Monthly ArchiveJanuary 2010

chicago-condos & Chicago Real Estate pcherry on 27 Jan 2010

Trump Tower Resell Condos Turn A profit

January 27, 2010 - The best news we’ve heard lately about the Trump Tower is that a couple of early investors actually have turned a profit on reselling two Chicago condos in the high-rise. Crain’s is reporting that David Radler, probably best known for his conviction for the attempted theft of Sun Times funds, has sold two condos that were bought in 2003 when Chicago real estate developer Donald Trump offered his “Friends and Family” deal to certain individuals. The condos sold under that plan were at a steel discount compared to other pre-sales, so that explains why a profit was made on this deal.

The Friends and Family program wasn’t without its share of controversy though. Not very long after selling quite a few condos at the reduced price, Trump decided to cancel the contracts and wanted full price for the units. Mr. Radler was one of a few buyers who launched a lawsuit against Trump and actually won. The case was settled and Mr. Radler purchased a three bedroom condo on floor 41 for around $1.8 million. Two parking spaces went with the unit. He then managed to resell the condo and parking spots for $2.3 million in November of last year.

Mr. Radler, along with his daughters, also purchased a condo that wasn’t as large but was located next to the unit with three bedrooms. That condo cost them $687,995 back in September 2008 and they managed to find a buyer willing to pay $975,000 for it less than half a year later.

With so many investors trying to resell units at the 92 story Trump Tower as well as the developer still having quite a bit of inventory to market, it’s encouraging to see someone actually make a profit on a couple of units. Most buyers have lost interest in investing in Chicago Hotel Condos fo the time being at least, so we’ll have to wait and see what happens with those units still left for sale.

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chicago-condos & Chicago Real Estate pcherry on 26 Jan 2010

Cityscape Condos Being Auctioned In Bulk

January 26, 2010 - Even though there is a Chicago condo auction scheduled for this coming Saturday to sell off the remaining unsold units at Cityscape Condominiums, the average buyer probably won’t be able to score a deal on a single unit. That’s because the units, both retail and residential, are being sold in bulk. Most of the parcels, as they are being called, are going up for bid in lots of two lower level retail spaces and six upper floor condos with three bedrooms and two baths. Each of the groups of units also come with an attached parking garage with nine spaces, three of which have lifts for additional parking. And the estimated value of those parcels is running anywhere from $1.7 to $2.7 million.

The auction is being conducted by Rick Levin and will take place at 11AM on Saturday, January 30th at the Hyatt Rosemont on 6350 North River Road in Rosemont, Illinois.

Some of the condos are completed and some are still under construction. A few of the residential units are sold, some are leased and one of the retail spaces are sold. All of the parcel’s estimated net worth is based on the available units of course. Finishes include the standard luxury details, a fireplace and either two balconies or one balcony and one deck per residential unit.

When this Chicago real estate project was being pre-sold, the two to three bedroom condos had been priced between the $350,000 to $610,000 range.

With so many developers still having unsold inventory on their books, we may see more auctions for Chicago real estate as the spring selling season gets into swing.

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chicago-condos & Chicago Real Estate pcherry on 25 Jan 2010

Prices Lowered At Ontario Place

January 25, 2010 - If you’ve ever thought about purchasing a condo at Ontario Place now may be the time to do it. Chicago real estate developer American Invsco is dropping prices on a selection of the remaining one bedroom condos there by up to $150,000.

These one bedroom units already have been upgraded with high-end finishes. The new reduced prices on these condos are averaging between about $219,000 and $245,000. Another incentive is that many buyers will get a free indoor parking space that would have cost them another $40,000 otherwise.

There are both one and two bedroom condos at Ontario Place, but so far the price cuts have only been for the one bedroom units. Interior finishes include gourmet kitchens with a Whirlpool appliance package, granite counter tops, a private balcony, new cabinets and floor-to-ceiling windows. The building amenities include a fitness center with spa, sauna and lockers, rooftop swimming pool plus BBQ area and a 24 hour doorman.

There are plenty of Condos In Chicago with significant price cuts right now, and we’ll keep you posted as new information becomes available.

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