Monthly ArchiveSeptember 2009
September 30, 2009 - 400 North LaSalle is still advertising their two bedroom condos as the lowest priced in the area. In fact, they are saying that you can save as much as $170,000 and that, “Our prices are like getting an extra bedroom for free. Buy a two bedroom condo for the price of a one bedroom.”
You can do the math yourself, but previous prices at this 45 story, 452 unit Chicago real estate development had been listed between about $150,000 to $200,000 for a studio and the $200,000s to mid $300,000s for the one bedroom condos there. The two bedroom units, which are the ones said to be as cheap as a one bedroom, were previously priced from the $290,000s to $490,000s.
Condo finishes include a washer and dryer, wall-to-wall carpeting, balconies, large closets, wood cabinetry, GE stainless steel kitchen appliances, granite counter tops ad Kohler fixtures. The building welcomes pets and there is a 24 hour doorman plus valet service available. A fitness center, sundeck with spa and heated swimming pool, party room with attached kitchen, bike room, storage room, receiving room, dry cleaner and cafe on the ground floor are also a part of the package at 400 North LaSalle.
If you’re looking for Affordable Chicago Condos then you may want to check out the units still left for sale at 400 North LaSalle.
September 29, 2009 - With so many Chicago real estate developments lowering prices, it’s hard to keep up sometimes. A quick reminder of a few of the more recognizable projects that have advertised might be helpful for those first time buyers trying to close on a condo before the end of November and get that $8,000 tax credit.
Since Vetro, located on 611 South Wells, started it all this past spring by lowering prices to those rates set by the large auction that was held, roughly 27% of the original prices. You may want to check there for the last few remaining unsold condos.
SoNo, located on 1454 North Dayton Street, also finally got in on the price cutting act and began offering reductions of about 15% to 17% on all of their remaining condos a few weeks ago.
More recently we’ve seen R+D659 drop prices on their unsold condos by $100,000 or so, and just this month 757 Orleans slashed prices on their remaining units by as much as $125,000.
Trio, located on 650 West Wayman, is showing smaller reductions of about $25,000 per unit and Metropolitan Tower dropped prices by as much as $100,000 to more than $250,000. And Catalpa Gardens in Edgewater also lowered their condo prices by at least $100,000. The Park Monroe on 55 East Monroe was another development that cut prices on the remaining condos by $100,000 to $300,000.
The Tribune recently ran an article where Geoffrey J.D. Hewings of the Economics Applications Lab at the U of I stated that he believes there is about eleven months of housing inventory in the Chicago market and because of that prices on Condos In Chicago won’t start to rebound until mid 2010.
September 28, 2009 - It looks as though the Lofts at Roosevelt Collection may be doing better as rental apartments than condos for sale. The first building, which has 170 units, is currently 70% leased with tenants moved in already. Before the change of plans, Chicago real estate developer Centrum Properties had stated that about 205 of the 342 Chicago lofts in the project (60%) were under contract. Those contracts have since been voided and the deposits returned. The second building at Roosevelt will also have 170 luxury apartments but it isn’t quite ready for occupants, according to an article in Crain’s.
Residents will be able to catch all the new holiday movie releases at the Kerasotes theater, which is due to be open sometime around Thanksgiving at the end of November. Whatever other retailers Centrum is in negotiations with probably won’t be a reality for some time, as they are estimated to open sometime in late 2010.
The units at Roosevelt have one or two bedrooms and one to two baths. Monthly rental rates for the one bedroom, one bath lofts are starting at $1,425. For the one bedroom, 1.5 bath units you can expect to pay from $1,625 per month. The two bedroom, one bath lofts are currently up for lease are being priced from $1,725 per month. And monthly rental rates on the larger two bedroom, two bath lofts start from $1,795.
If you’re more interested in purchasing than renting, there are lots of Chicago Lofts priced to sell right now.