Monthly ArchiveJune 2009

chicago-condos & Chicago Real Estate pcherry on 27 Jun 2009

Condos As Low As $99,000 At XXI Kristin

June 27, 2009 - Price reductions are being advertised at XXI Kristin in Schaumburg, or The 21 as it is sometimes called. Jameson Realty is marketing this suburban Chicago real estate project, and prices have dropped considerably on these condos from where they were when the project first started selling units.

The one bedroom, one bath condos now start at $99,000. For a two bedroom, one bath unit the pricing starts at $125,000. The two bedroom, two bath units are listed from $134,000 and the three bedroom, two bath condos start at $162,000. All units come with a balcony or patio and assessments include all of your utilities except the telephone and electricity. There are units for lease in XXI, with monthly rents ranging from $925 to $1,600.

Condo upgrades include granite counter tops, custom cabinets and hardwood flooring options. There is a laundry on every other floor, carpeting in the bedrooms and walk-in closets. Cats are welcome also.

Building amenities include a pool, fitness center, yoga room, sport court, sand volleyball court, game room and lounge, library and card room, free wireless Internet, guest suite, theater room and business center plus dry cleaning drop-off service. The building also has disabled access and a playground area.

You may want to pay a visit to XXI Kristin and see how the units measure up to the prices. Yu might also do a little comparison shopping and see how the finishes stand up to other similarly priced Condos In Chicago.

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chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 27 Jun 2009

Chicago Home Sales Up Four Months In A Row

June 26, 2009 - There was a little bit of encouraging news released by the Illinois Association of Realtors this week. It seems that while the numbers are still very much down from last year, Chicago home sales were up in May for the fourth month running this year. This has to be good news for Chicago real estate developers and anyone trying to sell their condo right now.

The Tribune reported that data from the IAR showed Chicago area home sales for May ‘09 to be up 18.7% from April, but that is still down from last year. In town Chicago condo and single-family home sales for May ‘09 increased 11.5% from April. Despite the increase, sales are still down 27.5% from the same period last year (2008). Sales statewide increased by 19.3%. The numbers reflect sales of both existing and new construction Chicago condos and homes.

The article also stated that the median price of Chicago area homes rose 4.2% from April to May of this year to settle at $200,000. That is about 20% less than the median price of $251,000 in May ‘08. In town Chicago, the median price rose 2.3% to $225,000. In May ‘08 the median price in town was 29.5% higher at $319,000.

The article also stated that the unemployment rate of 10.1% in May of this year was a 25 year high and until that improves, sales of Chicago real estate and New Chicago Condos will continue to be sluggish.

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chicago-condos & Chicago Real Estate pcherry on 24 Jun 2009

Howard Street Station In Evanston Hit With Foreclosure

June 24, 2009 - Things are looking a bit bleak for Howard Street Station, the 17 story, 221 unit apartment tower on 413-421 Howard Street in Evanston. A $38.2 million foreclosure suit has been filed by PNC Bank due to the developers not making loan interest payments. The suit names BlackRock Inc. and the late William Walsh’s estate as being in default on the loan, according to a Crain’s article.

The developers also are alleged to have missed payments on what the report calls hedging agreements that were in place in the event of higher interest rates. With that amount of $6.6 million added in, the total of the bank’s suit comes to nearly $45 million, even though the maturity date on the construction loan isn’t until this November.

The apartment high-rise was completed just about a year ago in July ‘08 and is currently at 61% occupancy. Daniel Hyman of Millennium Properties, who is the court appointed receiver for Howard Street Station, was quoted in the Evanston Review as saying that the lawsuit “really doesn’t mean anything.” He also added, “It’s a great building in a good location, lots of families and across from a grocery store. You’ve got great transportation.” And that the key to saving the project, “is to get it occupied. That’s what we’re doing. It’s taken longer than we hoped.”

And that’s pretty much the sentiment of any developer these days. The apartments at Howard Street Station come with a balcony, washer and dryer plus building amenities of a fitness room and heated garage parking. And if this apartment tower isn’t quite what you’re looking for, there are still plenty of Suburban Chicago Condos for rent and sale right now.

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