Monthly ArchiveApril 2010
April 30, 2010 - If you’ve been wanting to buy a Chicago loft and think you can qualify for the $8,000 first-time homebuyer tax credit that expires today, then you may want to head over to the sales center at 565 Quincy tonight. Chicago real estate developers Belgravia Group kept the sales center open until midnight last night and they’re doing it again tonight for any last-minute buyers.
In a recent Tribune article is says that visitors to the sales center can load up on complimentary pizza and Red Bull while touring the models and hashing out a sales agreement. Although with the price cuts that Belgravia put earlier this year, it may be hard to top the $40,000 to $140,000 reductions already in place.
Right now the remaining one and two bedroom new condos at 565 Quincy are priced anywhere between $155,900 and $355,900. For the renovated lofts that come with one to two bedrooms plus a den you can expect to pay from $223,900 to $362,900. You can also score a low down payment if you qualify for an FHA backed mortgage because this development is FHA approved. You also won’t have to pay for an indoor heated parking space because that is included in the purchase price with all but the junior one bedroom units.
Standard finishes like GE stainless steel appliances, hardwood floors, granite counter tops and marble baths are what you’ll find there. The much-hyped Q Room for residents has everything from the expected fitness center to bowling lanes and a putting green.
Be sure to check the Chicago real estate blog every day for news and updates about Chicago condos.
April 27, 2010 - For those of you who didn’t attend the 1400 N Lakeshore Drive auction of Chicago condos this past Sunday, here are a few details about how the event went. Developer RDM planned on auctioning 15 units, although they had a pool of about 40 that they were considering. According to an article in Crain’s, there were 19 condos sold at the auction and even seven sales contracts signed pending developer approval.
The article also stated that of the 391 total units in the high-rise, around 80 were still unsold before the auction. The units that did sell at auction in this Gold Coast conversion tower already have renters, and many don’t have upgraded finishes yet. But auctioneer Fine & Company principal Michael Fine told Crain’s that the auction has already generated interest from new buyers who are hoping for lower prices to be set on the remaining units in this Chicago real estate project.
The biggest bargin percentage-wise was a one bedroom condo that sold for $117,000 which was a 56% reduction on the list price. On the flip side, the most that a one bedroom unit brought was $197,400. That was 40% lower than the list price. The two bedroom condo that brought the most money was sold for $314,600 and the one that brought the least went for a high bid of $185,000. The highest bid on a studio was $89,775.
If you missed this auction, it’s probably a safe bet that there will be more Chicago real estate auctions yet to come this year. So check back here regularly for all the latest information and details.
April 26, 2010 - The list of Chicago real estate projects that are reducing prices just keeps growing, and the latest one is VB1224. “New prices massively reduced with even newer high end finishes,” is what the developer ads state. There are 189 condo lofts in this West Loop conversion project, and the new prices are about 20% lower than the previous list prices. Parking is also included with the purchase of the remaining two bedroom units.
The condo lofts at 1224 Van Buren come in several different floorplans with balconies. There are one bedroom, one bath plus den and one bedroom, 1.5 bath plus den units. The two bedroom condo lofts come with or without a den and have from 1.5 to 2 baths.
This Chicago real estate development’s site states that all units now include a “contemporary finish package.” Those mentioned are 12′ ceilings, marble baths, 4″ wide plank wood flooring, Bosch stainless steel appliances, 42″ European flat cabinets, 1.25″ quartz or granite counter tops and a washer and dryer. Building amenities include a fitness center, yoga studio, 24 hour doorman, extra storage and roof top deck with lounge.
Right now the one bedroom plus den lofts that were running from $275,900 are now priced from $239,900. For a one bedroom plus den condo the old price was $307,900 plus parking and now it’s listed from $256,900.
The two bedroom lofts had been priced from $349,900 with parking extra and now they are now starting at $289,900 with parking included.
You can make a trip to the VB1224 sales center and see if these condos appeal to you, or you can see what other Chicago lofts for sale have to offer.