Monthly ArchiveSeptember 2007

chicago-condos Stephen on 28 Sep 2007

Plans for the Chicago Spire unveiled

The developer and architect of the Chicago Spire were on hand this week to field questions from journalists and show the newest plans for what will become Chicago’s tallest building.

The price of the 1,200 condominiums that will go on sale early next year was one of the focuses of the meeting.

According to the developers, studio units at the Chicago Spire will be priced at $750,000.  The largest penthouse could sell for as much as $40 million, surely one of the most expensive condominiums in the city.  This 10,000 square foot penthouse will be perched on top of the tallest residential building in the world.

Average per-square-foot prices for the development will be nearing $2,000, making the Chicago Spire the most valuable real estate in the city.

Shelbourne Development must continue to cover construction costs without any revenue until preconstruction sales start in January.

The market for luxury condos in major developments is crowded with several competitors.  The Trump International Tower, Mandarin Oriental, Ritz Carlton, and several other projects will all be competing for the richest residents in the city.

There are many Luxury Chicago Condos available around downtown Chicago.

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chicago-condos Stephen on 25 Sep 2007

Evanston tower gets complaints from local residents

A planned 49-floor tower in the heart of Evanston is causing a lot of debate around the city.  Residents opposed to the tower flocked to the Plan Commission meeting held last Thursday.

The tower is planned for 708 Church Street.  The developer, Focus Development, Inc. presented revised plans for the building to local residents.  Revisions included increased parking spaces to reduce the overflow of cars onto local roads.

Focus Development would also build a smaller tower and retail on the site, giving downtown residents more shopping options.

According to supporters of the project, Evanston needs more condominium space.  Young professionals from the area are constantly being lured to downtown Chicago because of the conveniently lifestyle.

Having a mix of residential and retail development in the heart of downtown could bring many locals back to the city from other neighborhoods around Chicago.

Opponents to the project bemoan what they see as the extension of Chicago to its northern suburbs.  Many want Evanston to stay close to its historical roots and avoid the tall condominium developments that are common across Chicago.

New Chicago Condos are coming on the market everyday around the city.

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chicago-condos Stephen on 24 Sep 2007

East Garfield Park to get new condo development

The East Garfield Park neighborhood of Chicago could be seeing a major new condo development.  An empty warehouse on Carroll Street could soon be converted into 63 luxury condominiums.

GenOne Group is the company behind the project.  The developer, led by former city planner David Doig, plans to price the units in the $200,000 range.

Amenities will include high ceilings and open spaces, suitable for professionals and artists who want to work and live in the same space.

The project was announced amidst bad news coming from the real estate sector.  The market for condominiums is slowing due to problems in the credit market for many buyers.

East Garfield Park is a small market for condominiums, with only 20 sold during the second quarter of 2007.  This is a 33 percent increase over the same period of 2006, according to the Chicago Association of Realtors.

With average sales prices in the neighborhood above $250,000, this new development may be an economical choice for young professionals and artists looking to move into their own home.

East Garfield Park is one of the few neighborhoods that saw a decrease in turnover time during the second quarter.  Condo owners must now wait an average of 85 days to find a buyer, down from 117 last year.

Keep up with the latest new Chicago Luxury Condos around the city.

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