Monthly ArchiveMay 2010

chicago-condos & Chicago Real Estate pcherry on 21 May 2010

Tax Freeze Still Available At Motor Row Lofts

May 21, 2010 - There are still a few Chicago condos left for sale from the developer at Motor Row Lofts. The prices were reduced following the auction that was held a while back, and because of the historic status of this Chicago real estate development, the 8 year property tax freeze is still open to buyers and the building is FHA approved.

One of the available units is a two bedroom, two bath condo loft with 1,198 square feet that is priced at $269,900 which is 30% below the previous price. This is a duplex with 15′ high ceilings, stainless steel appliances, granite counter tops, gas fireplace, washer and dryer hook-up and 18′x9′ roof deck. Taxes are said to be $672 per year on this unit.

Another loft that is also for sale at 30% below the old price is a three bedroom, two bath condo with 1,649 square feet. The price on this unit is $344,900. It has 14′ ceilings, a 16′x15′ balcony, gas fireplace, stainless steel appliances and granite counter tops.

There is also a two bedroom, two bath loft with 1,661 square feet of living space that is priced at $409,900 (30% off old price) with yearly taxes of $924. This condo comes with a den, master bedroom on mezzanine level, stainless steel appliances, granite counter tops, gas fireplace, washer and dryer hook-up and 15′x10′ deck.

There are other Chicago lofts for sale at a discount, so be sure to compare Motor Row Lofts with a few other developments to see which is the better buy for you.

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chicago-condos & Chicago Real Estate pcherry on 20 May 2010

Chicago Spire Sales Center Exits NBC Tower

May 20, 2010 - The Chicago Spire and its developer, Garrett Kelleher of Shelbourne Development Group have been in the news quite a bit lately but not for ideal reasons. There have been leins, lawsuits and news from accountants that Shelbourne Property Group had a $197.2 million loss in 2009 because of the Spire. Now the latest development pertaining to this troubled Chicago real estate project is that the $10 million full-floor sales center with complete model in the NBC Tower has been closed.

According to a recent article in Crain’s, the owners of the NBC Tower filed suit against Mr. Kelleher last August because of unpaid rent. The owners of the tower claim that Shelbourne Development stopped paying rent in April 2009 and around $316,000 was owed in back rent. An eviction was sought, and a court judgement for $55,000 was ordered against Shelbourne. Apparently the matter was settled when Shelbourne agreed to vacate the 18th floor suite, surrendering the model.

The elaborate sales office and fully furnished full scale condo model cost about $10 million to construct. The owners of the NBC Tower contributed about $350,000 to that cost. No word yet on what will become of the space, but now any potential buyers will have to make due with viewing computer models Mr. Kelleher’s office on Wacker.

In the article, a Shelbourne Development’s spokeswoman stated that the Spire isn’t dead yet and that they are just cutting back on expenses until things turn around for the project. Until that does happen, if it does at all, anyone looking for a bargin may want to see what is available in the Chicago foreclosures.

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

Prices Cut 40% On All Condos At 200 North Dearborn

May 19, 2010 - Not too long ago Chicago real estate developer American Invsco cut prices over 50% on forty Chicago condos at 200 North Dearborn until the end of April and the first-time homebuyer tax credit deadline. With that date long since passed, you can probably guess that the developer extended the discount. From now until July 19th all of the condos left for sale in the tower are marked 40% off previous list prices.

Another perk is that this high-rise has been approved by the FHA. Buyers who qualify for the low 3.5% down payment can expect to pay anywhere from $7,000 to $14,000 on units that are priced from the $200,000s to the $400,000s.

Studios and convertibles that measure from 570 square feet to 885 square feet were priced from $250,700 to $359,100 and are now listed from $150,420 to $215,460.

The remaining one bedroom condos with from 590 square feet to 885 square feet are now priced from $189,399 to $248,940 which is down from the old prices of $327,700 to $464,000.

The two bedroom condos still left for sale from the developer at 200 North Dearborn size up from 1,160 square feet to 1,205 square feet. These units had been priced from $471,100 to $779,800 but have been reduced to $222,815 to $467,880.

The units come with basic finishes like an appliance package, oak cabinets, ceramic bath, floor-to-ceiling windows, carpeting and walk-in closets. Upgrades are available. Building amenities at this tower a sun deck, fitness center, swimming pool, bike room, laundry room, resident storage and 24 hour doorman.

You may want to check out the renovated condos at 200 North Dearborn. Or if you like exposed concrete and timbers there are plenty of renovated and new Chicago lofts for sale.

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