Monthly ArchiveJuly 2009

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

Prices Lowered At Trio

July 28, 2009 - RDM Development is said to be lowering prices at their three building complex Trio on 650 West Wayman. Recent advertisments state that prices have been temporarily lowered by $25,000 on the units there. The two 7 story mid-rise buildings have a total of 109 condos, of which nearly 90 were already sold and ready for immediately delivery. The 22 story high-rise in this Chicago real estate development will have 100 units and about 30% of those are already sold as well now.

Prices are starting in the low $200,000 range now, with marketing material listing the condos from $217,900 to $374,900. The project is also FHA approved, so qualifying buyers could score a low down payment and interest rate.

The design of Trio allows for a four story parking garage with 10,000 square feet of retail besides the three residential towers. This means that there are condos at street level, not above parking. The garage will also have a landscaped roof with fitness and community center. The towers will also be separated by landscaped courtyards. Another common feature is the 3 acre city park directly west of the development. A 24 hour doorman will also be present.

Unit features include wiring for high-speed Internet, phone lines and cable television, 9′ to 10′ ceilings, hardwood flooring in common areas and carpeting in the bedrooms, European style kitchens with Bosch and Frigidaire appliances, granite counter tops, slate flooring and glass mosaic tile in the baths plus private terraces.

You can check out other New Chicago Condos like Trio in the development profile section.

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

Lincoln Park 2520 Scaled Down

July 27, 2009 - Another Chicago real estate development has announced that it will be scaling back in size. Lincoln Park 2520, the three tower, 292 Chicago condo development from Ricker-Murphy plans to shorten both its height and number of units, according to a recent article in Crain’s. The design will remain the same, but the tallest building will be reduced in height from the original planned 41 stories to the new 33 stories. The number of units will also be lowered to 198.

Reasons cited for these changes include the need to obtain financing for construction and also a looming payback date of August 15th to Bank of America for $28.75 million. That is the amount owed on a $44 million loan that was used to purchase the site.

Ricker-Murphy also stated in the article that by making the complex a bit smaller, they hope to attract more buyers. Right now the development is about 50% sold. The new plans would push that sales percent up to about 74, but that is only if all of the current buyers who purchased one of the top floor condos will be content to sign a contract for a different unit. The shortening of the tallest high-rise will subtract 29 condos from the development, all of which are already under contract.

Ricker-Murphy and the GE Pension Fund, their partner in the project, are going to go forward with the foundation construction with their own money. Reasons behind that move are probably to convince both potential buyers and lenders that the project will get built and to be able to deliver first condos as contracted by late 2011.

So although Lincoln Park 2520 has shrank a little bit, it may be one of the few Pre-Construction Chicago Condos to break ground this year.

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

Aqua Condos Taking Shape

July 25, 2009 - Work at Aqua is still moving along at racing speed. According to the Lake Shore East tower’s updates, all of the framing is done through the 78th floor and drywall is put up through the 65th floor. Tile has started being installed in the first condo units as well. And the huge amenities deck at this Chicago real estate development just keeps getting tweaked, with more furniture on the way for the outdoor pool and terrace plus a couple of new lounges added. And now that the media or movie room is ready to go, apartment residents can book it or one of the party rooms for a private gathering at a fee of $75 per day.

While there is still no word on a new hotel chain to occupy Aqua, there is some controversy over Chicago condo owners who use their units as “nightly vacation rentals.” Apparently some condo owners were sold units by developers with the idea that renting them out like hotel condos or suites was acceptable without obtaining any sort of license or having to pay tax. According to the Sun Times, this violates the zoning and city code, although the local alderman may be willing to reach a compromise of sorts.

If the City Council decides to work out an agreement with the condo owners, there would be certain stipulations. The condo association would have to approve each rental, the owners would have to obtain a minimum of $1 million liability insurance, pay for a $500 two year rental license and agree to periodic inspections. The current 3.5% hotel tax would apply, a minimum of 10 hours at a time has to be rented, only one renter per 125 square feet of space and the condos would have to be professionally cleaned after each guest.

After all of that, it seems as though it would be much simpler to either find a permanent renter for Condos In Chicago or invest in one of the already approved and professionally managed hotel condo buildings.

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