December 29, 2009 – The Ritz-Carlton Residences development has had its share of delays and slow construction starts, just like so many other Chicago real estate developments. But it looks as though things may start moving much more quickly now because financing has been locked in place for construction of the high-rise. According to Crain’s, Kuwait Finance House has agreed to invest $242 million in the Ritz. KFH has a 95% ownership stake in the project and Prism Development has a 5% stake.

When completed, the Ritz-Carlton Residences will be a 40 story luxury high-rise with 86 units. Those condos are around 40% sold, and have been for some time. That number could change for the better though, because the Ritz could be the only major development under construction in Chicago this next year (2010) and should make deliveries in 2011.

There have been no price cuts on the units at the Ritz, and the developer seems to be holding fast to that decision. The luxury condos are a bit pricey for the current market, but again, with no new big construction projects on the horizon the timing could be just right for the Ritz. You can expect to pay from $1.4 million for one of the remaining two bedroom condos and as much as $13 million for one of the penthouse units at the Ritz-Carlton Residences.

If 2011 is a bit too long for you to wait to move into a new condo, there are some great deals on Chicago homes for sale right now.

[tags]Ritz-Carlton Residences, Chicago Homes, Chicago Real Estate[/tags]

This entry was posted on Tuesday, December 29th, 2009 at 2:45 pm and is filed under Mortgage Information.