Best Chicago Condos

Just 56 Downtown Condos And Townhomes Sold In 3rd Quarter

November 9, 2009 - There were only 56 downtown Chicago condos and townhomes sold during the third quarter this year. That number dropped from the 313 that were sold during the second quarter, according to the latest report from Appraisal Research Counselors. In all, a estimated total of 600 units will be sold this year. Only 900 units are expected to be completed next year, a drastic decline from the 4,061 units of this year and 4,155 that were completed in 2008. For the year 2011, Chicago real estate developers will only add 86 new downtown condos and Chicago townhomes to the market.

In a recent Crain’s article that highlighted the ARC report, Belgravia Group’s Alan Lev was quoted as saying that, “2010’s going to be a better year than 2009. Nothing new is getting built. It seems as though things are stabilizing.”

But the ARC report also stated that to get buyers to actually purchase a unit, developers have had to cut prices by at least 30% or opt for an auction. In the third quarter of this year the walk-away rate from contracts was fairly high. About 23% of the new downtown projects confirmed that they had nets losses in sales. On the flip side, 52% said they had an increase in sales and 25% stated there was no change in sales numbers.

Gail Lissner of ARC stated that although there is over a six year supply of new condos right now if the sales continue at this slow rate, she believes that the market will improve and in two to three years the oversupply of Chicago New Construction Condos will even out.

Technorati Tags: Chicago Townhomes, Chicago Condos, Chicago Real Estate

Developer Units Nearly Sold Out At 1720 South Michigan

November 7, 2009 - If you’ve had any interest in purchasing a Chicago condo at 1720 South Michigan then you’re going to run out of options pretty soon, at least where units for sale from the developer are concerned. According to a recent press release, Chicago real estate developer CMK Companies has only four condos left for sale in the 498 unit high-rise.

The 33 story tower’s website lists what is left of the one bedroom condos from $219,900. The remaining two bedroom unit is listed in the $280,000 range. The three bedroom condos, which are sold out from the developer anyway, were priced from $359,900. An indoor parking spot is included with the purchase price of these condos.

Condos at 1720 South Michigan come pre-wired cabling for high-speed internet, cable and phone service, have thermal pane glass windows, 10′ ceilings, washer/dryer hook-ups and European kitchens with stainless steel appliances granite counter tops and double bowl sinks. Units also have designer lighting, oak hardwood flooring, vinyl covered shelving in the closets,
carpeted bedrooms and marble vanity tops plus ceramic tile flooring and surround in the baths.

Building amenities include a 24 hour doorman, bike storage room and dog run as the building is pet-friendly.

If you want to compare buildings and units with 1720 South Michigan, there are some other great Downtown Chicago Condos also available.

Technorati Tags: 1720 South Michigan, Downtown Chicago Condos, Chicago Real Estate

Prairie District Lofts Lowers Prices

November 6, 2009 - It looks as though Motor Row Lofts isn’t the only Chicago real estate loft development that is lowering prices. Prairie District Lofts has around 20 units that are being listed with up to 25% reductions. Kargil Development is calling this the final closeout sale on the remaining available lofts in the 116 unit building. In a Tribune press release, Keith Giles of Frankel & Giles states that, “Prairie District Lofts is one of the last true-loft buildings remaining in the South Loop.”

The lofts are located on 1727 South Indiana in a five story converted brick structure that dates back to 1905, according to the article. The classic loft design includes plenty of exposed brick, wooden beams and concrete. The condo lofts also come with hardwood flooring and carpeted bedrooms, 12′ to 20′ high ceilings, fireplaces, oversized windows, track lighting plus washer and dryer hook-up. Mr. Giles stated that the condo lofts on floor four come with oversized rooftop decks while others have a balcony or garden terrace.

Building amenities at Prairie District Lofts include a fitness center, landscaped atrium, laundry rooms, rooftop sundeck, bike room and storage lockers.

The one to four bedroom, one to two bath condo lofts now range in price anywhere from about $227,800 to $379,800 and the development is FHA approved.

You can check out the other Chicago Condo Lofts for sale right now and see which ones best suit your budget and lifestyle.

Technorati Tags: Prairie District Lofts, Chicago Condo Lofts, Chicago Real Estate

More Tax Credits For Condo Buyers

November 5, 2009 - News that the $8,000 First Time Homebuyer Tax credit will most likely be extended until the end of April, 2010, has to have made a lot of Chicago real estate developers and Chicago condo buyers happy. There is also another program that is poised to be passed where a $6,500 credit would be offered to repeat buyers who have owned a house or condo for at least five years. But on top of all that, the state of Illinois is launching its own homebuyer incentive program that could affect around 2,000 sales, according to a Tribune article.

Now with the Illinois Housing Development Authority’s 30 Year Home Start mortgage program a buyer can get a second forgivable loan for as much as 3% of the purchase price with a maximum of $6,000. This is so it can be used as a down payment. To qualify for this, you have to agree to live in the condo or house for 10 years or else a pro-rated portion will have to be paid back. You also must have either 1% of the purchase price or a minimum of $1,000 of your own to put down, have a credit score of at least 640, attend homeownership counseling and there will be 0.5% added to your mortgage interest rate. Individuals would have to do the math, but this may not be such a good deal once you add in all the extras.

One already existing program, the Find Your Place In Chicago program, is still in effect though and has added some incentives. According to the article there are about 133 residences combined in a few developments that are still included in the program. Those are located at Lake Park Crescent, Parkside of Old Town, Oakwood Shores and Park Boulevard. The other condos and townhomes at those developments didn’t all get snatched up, but some have been converted to rentals.

The Partnership For New Communities is now offering the original $10,000 incentive for first-time buyers but also adding an $8,000 tax credit to the deal. You have to have not purchased a condo or house in the last three years and you must sign a purchase agreement for one of the included residences no later than November 15th. You then have to close the contract by January 30th to get the $8,000 matching credit by mid April of 2010.

With city incentives and federal incentives, developers may actually be able to make few more sales of Chicago New Construction Condos yet this year.

Technorati Tags: First-Time Homebuyer Tax Credit, Chicago Condos, Chicago Real Estate

Six North Michigan Safe From FBOP Takeover

November 4, 2009 - It hasn’t been very long ago that we told you about Six North Michigan still having around half of its Chicago condos for sale. But this week brought news that FBOP, the corporation that developed this Chicago real estate project, was taken over by the FDIC and ordered to sell it’s banks. However, according to a recent Crain’s report, that didn’t include the sale of the condo development.

FBOP too over the conversion of the old Montgomery Ward building in 2007, after the previous developer was unable to finish because of financial problems. The 21 story tower was converted into 120 condos and Rick Page, VP of one of FBOP’s seized banks, said in the article that there is no danger of this development getting mired down in the restructuring. “The project’s in good shape,” he was quoted as saying. Mr. Page also said that FBOP, “fully intends to complete the project.” He claims that the project is current on all of its loan payments.

Right now there are about 55 condos for sale from the developer. According to the article, prices had been reduced around 13% on the one bedroom condos and 7% on the three bedroom units. Prices are running somewhere between the $270,000s and $5.5 million with parking adding $55,000 to $60,000.

The units at Six North Michigan come with oak hardwood floors, bedroom carpeting, washer and dryer hook-up, Italian kitchen cabinets and granite or quartz counter tops and backsplash, and Kitchen Aid and Bosch appliances. Italian porcelain tile, whirlpool tub, Toto undermount sink, rain showerhead and full body mirror are included with the master bath. The tower also has a fitness center, 24 hour doorman, common terrace, bike room, club and movie room.

With sales of Chicago Luxury Condos slow to rebound, it may take some time for this development to sell the rest of it’s units. But at least it seems to be financially stable at the moment anyway.

Technorati Tags: Six North Michigan, Chicago Condos, Chicago Real Estate

60 Condos Still Available At Winthrop Club

November 3, 2009 - If you think you might be interested in a unit at the Winthrop Club in Evanston, there are still around 60 of these suburban Chicago condos left for sale. The 15 story building has a total of 99 residences with floor plans ranging from one to three bedrooms and one to 3.5 baths. According to a recent profile in the Tribune, there are also three furnished models available for touring now.

One model at Winthrop Club is a one bedroom, one bath condo with 802 square feet of living space that is base priced at $384,000. The next model is a larger two bedroom, two bath with 1,349 square feet that is priced from $584,000 up. The final model is another two bedroom, two bath condo with 1,135 square feet and priced from $479,000 and up.

Winthrop Club is on track to receive Gold LEED certification. Qualifications include green roof tops, Energy Star appliances, low VOC paints and materials, use of bamboo, air filtration system, low-e thermal windows and water saving plumbing fixtures, according to the article. The units also come with Italian style kitchen cabinets, granite counter tops, marble baths, oak flooring and a balcony or terrace. Building amenities include a 24 hour doorman, fitness center, spa, heated pool, sun deck and club room.

Prices on the 60 condos left for sale at this suburban Chicago real estate development include a parking space and range from about $299,000 to $1.439 million. And if Evanston isn’t your first choice of locations, you can find other Chicago New Construction Condos with affordable prices right now.

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Discounts May Disappear At Metropolitan Tower

November 2, 2009 - Back in May of this year we told you about the price cuts at Metropolitan Tower. But according to Chicago real estate developer Metropolitan Properties president Louis D’Angelo, buyers should take advantage of those discounts now because he may opt to take the unsold Chicago condos in the tower off the market and wait until home prices improve.

In a recent Crain’s article, Mr. D’Angelo stated that, “It’s not an easy decision to make. You’re betting on where the market will be in 12 to 18 months.” There are around twelve or so units still for sale from the developer at this 30 story high-rise located on 310 South Michigan Avenue. D’Angelo said in the article that the price cuts resulted in a sales increase that brought the 242 units up to being 80% sold.

Price cuts on the discounted condos run anywhere from about $50,000 to as much as $300,000 off. The one bedroom, one bath condos had been priced from $299,900 to $396,900 and are now about $249,900 to $269,900. The two bedroom, two bath units were priced from $534,900 to 919,900 and are now listed for about $399,900 to $649,900. And the three bedroom, 2.5 bath condos had been priced at $919,900 to 959,900 and are now running from about $649,900. Building amenities include a 24 hour doorman, fitness center, party room and sun deck.

There are other Downtown Chicago Condos that have opted to lower prices, so be sure to check back regularly for updates.

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