Monthly ArchiveDecember 2009

chicago-condos & Chicago Real Estate pcherry on 22 Dec 2009

Spire Passed Over By Four Union Funds

December 22, 2009 - Whatever hope Shelbourne Development had been holding out for a loan from the ALF-CIO union funds seems to have evaporated. Statements from four of the investment funds who were said to be interested in footing the bill to get the Chicago Spire back on track have said they are going to pass on the deal, according to reports in Crain’s and GlobeSt.

The AFL-CIO Building Investment Trust and ULLICO Inc had stated at first that pumping the $170 million into the Spire to pay off liens against the project and the Anglo Irish Bank was a real possibility. But now ULLICO president Edward Smith was quoted as saying that, “It’s not something we’re able to do.”

The trade and construction unions were interested in getting the Spire work restarted because it would have meant exclusive jobs for union members and could have created four or five year’s worth of work. But with only around 30% of the 1,194 condos in the 150 story high-rise under contract, it may have posed too big of an investment risk. Generally banks want at least 50% of the units in a tower to be pre-sold before backing a construction loan. And even after the $170 million bailout, it would take another loan in the one to two billion range to complete the project.

The Spire may have to be scaled down before any lenders will even consider funding the development. And with prices of Condos In Chicago still not fully recovered, the prices of the Spire condos may not be realistic in today’s market anyway.

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chicago-condos & Chicago Real Estate pcherry on 21 Dec 2009

Price Reductions On Last 5 Motor Row Lofts

December 21, 2009 - First it was a regular auction for 20 unsold units at Motor Row Lofts. Then a one day developer post-auction took place at this Chicago real estate project. Now we have word from Sheldon Good and Company that the developer of Motor Row Lofts wants to sell out the last five lofts before the end of the year and has reduced prices on those condos.

Those last five condo lofts are listed below, as advertised by the auction group.

Unit#310 - 2BR/2Bath, 1,198 square feet, duplex with rooftop deck. This condo was listed for $391,900 and is now being offered for $285,900.

Unit#402 - 2BR/2Bath, 1,389 square feet, oversized living room windows plus den. This loft was listed for $426,000 and is now priced at $310,900.

Unit#502 - 2BR/2Bath, 1,679 square feet, duplex with den, office, 21′ ceilings and rooftop deck. This loft was priced at $589,000 and is now reduced to $429,900.

Unit#501 - 3BR/2Bath, 2,049 square feet, corner duplex, 21′ ceilings, den, skybridge bedroom, office, balcony and rooftop deck. This condo loft had been priced at $659,000
and is now listed at $481,000.

Unit#505 - 3BR/2Bath, 1,661 square feet, duplex with 21′ ceilings, den and deck. Previously priced at $599,000 this loft is now being offered for $436,900.

So once again you may want to check out Motor Row Lofts if you’re in the market for Chicago Lofts.

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chicago-condos & Chicago Real Estate pcherry on 19 Dec 2009

Save Some Green At Silver Tower

December 19, 2009 - You may be able to save a little green right now if you buy a condo at Silver Tower. According to the latest ads from @Properties, prices on some of the remaining condos at this Chicago real estate development have been lowered by about 10%.

The 40 story Silver Tower sits at 303 West Ohio Street and has a total of 233 Chicago condos. Those condos had been just under 70% sold back in July when deliveries first started and no new numbers have been released for a while. The condos have one to three bedrooms and one to two baths. This high-rise is FHA approved, so that’s a big plus for many buyers.

The units have the expected luxury condo finishes, with Kitchen Aid appliances, granite counter tops, cherry or maple custom wood cabinets and double stainless steel kitchen sinks. The baths some with marble tile floors, stone counter tops, oversized tub and separate shower with glass surround. Residents can enjoy building perks in the Sky Lobby, including a 24 hour fitness center, patio and garden. There is also a 24 hour door person, bike room, resident storage lockers and Silver Tower is per-friendly.

You can find other great River North Chicago Condos if you follow the link and take a look at the development profiles there.

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