Monthly ArchiveMarch 2010



chicago-condos & Chicago Real Estate pcherry on 19 Mar 2010

Results For Prairie Point Condo Auction

March 19, 2010 - Now that the Prairie Pointe Chicago condo auction is history, we have some details about how the bidding went at this event. There were 13 units up for bid at this Chicago real estate auction and 10 of those sold. However, one sold below the minimum bid that was set and another two sold right at the minimum bid price. The one condo that went below the minimum bid will have get the green light from the developer before the sale can be finalized, but chances are that will happen.

Some of the more interesting stats include that while about $2.39 million in sales were made at the auction, the winning bids only totaled around $31,000 above what the minimum bids were set. Since every winning bidder opted to purchase a $30,000 parking spot and there was a 3% buyer’s premium attached, that would bring the auction total to about $2.77 million. Combined, all of the units that did sell had previously been marketed for a total asking price of $4.5 million.

Developer Gammonley Group and Inland Real Estate Auctions weren’t able to sell the unfinished, three bedroom, three bath, 2,800 square foot top floor penthouse unit though. The condo had a reserve and a minimum bid of $895,000. The old list price of this unit was $1.82 million.

The other two condos that didn’t sell at auction include a one bedroom, 1.5 bath unit with 994 square feet that had been priced at $398,205 and had a minimum bid of $189,000. The other was a 1,111 square foot unit with one bedroom and 1.5 baths that had a minimum bid of $211,000 and had been priced at $389,611.

Here are the results of the Chicago condos that did sell at the auction.

1Bed/1.5Bath/994 Sq Ft Was $401,931 Min Bid $189,000 Sold For $194,000
1Bed/1.5Bath/1,111 Sq Ft Was $406,123 Min Bid $211,000 Sold For $217,000
1Bed/2Bath/997 Sq Ft Was $390,421 Min Bid $189,000 Sold For $192,500
1Bed/2Bath/997 Sq Ft Was $412,375 Min Bid $189,000 Sold For $192,500
1Bed/2Bath/997 Sq Ft Was $414,244 Min Bid $189,000 Sold For $199,500
1Bed/2Bath/1,443 Sq Ft Was $548,018 Min Bid $295,000 Sold For $285,000
1Bed/2Bath/1,443 Sq Ft Was $551,219 Min Bid $295,000 Sold For $295,000
2Bed/2Bath/1,274 Sq Ft Was $441,620 Min Bid $267,000 Sold For $267,000
2Bed/2Bath/1,274 Sq Ft Was $453,145 Min Bid $267,000 Sold For $275,000
2Bed/2Bath/1,274 Sq Ft Was $488,145 Min Bid $267,000 Sold For $272,000

We can probably expect to see more auctions for Chicago Condos in developments that have experienced a delcine in sales.

Technorati Tags: , ,

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

Low Down Payments Available At Optima Old Orchard

March 18, 2010 - If you’re looking for suburban Chicago condos that are located near a woodland preserve, then Optima Old Orchard may be just the thing for you. The development, which is a project of architect David Hovey, sits next to Harms Woods forest preserve in Skokie.

According to a recent press release, optima Old Orchard is in the final sales phase and is currently offering some sales incentives for quick delivery condos. There is still time to sign a contract before the April 30th deadline to qualify for the $8,000 first time home buyer tax credit. And at Optima qualified buyers can get an FHA loan with only 3.5% down. Other options include VA loans with 0% down as well as 30 year fixed-rate jumbo mortgages for 5% down.

Prices for the remaining one bedroom condos start at $234,700. You can purchase a two bedroom unit from $267,000 and the three bedroom condos start at $489,500. Penthouse units are also still available and pricing on those starts at $665,000.

The condos come with either a balcony or green roof garden, hardwood floors, floor-to-ceiling windows, granite counter tops, stainless steel appliance package, and a washer and dryer.

Optima Old Orchard is just one of several developments of Suburban Chicago Condos that are offering sales incentives right now.

Technorati Tags: , ,

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

Condos And Townhomes Still Available At Patriot Commons

March 17, 2010 - If you’re looking for a suburban Chicago condo, then you may want to check out Patriot Commons in Glenview. Toll Brothers are the Chicago real estate developer for this suburban project and these condos are close to a lot of desirable attractions. The Glen, with all of its shopping venues, restaurants, recreation and entertainment is within easy walking of the homes. And it’s also a quick commute to downtown Chicago.

Patriot Commones still has a good selection of one to two bedroom condos that have from 1.5 to two baths and some with dens. The condos size up from about 1,000 to 1,400 square feet. According to a recent press release, there are six units ready for move-in right now. The condos have 9′ ceilings, a private balcony, hardwood flooring and GE stainless steel appliances.

There are also townhomes ready for occupancy at Patriot Commons. The townhomes have traditional red brink exteriors, two to four bedrooms and 2.5 baths. These units measure between 1,550 to 2,100 square feet and have from one to two floors. Prices start in the mid $500,000s.

You can compare the units at Patriot Commons with other Chicago Townhomes and see how they stack up and which best fits your budget and lifestyle.

Technorati Tags: , ,

« Previous PageNext Page »