Monthly ArchiveSeptember 2010
September 27, 2010 - There are at least three buyers puttin’ on the Ritz. The Ritz-Carlton Residences that is. According to a recent Crain’s article, Prism Development has made three sales in the last three months at their luxury Chicago real estate project, located on 664 North Michigan Avenue, which is under construction and due to be finished by the end of 2011. These are the only sales of 2010 so far, but more could follow as work on the 40 story, 88 unit tower progresses.
Right now the Ritz-Carlton is just about 50% sold. Prism Development wants to have 75% of the Chicago condos sold by the time the high-rise is done late next year. Work slowed down on the project while the developer tried to lock in financing and finally did get a $137.5 million loan from the German bank Helaba. The entire project is expected to cost $242 million.
When marketing for the Ritz began in February 2006 there were 29 sales made by December of that same year. Not too many buyers signed contracts in the four years following that spurt though. Bruce Shultz, who is a principal at Prism was quoted in Crain’s as saying that, “It could always be better. But we anticipate sales will pick up as construction progresses.”
Price cuts aren’t on the agenda either, according to the article. Mr. Shultz intends to keep them at their current levels of between $1.25 million and $12 million. So if you are looking for Chicago luxury condos, the Ritz-Carlton Residences may be a good starting point.
September 24, 2010 - Every so often we like to branch out a little and talk about projects a bit outside the downtown Chicago real estate area. Focus Development has renovated a former courthouse in Wheaton and turned it into four luxury condos. According to a recent profile in the Tribune, the developer has also reduced the prices by as much as 36% on these condos, although they certainly still fall in the luxury price range. The units at Courthouse Square in Wheaton has been priced from $1,449,900 but now start at $929,900.
Finishes include 11′ ceilings, hardwood floors, custom cabinets, Wolf, Bosch and Sub-zero kitchen appliances. Each residence comes with three storage lockers and two indoor heated garage parking spaces. The building has a fitness center, outdoor lap pool and a hospitality suite.
The Cornerstone has 3 bedrooms and 3 baths with two balconies. It sizes up at more than 3,400 squre feet. The old price was $1,449,900 but with the new reductions it is listed for $929,900.
The Chambers has 3 bedrooms, 3 baths, a private patio and over 3,900 square feet. This condo was priced at $1,549,900 but is now listed for $989,900.
The Clocktower comes with 3 bedrooms, 3.5 baths plus a private clocktower balcony. The unit measures over 4,600 square feet. Previously $1,949,900 it is now priced at $1,349,900.
The Courtroom is a 3 bedroom, 3.5 bath condo with a two story kitchen and more than 3,500 square feet of living space. The residence had been listed for $1,699,900 but has been lowered to $1,099,900.
If you’d rather buy a condo closer to downtown Chicago, there are quite a few luxury Chicago condos for sale at reduced prices right now.
September 23, 2010 - Every time you turn around these days, another Chicago real estate project is advertising a “developer closeout.” Prairie District Lofts is the latest to join the crowd, according to a recent profile in the Tribune. Kargil Development doesn’t have far to go to reach a sell-out because the article states that PDL is already 95% sold. There are a few one bedroom units left though, and those are priced from $189,800
Prairie District Lofts sits at 1727 South Indiana Avenue and the five story brick building has a total of 116 Chicago condo lofts. The developer always drives home the point that PDL is one of or even the last South Loop loft project constructed in a converted vintage building with true loft features.
The lofts certainly attest to that claim, showcasing 12′ to 20′ ceilings, exposed ductwork, brick, timber beams and concrete columns. More standard features are hardwood floors, large windows, fireplaces and track lighting. Kitchens come with granite counter tops, stainless steel appliances and 42″ wood cabinets for plenty of storage. The lofts also have a balcony, deck or terrace, separate air and heat controls, washer/dryer hook-up and wiring for high-speed Internet and cable television.
Building amenities are a landscaped atrium, fitness center, sun deck, individual resident storage lockers and bike storage.
Check back here regularly for updates on price reductions and the latest information about Chicago Lofts For Sale.