New-Construction Update: 12/22/08

1838 W. Division

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1838 W. Division, 1838 W. Division
9 of 9 available, 2 BR, $390K-$790K, Delivery Spring '10
Developed by ICON, Marketed by Prime Properties

1125 W. Farwell, Farwell at the Lake
12 of 16 available, 2 BR, $250K-$390K, Delivery NA
Developed by Loyola Vista, Marketed by Rubloff

207 E. 31st, Signature Residences
NA of 36 available, 1-3 BR, $150K-$380K, Delivery Now
Developed and Marketed by 31st & Indiana Development

1231 E. 46th, Lake Park Gateway II
8 of 8 available, 2-3 BR, $190K-$340K, Delivery NA
Developed by Stratagem, Marketed by Rubloff

1555 N. Talman, 1555 N. Talman
6 of 8 available, 2-3 BR, $480K-$770K, Delivery now
Developed by Shangri-La, Marketed by @properties

Previous New-Construction Updates

New-Construction Update: 12/15/08

118 N. Halsted

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

118 N. Halsted, 118 N. Halsted
9 of 9 available, 3 BR, $490K-$620K, Delivery March
Developed and Marketed by RMR Partners

150 W. Superior, Superior at Lasalle
15 of 54 available, 1-3 BR, $440K-$1.35M, Delivery now
Developed and Marketed by KBL/Affinity

1621 S. Carpenter, Chantico South
9 of 9 available, 1-3 BR, $190K-$440K, Delivery NA
Developed by Lipe Property, Marketed by Jameson

1135 W. Chicago, 1135 W. Chicago
6 of 6 available, 3 BR, $410K-$430K, Delivery Spring '09
Developed by NA, Marketed by Koenig & Strey

1937 W. Diversey, 1937 W. Diversey
8 of 24 available, 2 BR, $370K-$420K, Delivery now
Developed by NA, Marketed by Property Consultants

Previous New-Construction Updates

New-Construction Update: 12/8/08

1720 S. Michigan

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1720 S. Michigan, 1720 S. Michigan
35 of 498 available, 1-3 BR, $190K-$450K, Delivery now
Developed and Marketed by CMK Companies

1358 W. Belmont, El Pacifico
6 of 6 available, 2-3 BR, $450K+, Delivery NA
Developed and Marketed by D'Aprile Realty

150 W. Roosevelt, Lofts at Roosevelt Collection
150 of 342 available, 1-2 BR, $300K-$650K, Delivery June '09
Developed and Marketed by Centrum Properties

3214 N. Southport, The Grande on Southport
5 of 6 available, 3-4 BR, $750K-$1M, Delivery March '09
Developed by JP Development, Marketed by @properties

550 N. St. Clair, 550 St. Clair
32 of 112 available, 1-3 BR, $310K-$880K, Delivery now
Developed and Marketed by Sutherland Pearsall

Previous New-Construction Updates

New-Construction Update: 12/1/08

Fountain View

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

2326 W. Giddings, Fountain View
11 of 18 available, 2-3 BR, $470K-$550K, Delivery now
Developed and Marketed by Terra Firma

1901 S. Calumet, Museum Park Place II
130 of 276 available, 1-3 BR, $250K-$600K, Delivery 2009
Developed and Marketed by Enterprise Companies

2609 W. Belmont, North River Court
36 of 46 available, 2-3 BR, $280K-$470K, Delivery Feb '09
Developed by MC/Gannett Capital, Marketed by Coldwell Banker

1470 W. Ohio, 1470 W. Ohio
3 of 3 available, 2-3 BR, $460K-$590K, Delivery now
Developed by NA, Marketed by Koenig & Strey

4150 N. Kenmore, Water Color Condos
14 of 23 available, 2-3 BR, $350K+, Delivery NA
Developed by Delphi Ventures, Marketed by @properties

Previous New-Construction Updates

New-Construction Update: 11/24/08

4616 N. Kenmore

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

4616 N. Kenmore, 4616 N. Kenmore
3 of 21 available, 1-2 BR, $270K-$320K, Delivery now
Developed by O'Flaherty Builders, Marketed by Sussex & Reilly

2130 W. North, 2130 North
4 of 12 available, 2-3 BR, $530K-$610K, Delivery now
Developed and Marketed by Prime Properties Realty

8 E. Randolph, Joffrey Tower
21 of 208 available, 1-2 BR, $290K-$520K, Delivery now
Developed and Marketed by Smithfield Properties

1349 S. Wabash, 1349 S. Wabash Private Residences
22 of 78 available, 0-3 BR, $180K-$470K, Delivery late '09
Developed and Marketed by Wabash Properties

1624 W. Division, Vision
22 of 33 available, 2-3 BR, $440K-$590K, Delivery '09
Developed and Marketed by RDM Development

Previous New-Construction Updates

New-Construction Update: 11/17/08

600 N . Lake Shore

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.


600 N. Lake Shore, 600 N. Lake Shore
45 of 400 available, 1-3 BR, $450K-$1.5M, Delivery now
Developed and Marketed by Belgravia Group

23 N. Aberdeen, CA23
12 of 48 available, 2-4 BR, $650K-$1.45M, Delivery Jan '09
Developed and Marketed by The Brixton Group

4024-26 W. Division, 4024-26 W. Division
NA of 12 available, 2 BR, $85K-$220K, Delivery now
Developed by NA, Marketed by Prudential Preferred

1927 N. Milwaukee, Baer Lofts
4 of 16 available, 1-2 BR, $290K-$550K, Delivery now
Developed and Marketed by Mike Vesole Group

1322 N. Clybourn, Clybourn Point
6 of 6 available, 3 BR, $540K+, Delivery NA
Developed and Marketed by RADA Development

Previous New-Construction Updates

New-Construction Update: 11/10/08

Urban Sandbox

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1611-1627 N. Wolcott, Urban Sandbox
4 of 8 available, 3-4 BR, $690K-$1.2M, Delivery Spring '09
Developed and Marketed by Ranquist Development

4015 N. Milwaukee, Klee Plaza
20 of NA available, 1-2 BR, $170K-$320K, Delivery NA
Developed and Marketed by Six Corners

1850 N. Winnebago, Bucktown Point
12 of 15 available, 3 BR, $530K-$590K, Delivery now
Developed and Marketed by Paramount Homes

3400 N. Greenview, Roscoeview
4 of 18 available, 1 BR, $230K-$250K, Delivery now
Developed and Marketed by JAB Real Estate

1635 W. Cortland, Cortland Tower
5 of 8 available, 2-3 BR, $410K-$670K, Delivery now
Developed by NA, Marketed by Century 21

Previous New-Construction Updates

New-Construction Update: 11/3/08

Silver Tower

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

303 W. Ohio, Silver Tower
56 of 225 available, 1-3 BR, $290K-$790K, Delivery Spring '09
Developed and Marketed by Stonegate Development

5430 N. Sheridan, 5430 Sheridan
6 of 48 available, 2-3 BR, $340K-$460K, Delivery now
Developed by Bluewater Companies, Marketed by Lippitz

2301-2315 S. Michigan, Motor Row Lofts
27 of 94 available, 1-3 BR, $230K-$650K, Delivery now
Developed by City Real Estate, Marketed by @properties

6 N. May, 6 N. May
3 of 16 available, 2 BR, $360K-$410K, Delivery now
Developed by NA, Marketed by @properties

3641 N. Elston, Elston Timber Lofts
7 of 25 available, 2 BR, $260K-$300K, Delivery now
Developed and Marketed by Blue State Properties

Previous New-Construction Updates

New-Construction Update: 10/27/08

2353 W. Belden

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

2353 W. Belden, 2353 W. Belden
5 of 5 available, 3 BR, $450K-$540K, Delivery Nov.
Developed by NA, Marketed by Jameson

310 S. Michigan, Metropolitan Tower
21 of 244 available, 1-3 BR, $390K-$1.04M, Delivery now
Developed by Metropolitan Properties, Marketed by Equity

1935 S. Wabash, Terrazio
NA of 180 available, 1-3 BR, $190K-$410K, Delivery Summer '09
Developed & Marketed by Sedgwick Properties

2105 W. Concord, 2105 W. Concord
2 of 7 available, 2 BR, $490K-$540K, Delivery now
Developed by Stillpoint, Marketed by Jameson

4814-4846 N. Clark, Kinetic Lofts at Rainbo Village
14 of 127 available, 1-2 BR, $220K-$420, Delivery NA
Developed by Metropolitan, Marketed by Jameson

Previous New-Construction Updates

New-Construction Update: 10/20/08

1250 Paulina

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1250 Paulina, 1250 N. Paulina
3 of 6 available, 3 BR, $590K-$630K, Delivery now
Developed and Marketed by Lipe Property

456 W. Briar, Briar by the Park
4 of 4 available, 3-5 BR, $690K-$970K, Delivery NA
Developed by Chicago Graystone, Marketed by Jameson

946-950 W. Cullerton, Cullerton Corners
4 of 7 available, 2-3 BR, $310K-$410K, Delivery now
Developed by TRC Holdings and Kedzior Development
Marketed by Real Living Helios Realty

3844 N. Ashland, The Ashby
5 of 18 available, 2 BR, $410K-$460K, Delivery now
Developed & Marketed by JAB Real Estate

2065 N. Kedzie, Kedzie Square
17 of 28 available, 1-3 BR, $220K-$400K+, Delivery now
Developed by Brighton, Marketed by @properties

Previous New-Construction Updates

New-Construction Update: 10/13/08

Museum Park Place II

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1901 S. Calumet, Museum Park Place II
135 of 276 available, 1-3 BR, $250K-$860K, Delivery Spring '09
Developed by Enterprise, Marketed by Coldwell Banker

1615 S. Miller, Miller Place
3 of 6 available, 2 BR, $340K-$350K, Delivery now
Developed by re Chicago Group, Marketed by @properties

60 E. Monroe, Legacy at Millennium Park
48 of 356 available, 1-3 BR, $460K-$2.6M, Delivery Fall '09
Developed & Marketed by Mesa Development

3133 N. Lakewood, 3133 N. Lakewood
18 of 25 available, 1-4 BR, $280K-$680K, Delivery NA
Developed & Marketed by The Macon Group

860 W. Blackhawk, SoNo
124 of 275 available, 1-3 BR, $290K-$590K, Delivery Nov '08
Developed & Marketed by Smithfield Properties

Previous New-Construction Updates

New-Construction Update: 10/6/08

Sheridan Tower

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

2930 N. Sheridan, Sheridan Tower
110 of 252 available, 1-2 BR, $238K-$320K, Delivery now
Developed by Kroupa Development, Marketed by @properties

437 W. Division, The Hudson
33 of 162 available, 1-2 BR, $340K-$590K, Delivery now
Developed & Marketed by Parkside Associates

5301 W. Washington, Washington Court
NA of 24 available, 2-3 BR, $130K-$180K, Delivery now
Developed & Marketed by @properties

2 W. Delaware, Walton on the Park
NA of 198 available, 1-3 BR, $550K-$1.5M, Delivery Summer '10
Developed by Enterprise; Marketed by Coldwell Banker

2300 S. Michigan, Motor Row Lofts
52 of 52 available, 1-3 BR, $270K-$650K, Delivery NA
Developed & Marketed by Motor Row Development

Previous New-Construction Updates

New-Construction Update: 10/1/08

CA23

Each week, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

23 N. Aberdeen, CA23
19 of 48 available, 2-4 BR, $650K-$1.6M, Delivery Dec '08
Developed & Marketed by The Brixton Group

1440 S. Wabash, Coliseum Park
9 of 19 available, 1-3 BR, $290K-$475K, Delivery Dec '08
Developed & Marketed by Deva Development

11 E. Walton, The Elysian
65 of 236 available, 1-2 BR, $600K-$5M, Delivery '09
Developed & Marketed by Elysian Development

1222-1224 W. Madison, Mod
NA of 56 available, 1-2 BR, $280K-$490K, Delivery early '09
Developed & Marketed by Stillpoint

3000-3010 W. Cornelia, Cornelia Court
NA of 63 available, 2-4 BR, $470K+, Delivery now
Developed by NA; Marketed by Coldwell Banker

Previous New-Construction Updates

Area Profile: Rogers Park, 10th in Sales

The tenth in our weekly series of profiles of the 77 census areas that make up Chicago.

The statistics come from various sources, including the U.S. Census Bureau and the database of ChicagoCondosOnline.com, where you will find a more-comprehensive profile of every area, with a map showing the neighborhoods within each area.

Rogers Park (No. 10 in units sold, No. 31 in median sales price, 2007)

Boundaries: South: Devon; North: Howard; East: Lake Michigan; West: Ridge

Neighborhoods: Rogers Park

Appreciation (2/1/08): 1 yr: 2% (37th of 77 areas); 5 yrs: 40% (26th)

Demographics: College Graduate: 32% (18th of 77 areas); Professional: 34% (23rd); Median Income: $32,000 (55th)

Largest Condo: 1205 W. Sherwin (107 units)

Complete Profile, with map and schools

All Profiles To Date (Near North, Lakeview, West Town, Lincoln Park, Near West Side, Loop, Uptown, Near South Side, Edgewater)

New-Construction Update: 9/22/08

Broadway 3030

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

3030 N. Broadway, Broadway 3030
53 of 53 available, 1-3 BR, $310K-$1.3M, Delivery Sum '10
Developed & Marketed by JFJ Development

2105 W. Concord, 2105 W. Concord
2 of 7 available, 2-3 BR, $499K-$1.2M, Delivery now
Developed by Still Point; Marketed by Jameson

2401-2409 N. Clybourn, Clybourn Green
16 of 16 available, 1-2 BR, $190K-$330K, Delivery now
Developed by CG Development; Marketed by Koenig & Strey

1358-1366 W. Greenleaf, Grove at Greenleaf
3 of 44 available, 2 BR, $178K-$210K, Delivery now
Developed by NA; Marketed by Jameson

2741 N. Sheffield, Rotunda
8 of 8 available, 2-4 BR, $490K-$750K, Delivery Winter '08
Developed by NA; Marketed by Rubloff

Previous New-Construction Updates

Area Profile: Edgewater, 9 in Sales, 23 in Price

The ninth in our weekly series of profiles of the 77 census areas that make up Chicago.

The statistics come from various sources, including the U.S. Census Bureau and the database of ChicagoCondosOnline.com, where you will find a more-comprehensive profile of every area, with a map showing the neighborhoods within each area.

Edgewater (No. 9 in units sold, No. 23 in median sales price, 2007)

Boundaries: South: Foster; North: Devon, Sheridan ; East: Lake Michigan; West: Ravenswood

Neighborhoods: Andersonville, Edgewater

Appreciation (2/1/08): 1 yr: 2% (38th of 77 areas); 5 yrs: 37% (29th)

Demographics: College Graduate: 42% (11th of 77 areas); Professional: 43% (12th); Median Income: $36,000 (45th)

Largest Condos: 5415 N. Sheridan (744 units), 5701 N. Sheridan (541), 6033 N. Sheridan (499), 5445 N. Sheridan (466), 5455 N. Sheridan (465)

Complete Profile, with map and schools

All Profiles To Date (Near North, Lakeview, West Town, Lincoln Park, Near West Side, Loop, Uptown, Near South Side)

16,024 Proposed Condos in Downtown Pipeline

According to the Chicago Tribune, Appraisal Research Counselors, the firm that monitors condo developments in the heart of downtown Chicago (Cermak to North Avenue), has identified 16,024 condo units in the downtown development pipeline, including proposed units on the drawing board. By neighborhood, they are:

South Loop: 8,479 units
West Loop: 2,944
Near North: 1,096
Loop/Lakeshore East: 1,080
Streeterville: 1,000
River North: 885
Gold Coast: 540

Condo/townhouse for-sale inventory in the entire city of Chicago is 15,000 units--about an eight-month supply. ARC's Gail Lissner said that condo units in the downtown area numbered fewer than 50,000 in 1990, and number 98,000 today. By 2010, she predicts there will be 110,000.

How soon will the downtown market recover? Lissner looks at 2010. “We’ll see a record number of units completing construction in 2008 and 2009, and very little that will be completed in 2010, so we’ll be using up this excess inventory," she predicted.

Average Sales Price Increases in 13 Areas

Using data from MRED, the region's multiple listing service, Chicago magazine reports that 23 of Chicago's 77 census areas had 100 or more sales of attached homes (condos and townhouses) during the 12-month period between July 1, 2007 and June 30, 2008.

Of those 23 areas, 13 showed increases in average sales price during the July '07-June '08 period. In descending order of percentage increase, they are:
Loop 67%
Avondale 13%
Near North Side 9%
Douglas 9%
Near South Side 9%
Lincoln Park 8%
Lincoln Square 6%
West Town 5%
Lake View 5%
Near West Side 3%
Logan Square 2%
Albany Park 0.72%
Irving Park 0.44%

The 10 areas with lower prices were: Edgewater (-1%), Grand Boulevard (-4%), Hyde Park (-3%), Kenwood (-1%), North Center (-1%), Rogers Park (-5%), South Shore (-2%), Uptown (-1%), West Ridge (-3%) and Woodlawn (-10%).

As the article notes, "Average prices rose as several high-end projects began delivering condos contracted for as much as three years ago." This was especially true in the Loop, which is benefitting from the opening of Millennium Park.

New-Construction Update: 9/15/08

235 Van Buren

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

235 W. Van Buren, 235 Van Buren
NA of 714 available, 1-3 BR, $190K-$550K, Delivery 2009
Developed & Marketed by CMK

1927 N. Milwaukee, Baer Lofts
6 of 16 available, 1-3 BR, $260K-$550K, Delivery now
Developed by Vesole Group; Marketed by @properties

678 N. Kingsbury, Park Kingsbury Lofts
27 of 27 available, 2-4 BR, $470K-$1.6M, Delivery 2009
Developed & Marketed by Cataldo/Marovitz

2326 W. Giddings, Fountain View
13 of 18 available, 2-3 BR, $430K-$550K, Delivery now
Developed by Terra Firma; Marketed by Koenig & Strey

2028 W. Division, 2028 W. Division
5 of 6 available, 3 BR, $620K-$770K, Delivery 2009
Developed by Ranquist; Marketed by RCR Realty

Previous New-Construction Updates

Bargain: County To Auction 3 Condos Sept. 23

Three condos will be sold to the highest bidders by the county on September 23. They are:

Unit 2C, 3421 W. Hollywood, 1BR/1BA, appraised at $120,000
Unit 3C, 5901 N. Sheridan, 1 BR/1BA, appraised at $155,000
Unit 5905, 505 N. Lake Shore, 1BR/1BA, with deeded indoor parking, appraised at $460,000. [Update: This unit and parking space sold for $418,000, 9 percent below appraised value.]

Viewing dates are Sunday, 9 a.m. to 11 a.m. for the Hollywood condo, and Saturday, 9 a.m. to 11 a.m. for the other two.

The auction will take place at 10 a.m., Tuesday, September 23, in Room 569 of the County Building, 118 N. Clark.

For details, contact the Real Estate Department at the Office of the Public Administrator at (312) 603-0100 or visit cookcountygov.com.

Area Profile: Near South Side, 8th in Sales

The eighth in our weekly series of profiles of the 77 census areas that make up Chicago.

The statistics come from various sources, including the U.S. Census Bureau and the database of ChicagoCondosOnline.com, where you will find a more-comprehensive profile of every area, with a map showing the neighborhoods within each area.

Near South Side (No. 8 in units sold, No. 10 in median sales price, 2007)

Boundaries: South: 26th; North: Roosevelt; East: Lake Michigan; West: Chicago River, South Branch

Neighborhoods: South Loop, Ickes Prairie Homes, Bronzeville

Appreciation (2/1/08): 1 yr: -6% (69th of 77 areas); 5 yrs: 21% (43rd)

Demographics: College Graduate: 43% (10th of 77 areas); Professional: 55% (7th); Median Income: $34,000 (49th)

Largest Condos: 1720 S. Michigan (498 units), 1530 S. State (317), 1901 S. Calumet (302), 1235 S. Prairie (286), 1621 S. Prairie (268), 1400 S. Michigan (268)

Complete Profile, with map and schools

All Profiles To Date (Near North, Lakeview, West Town, Lincoln Park, Near West Side, Loop, Uptown)

New-Construction Update: 9/8/08

The Granville

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1122 W. Granville, The Granville
50 of 160 available, 2-3 BR, $250K-$390K, Delivery October
Developed by Access Group, Marketed by Koenig & Strey

6 N. Mighigan, Six North Michigan
40 of 104 available, 1-3 BR, $320K-$1.9M, Delivery October
Developed by 6NM Development; Marketed by @properties

24 S. Morgan, Pure
24 of 67 available, 1-2 BR, $250K-$410K, Delivery September
Developed & Marketed by Sunrise Equities

1224 W. Van Buren, VB1224
NA of 187 available, 1-2 BR, $250K-$410K, Delivery now
Developed by NA; Marketed by @properties

1935 S. Wabash, Terrazio
100 of 180 available, 1-3 BR, $190K-$410K, Delivery Summer '09
Developed by Sedgwick; Marketed by Jameson

Previous New-Construction Updates

Area Profile: Uptown, 7th Units Sold, 16th Price

The seventh in our weekly series of profiles of the 77 census areas that make up Chicago.

The statistics come from various sources, including the U.S. Census Bureau and the database of ChicagoCondosOnline.com, where you will find a more-comprehensive profile of every area, with a map showing the neighborhoods within each area.

Uptown (No. 7 in units sold, No. 16 in median sales price, 2007)

Boundaries: South: Irving Park; North: Foster; East: Lake Michigan; West: Ravenswood

Neighborhoods: Margate Park, Buena Park, Ravenswood, Sheridan Park, Uptown

Appreciation (2/1/08): 1 yr: -1% (61st of 77 areas); 5 yrs: 23% (40th)

Demographics: College Graduate: 40% (12th of 77 areas); Professional: 43% (14th); Median Income: $32,000 (53rd)

Largest Condos: 4250 N. Marine (864 units), 4920-80 N. Marine (570), 4343 N. Clarendon (450), 5100 N. Marine (300), 720 W. Gordon (268)

Complete Profile, with map and schools

All Profiles To Date (Near North, Lakeview, West Town, Lincoln Park, Near West Side, Loop)

New-Construction Update: 9/1/08

Opera Lofts

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

2545 S. Dearborn, Opera Lofts
58 of 93 available, 1-3 BR, $240K-$900K+, Delivery now
Developed by LOACQ, Marketed by @properties

1623 W. Melrose, Citizens State Bank Lofts
9 of 9 available, 1-3 BR, $390K-$630K, Delivery NA
Developed & Marketed by Gary Solomon & Co.

1000 W. 15th, University Commons
18 of 824 available, 1-3 BR, $280K+, Delivery now
Developed & Marketed by Enterprise

2318-28 S. Canal, Canal Crossing
11 of 60 available, 2-3 BR, $240K-$320K, Delivery 11/08
Developed & Marketed by See Y. Wong

1611-1627 N. Wolcott, Urban Sandbox
5 of 8 available, 2-3 BR, $690K-$1.2M, Delivery 2009
Developed & Marketed by Ranquist

Previous New-Construction Updates

Voice Your Views at Public Hearing Sept. 3

Do you have ideas for state laws that would improve condo living? If so, the Illinois Condominium Advisory Council wants to hear them. The purpose of the council, appointed by the state legislature, is to identify the biggest challenges to condo life in Illinois and make recommendations for legislative change.

The council's second public hearing will be held from 10 a.m. until noon, Wednesday, Sep. 3, at St. Andrews Greek Orthodox Church, at the corner of Hollywood and Sheridan, in Chicago. Hearings will also be held, from 10 a.m. until noon, on Thursday, Sep. 18, at City Hall in Orland Park and on Tuesday, Sep. 23, at the Heather Ridge Clubhouse in Gurnee.

If you cannot attend one of the hearings, you are invited to e-mail your opinions and suggestions to the council's chairman, Jordan Shifrin, an attorney at Kovitz Shifrin Nesbit in Buffalo Grove. The council will deliberate during October after all the input is digested and make its report to the legislature the first week of November. "We will not draft legislation, only address global problems," said Shifrin. "After we have feedback, we will vote on recommendations."

In addition to its chairman, the council consists of two other laypeople (Shelli Lulkin, George Panagakis) and four legislators (Rep. Harry Osterman, Rep. Angelo Saviano, Sen. Pam Althoff and Sen. Mattie Hunter).

Here, taken from a column Shifrin wrote for the Daily Herald, are some of the issues emerging:

RESERVES: Board members are feeling enormous pressure to maintain older properties and are scrambling to find bank loans or imposing special assessments to fund this work. This creates financial hardship for many people. Had previous boards initiated a reserve study and properly funded the reserve accounts, these properties would be in much better shape. What to do?

For years, there has been a debate over whether reserve funding should be mandatory and that some formula or percentage should be imposed. This is always at odds with the philosophy of those boards that want to hire only the lowest bidder, and keep assessments low.

STATUTORY MANDATES: There are many requirements in the statutes and the various declarations and by-laws, but there are no enforcement mechanisms. The Condominium Act allows individuals or associations to collect attorneys fees (e.g., failure to disclose records, etc.) but this necessitates the hiring of an attorney and the filing of a lawsuit. Should the state's Attorney General's office enforce the act when it is violated? Should local government be involved in enforcing state statutes, if they are adopted at the local level. Should developers be subject to some type of state enforcement for shoddy construction other than only the current system of private enforcement?

BOARD AUTHORITY: Do boards have too much authority or not enough? What can be done when the board is a bunch of dictators ignoring owners' needs? What can be done about a demagogue owner who disrupts every meeting and harasses the directors? Is there enough of a balance?

PROPERTY-MANAGER REGULATION: There is currently no licensing requirement or regulatory authority overseeing property managers in Illinois. The debate on this topic has been ongoing for over 20 years. With an epidemic in the last few years of financial impropriety, is it time to resolve this dispute? Even if managers are licensed or regulated, what about self-managed associations?

SMALL ASSOCIATIONS: Should small associations be subject to the same legal requirements as the larger properties (e.g., annual meetings, three directors, 30 days advance notice of proposed budgets, etc.)? Wisconsin, for example, has a special section in its statutes dealing with small associations.

COLLECTION OF DELINQUENCIES: Should an association have to wait 60-180 days to obtain possession when it files for an eviction, when a landlord usually only waits 5-14 days?

NON-RESIDENT OWNERS: There was recently a bill (HB 5109) to restrict associations from amending their covenants to eliminate rentals. Although it remained in committee as the legislature adjourned for the summer, it will be advanced again in the near future. Is this a right of the owners, or is it discriminatory? The council will probably take a position on this issue.

ACCOUNTABILITY FOR DEFECTIVE CONSTRUCTION: Should local government have any accountability of building defects when municipal employees overlook apparent problems and issue permits, notwithstanding? Should there be mandatory escrows to withhold a portion of sales proceeds to pay for repairs when the developer refuses?

HOMEOWNERS ASSOCIATIONS: Condominiums have a statute, but there are no guidelines for townhome or homeowners associations. Should there be an equivalent statute or should the condominium act become the common interest community act to cover all types of associations?

Area Profile: Loop, 6th in Unit Sales, 1st in Price

The sixth in our weekly series of profiles of the 77 census areas that make up Chicago.

The statistics come from various sources, including the U.S. Census Bureau and the database of ChicagoCondosOnline.com, where you will find a more-comprehensive profile of every area, with a map showing the neighborhoods within each area.

Loop (No. 6 in units sold, No. 1 in median sales price, 2007)

Boundaries: South: Roosevelt ; North: Chicago River; East: Lake Michigan; West: Chicago River, South Branch

Neighborhoods: South Loop, The Loop, Near East Side

Appreciation (2/1/08): 1 yr: 44% (3rd of 77 areas); 5 yrs: 86% (4th)

Demographics: College Graduate: 64% (5th of 77 areas); Professional: 64% (4th); Median Income: $65,000 (4th)

Largest Condos: 400 E. Randolph (955 units), 225 N. Columbus (954), 155 N. Harbor (742), 195 N. Harbor (483), 222 N. Columbus (480)

Complete Profile, with map and schools

All Profiles To Date (Near North, Lakeview, West Town, Lincoln Park, Near West Side)

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As far as we know, no one has created an online calculator exclusively for condo buyers, particularly one that allows buyers to compare the estimated ownership cost per square foot of one condo to the average ownership cost for all Chicago condos.

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New-Construction Update: 8/25/08

Astoria Tower

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

8 E. 9th, Astoria Tower
75 of 241 available, 1-2 BR, $250K-$690K+, Delivery 12/08
Developed by Provence, Marketed by Coldwell Banker

1550 W. Cornelia, The Vue
5 of 22 available, 2-3 BR, $380K-$720K, Delivery now
Developed by McHugh, Marketed by @properties

2520 N. Lakeview, Lincoln Park 2520
150 of 250 available, 1-4 BR, $500K-$13M, Delivery 2010
Developed and Marketed by RMI

1919 W. Crystal, 1919 W. Crystal
5 of 9 available, 2-3 BR, $650K-$790K, Delivery Fall '08
Developed and Marketed by @properties

2524-2530 N. Ashland, The Catalina
10 of 10 available, 2-3 BR, $480K-$770K, Delivery now
Developed by Chicago Grayston, Marketed by Jameson

Previous New-Construction Updates

Bargain: $45,000 Incentives at Lakeside Lofts

Buyers seeking immediate occupancy, free parking and designer upgrades should tour Lakeside Lofts, a 96-unit loft development at 2025-2035 S. Indiana in the South Loop.

Prices of remaining 11 units start at $266,800 for a 1-bedroom unit, while 1-bedroom-plus-den residences with 1.5 baths begin at $305,800, and 2-bedroom, 2-bath layouts start at $355,800. These prices include parking.

For a limited time, buyers of 1-bedroom, 1-bedroom-plus den and 2-bedroom residences will receive a free parking space valued at $35,000, according to Frankel & Giles Real Estate, the exclusive sales and marketing agent.

For details, go to lakesidelofts.com.

Bargain: Save $40,000 at Oakwood Shores

With sales of new downtown condos down 73% in the first half of this year, some developers are beginning to make their incentives public.

According to an e-mail message to agents, the first 25 qualified buyers can receive incentives up to $40,000 to purchase a home at Oakwood Shores, near 37th Street, in the Bronzeville community.

One-bedroom units are priced as low as $180,000. Among the qualifying units are three-bedroom, two-bath, 1,400-square-foot condos, including one assigned parking space.

The offer is good through December 31, 2008.

Details at OakwoodShoresChicago.com.

Bargain: Save Up to $100,000 at Avenue East

According to Mark Boyer at YoChicago, prices at Avenue East, 160 E. Illinois, just off Michigan Avenue, will be reduced by as much as $100,000 on certain units in the Streeterville high-rise until September 14. Writes Mark:

"That $100,000 doesn't all come off the listing price, of course. Susan Duffey from Keller Williams says that as much as $70,000 will be taken off the prices of homes in tiers 07 and 08, and parking, normally $45,000 to $60,000, will be sold at half price.

"In the 07 tier, 1,100 square-foot two-bedroom/two-bath units normally listed from the $550s to the $570s will now be priced from $510s to the $550s. In the 08 tier, 1,716 square-foot two-bedroom/2.5-bath units priced from the $900s to $1.8 million will be offered from the $820s to $1.75 million.

"Duffey says that 20 two-bedrooms and two one-bedroom condos are still available."

Incentives Now the Norm

In a related post, on the latest report by Appraisal Research Counselors, Yo's Joe Askins adds:

"One interesting but unsurprising trend that [ARC mentions] is that incentives are now the norm in the downtown market: Free upgrades, free parking and free assessments are common, although not always advertised, especially when it comes to completed units. Developers who have to compete with resales in their own buildings are opting to build out with upgraded finishes in order to make their homes more desirable."

Area Profile: Near West Side, 5th in Units Sold

The fifth in our weekly series of profiles of the 77 census areas that make up Chicago.

The statistics come from various sources, including the U.S. Census Bureau and the database of ChicagoCondosOnline.com, where you will find a more-comprehensive profile of every area, with a map showing the neighborhoods within each area.

Near West Side (No. 5 in units sold, No. 9 in median sales price, 2007)

Boundaries: South: 16th St. ; North: Kinzie; East: Chicago River, South Branch; West: Talman

Neighborhoods: South Loop, Lawndale, Greektown, Tri-Taylor, Douglas Park, Near West Side, Illinois Medical District, Fulton River District, West Town, University Village/Little Italy, West Loop Gate

Appreciation (2/1/08): 1 yr: 8% (19th of 77 areas); 5 yrs: 29% (34th)

Demographics: College Graduate: 38% (14th of 77 areas); Professional: 50% (9th); Median Income: $30,000 (57th)

Largest Condos: 161 N. Canal (341 units), 500 S. Clinton (267), 125 S. Jefferson (263), 659 W. Randolph (237), 728 W. Jackson (226)

Complete Profile, with map and schools

Previous Profiles (Near North, Lakeview, West Town, Lincoln Park)

Why 2008 Median Sales Price Is 10% Higher

Despite all the negative statistics concerning the Chicago condo market during the first half of 2008 (dollar volume down 15%, unit sales down 26%, for example), one vital statistic continues to buck the trend and surprise many people:

Median sales price for the first six months ($320,000) is still 10% above the MSP for the first half of 2007.

Why?

In response to an e-mail survey, four top condo agents offer their opinions:

Rubloff's Eric Rojas: Statistics suggest the higher-end properties, $700,000 and up, are moving, bringing up the median sales price. The move-up buyer and second-home buyer have seen deals in this market. They have the money and are no longer in bidding wars, so they can get their luxury home.

Another reason: Buyer’s expectations are very high for the level of finishes in a condo, so they still opt to buy new construction or new renovation when they can. These types of units in key neighborhoods still command a higher price-per-square-foot than older re-sale condos (even if they are sometimes not as good a value).

Buyers still have sticker shock when they see new construction sell at high prices in neighborhoods like Lincoln Park, Gold Coast/Streeterville and East Lake View. The tertiary neighborhoods with low-end units are just not recording sales, so the higher-end sales have a greater effect on median price.

Keller Williams' Marty Phelan: If you chart out the homes sold by number sold and price range, and compare it to the same graph from 2007, you’ll see that the segment of the market that suffered the most substantial fall-off is the lower priced/starter homes, typically absorbed by first-time buyers. When the number of lower-priced homes drops while the sales of higher- priced homes remain fairly consistent, the median sales price will rise.

Rubloff's Clare Zaro: The influx of luxury properties is skewing the median sales price.

Rubloff's President Jim Kinney: I think the median sale price is up because the number of first-time buyers at the very low end of the price spectrum is the most significant impact. Fewer lower-priced sales from this group does not pull the median price down as much.

Also, there were more development closings in the downtown market, especially Loop and South Loop at significantly higher prices than what was the norm, but these units were contracted for when the market was a lot stronger.

I guess I am saying that it [the 10% increase] is not a true reflection of current market conditions.

For additional insight on this topic, see related item on Dennis Rodkin's Deal Estate.

Downtown Sales Down 73% in First Half

According to Appraisal Research Counselors, a consulting firm that closely monitors sales of new condos and townhomes in the heart* of downtown Chicago, sales of new homes in that area were down 73% in the first six months of 2008, compared to the first half of 2007.

That is a much bleaker picture than emerges from overall sales of new and existing condos in all of Chicago.

As reported on this blog in July, based on figures generated on the Multiple Listing Service: Year to date, through June 30, dollar volume of Chicago condos was down 15% and units closed were down 26%. But median sales price was up 10% and average days on market was up only 4%.

In an August 18 article based on the ARC report, entitled "Condo Chasm Hits New Low," Crain's noted that a record-low 685 downtown condo and townhome units were sold in the first six months, compared with 2,443 units in the first half of 2007.

"Sales are expected to continue to fall this year," Crain's reported, "making it unlikely that the market will reach 1,200 contracts in 2008, far below the previous low recorded by ARC of 3,258 in 1998."

Crain's further predicted that, "despite a continuing slowdown of new projects, which will eventually reduce supply, the new-home market is likely to remain stuck at this level well into 2009."

According to ARC, developers are building at a record pace, with 9,528 units scheduled to be finished by the end of 2009. Nearly 33% of those remain unsold. At least 10 projects totaling 1,100 units have been put on hold.

*ARC's report covers only condos and townhomes with at least 25 units under construction in an area between Cermak Road, North Avenue, the Lake and I-94.

New-Construction Update: 8/18/08

Cornelia Court

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

3001 W. Cornelia, Cornelia Court
30 of 63 available, 2-4 BR, $470K-$640K, Delivery in 30 days
Developed by Cornelia Court, Marketed by Coldwell Banker

123 N. Des Plaines, Catalyst
NA of 212 available, 0-3 BR, $230K-$850K, Delivery June '09
Developed and Marketed by Urban R2

1425 W. Grand, 1425 W. Grand
7 of 8 available, 3 BR, $420K-$580K, Delivery in 45 days
Developed and Marketed by Jameson

1400 S. Michigan, Michigan Avenue Tower II
27 of 269 available, 0-2 BR, $300K-$580K, Delivery Fall '08
Developed by Russland Capital, Marketed by Frankel & Giles

4801 N. Lavergne, Kennedy Estates
16 of 22 available, 2 BR, $310K-$360K, Delivery now
Developed by NA, Marketed by @properties

Previous New-Construction Updates

Area Profile: Lincoln Park, 4 in Sales, 3 in Price

The fourth in our weekly series of profiles of the 77 census areas that make up Chicago.

The statistics come from various sources, including the U.S. Census Bureau and the database of ChicagoCondosOnline.com, where you will find a more-comprehensive profile of every area, with a map showing the neighborhoods within each area.

Lincoln Park (No. 4 in units sold, No. 3 in median sales price, 2007)

Boundaries: South: North Avenue; North: Diversey; East: Lake Michigan; West: Chicago River, North Branch

Neighborhoods: Lathrop Homes, Wrightwood Neighbors, Park West, West De Paul, Ranch Triangle, Sheffield Neighbors, Lincoln Park, Old Town Triangle

Appreciation (2/1/08): 1 yr: 8% (18th of 77 areas); 5 yrs: 18% (46th)

Demographics: College Graduate: 78% (1st of 77 areas); Professional: 66% (1st); Median Income: $69,000 (1st)

Largest Condos: 1660 N. LaSalle (492 units), 2626 N. Lakeview (491), 2020 N. Lincoln Park West (433), 1636 N. Wells (420), 2650 N. Lakeview (397)

Complete Profile, with map and schools

Previous Profiles (Near North, Lakeview, West Town)

Give Visitors Access To Best Condo Search

With the newest widget from ChicagoCondosOnline.com, brokerages, agents and others can give visitors to their Web sites, or blogs, free access to Chicago's best search engine and all other content on "The Ultimate Condominium Resource," including 13,000 floor plans.

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To request the code by e-mail, click here. Once you copy and paste the code onto your site, the widget will display on your site.

A visitor selects the appropriate search preferences, and clicks Find.

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Visitors can click on any building on that list to see an in-depth profile of that building. For units that are active in that building, buyers are directed to the agent or broker.

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New-Construction Update: 8/11/08

1555 S. Wabash

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1555 S. Wabash, 1555 S. Wabash
52 of 176 available, 1-3 BR, $200K-$610K, Delivery in November
Developed and Marketed by New West Realty

4814-4846 N. Clark, The Kinetic Condos at Rainbo Village
6 of 88 available, 1-2 BR, $220-$410K+, Delivery now
Developed by Metropolitan, Marketed by Jameson

451 W. Huron, 451 Huron
9 of 135 available, 2 BR, $390-$560K, Delivery in 30 days
Developed by Hudson Huron, Marketed by Coldwell Banker

650-670 W. Wayman, Trio
104 of 209 available, 1-2 BR, $240K-$1.4M, Delivery Spring '09
Developed and Marketed by RDM Development

2 W. Delaware, Walton on the Park
112 of 198 available, 1-3 BR, $550K-$1.5M, Delivery Spring '10
Developed by Enterprise, Marketed by Coldwell Banker

Previous New-Construction Updates

Feurer, Jameson Create Condo 'Powerhouse'

According to the following July 31 news release, found online, the buying and selling of Chicago condos is about to be affected by a merger between two major players: Chris Feurer (left), the city's No. 3 ranked condo agent, formerly with Koenig & Strey, and Jameson Realty, one of the city's top condo brokerages.

Two of Chicago´s most successful real estate organizations are joining forces. Christopher Feurer, the principal of the Feurer Companies, and Michael Sato, his partner in CRF Marketing, the sales and marketing arm of the company, are joining forces with the principals of the Jameson Realty Group and prominent Chicago real estate developers [at Castlebar] Steven Golovan, Charles Mudd and John Lally to create a new brokerage powerhouse known as Jameson Real Estate LLC.

Feurer and Sato will become CEO and president respectively of the new Jameson, while Jameson founders Charles and Harry Huzenis will be actively involved with the ongoing operations of the firm and have been appointed members of the Jameson board.

Robert Flannery, currently Director of Project Development at Jameson Realty, is being named Chief Operating Officer and Jameson Realty´s Gay Johnson will become Managing Broker at the new company. Kelly Scully from CRF will become Director of Development Services and Elana Spector, also currently with CRF, has been named Vice President, Marketing.

CRF Marketing has one of the most impressive track records in the Chicago housing market with average annual sales of more than $6 million per agent. CRF has been the top team of agents for Koenig & Strey Real Estate, leading that company in sales for the last four years with total sales transactions of over one billion dollars.

As team leader, Chris Feurer has been top agent of the 22,000 agents in the nationwide GMAC system for the past two years. The Wall Street Journal ranked CRF amongst the top 25 real estate agent teams in the United States last year.

Jameson Realty Group was established in 1982 by the Huzenis brothers, two of the city´s most respected real estate professionals. The company is currently one of Chicago´s top realty firms, historically averaging over $500 million in annual sales.

Feurer expects the firm to quickly grow the current Jameson sales volume by at least 50% and to consider adding new agents as the market presence increases.

The company will operate from the existing Jameson offices at 425 W. North Avenue.

For additional insight, see Crain's coverage