Monthly ArchiveMay 2009

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

Affordable Condos In Woodlawn

May 27, 2009 - If you’re looking for some nice condos at an affordable price, then it might well be worth your time to check out the Chicago real estate projects in the Woodlawn, Illinois neighborhood from Greenline Development. With condo prices between $149,900 and $189,900 the units have sold well. Benjamin Van Horn of Greenline recently told Chicago Mag that, “We have the ability to build here at a higher quality for a lower price.” And paying only $1 for vacant building parcels from the city certainly helps to keep his expenses down.

According to the article, there are still 6 of the 19 units for sale at the trio of buildings being constructed on Ingleside in the 6600 block area. Greenline’s Myers building is already sold out, but you can still purchase a condo in either The Hathaway or The Baldwin. The buildings were designed by John Hanna and all have their own personality. The construction includes energy efficient heating and cooling systems, double glazed windows and insulation.

All of the condos have two bedrooms and two baths with standard features like hardwood flooring, carpet in the bedrooms, kitchens with maple cabinets, granite counter tops and stainless steel appliance packages. The baths come with ceramic tile and Moen faucets and fixtures. A security system is installed and upgrades on finishes are offered.

The Hathaway only has one unit left for sale right now according to the article. The condos are priced from $149,900 to $184,900 and a parking space plus storage unit is included with that. Also, it may be possible to have your unit configured for a disabled person if needed.

The Baldwin condos are priced from $159,900 to $189,900 with a single parking space included in the purchase price.

Buyers can also save some money because these buildings are FHA approved and the City of Chicago is making a $20,000 grant available for qualified buyers to use for closing costs or a down payment. Incentives like those may be enough to get buyers off the fence and into one of these Affordable Chicago Condos.

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Chicago Real Estate & Chicago Homes pcherry on 26 May 2009

Luxury Rentals Coming To Highwood

May 26, 2009 - With so many apartment projects in the works right now, there are Chicago real estate developers who are even shying away from adding more rental units to the market for fear of saturation there similar to the condo market. But in locations where rental units aren’t dense, developers are still launching projects. One example is in Highwood where the Morningside Group has purchased the 252 unit complex known now as Northshore Estates, located on 6010-6038 Sheridan Road. Morningside plans to rename them Fort Sheridan Place Luxury Rentals and turn them into luxury rental apartments, according to a GlobeSt profile.

The $14 million deal will bring about a complete renovation of the three four story buildings on the seven acre site. Plans call for work to start in June and if all goes according to schedule, the first residents should be able to move in later this fall. The entire project will take about three years and cover everything from a new roof, facade, siding, landscaping and interior finishes such as windows, carpet, new heating and cooling systems plus updated kitchens and baths.

David Strosberg, Morningside president, said in the article that the project would provide the first and so far only luxury rental units in the area. Pointing out the obvious perks of the development Strosberg said, “First and foremost, the location can’t be beat, with views of the lake in an extremely affluent demographic area. The property is perfectly suited for a complete renovation and repositioning of the property. There’s lots of room for upside, and our goal is to create a property that attracts significantly higher rents.”

The Fort Sheridan Place Luxury Rentals will have one to three bedrooms and size up at around 820 square feet of living space. Right now the apartments are renting for about $940 per unit but that monthly rate will go up by around $140 after all of the renovations are finished.

If you’re shopping for a luxury rental apartment around Chicago, you may want to check into this development. Or you can always check out which high-rises are now offering Chicago Condos For Rent.

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chicago-condos & Chicago Real Estate pcherry on 25 May 2009

Free Parking and Price Reductions at the Columbian

May 25, 2009 - The trend among some Chicago real estate developers these days is to offer up “specials” or “close-outs” now instead of incentives. Incentives imply upgrades or free parking, which the bargain hungry condo consumer isn’t fooled by anymore. Value is the name of the deal, and condo buyers usually want a price reduction. For The Columbian, we now have a “developer’s special” going on where prices on some of the remaining two bedroom, two bath units are being lowered and free parking is still being thrown in.

This 46 story, 220 unit tower on 1160 South Michigan has struggled a bit with getting the last 30% or so of the condos under contract. The Art Deco design of the high-rise was a love-it or hate-it debate for some time after construction was completed and some critics claimed the facade was too out of date for the area. But the tower also had its fans, and with price cuts it may win a few more buyers.

The remaining condos for sale at The Columbian are mostly those two bedroom units and they range in size from around 1,230 to 1,800 square feet. Right now you can get these units for $50,000 to $70,000 less than their original list prices in the $400,000 to $1 million range. The free parking space is valued at about $42,000 as well.

Standard luxury finishes are included with these condos. You get the hardwood floors, bedroom carpeting, washer/dryer hook-up, lots of closet space and private balconies. The kitchens have GE stainless steel appliances, double bowl sinks, granite counter tops and back splash, 42 inch cabinets and Grohe fixtures. The baths have marble tile and surround plus separate shower and tub. The Columbian comes with a sun deck, gathering room, fitness center, dog run and 24 hour doorman. If you like the building and location this could be a good deal for you, and there are price reductions on other Condos In Chicago right now as well.

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