Monthly ArchiveAugust 2009

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

Creative Price Cuts From One Developer

August 27, 2009 - It seems as though almost every Chicago real estate developer who has units left for sale is trying to offering some kind of incentive or deal to prospective buyers that will set them apart from the pack. A development in West Rogers Park is a prime example of that kind of creativity. The 16 unit condo conversion building is located on 2641-2643 West Estes Avenue and Vince Tan of Architrend is the developer, according to a recent article in Chicago Magazine.

To keep current owners happy yet still net new sales, Mr. Tan is promoting what the article calls a “payment participation” program. He is willing to give a credit to new buyers when they close that will then be applied to make their monthly payments lower. Because the credit is issued after closing, the actual sale price of the condo isn’t affected so other units in the building aren’t devalued. The credits are made on a unit-by-unit basis and run into the thousands of dollars.

The building, which previously was a 1920s apartment building, began making deliveries in 2008 but only about 50% of the units are currently sold. For those who like a traditional look and slate roof for their Chicago homes, this could be a good deal. Prices range from $134,900 to $179,900 on the one to two bedroom condos. A parking space in a separate garage is included with the purchase of the two bedroom condos, but the one bedroom units aren’t so lucky. Buyers of those units will have to find a spot on the street to park.

With so many New Chicago Condos for Sale, you can find some interesting offers if you take the time to look for them.

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chicago-condos & Chicago Real Estate pcherry on 26 Aug 2009

July New Home Sales Up More Than Expected

August 26, 2009 - According to the latest numbers crunched by the Commerce Department, new home sales increased by 9.6% in July of this year. The national seasonally adjusted rate for July was 433,000 units, which is much better than the 395,000 units sold in June. That translates to a 30% increase from the sales number for this past January, was the best sales month since September ‘08 and is the fourth month in a row to post gains.

Many attribute the boost in sales to the $8,000 First Time Homebuyer Tax Credit and warn that Chicago real estate sales could potentially take another nose dive after December when the credit expires. There is no indication yet whether the government will extend the time limit in the credit, although pressure is mounting for them to do so.

A poll of area realtors produced some neighborhood by neighborhood numbers for Chicago condo sales in July. With a few exceptions, for most areas the sales numbers for July of ‘09 versus July of ‘08 aren’t that much different. In Lincoln Park there were 100 condos sold this July as opposed to 97 in July last year. Lakeview had a pretty wide gap with 111 condos sold this July and 177 last July. The Loop area also posted a bigger spread with 59 condos sold in July ‘09 and 89 sold in July ‘8. The Near North Side posted the biggest sales number for both years, with 221 condos sold in July ‘09 and 207 condos sold in July ‘08.

No matter what neighborhood you live in, there are still some good deals to be had on Condos In Chicago.

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

Developers Hope To Gain From Roosevelt Lofts Loss

August 25, 2009 - With the Lofts At Roosevelt Collection out of the sales business and into renting, there are probably a lot of other developments with Chicago lofts that are hoping to capitalize on the buyers who will have their sales contracts voided. About 60% of the lofts were under contract, so there will be a lot of displaced buyers with a deposit and no place to go. The Lofts at 1800 aren’t wasting any time trying to court those buyers.

The Kopley Group is encouraging former Roosevelt buyers to bring in their old contract, leave their deposit in escrow at the Chicago Title Company and transfer that 5% down payment to an 1800 purchase. Kopley will then let them close on a loft without having to pay an additional deposit.

Even though the Lofts At Roosevelt were originally planned as a for sale, not rental Chicago real estate development, the Lofts at 1800 also point out that there are a few more desirable points to their project. For the hardcore loft fan, 1800 is a real conversion where Roosevelt is new construction. The units at 1800 come with hardwood floors in every room, an in-unit Whirlpool brand washer and dryer and luxury baths with marble counter tops and tile plus a whirlpool tub. The Lofts at 1800 also have a lounge, green roof, door person and concierge service, all things that Roosevelt has had to give up in the switch to rental units.

Prices for the one to three bedroom Lofts at 1800 run from the $250,000s to $750,000s and the two year buyback guarantee is still in effect. And remember, before you make a decision it’s important to check out other Chicago Lofts to see which ones really fit your lifestyle.

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