Best Chicago Condos

Open House This Weekend At Astoria Tower

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

Only Eight Townhomes Left After Price Reductions At Union Row

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

Silver Tower Faced With Foreclosure

March 10, 2010 - Silver Tower is the Chicago real estate development of the week to be hit by a foreclosure suit. A $40 million lawsuit was filed by Bank of America after Metropolitan Real Estate Company wasn’t able to meet a December 29, 2009 payback date, according to a Crain’s article.

The 38 story River North high-rise, located on 303 West Ohio Street, has 225 condos but only 76 sales have closed so far, according to the article. That translates to only about 33%. Deliveries began in August of last year.

Of all of the foreclosure suits filed against Chicago condo developments in the past year or so, Silver Tower is the largest building to be hit so far, according to Crain’s. Real estate expert Tracy Cross stated in the report that the large number of buyers who walked away from their sales contracts at Silver Tower are mostly to blame for its current financial distress. “The culprit is the walk-away rate,” he was quoted as saying.

MB Financial, who was a lending partner for Silver Tower, had been offering loans with just a 5% down payment to qualified buyers who wanted to purchase a condo in the high-rise. That incentive wasn’t enough to stimulate sales though. Along with the original $60 million construction loan, $39.9 of which is still owed and the focus of the foreclosure, there is a $9.9 million mezzanine loan from Connaught Real Estate.

2010 may be the year for big development foreclosures, and on a smaller scale you might find your own bargins if you keep update on the latest Chicago foreclosures.

Technorati Tags: Silver Tower, Chicago Foreclosures, Chicago Real Estate Blog

Save Some Green At Emerald

March 9, 2010 - “Holy !%?$@! Emerald drops prices for a limited time only.” That’s the banner headline advertising the new lower prices at Emerald. Chicago real estate developer Senco Properties may be hoping buyers will find their pot of gold at Emerald before St. Patrick’s Day. Prices on the remaining unsold Chicago condos at this two tower project have been lowered by about 25% to 35%.

The eco-friendly West Loop towers, located on 123 Green Street, have a combines total of 212 condos. Right now Senco is listing one bedroom condos that had been priced from $344,000 for a reduced price of $224,700. The one bedroom plus den units that were $408,300 are now priced from $266,700. For a larger two bedroom condo you previously would have had to pay from $471,400 but can now expect to pay from $352,000.

Indoor heated parking that had been sold for $35,000 per space is now included with all purchases and the building is also FHA approved.

Emerald has a two story glass atrium and 8,000 square foot lobby. The condos feature bamboo flooring, stainless steel or granite counter tops, one or two balconies, 42″ hardwood cabinets, stainless steel kitchen appliance package and Grohe faucets. The master baths come with an LCD television, natural stone tile and separate shower and tub.

You can check out these new lower prices at Emerald and compare them with some of the other Chicago New Construction Condos that have slashed prices.

Technorati Tags: Emerald, Chicago New Construction Condos, Chicago Real Estate Blog

215 West Apartment Leasing Rates

March 8, 2010 - Last week we told you about the newly opened leasing center for 215 West Apartments. Now we have some updated information on the montly rental rates for the units at this 50 story apartment tower on 215 West Washington Street. According to the press release from PRN Newswire, renters are supposed to be able to start moving in at some point this month.

Jupiter Reality is the Chicago real estate developer for this project, and the 389 apartments in this Solomon Cordwell Buenz designed high-rise are a mix of studios, one bedroom, two bedroom and three bedroom layouts.

Studios have 525 to 707 square feet and are currently being leased for $1,149 to $1,872 per month. The one bedroom apartments that size up betwen 751 to 933 square feet are renting from $1,277 to $2,551 per month. For a two bedroom unit with from 1,106 to 1,108 square feet you can expect to pay from $2,433 to $2,692 per month. And the three bedroom apartments that have from 1,598 to 1,799 square feet are being leased for $4,122 to $4,617 per month.

All of the units in this soon to be LEED certified tower come with a washer and dryer, Frigidaire Energy Star kitchen appliance package, granite counter tops, ample closet space and floor-to-ceiling windows to maixmize light. Residents of 215 West will have a 24 hour doorman, theater room, party room, game room, Internet lounge, library, business center and fitness center with steam and massage rooms. They will also have access to the green rooftop that features a pool, grilling station, sundeck and seats. Pets are also welcome.

If you are more interested in purchasing a new home rather than leasing, there are still plenty of Chicago homes for sale for sale right now as well.

Technorati Tags: 215 West Apartments, Chicago Homes For Sale, Chicago Real Estate Blog

Alta At K Station Ready For Renters

March 6, 2010 - Another rental tower has opened for residents to start moving in, and that is Alta at K Station. According to the development website, the leasing center opened on February 15th of this year and move-ins started March 1st. This 39 story high-rise is located on 365 North Jefferson Street and has a total of 420 apartments. This tower is one of the half dozen or so large Chicago real estate projects to start leasing in 2010. The developers are Lincoln Property Company and the Fifield Companies and they have another tower, 55 West Kinzie, that will add another significant number of rental units in the near future as well.

The big perk at Alta at K Station is the Club K. This is a 32,000 square foot private club located on floor eight for residents of the tower. Features of Club K include a fully equipped fitness center, business center, sun terrace, party room, lounge, movie theater and a few other recreational perks.

The rental rates for the apartments at Alta at K Station have been running from about $1,295 per month for the studio residences and from around $3,100 for the two to three bedroom apartments. A recent press release stated that lower monthly rates will be announced soon though, so it might pay to wait and see what those are.

Regardless of whether you’re looking to rent or buy, it easy to use the Chicago MLS search to find Chicago condos and apartments.

Technorati Tags: Alta at K Station, Chicago MLS Search, Chicago Real Estate

Leasing Center Open For 215 West Apartments

March 5, 2010 - Since we’ve been talking about Chicago apartments, we thought we would update you on another rental Chicago real estate development. As of March 4th, the leasing center for 215 West Apartments is open for business. The 50 story, 389 unit tower is still under construction, but according to a recent PRN Newswire article, work is on schedule and the first 31 floors should be ready for move-in sometime this month.

Jupiter Realty Company and Cornerstone Real Estate Advisers are the developers for 215 West, and this tower is said to be the first rental high-rise constructed in the Loop in 15 years. It is also going to be one of the first rental towers to be LEED certified.

The apartments will range from studios to three bedroom floor plans. Indoor parking will be available. Apartment features include Frigidaire Energy Star appliances, granite counter tops, a washer and dryer for each unit, floor-to-ceiling windows and plenty of closets. Building amenities include a 24 hour door person, fitness center, massage and steam rooms, movie room, party room, game room, cyber lounge, business center and library, according to the article. The green roof will have BBQ areas, a sundeck, pool and seating areas.

Right now renters have a good selection of apartments, condos and Chicago homes avaailable for leasing, so shop around before making a decision.

Technorati Tags: 215 West Apartments, Chicago Homes, Chicago Real Estate