Monthly ArchiveFebruary 2009
February 28, 2009 - If you’ve been interested in The Parkhomes of Cornelia Court, then now would be a good time to check out the new fully furnished three story model that Chicago real estate developer Anchor General has ready for touring. A recent press release in the Tribune stated that the model townhome, located at 3007 West Cornelia Avenue, can be viewed during sales center hours of 1 to 4 p.m. on Tuesdays and from 12 to 5 p.m. on the weekends.
This phase of Cornelia Court has a total of twelve townhomes, and some are ready right now for residents to move in. One style of townhome, The Addison, has a three bedroom, three bath layout and measures 2,242 square feet. The townhome comes with an attached two car garage and the list price is $529,900.
A phase II townhome model named The Cornelia is a little bit smaller in size with two bedrooms, 2.5 baths, a den and a family room. This unit measures just over 2,000 square feet and also comes with an attached two car garage. This model is one that is advertised for immediate occupancy, and the list price is $449,900.
According to the article, Anchor General has started offering a buyer incentive of free mortgage principal and interest payments for six months. The developer estimates this to equal out to be worth about $15,000.
Besides The Parkhomes of Cornelia Court, there are many more Chicago Townhomes for sale.
February 27, 2009 - While it doesn’t affect their Chicago condo lofts, residents of the Lofts at River East may be surprised to learn that the River East Art Center has been hit with a foreclosure suit from California lender First Bank of Beverly Hills. This bank is the primary holder of a $28 million dollar loan that is now in default from missed payments, according to a Tribune article. The River East Plaza LLC stated that they had been attempting to renegotiate the loan and get an extension and were not expecting the foreclosure. There are around 50 tenants in the mixed-use development, but most have long term leases that will not be affected by the outcome of the suit.
In other more positive news, Superior 110 is finally closing contracts with buyers and residents will be able to move in sometime in early March. The condos in this 27 story tower with sky blue tinted glass are basically complete except for customizing the remaining unsold units. The common areas and amenities section of the tower are nearly complete as well.
Although this tower is almost sold out, there are still around a dozen units left for sale. The units come with surround sound, stainless steel appliances, Snaidro cabinets, recessed lighting, walk-in closets, washer and dryer, 42″ plasma television, hardwood flooring and are pre-wired for high speed Internet and phones.
With spring being traditionally the busiest season for Chicago real estate sales, it will be interesting to see how many developers roll out incentives on the last empty units in their towers. 2009 could be the year for deals on Condos In Chicago.
February 26, 2009 - The Elysian Hotel and Private Residences may be topped off and scheduled to open sometime at the end of May or early in June, but unless the developer can book another famous chef, guests and residents may miss a few meals. Charlie Trotter has decided to drop plans to open a restaurant in the 62 story luxury condo hotel, and the decision was a mutual agreement, according to an article in Crain’s.
The announcement in 2006 that Trotter would open his second Chicago restaurant in the Elysian gave a definite boost to the development’s reputation. The tower, located at 11 E Walton, widely advertised the agreement with Trotter, and having a chef who already owns other 5 star restaurants take up retail space in a hotel is good for business. With hotel vacancies on the rise as the economy forces travelers to scale back, the Elysian will most likely need to fill the restaurant vacancy as soon as possible.
When complete, the Elysian will contain 52 Chicago condos and 188 hotel condos. According to stats from Appraisal Research Counselors, about 43 of the 52 condos are under contract and 130 of the 188 hotel suits have been sold. Besides the space allotted for the restaurant, there is an additional 6,600 square feet of retail in this Chicago real estate development. Of that, a high-end clothing and hand bag boutique by designer Marc Jacobs will take up about 2,700 square feet.
If you can live without a 5 star restaurant in your building, there are several great Chicago Luxury Condos available right now, many with buyer incentives and reduced pricing.