Chicago Condo Directory

February 21, 2009 - For those of you old enough to remember ordering from a Montgomery Ward catalog, it may interest you to know that deliveries of another kind have started at the converted warehouse. The building, now known as Six North Michigan, was revamped into 120 Chicago condos, and residents are closing on contracts right now, according to the sales staff.

Basically all construction on this Chicago real estate project will be completed in another month or so, and the 21st floor is shaping up with a community terrace. Other building amenities include a bike room, 24 hour doorman, heated garage, fitness center with cardio equipment, sauna and steam room plus a club room and movie room.

The condos have from one to three bedroom and one to three baths with square feet ranging from around 911 to about 4,800. A few of the one bedroom units come with a den, and there are some two and three bedroom penthouse duplex units. Oak hardwood flooring, Soft Halo and recessed lighting, Italian cabinetry and stainless steel appliances and sinks in the kitchen are standard. The master baths have Italian porcelain tile, full length vanity mirror, double bowl vanity cabinet, 6′ American Whirlpool tub and Grohe 8″ Rain showerhead.

Six North Michigan is close to 60% sold, so there is still a good selection of units available. The one bedroom condos are priced from the low $300,000s and up, the two bedroom units start in the low $700,000s, the three bedroom condos are listed from $1.25 million and the penthouses are pricier at $1.69 million and up.

There are a few other Downtown Chicago Condos that are wrapping construction and making deliveries this year, so if Six North Michigan isn’t your cup of tea you should have plenty of other choices.

Technorati Tags: Six North Michigan, Chicago Condos, Chicago Real Estate

February 20, 2009 - With the weekend at hand we’ll do our round up of local area deals and developments in case you have some time off to visit sales centers. Kipling Homes, Par Development and KLM Builders are all offering some type of incentive or program to entice buyers. Everything from pre-construction deals to price cuts on already built homes and suburban Chicago condos, you may find something that fits your budget, tastes or lifestyle.

According to a press release in the Tribune, KLM Builders has a “Buy Now Build Later” promotion for their Thousand Oaks development in Spring Grove. The development is a 74 single-family home project, and anyone who signs a contract by April 12 and starts building before the end of 2009 will get a $50,000 reduction in the base price of the home. Prices before the discount range from the upper $400,000s to low $700,000 with square feet from 2,300 to 3,775. There are more than 20 floor plans with 3 to 5 bedrooms, 2.5 to 4 baths, wood fireplaces, back decks, full basement and 3 to 4 car garage.

Par Development’s “Save Some Green” promotion trims off some serious cash from some of their immediate delivery homes. Some of these are;
Up to $30,000 off residences at River Park Place in Elgin.
Up to $100,000 off duplexes at The Lakes of Boulder Ridge in Lake in the Hills.
Up to $95,000 off units at Cove III Townhomes in Algonquin.
Up to $75,000 off units at Westlake Townhomes in Cary.
Up to $75,000 off duplexes at The Villas of Gilberts Town Center in Gilberts.
Up to $50,000 off lofts at Emerson Lofts in Woodstock.

And finally, Kipling Homes is offering a variety of incentives and discounts at Georgetown on the River, which consists of 48 condos in four 2 story brick buildings, and at their Timber Oaks development in Joliet.

Remember, there are several nice Chicago real estate developments with traditional Chicago Lofts if you crave exposed concrete and timbers.

Technorati Tags: Suburban Chicago Condos, Chicago Real Estate, Chicago Lofts

February 19, 2009 - Following the news that downtown Chicago real estate developers posted a net loss of 253 units in the last quarter of 2008 comes news that the Mandarin Oriental Tower now has a foreclosure suit filed against it. The $43 million suit was filed by iStar Financial and covered the $27.2 million purchase price for the building site plus incidental developments costs incurred, according to Crain’s.

The 74 story high-rise was marketed as luxury condo units and hotel condos, with prices ranging from almost $700,000 to nearly $18 million. Roughly 52% of the Chicago condo units and 44% of the hotel units were under contract, but there had been no new sales for some time. Mandarin’s developer, Palladin Development, is still said to be searching for new financing, but at this point it doesn’t look hopeful.

Two other well-known projects have been added to the on hold or suspended list by Appraisal Research Counselors in their most recent report. Both the Peshtigo and X/O Condominiums seem to be at a standstill in terms of sales and construction. In all, a total of 22 planned condo projects were dropped in 2008, according to ARC. Those towers, had they been built, would have added 3,799 units to an already saturated market. Even without those additions, there are still several projects with Pre-Construction Condos In Chicago still trying to sell units.

Technorati Tags: Mandarin Oriental, Chicago Real Estate, Pre-Construction Condos In Chicago