Monthly ArchiveApril 2009



chicago-condos & Chicago Real Estate pcherry on 30 Apr 2009

No Fairy Tale Ending For Odyssey Lofts

April 30, 2009 - Greektown is the location of another Chicago real estate development foreclosure. This time the project in jeopardy is Odyssey Lofts, located on 775 West Jackson Boulevard. A recent Crain’s article states that Midwest Bank and Trust has filed a $17.4 million foreclosure suit against Odyssey Lofts, which was a six story building conversion project with two new floors added on and a total of 62 units.

With such a comparatively low unit inventory, the building probably would have had more success and sold out in a better housing market scenario. But Odyssey Lofts only had 15 sales and deliveries began in July of 2008. The renovation and new construction is nearly finished and developer W Developments is still marketing the other 47 Chicago lofts in the project. Prices on the one to three bedroom lofts are listed from the $240,000s to $620,000s.

The construction loans were personally guaranteed by David Wallach of W Developments and he didn’t deny that he was in default on the repayment. However, he also was keeping a positive attitude about Odyssey Lofts, at least in the Crain’s interview. “We are not looking at this as a failed project, ” he said, and he also stated that he is still trying to negotiate a new deal with Midwest Bank or a loan extension.

Wallach also basically commented that Odyssey Lofts is a good development, just built at a bad time. There are plenty of other developers in Chicago that would echo his sentiments about their projects, and many of them rightly so. And with fewer developers launching new projects, you will have to check out the current supply of Chicago Condo Lofts to get your exposed timber and concrete fix.

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chicago-condos & Chicago Real Estate pcherry on 29 Apr 2009

Six North Michigan Residents Get Tax Relief

April 29, 2009 - Motor Row Lofts isn’t the only new construction Chicago real estate development in town that has a tax freeze in place. Now Six North Michigan has made it to the National Register of Historic Places, so the Illinois Historic Preservation Agency granted eight years of frozen taxes to the condo owners. Work on the conversion of the old Montgomery Ward catalog building began about three years ago, so the tax freeze locks in for whatever amount taxes were at that point. After the eight years are up, then residents will gradually over another four years go back to paying present day tax rates.

While all work on the tower is a few weeks from being completed, residents have been moving into the conversion project for almost three months. There are a total of 120 condos and just over 60% of those are under contract. There is still a fair selection of units for sale, including some lower priced one bedroom condos in the $300,000s that however don’t including a parking space or balcony. The two bedroom condos that are still available are a bit pricier in the middle $700,000 to $800,000 range. If you want one of the larger three bedroom units or a penthouse condo you’ll have to put up between $1.25million to $1.7 million.

No matter the size, the condos at Six North Michigan all come with what is commonly considered luxury finishes. All of the units have high quality hardwood floors, not laminate, European kitchens with Italian cabinets and top of the line stainless steel appliances plus marble tile and vanity tops in the baths. The tower also has the expected perks like a fully equipped fitness center, theater room, common outdoor terrace, lounge and 24 hour doorman.

More developers are deciding to take on conversion projects for a variety of reasons. The historic buildings could qualify for tax breaks which are attractive to potential buyers, the construction costs are often lower and inventory is often lower as well, making it easier to sell out. You can find other conversion projects as well as other Luxury Chicago Condos in out development pages.

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chicago-condos & Chicago Real Estate pcherry on 28 Apr 2009

First Deliveries Soon At 1555 Wabash

April 28, 2009 - It looks as though the next Chicago real estate development to start delivering condos will be 1555 Wabash. The latest news from the sales staff is that the first residents should be able to begin moving in sometime in the next week or two. You should also soon be able to check out a new furnished model in the building. The 14 story, 176 unit tower still has a decent selection of Chicago condos for sale, with prices currently running anywhere from the mid $200,000s to low $500,000s. And something first time buyers may be especially interested to know is that 1555 Wabash got FHA approval for some of its units.

This Chicago high-rise was also featured on Project Xtreme on the cable DIY Network for its topping out episode a few weeks ago. The added television exposure couldn’t have hurt sales, but the last sales figures released last fall put the building at just over 70% sold. That number may have gone up since then, but there are still plenty of units available if you’re interested in purchasing one.

The condos at 1555 Wabash range in size from about 767 to 1,250 square feet and come with one to three bedrooms (some with dens) and one to two baths. The largest unit, a penthouse with just slightly over 1,500 square feet, was priced in the low $600,000s. Parking is an additional $35,000. Finishes and interior details include floor to ceiling windows, hardwood flooring, carpeted bedrooms, kitchen island and stainless steel appliances, granite counter tops, marble vanity tops in the baths and soaker tubs.

1555 Wabash is on the shorter list of New Chicago Condos that will be making deliveries this year. With even fewer new units scheduled to hit the market next year, buyers could possibly start seeing a more limited selection of new construction condos.

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