Monthly ArchiveMarch 2010

chicago-condos & Chicago Real Estate pcherry on 24 Mar 2010

Price Reductions At 550 St Clair

March 24, 2010 - If you’ve thought about purchasing a new unit at 550 St. Clair from the developer, you may want to pay a visit to the sales center sooner rather than later. The 26 story high-rise, which was designed by David Brininstool of Brininstool & Lynch, is in its closeout sale phase with only 15 developer units left out of the 115 total Chicago condos in the tower.

According to a Tribune profile, prices on the units in this tower have seen some major reductions so far this year. The studios still left for sale from the developer at 550 St. Clair had been marketed from $298,500 but have been lowered by about 33% and now start from $199,900.

There are also three bedroom penthouse developer units that were listed from $1,998,500 and have been reduced by about 29% for a new starting price of $1,399,900.

Ron Ruby of Weichert Realtors — First Chicago was quoted in the article as saying that, “We have a higher level of standard finishes than in most competing buildings, including hardwood flooring throughout, 10-foot and 11-foot ceilings, and Subzero and Bosch appliances.”

Building amenities include a 24 hour doorperson, lap pool, garden terrace, men’s and women’s sauna, fitness center, storage lockers and bike storage.

There are quite a few Chicago real estate developments like 550 St. Clair that are approaching closeout on sales, and price reductions are showing up in many of those projects.

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chicago-condos & Chicago Real Estate pcherry on 23 Mar 2010

Lower Prices At Lake Park Crescent

March 23, 2010 - For those of you who love price cuts and incentives, Lake Park Crescent may be a Chicago real estate development that fits both bills. When completed, Lake Park Crescent will have a total of 68 row homes and Chicago condos on South Oakenwalk Avenue.

An article in the Tribune states that qualified buyers can get a one bedroom unit for only $1,000 down with an FHA loan. For the three bedroom duplex units available, a $2,000 down payment and FHA mortgage are possible for qualified buyers.

Gordon Ziegenhagen, who is the project manager for Lake Park Crescent, said in the article that if buyers can sign a purchase agreement by April 30th they may be able to score up to $28,000 in grants from the Partnership for New Communities, tax credits and closing cost bonuses.

The one bedroom condos are now priced from $169,800 which is down from the old starting price of $220,000. The three bedroom duplex units that were priced from the $500,000s now start at $309,800.

There are four terrace units ready for move-in. Those include two bedroom with den floor plans that run from $449,000 to $478,000. There are also three bedroom plus den layouts with 400 square foot terraces that are priced from $525,000 to $533,000.

There are also 10 rowhomes for single-families that are ready for occupancy now. The homes have between 2,714 and 2,794 square feet, four bedrooms and 3.5 baths. These units are priced from $559,000 to $666,000 which is considerably lower than the previous prices of about $800,000.

Check back here often for more updates about price reductions on Chicago condos for sale.

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chicago-condos & Chicago Real Estate pcherry on 22 Mar 2010

Upcoming Auction For 1400 N Lake Shore Drive Condos

March 22, 2010 - It’s Chicago condo auction time again. Mark your calendars for April 25th because 30 units at 1400 North Lake Shore Drive will be up for bid at the Doubletree Hotel Chicago on 300 East Ohio Street. Of those 30 up for bid, 15 will be sold absolute and winning bidders will get to pick from units that are ready for occupancy or that have already been leased. The developer is RDM Development and the auctioneers are Jameson Real Estate and Fine & Company. Registration starts at 11am and the bidding begins at 12pm. You will need a bidder’s packet to join in the fun. Those can be obtained at the sales center for 1400 N Lake Shore Drive or from Jameson Real Estate.

According to a recent article in Crain’s, the developer has lined up several lenders who will be on hand to help qualified buyers or rather winning bidders. It was the current tight lending market along with the housing market slump that slowed sales at the Gold Coast high-rise. Of the total 391 Chicago condos in the tower, around 80 are still not under contract yet.

Robert Mosky, president of RDM, was quoted in the article as saying that, “I’ve got people with great credit scores who just cannot get loans.”

Of the 80 condos that are unsold, 47 are being considered for the auction and will be pared down to 30. The remaining 50 condos will still be for sale, although around 70% (35 condos) are being leased at the moment, according to the article. All of the units are being sold as they stand, but you can opt for finish upgrades.

The studios potentially up for auction were priced from tbe $120,000s to $140,000s and have minimum bids of $50,000.

One bedroom, one bath condos that were priced from the $220,000s to $480,000s will have minimum bids of between $90,000 and $175,000.

Two bedroom, two bath condos that had been listed from the $320,000s to $480,000s will have minimum bids of $175,000 to $200,000.

The only three bedroom, two bath condo had been priced at $449,900 and will have a minimum bid of $200,000.

The condos can be seen every weekend, both Saturday and Sunday from noon to 3pm starting on March 27th. Cashier’s checks for between $5,000 and $20,000 will be needed.

We can probably expect to see more Chicago real estate auctions this year as developers try to sell out buildings and pay off construction loans.

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