Monthly ArchiveFebruary 2010

chicago-condos & Chicago Real Estate pcherry on 18 Feb 2010

Minimum Bids Set For Priairie Pointe Condo Auction

February 18, 2010 - We recently told you about the 13 units going up for bid at Prairie Pointe on March 14th at the Hilton Chicago. Not a lot of information was originally released with the auction announcement for this Chicago real estate project, but we have some new details about the condos that will be of interest to any potential buyers.

If you’re interested in one bedroom, 1.5 bath condos, there are two units going up for bid that have 994 square feet. These sit on floor 20 and 21. The starting minimum bid for these two condos is set at $189,000.

For the same minimum opening bid of $189,000 you can get a little more room because there are three other one bedroom, 1.5 bath units up for bid that have 997 square feet of living space. These condos are located on floor 17, 20 and 21.

A couple of even bigger one bedroom, 1.5 bath condos at 1,111 square feet are going up for bid as well. These two units are on floors 11 and 20. The minimum bid for each is $211,000.

For opening minimum bids of $295,000 each you can try to purchase one of the 2 one bedroom, two bath condos located on floor 11 and 12. These units size up at 1,443 square feet each.

If you need more roon there are 3 two bedroom, two bath condos up for auction with minimum bids of $267,500 each. They have 1,274 square feet and sit on floors 12, 17 and 21.

And for those of you who always wanted to customize a penthouse, there is a 2,800 square foot condo on the upper floor of Prairie Pointe. The minimum bid is $895,000 and it has a reserve.

All of the condos except the unfinished penthouse are going to be sold absolute, which means in theory you could own one for the minimum bid. You will have to agree to close by April 31st though. Inland Real Estate is starting the auction at 2pm on March 14th and registration is at 1pm prior to the bidding.

Open house dates are February 28th from 1pm to 4pm; March 3rd from 5:30pm to 8pm; March 7th from 1pm to 4pm; March 10th from 5:30pm to 8pm and March 13th from 12pm to 3pm.

Depending on the turnout, you may be able to get a condo at the Priaire Pointe auction for a good price. Just remember that right now there are still plenty of Chicago condos for sale at reduced prices.

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chicago-condos & Chicago Real Estate pcherry on 17 Feb 2010

Condos Available At West Sherwin Place

February 17, 2010 - If you’re looking for a new Chicago condo in Rogers Park you may want to check out the vintage building located on 1549 West Sherwin Avenue. This Chicago real estate project is called West Sherwin Place and although the building is about 85 years old it has been updated with new windows and wrought iron balconies, according to a recent profile in Chicago Magazine.

The building houses a total of 23 units and the exterior still has a mostly vintage look with its terra cotta facade, according to the article. Renovation on the condos wrapped up around a year ago, although some that didn’t sell were left unfinished on the interior. That can certainly be a plus for many buyers though, because if you have time to wait you can select your perfered finishes and really customize your condo. Standard finishes in the condos included granite counter tops and Ikea cabinets.

The article went on to state that there are about eight condos left at West Sherwin Place. These units all have two bedrooms and measure with from 800 to 1,100 square feet of living space. Prices are running anywhere from about $165,000 to $230,000 each for these units, which is around 10% less than the original list prices. There is no parking garage available at the building though, so buyers are on their own with that issue.

Besides West Sherwin Place, there are other smaller Chicago real estate developments that might interest buyers. So check back here often for all the latest news and updates.

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chicago-condos & Chicago Real Estate pcherry on 16 Feb 2010

Record Low Chicago Condo Sales For 2009

February 16, 2010 - The latest news from Appraisal Research Counselors that the downtown Chicago condo market has posted significant losses for two years in a row. The total number of condos and townhomes sold last year was only 572. The number of total sales for 2008 was 592. The average yearly sales before the housing market slowdown had been about 4,000 units.

In a recent Sun Times article, ARC was quoted as saying that 2009 was the lowest year for sales since they had started keeping records back in 1997. The report also stated that plans to construct 1,041 units were canceled by developers of Chicago real estate mostly because of a lack of buyers.

The article went on to say that developers who market their buildings to first-time buyers are having the most sales when prices are set at around $290 per square foot. About two years ago that would have been $390 per square foot.

Some other interesting numbers include that while there were only 572 new units sold last year, there were 1,900 closings. That was due to pre-construction contracts that were made more than a year ago in projects that just started making deliveries this past year.

According to ARC and the article, 15 new buildings that started making deliveries in 2009 have claimed 67% total sales. And when ARC polled 40 large scale condo high-rises on the North Side and downtown it found that average prices dropped 10% from 2008 to 2009.

Of the six condo towers with a total of 1,200 units set to deliver in 2010, only one has 54% under contract. Those towers include Walton on the Park and One Museum Park West.

With so many developers concentrating on rental projects instead of Chicago condo towers, the glut of surplus inventory should start to decrease and help firm up the Chicago real estate market over time.

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