Monthly ArchiveAugust 2009
August 31, 2009 - Another Chicago real estate development will probably never make it past the drawing board. A $6.5 million foreclosure suit has been filed against a planned mixed-use project in Oak Park. The M&I Marshall & Ilsley Bank of Milwaukee is suing to collect the balance on a loan in default from Oak Park Development II LLC. The company originally borrowed $14.2 million in late 2007, according to an article in Crain’s.
Plans called for an L-shaped four story low-rise with 3,000 square feet of retail space and 42 condos. Alexander Troyanovsky of Oak Park Development has several other projects in the neighborhood, but has experienced problems with financing lately. And even if he could get an extension on the loan or secure other funding, time ran out on the approval for this particular project and the process would have to start all over again.
Speaking of time running out, several experts are advising potential buyers of Chicago Condos who want to take advantage of the $8,000 first time homebuyer tax credit to get busy and do so. The official closing deadline is December 1st, but financial advisors are urging buyers not to wait until the last minute. Paperwork takes time and with the Thanksgiving holiday at the end of November it will slow the process even more. August is over, so you realistically have less than three months left to act.
August 29, 2009 - It looks as though the Trump Tower is trying to recruit buyers at a very early age. A new program called Trump Kids For The Junior Jet Set has been launched at the Trump brand hotels, including the Trump Chicago real estate development. It basically offers all of the spa services and pampering that adult guests and residents have access to, minus the alcoholic beverages and plus a few other perks.
The younger kids can get swim lessons by appointment, have fruity cocktails delivered to them poolside, receive complimentary bath robes and coloring books upon check-in and have their own menu. Teenagers will probably be more interested in the spa services where they can get a massage, facial, pedicure or manicure. They can also use the MP3 Players, Playstation and Xbox that can be provided during their stay. Other entertainment like G rated cable television, movies or even board games can be provided as well.
There is even a Trump Baby Attaché Service will stock your room with whatever baby food, formula, lotions, bath supplies or diapers you request ahead of your visit. You can also ask for a nanny to baby-sit and have your room outfitted with a baby monitor, rocking chair, humidifier, stroller and baby bed so you can travel light.
A few other New Chicago Condos offer child sitting or have a designated play area, but Trump certainly has set the bar high for kid-friendly developments with this new program.
August 28, 2009 - Since it’s almost the weekend, let’s branch out a little and highlight some deals on Chicago area condos. In Morton Grove the Elliot Group has almost sold out all of the units at The Woodlands of Morton Grove. The complex is made up of 322 one to two bedroom/one to two bath condos and 78 townhomes. But according to a recent Tribune profile about the development, only two condos and one townhome are still left for sale.
The condos range in size from 1,266 to 2,123 square feet and the townhomes have from 1,601 to 2,046 square feet. Prices start in the mid $200,000s for the condos and high $300,000s for the townhomes.
All of the units come with either a patio or balcony, double insulated windows, in-unit washer and dryer, kitchen island per plan, custom cabinets and separate eating area. In the master baths there is a separate shower and soaker tub, double sinks, dressing area with seat and ceramic tile on the floors and surround. Dual walk-in closets and another sitting area are in the master bedroom plus each unit gets extra storage space.
The remaining units in this suburban Chicago real estate development have already been upgraded and you can move in right now. You may want to check out these last available units at The Woodlands if you’re looking for suburban Chicago Condos for Sale.