Monthly ArchiveJune 2009
June 30, 2009 - What if a Chicago real estate developer right now proposed constructing $1 billion project with 21 12 story low-rise buildings and between 2,500 and 2,600 units and a promenade from the buildings east over Lake Shore Drive to the 31s Street beach? Anyone with any knowledge of the current housing market might think that was utterly unrealistic, but not if it’s part of the 2016 Olympic bid plan. According to an article in the Tribune, the city of Chicago will purchase the Michael Reese Hospital site for $86 million and begin demolition of all but the main historic building.
The Olympic Committee will announce the host city on October 2nd, and there are more than a few who are skeptical about whether or not the housing market will have recovered enough for that many units will have buyers or renters in 2016. Granted, that’s a long way off, but according to Appraisal Research Counselors, right now there are 1,167 new condos without buyers in the downtown area and 2,184 more under construction. Those numbers would have been far higher if 3,800 Chicago condos hadn’t been cancelled by developers and never built.
The city believes there will be a market by then and the novelty of living in a former Olympic Village will carry some weight. The plan is to have the cost divided among multiple developers and lenders, with work starting in 2012 if Chicago gets the Games. The units would be pre-sold as a combination of affordable condos and rental apartments plus possibly senior and student housing. The units will be “retrofitted” with kitchens and more open layouts after the Games and would be ready for buyers or renters to move in about six months later.
The article stated that so far 11 developers have “submitted their qualifications,” and 3 or 4 more are interested along with 2 AFL-CIO investment trusts. Ron Shipka of Enterprise Cos. was quoted as saying, “We are ready to go.” And Jerry Karlik of Kargil Development said, “That’s extremely attractive in this market,” of the 15 year finance note with no payments the first five years.
But David Ruttenberg of Belgravia Group was more skeptical. “Lenders will finance 80 percent of a project in a stronger economy, but that’s yesterday’s market. Today, if you’re lucky, you might get 50 or 60 percent, but you need presales or preleasing.”
We’ll know in a few months if one of the biggest developments we’re likely to see for several years will get off the ground. And by 2012 we’ll know if buyer’s appetites for Condos In Chicago improves.
June 29, 2009 - In the latest update from Jameson Realty, the Mondial on 900 West Huron is advertised as “Rent to own with 100% of rent applied towards down payment.” The prices on the 141 units in this 15 story Chicago real estate project run from the $200,000s to $990,000s. Sizes on the studio to four bedroom condos vary from around 686 to 2,725 square feet.
Right now, a one bedroom, one bath unit runs from $239,900 to $249,900 and a two bedroom, one bath is priced at $369,900. Two bedroom, two bath condos at this building are listed from $389,900 to $429,900 and the three bedroom, two bath condos are listed from $559,900 to $649,900. The one four bedroom, three bath condo listed on the price sheet right now is $999,900.
The condos at Mondial come pre-wired for surround sound, have sound proofing between the walls, hardwood flooring, either a balcony or terrace, stackable washer and dryer, Kitchen Aid stainless steel appliances, Italian cabinets, granite counter tops, Grohe fixtures, marble floors and under mount sinks in the master baths. The baths also have marble vanity tops and separate shower and tub.
The mid-rise Mondial features dual high-speed glass elevators in the lobby, a party room on the roof top along with a sun deck. Indoor parking is also available.
Right now developers are more flexible when it comes to offering rent to own condos, and it can’t hurt to ask if you’re interested in a unit that isn’t actively being advertised as such. You can also visit some of the other New Chicago Condos in River West and River North and see what’s available.
June 28, 2009 - The Clarovista, known as The Granville in a former life, held their grand opening back in January of this year and they still have condos available with prices running from $150,000 for a two bedroom, one bath condo to $400,000 for a three bedroom, two bath unit. Sizes vary from about 903 to 1,580 square feet, and the immediate occupancy condos are being offered right now on the development website for “special financing rates as low as 3.5%.”
The 160 unit brick and concrete two elevator building is located on 1134 West Granville and is marketed by Jameson Realty. Each unit in this Chicago real estate development comes with a balcony, hardwood flooring and stackable washer and dryer. The GE stainless steel kitchen appliances include a side-by-side refrigerator freezer with ice maker. The cabinets are maple and the kitchens also come with 1&1/4 inch granite counter tops plus an under mount stainless steel sink with Grohe faucet. The master baths also have under mount sinks plus marble vanity tops, marble flooring, separate tub and shower and elongated toilet.
The Clarovista is having an open house every Saturday and Sunday from 1PM to 3PM, so if you’re interested you may want to work a visit into your schedule. There are
New Construction Chicago Condos in Edgewater and the North Side, so be sure to explore all your options.