Best Chicago Condos

Emerald Hosting Condo Mortgage Seminar July 18th

July 4, 2009 - You may recall that Emerald has been offering their current residents up to $5,000 in upgrades or one year of free assessments for a buyer referral that results in the sale of one of the Chicago condos in the high-rise. According to the developer, this incentive is good through July 15th. And another July 15th deadline is for registration for their F.H.A. & V.A. Informational Presentation seminar to be held on July 18th at noon with lunch provided free.

The seminar will be held at the Emerald sales center in the tower at 123 South Green Street and is presented by Lincoln Mortgage and Funding Corporation, which is this Chicago real estate’s preferred lender. Some of the topics covered in the seminar include FHA loans and how to get pre-approved for one on site by Lincoln Mortgage. The seminar will also cover veterans loans and rehab loans plus explain the entire mortgage process and the $8,000 first-time home buyer tax credit. Emerald’s developer, Senco Properties, is also offering to pay the closing costs for anyone who purchases a condo within 48 hours of participating in the seminar.

The 212 units in Emerald are about 60% sold. The prices listed by the developer are between $270,000 and $326,000 for one bedroom, one bath condos with 765 to 794 square feet. A one bedroom, one bath plus den with 900 square feet is $312,000 to $385,000. The two bedroom, two bath units with from 1,250 to 1,297 square feet are priced between $394,000 and $629,000. Assessments run from around $225 to $345 with parking an additional $35,000 and $25 assessment.

You can find other eco-friendly developments like Emerald in the Chicago New Construction Condos section.

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19 Story Oak Park Development Planned

July 3, 2009 - For a change today we’ve got Chicago real estate development news instead of foreclosures or liquidation auctions. Sertus Capital Partners LLC won approval from the Oak Park Village Board for a 19 story hotel condo project to be built on the corner of Forest Avenue and Lake Street, according to Crain’s. The $85 million development will be financed in part by the village donating a portion of the parcel of land at an estimated cost of $4.25 million, as well as funding a $9.8 million parking garage. The village will also foot a $500,000 operating subsidy for the first couple of years the hotel is open.

The project still had to be approved by the village plan commission. There has been some opposition to the project, mainly due to the height of the high-rise and the financial contribution of the village. If the project does win final approval, groundbreaking could take place towards the end of next year.

Michael Glazier of Sertus told Crain’s that he believes there is enough demand in the area for hotel rooms and that the Chicago condo market will be on the rebound by the time the project is trying to sell units and secure financing. “There’s a lot more work to do and a lot of uncertainty, but we’re happy we got some response on our efforts,” he said in the article.

The tower would consist of a 488 car garage, 300 of which will be public parking, 100 for hotel guests and 88 deeded for the condos. There will be between 60 and 100 condo units built atop two retail floors and then about 140 hotel units. Crain’s states that this development would be the largest one here for Sertus. The next biggest the developer has under its belt is a 140 unit, 9 story condo tower in Des Plains.

We may begin to see some smaller developers testing the waters now, hoping to be in a positing to build when the current inventory is absorbed and the market recovers. It still may be some time until we see any big Pre Construction Condos in Chicago.

Technorati Tags: Oak Park Illinois, Chicago Condos, Chicago Real Estate

Upscale Bar Signs On At Roosevelt Collection

July 2, 2009 - We still may not know the status of the Lofts At Roosevelt, but we now know another business planning to open in the retail portion of this Chicago real estate development. Restaurant owner Jerry Kleiner of Carnivale, Red Light and Gioco fame announced that he will operate an upscale bar in the Kerasotes theater that is under construction at Roosevelt. According to Crain’s, the bar will be called StarBar and cater a more adult crowd.

Dean Kerasotes was quoted as saying that, “We really set out to create a more stylish design, and something with a lot of pizzazz and energy and edginess. Jerry has the ability to mix a showman’s sense of style and design to his restaurants, and at the same time provide a high-quality menu.”

The bar will be about 4,700 square feet on the mezzanine level and hold 160 guests, have entrances to premium seats in two of the sixteen theaters where up to 150 reserved seats and tables will be waiting. The bar will also have views of the theater lobby and northern city skyline. Kleiner told Crain’s that, “If you go into most movie theaters, it looks like a United Airlines terminal. We changed the whole layout _ I think it’s going to be exciting; it’s a different spin for Chicago.”

The Kerasotes theater and Starbar plan on being ready for patrons by the middle of November. The rest of the 300,000 square feet of retail at Roosevelt is now not expected to open until late 2010. As for the fate of the 342 Chicago condo lofts, Centrum Properties has yet to comment. Kerasotes and Kleiner aren’t too worried though, and believe whatever the outcome, their venture will be a success. If Roosevelt goes ahead with the original plan and delivers, it will add a significant number to the inventory of Chicago Condo Lofts.

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Vetro Developer Files For Chapter 7 Bankruptcy

July 1, 2009 - Even with the success of the Vetro auction and subsequent sales earlier this year, Chicago real estate developer Thomas Roszak has filed for Chapter 7 bankruptcy. Roszak, who is an architect himself, has between $1 million and $10 million in assets compared to $50 to $100 million in liabilities, according to a Crain’s report. With Chapter 7, his companies will most likely be liquidated. Roszak was quoted in the article as saying that filing bankruptcy was mandatory, “due to the unprecedented decline in housing values and oversupply of condos,” and that he “has not been able to achieve pricing needed to retire all outstanding loan obligations.”

The developer also recently made news because of his alleged failure to comply with the necessary modifications to his two tower, 120 unit Sienna project in Evanston after marketing the condos there as handicap accessible.

According to Appraisal Research Counselors, the combination of the March Vetro auction and price reductions on the remaining units brought the sales total in the tower up to 88%. But while the discounts generated sales, they evidently didn’t generate enough income.

“We have aggressively pursued auctions, pricing incentives and new product lines. We were close to obtaining commitments for hotel and assisted living components for our projects when the recession effectively closed down options for financing new development. Our efforts included consulting with many specialized mortgage brokers, potential joint venture partners and lenders. Given the status of our projects, the timing of the recession severely undermined our ability to wait for economic recovery,” Crain’s quoted Roszak.

Papers were also filed to insulate the developer’s projects, Sienna and Vetro, from creditors, according to the report.

Vetro was the first major development of Downtown Chicago Condos to resort to auctioning units, so we’ll have to wait and see if Roszak starts another trend with filing Chapter 7.

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Ireland’s National Bank May Take Over Spire Loan

June 30, 2009 - These days we have to go across the pond so to speak to dig up any news about the stalled Chicago Spire and it’s developer, Shelbourne. The Irish Times ran a story stating that Chris O’Connell, head of Shelbourne Development’s Irish branch, decided to leave the company. The newspaper quoted O’Connell as saying that, “The traditional development market in Ireland is in suspended animation and may continue like that for a number of years.”

This comes along with news that Ireland’s National Asset Management Agency (Nama) may take control of the loan’s that Garrett Kelleher’s Shelbourne Development took out from the Anglo Irish Bank to purchase the Spire site. Nama was formed as a sort of national bank to deal with the bad loans of about six of Ireland’s most troubled banks. How that will effect the Spire remains to be seen. O’Connell told The Irish Times that, “In the short term it’s going to mean uncertainty for developers, bankers and investors alike, but it’s the key to the resurrection of this market over the next decade and its going to generate significant business opportunities at a number of different levels.”

The Irish Independent reported that a Shelbourne spokeswoman insists that the Spire is still just “on hold” and that 40% of the 1,190 Chicago condos have gone under contract. Whether Nama will hold onto the Shelbourne’s loan or make a move to take over the construction site and project is anyone’s guess. But with the size and cost of the project, along with the still sluggish market for Chicago Luxury Condos, chances are we may already know the answer.

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Next Chicago Area Condo Auction July 26th

June 29, 2009 - The next Chicago area condo auction is coming up in mid July. Sheldon Good & Company is auctioning 40 units at the Seven Bridges Condominium Residences in Woodridge and opening bids are set at nearly 70% off former list prices. Sheldon Good president Alan Kravets was quoted in a GlobeSt. article as saying that, “Seven Bridges is really quite nice, and it’s an a suburban area where people want to live. Thirteen will be sold at or above the minimum bid, but the goal is to sell them all.” The minimum bid on those 13 is $130,000 while the other 27, which had been priced in the low $500,000s, will have an opening bid of $170,000.

The auction is set for July 26th at 1 PM at the Hyatt, located on 3003 Corporate West Drive in Lisle. Get there early because registration begins at noon that day. Open houses are scheduled for July 11th, 12th, 18th, 19th and 25th from 1 pm to 4 pm.

The condos at this suburban Chicago real estate development have one to three bedrooms and come in seven floor plans and range in size from 1,200 to 1,760 square feet. Buyers of 22 of the condos will have the luxury of picking out their own finishes and 18 units are ready for move-in. The Seven Bridges condos come with an in-units laundry, stainless steel kitchen appliances and granite counter tops, 36 inch maple cabinetry, and soaker tub in the master bath.

The 12 story Seven Bridges Condominium Residences has a modern, curved design and a great location on 6420 Double Eagle Drive. Plenty of Main Street retail and the Seven Bridges Golf Club is close at hand. Right now the 140 units in the development are about 70% sold. Building amenities like a party room, sun deck with pool, his and her changing rooms, bike storage and 24 hour doorman are in place. Assessments, which are around $450 per month, cover parking, cable television, heat and water.

Kravets is hopeful that the auction will find buyers for all 40 units. “It depends on the depth of the market and how much there is competitive bidding,” he said in the article. “You don’t reduce the price in an auction environment; you set your own price.” That pretty much applies to all Chicago condo auctions.

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October Deliveries Planned At Terrazio

June 28, 2009 - Yesterday we told you about the price reductions at The Marquee. The Terrazio, another Sedgwick Properties tower that Jameson Realty is marketing is also advertising discounts on certain select units in the same update. There may have been a change of plans though because one sales representative contacted stated that they are offering premium upgrades on finishes instead.

Just over half of the 180 one to three bedroom Chicago condos in this development are sold, so there is still a pretty good selection of available units. According to the official blog for this Chicago real estate development, construction is up to the top floor and should wrap up in the near future with deliveries expected to start in October. Prices run from the $190,000s to the mid $400,000s. Some of the premium upgrades include high-end kitchen appliances and islands, a wide choice of granite counter tops and hardwood flooring.

The two seven story brick buildings going up on 1935 South Wabash will share a Solavista open-air landscaped courtyard that will feature a fountain. The roof top sun deck will sport a tranquility pool, pergolas, outdoor kitchen and grill, tables and benches plus a dog run. Indoor amenities include a fitness center with weights, treadmills and television, business center with Internet access and owner’s club plus secure intercom entrance. Indoor parking is also available.

The Terrazio is just one of several Chicago New Construction Condos that will deliver this year and we’ll keep you posted on any other developer incentives that are being offered.

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