all of the units sold, nor did they sell at much above the minimum bid prices that were asked. In fact, some even sold at the minimum bid or below. The below minimum bid will have to be approved by the developer though. Combined, the winning bids totaled just about $31,000 above the minimum bids that were set.

All together, ten of the thirteen condos that were up for auction at Prairie Pointe sold Sunday. The units that did not sell included a 994 square foot, one bedroom, 1.5 bath that was originally priced at $398,205 and had a minimum bid of $189,000. The second unit that didn’t sell was a 1,111 square foot one bedroom, 1.5 bath condo that had been listed for $389,611 and had a minimum bid price of $211,000. The top floor, 2,800 square foot unfinished penthouse unit with three bedrooms and three baths plus a huge terrace also didn’t sell. It had a reserve price of $895,000 and had been previously marketed for $1.82 million.

A few other auction facts released include that every buyer decided to purchase an indoor parking spot for $30,000. The old list prices for the condos that did sell would have totaled about $4.5 million, while the auction sale prices on those same units totaled around $2.39 million. That’s around $200 per square foot. But if you include the sale of the parking spaces and the 3% buyer’s premium, developer Gammonley Group and Inland Real Estate Auctions sold about $2.77 million yesterday.

Tomorrow we’ll have more details about exactly how much the ten Prairie Pointe condos sold for at auction. And as always, check back with us regularly for all the latest information on Chicago condos.

Technorati Tags: Prairie Pointe, Chicago Condos, Chicago Real Estate

March 12, 2010 - If you’ve been thinking about visiting Astoria Tower and checking out the furnished models, this weekend would be a good time to do so. An open house is scheduled for this Saturday and Sunday, March 13th and 14th, from 12pm to 5pm at the tower, which is located on 8 East 9th Street. Another reason is that Chicago real estate developer Frankel&Giles have lowered prices on the remaining unsold units in the 30 story South Loop high-rise and immediate occupancy is available on all of the floor plans.

According to the developer’s site, studios with 565 to 823 square feet are now priced from $164,800 while the one bedroom Chicago condos with 852 to square feet start at $199,800. For a one bedroom plus den with 993 square feet you can expect to pay from $245,800 and the two bedroom units with 1,063 to 1,803 square feet now start from $328,800.

Right now if you qualify, you can get a 30 year and 15 year balloon mortgage with 5% down, interest rates of 5.162% and 5.123% APR plus no mortgage insurance required. With 30% down you can lock in a single mortgage with a 4.178%APR.

Finishes include large windows, hardwood flooring and carpet in the bedrooms, granite counter tops, a stainless steel kitchen appliance package, 42 inch wood cabinets, washer/dryer hook-up, oversized bath tubs and pre-wiring for high-speed Internet, cable and phones. Residents of Astoria Tower get to enjoy the 10th floor, 12,261 square foot spa with sauna indoor swimming pool, massage room and whirlpool. Other building amenities include a 24 hour doorman, fitness center, sun deck, theather room, business center, billiards room and golf simulator.

With developer deals on interest rates, reduced prices and other incentives, it’s certainly still a good time to buy Chicago Condos.

Technorati Tags: Astoria Tower, Chicago Condos, Chicago Real Estate

March 11, 2010 - Chicago real estate developer Belgravia Group’s advice of “Don’t let this be your Woulda, Coulda, Shoulda moment” at Union Row has been taken to heart by a few buyers it seems. Prices on the Chicago townhomes were lowered by up to 30% a while ago and according to a recent press release, seven new sales contracts have been signed. This development is also FHA approved, so that means a low down payment for qualified buyers as well.

There are about eight townhomes left for sale at Union Row. The remaining townhomes range in price from $374,900 to $499,900 with from three bedrooms and 2.5 baths to four bedrooms and four baths. The townhomes size up between 2,366 to 2,901 square feet and come with an attached two car garage.

Other features of the townhomes at Union Row include a GE stainless steel kitchen appliance package, oak flooring, granite counter tops, doubel sink and either a kitchen island or breakfast bar. Kohler fixtures, Ultracraft cabinets, fourth floor skylight, porcelian bath tiles, walk-in closets and carpeted bedrooms are standard.

You can find more informaion about Union Row and other Townhouses in Chicago by checking out our development profile pages.

Technorati Tags: Union Row, Chicago Townhomes, Chicago Real Estate