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.

Here's how the search widget will display on your site:



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.

That takes your visitor to ChicagoCondosOnline.com, where he will see a list of every building, in its 12,000-building database, that matches the selected preferences. (On that site, your visitor will see no mention of your competitors and no ads.)

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.

Other available widgets

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

Area Profile: West Town, 3rd in Sales, 6th Price

The third 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.

West Town (No. 3 in units sold, No. 6 in median sales price, 2007)

Boundaries: South: Kinzie; North: Bloomingdale; East: Chicago River, North Branch; West: Kedzie

Neighborhoods: Humboldt Park, Fulton River District, West Town , Bucktown, Ukrainian Village, River West, Logan Square, Noble Square, Goose Island, East Ukrainian Village, Wicker Park

Appreciation (2/1/08): 1 yr: 3% (35th of 77 areas); 5 yrs: 22% (41st)

Demographics: College Graduate: 35% (17th of 77 areas); Professional: 40% (16th); Median Income: $39,000 (44th)

Largest Condos: 1 N. Halsted (237 units), 1735 N. Paulina (95), 222 W. Division (88), 680 N. Green (74), 950 W. Huron (40)

Complete Area Profile, with map and schools

All Profiles to Date (Near North, Lakeview)

Magellan's Lakeshore East: Halfway Home

Third of Three Parts

At the halfway mark, having spent nearly $2 billion, $800 million of it on the construction of condos and townhomes, how does Magellan’s President David Carlins feel about the Lakeshore East project he once opposed?

Sales: Total sales volume of the 1,182 closed condos is more than $1 billion. One result, according to Crain’s: Magellan has become one of Chicago’s Top 5 Largest Homebuilders.

Marketing: David’s biggest challenge and frustration is the difficulty of getting the word out. "Despite having spent more than $20 million on advertising and marketing," he says, "we still encounter many people who have never heard of Lakeshore East. If we could get everyone to spend just three minutes in our park, to see the views and the neighborhood, we'd have sold out four more buildings.”

Construction: No major construction problems to date, according to David. All buildings have come in on time and on budget. The biggest problem, as with most development projects, is that it takes too long to correct items on the punch list.

Community Relations: One thing David is proudest of is neighborhood relationships. For this, he hired a full-time community-relations person, Vanessa Casciano. Among other achievements, she created the Magellan Rewards program, which offers homeowners exclusive discounts and offerings from over 100 vendors.

Recognition: Among the awards earned by the community:
* A highly esteemed international “Oscar” for its Master Plan Design from the International Real Estate Federation.
* 2007 Development of the Year by the Greater North Michigan Avenue Association
* The only U.S. winner of a 2008 FIABCI Prix d’ Excellence award that honors international property development excellence.

Cautions: Historically, 1% of Magellan’s buyers fail to close. On this project, because of the slower economy, the failure rate is 3%. As he tries to line up financing for the next building, David is not certain, given today’s economy, that Magellan could have obtained the $403-million loan for Aqua.

Looking back on the first half, David, who was promoted to president in December 2006, says that another key to success has been the ability to adapt to changing circumstances.

The prime example of adaptability is the solution Magellan found for one of its main challenges: How to develop the huge property fast enough. “If you plan to build 16 high-rises and each takes a minimum of 1.5 years, it would take 24 years to complete the project,” David explains. “No one can afford to hold the land that long. Fortunately, we discovered that we could build, and sell, three buildings at once, to three different markets: rental, high-end condos, medium-priced condos.

A second example: Originally, Aqua was going to be all office space. It’s now condo, five-star hotel (an extension of the Fairmont across Columbus), rental, townhome and retail, with only one office: Magellan’s own. (Update: A Crain's article on Aug. 8 reported that the Fairmont may delay its purchase of 15 floors of the Aqua.)

A third example: Beginning with 340 on the Park, an effort is being made to make all buildings LEED-certified, which means they meet strict environmental standards.

Looking down on the award-winning park from a window in his office at 303 E. Wacker, David can’t help but admire what someone poetically described as the “six acres of serenity.”

As the only park in Chicago privately developed for public use, it features ornamental gardens, a cascading fountain, two grand staircases entering from Randolph, walking paths, a play area, a dog park and foliage.

One feature of the plan for the park is missing: the school. “It turns out, no one really wants a school in our park,” says David. “We’re working with the city to locate it elsewhere."

What do residents like most about Lakeshore East? According to David: “The convenient location and the diversity of the population.”

What do they like least? "What I hope they like least," he says, "is the lack of retail, because we are addressing that problem now. Because so few people live here, it's been difficult to attract retailers. Residents would like more, including a dog walker.”

(To find out from owners what they like and don’t like about their community, we e-mailed the president of each of the four condo associations, asking for a telephone interview. Not one accepted our offer.)

Says David: "One resident complained that living here isn't like living in the city; it's more like living in the suburbs. In my mind, and I believe in the minds of many residents, offering suburban life in the city is a wonderful thing."

Among the owners and soon-to-be residents moving to Lakeshore East from the suburbs: Sales Director Leila Zammatta, who is moving from Glenview to a three-bedroom parkhome, and David and his wife, moving from Glencoe.

What’s next? “We’re always working on multiple paths,” David says. “Right now, my biggest challenge is to line up financing for New Wacker Tower, which will house 300 condos and, at its base, up to 200 hotel rooms. To preserve the views from other buildings, we are combining into one building what were originally three buildings. We hope to begin sales in the Fall of 2009.”

After the tower, work is scheduled to begin on Sites I, J, K & L (3 or 4 buildings) with 1,200 units. Then Site A with 300 units (one hotel has already expressed interest) and Site O with 300 units.

Assuming plans don’t change, that means at least five more high-rises, for a total of 12, with 1,800 more units, for a total of nearly 5,000 homes, for roughly 7,500 residents.

What’s on the horizon after Lakeshore East? “We’re not projected to complete our community until 2018,” says David. “So, as far as I’m concerned, we have no projects on the horizon."

Part 1 of this series
Part 2 of this series

New-Construction Update: 8/4/08

Marquee

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.

1454 S. Michigan, Marquee
27 of 208 available, 2-3 BR, $350K-$500K, Delivery now
Developed and Marketed by Sedgwick Properties

4950 N. Western, Lux
25 of 49 available, 1-3 BR, $310-550K, Delivery Summer 2008
Developed by Ruh Realty, Marketed by @Properties

60 E. Monroe, Legacy at Millennium Park
NA of 356 available, 1-4 BR, $430K-4.2M, Delivery NA
Developed and Marketed by Mesa Development

2921-2927 N. Lincoln, Chelsea
4 of 12 available, 2-3 BR, $470-650K, Delivery now
Developed and Marketed by Stillpoint and Chicago Graystone

3905-3935 N. Western, Cityscape
28 of 42 available, 2-3 BR, $350-610K, Delivery now
Developed by Westward, Marketed by Century 21

Previous New-Construction Updates