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.

Technorati Tags: 200 North Dearborn, Chicago Remodeling Contractors, Chicago Real Estate

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.

Technorati Tags: Aqua, Downtown Chicago Condos, Chicago Real Estate

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.

Technorati Tags: Aqua, Chicago Condos, Chicago Real Estate