3763 N. Wilton
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.
3763 N. Wilton, 3763 N. Wilton
7 of 10 available, 2-3 BR, $390K-$690K, Delivery now
Developed by Ronan Construction, Marketed by NA
1464 S. Michigan, Marquee
NA of 214 available, 1-3 BR, $220K-$940K, Delivery now
Developed by Sedgwick Properties, Marketed by Jameson
2408 W. Rice, Lumiere
5 of 12 available, 3 BR, $340K-$430K, Delivery now
Developed by DenMax Corp, Marketed by @properties
860 W. Blackhawk, SoNo
NA of 275 available, 1-3 BR, $240K-$470K, Delivery now
Developed and Marketed by Smithfield Development
1621 S. Carpenter, Chantico South
5 of 9 available, 2-3 BR, $240K-$430K, Delivery now
Developed by Lipe Property, Marketed by Jameson
Previous New-Construction Updates
Monday, June 29, 2009
New-Construction Update: 6/29/09
Monday, June 22, 2009
New-Construction Update: 6/22/09
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
20 of 498 available, 1-3 BR, $190K-$390K, Delivery now
Developed and Marketed by CMK Companies
2523 N. Southport, 2523 N. Southport
6 of 6 available, 2-3 BR, $490K-$770K, Delivery now
Developed by Pat O’Donnell and Pat Gibbons, Marketed by Conlon Real Estate
1624 W. Division, Vision
NA of 33 available, 2-3 BR, $440K-$590K, Delivery October '09
Developed by RDM Development, Marketed by Jameson
60 E. Monroe, Legacy at Millennium Park
50 of 355 available, 1-3 BR, $480K-$4.2M, Delivery fall '09
Developed and Marketed by Mesa Development
1555 Wabash, 1555 S. Wabash
85 of 176 available, 1-3 BR, $200K-$500K, Delivery now
Developed and Marketed by New West Realty
Previous New-Construction Updates
Tuesday, June 16, 2009
Buyer & Seller, Beware: Appraisals in Disarray
Adding to the problems of buying or selling a condo these days is increasing disarray in the appraisal industry.
For insight, including some personal experiences with valuations coming in far below the contract price and home equity lines of credit being dramatically reduced, see recent posts of @properties agent Bob Darrow on "Your Windy City Guide," Bob's blog.
South Loop Units Being Coverted To Rentals?
In its June 15 edition, Crain's Chicago Business reports that Centrum Properties, the lead developer of the 12-acre Roosevelt Collection at Roosevelt Road and Wells, is "preparing to tear up contracts with condo buyers" and convert the 342-unit Lofts at Roosevelt Collection into an apartment building.
Crain's says a source familiar with the matter says the decision ultimately rests with a group of six lenders and that "the deal isn't done and might not materialize.
"Such a switch would portend a larger shift as a downtown condo glut turns into an apartment glut," the publication states.
According to Crain's, Roosevelt Collection is one of eight new condo buildings to be delivered this year in the South Loop. As other projects approach their delivery dates, it adds, "there's a good chance more will convert."
The seven other conversion candidates on Crain's list are Astoria Tower at 8 E. 9th; Coliseum Park at 1440 S. Wabash; 1600 Museum Park at 1629 S. Prairie; Museum Park Place South at 1901 S. Calumet; Terrazio at 1935 S. Wabash; Lexington Park at 2138 S. Indiana; and 1555 S. Wabash.
Monday, June 15, 2009
YTD: Dollars Down 57%, Units Drop 48%
According to figures generated by MRED, the regional MLS, year-to-date sales of Chicago condos are:
* Down 57% in total dollar volume, to $914 million
* Down 48% in units closed, to 2,805
* Down 13% in median sales price, to $280,000
* Up 23% in average market time, to 156 days.
Comparing May sales to April:
* Units closed were up 19%, from 645 in April to 766 in May
* Dollar volume was up 18%, from $202 million to $239 million
* Median sales price was down 0.3%, from $280,000 to $279,000
* Average market time was down 8%, from 161 days to 148 days.
For details on month-over-month and year-over-year, click here. For previous market reports, click here.
New-Construction Update: 6/15/09
340 Evergreen
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.
340 W. Evergreen, 340 Evergreen
3 of 9 available, 3-4 BR, $660K-$1.2M, Delivery now
Developed by ITK2 Development, Marketed by Jameson
1415-1425 W. Belmont, Alexandria on Belmont
2 of 15 available, 2 BR, $490K-$520K, Delivery now
Developed by NA, Marketed by Coldwell Banker
5832-5836 S. Prairie, Prairie Parc
5 of 8 available, 2 BR, $160-$200K, Delivery now
Developed by NA, Marketed by Coldwell Banker
1418 N. Lasalle, 1418 N. Lasalle
2 of 4 available, 3 BR, $1.2M-$1.9M, Delivery now
Developed by NA, Marketed by Rubloff
757 N. Orleans, 757 Orleans
NA of 198 available, 0-3 BR, $240K-$760K, Delivery now
Developed and Marketed by Gammonley Group
Previous New-Construction Updates
Friday, June 12, 2009
Warning: Before You Buy in a Condo Hotel
If you are ever tempted to buy a unit in a condo hotel (aka a "condotel"), including at the Trump International Hotel & Tower in Chicago, do your research first. A good place to start is this helpful article by Steve Bergsman at Inman News.
Warns Bergsman, a real-estate author based in Arizona: "This product has been on my watch list as one of the worst real estate investments ever created for the simple reason that it is really just a financing mechanism for the developer and for all practical purposes, caveat emptor, which in today's world means let the buyer be damned.
"Basically," explains Bergsman, "a condotel works like this: An investor buys a condominium in a hotel building and then allows the hotel to use the unit for guests when the owner is not in residence. The sales pitch suggests the buyer will recoup investment costs and fees through the daily rental of the condo unit by the hotel, which, by the way, rarely ever happens.
"Even if you wanted to buy into a condotel today," he concludes, "it's doubtful you could find a bank that would finance this loan. Lenders have come to view a condotel mortgage as a high-risk investment."
SoNo, 860 W. Blackhawk, Cuts Prices 16-20%
Crib Chatter reports today that SoNo, the new construction high rise at 860 W. Blackhawk, is the lastest development to cut prices. According to a "tipster," prices are being cut 16-20% in a sale that starts this weekend.
Some of the new prices:
01 Tier: 1/1, 905 square feet; Now priced: $302,400 to $338,400
02 Tier: 2/2, 1416 square feet; Unit #1402 is listed on the MLS for $505,400; Now priced: $421,400 to $469,400
03 Tier: 2/2, 1416 square feet; Unit #2803 is listed on the MLS for $547,400; Now priced: $394,900 to $463,900
Parking is now available for $9,000. @properties is handling sales. For floor plans and building details, see SoNo's Web site at Sono Chicago.
Monday, June 8, 2009
New-Construction Update: 6/8/09
Silver Cloud
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.
5346 S. Cornell, Silver Cloud
NA of 74 available, 2 BR, $240K-$280K, Delivery NA
Developed by Creative Designs, Marketed by Sudler Sotheby's
1900 N. Central, Enclave at Galewood Crossings
23 of 54 available, 2-4 BR, $239K-$330K, Delivery now
Developed and Marketed by Red Seal Homes
To buy at auction, see details in June 4 post below
2330-2334 W. Wabansia, Wabansia Row
NA of 11 available, 4 BR, $790K-$1M, Delivery Sept '09
Developed by Origin Development, Marketed by @properties
2333 N. Bosworth, 2333 N. Bosworth
2 of 3 available, 2-3 BR, $450K-$650K, Delivery now
Developed by NA, Marketed by Coldwell Banker
150 W. Roosevelt, Lofts at Roosevelt Collection
130 of 324 available, 1-2 BR, $300K-$650K, Delivery Fall '09
Developed and Marketed by Centrum Properties
Previous New-Construction Updates
Saturday, June 6, 2009
Enjoy the Views From Aqua, 225 N. Columbus
Among the videos offered by Magellan Development of its Lakeshore East project are these panoramic views. They were taken from a 60th-floor balcony of Aqua, its new 82-story condo at 225 N. Columbus. Enjoy the views and the music!
Thursday, June 4, 2009
29 Condos in 2 Developments Up for Auction
Among the properties to be auctioned later this month by Rick Levin & Associates are 29 condos at two new developments in Chicago: Metro Place, at South Campbell and Roosevelt; and The Enclave, at Grand and Laramie.
7 p.m. Thursday, June 25:
MCL Companies' Metro Place: Six 2BR/2BA condos to be sold absolute, regardless of price. Previously priced up to $259,900. Suggested opening bids from $125,000. Details, including times of open houses.
11 a.m. Saturday, June 27:
Red Seal Homes' The Enclave at Galewood Crossings: an FHA-approved gated community. In addition to six single-family homes and 17 townhomes, 23 condos will be on the block. Six of the condos to be sold absolute, regardless of price. 2-4BR, 2-3BA. 2-flats available. Previously priced up to $359,900. Suggested opening bids from $85,000. Details, including times of open houses.
Both auctions will be conducted at the Crowne Plaza Hotel-Chicago Metro at 733 W. Madison.
Monday, June 1, 2009
Prices Reduced 25-30% at 659 W. Randolph
Crib Chatter reports that over the weekend "bank-liquidation pricing," ranging from 25 to 30% off, started on the remaining available units in the new-construction high-rise RD 659, at 659 W. Randolph in the West Loop.
Sample reductions:
01 Tier: 2 bedrooms, 2 baths, 1147 square feet, parking included: Reduced from $459,000 to $341,000 (26%) and from $492,000 to $367,000 (25%)
Tier 05: 1 bedroom plus den, 2 baths, 988 square feet, parking included: Reduced from $409,000 to $293,000 (28%) and from $421,000 to $301,000 (29%)
Tier 18: 1 bedroom, 1 bath, 840 square feet, parking included: Reduced from $342,000 to $254,000 (26%) and from $369,000 to $260,000 (30%).
Chris McComas at @Properties is handling sales. According to his latest stats, 25 units have closed, but the building is 51% sold.
See pictures of the model unit here. See floor plans at the RD 659 website. See more pricing details here.
New-Construction Update: 6/1/09
Superior 110
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.
110 W. Superior, Superior 110
15 of 58 available, 1-3 BR, $540K-$1.6M, Delivery fall '09
Developed and Marketed by JFJ Development
240 E. Illinois, Fairbanks at Cityfront Plaza
10 of 281 available, 1-2 BR, $470K-$990K, Delivery now
Developed and Marketed by Centrum Properties
1870 N. Winnebago, Bucktown Point
2 of 15 available, 3 BR, $530K-$590K, Delivery now
Developed and Marketed by Paramount Homes
303 W. Ohio, Silver Tower
NA of 225 available, 1-3 BR, $270K-$870K, Delivery June '09
Developed and Marketed by Stonegate Development
60 E. Monroe, Legacy
48 of 355 available, 1-4 BR, $490K-$4.25M, Delivery Sept '09
Developed and Marketed by Mesa Development
Previous New-Construction Updates
