Monthly ArchiveAugust 2010

chicago-condos & Chicago Real Estate pcherry on 31 Aug 2010

Foreclosure Hits Smaller Chicago Condo Development

August 31, 2010 - It isn’t just the big Chicago real estate developments that are being hit with foreclosure suits. A smaller project from JPV Development Group is facing a $3.5 million foreclosure suite filed by First Commercial Bank. The project is located on the 800 block of North California Avenue and is a group of four buildings with four stories each and 24 Chicago condos total, according to a recent Crain’s article.

The bank claims that JVP wasn’t able to pay off the loan when it came due this past April. They are seeking to gain control of the completed four buildings as well as an unfinished low-rise and the rest of the development land. Petro Misioura of JVP claims that the bank won’t negotiate with him to restructure the loan.

JVP had intended to build a total of 36 condos. An earlier Crain’s article about the development stated that the condos in the first phase have three bedrooms and two baths. The units on the lower level above the retail space were 2,160 square feet and the condos on the top floors were 2,300 square feet. The upper floor condos had a private roof top deck and the other condo residents shared a rooftop area. Original pricing was between $354,000 and $410,000.

If the bank wins the foreclosure suit, buyers can probably expect to see the unsold New Chicago Condos at this development re-listed at lower prices. That’s what usually happens with Chicago foreclosures.

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chicago-condos & Chicago Real Estate pcherry on 30 Aug 2010

Condo Auction September 26th

August 30, 2010 - For those of you who love Chicago real estate auctions and may be looking to buy a smaller condo at a low price, you may want to check out the Rick Levin auction that is coming up on Sunday September 26th at the the Hyatt-Rosemont on 6350 North River Road in Rosemont,IL. Registration starts at 10am and bidding will start at around 11am. A 5% buyer’s premium will be added to the winning bids and earnest money has to be paid no later than noon on October 1st. Closing has to take place within 30 to 45 days of the bid acceptance.

Many of the properties being auctioned are single family homes and commercial buildings, but there are some chicago condos as well. One is a studio (unit #508) located on floor 5 of a 365 unit pet-friendly high-rise on 7337 S South Shore Drive. This bank owned condo is to be sold absolute. The living room measures 22×19, the kitchen is 10×8 and the bedroom is 14×12. Monthly assessments average $300 and taxes $462. The condo is valued at $75,000 and the opening bid is set at $8,000 with a $3,500 cashier’s check required to bid.

Another condo being auctioned that day is a 2 bedroom, one bath condo (unit #2E) with 750 square feet of living space located on 6707 S Chappel Avenue. The monthly assessment is about $200 and the property taxes are around $538. This bank owned condo is also to be sold absolute. The unit has been valued at $95,000 and the suggested opening bid is set at $8,000. You’ll need a $3,750 cashier’s check to bid on it.

Chicago condo auctions are a often a great way to buy Chicago real estate at reduced prices.

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chicago-condos & Chicago Homes pcherry on 25 Aug 2010

Units Still Discounted At Astoria Tower

August 25, 2010 - The developer of Astoria Tower is still marketing Chicago condos at reduced prices. The 30 story art deco high-rise is located on 8 East 9th Street and all of the units are ready for immediate occupancy. The condos are priced anywhere from the mid $160,000s to high $800,000s.

The biggest perk that this Chicago real estate project has hyped is it’s spa-like amenities for residents. The tower has the usual, such as a 24 hour doorman, business center, theater room, party room, fitness center, two sundecks with BBQ area and indoor swimming pool. But Astoria goes a little beyond the usual with its massage rooms, yoga and pilates room, nail and pedicure salon, billiards and game room plus a golf simulator.

Some of the units for sale at Astoria Tower are listed as follows;

1 Bed/1 Bath/ 565 Sq. Ft./ $169,800
1 Bed/1Bath/ 561 Sq. Ft./ $169,800
1 Bed/1 Bath/ 570 Sq. Ft./ $169,800
1 Bed/1 Bath/ 582 Sq. Ft./ $157,000
1 Bed/1 Bath/ 655 Sq. Ft./ $205,800
2 Beds/2 Baths/ 1406 Sq. Ft./ $559,800
2 Beds/2 Baths/ 1085 Sq. Ft./ $629,800
2 Beds/2 Baths/ 1177 Sq. Ft./ $379,800
2 Beds/2 Baths/ 1141 Sq. Ft./ $352,800

Be sure to check out the other Chicago condos for sale. Many of them are also being sold with price cuts.

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