Monthly ArchiveSeptember 2010



chicago-condos & Chicago Real Estate pcherry on 14 Sep 2010

Spire Developer Loses Lawsuit

September 14, 2010 - It looks as though the developer of the Chicago Spire has at least lost one battle, if not the war, in terms of trying to avoid repaying a couple of loans totaling about $4.9 million from Bank of America. Garrett Kelleher of Shelbourne Development Group had filed a lawsuit against B of A on the grounds that the interest on the loans was calculated on a 365 day year as opposed to a 360 day year, according to a recent Crain’s article.

A federal judge threw out Mr. Kelleher’s suit, which claimed that B of A broke state law by using the 365 day rate formula. U.S. District Court Judge Amy J. St. Eve ruled that the terms of the loan and the interest rate were written in the loan agreement and that a national banking law superseded state law.

Bank of America had filed a lawsuit against Shelbourne Development back in August of 2009 for the two loans that went into default after there was no construction loan locked in for the mega Chicago real estate project by the November 2008 deadline.

Shelbourne Development contended that they couldn’t get financing to build the Chicago condos because of an “unforeseeable and unprecedented economic downturn and recession.” Shelbourne’s lawer stated in the article that they will ask the judge to reconsider her decision and if she doesn’t, they may appeal.

The judge ordered a settlement hearing for September 28th.

Shelbourne’s point that the housing market crash made it nearly impossible to find financing has some merit to it, but it probably won’t get them out of repaying the loans. There are still so many New Chicago Condos for Sale that no developers are planning any project anywhere near the scope of the Spire in the near future.

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chicago-condos & Chicago Real Estate pcherry on 13 Sep 2010

More Tides Apartments For Lease

September 13, 2010 - Yesterday we talked about the studio and convertible apartments that are either available for lease right now or in a few weeks at the Tides. Here are the one bedroom, one bath units plus the two bedroom, two bath units available for lease.

One bedroom, one bath apartments with a Southwest view are listed below.
Unit #2602 / 820 square feet / $2,160 per month / Available Now
Unit #1102 / 820 square feet / $2,079 per month / Available 09/12/2010

One bedroom, one bath apartments with a North view are as follows.
Unit #0805 / 730 square feet / $1,870 per month / Available Now
Unit #0905 / 730 square feet / $1,870 per month / Available Now
Unit #4505 / 730 square feet / $2,008 per month / Available 10/05/2010
Unit #0707 / 730 square feet / $1,811 per month / Available Now
Unit #2607 730 square feet $1,844 per month / Available Now
Unit #0807 730 square feet $1,811 per month / Available Now

The two bedroom, two bath units with a Northwest view are listed below.
Unit #1101 / 1185 square feet / $2,760 per month / Available Now
Unit #1201 / 1185 square feet / $2,760 per month / Available Now
Unit #1501 / 1185 square feet / $2,765 per month / Available Now

Two bedroom, two bath units with a Northeast view are as follows.
Unit #4101 / 1210 square feet / $2,863 per month / Available Now
Unit #3301 / 1210 square feet / $2,803 per month / Available Now

Two bedroom, two bath apartments with a Southeast view are listed below.
Unit #0318 / 1295 square feet / $2,934 per month / Available Now
Unit #0418 / 1295 square feet / $2,934 per month / Available Now
Unit #0518 / 1295 square feet / $2,934 per month / Available Now

Be sure to check back here with us for updated Chicago real estate news and details about Chicago apartments and condos for rent.

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chicago-condos & Chicago Real Estate pcherry on 11 Sep 2010

Apartments Available At The Tides

September 11, 2010 - We’ve been updating readers about what Chicago apartments are available for lease right now at Aqua, so we thought we’d take a look at another Magellan Development tower and see what’s available there. The Tides is currently offering one month’s free rent if you sign a 12 month lease.

Finishes and features of the units at the Tides include cable television and high-speed Internet, wall-to-wall carpeting, window treatments, individually controlled heat & air conditioning plus a laundry with full size washer and dryer. The kitchens come with cherry cabinets, granite islands, ceramic tile and stainless steel appliances. Baths have ceramic floor tile and surrounds, oversized vanity with marble top and medicine cabinets. Other units features include floor-to-ceiling windows, glass balconies, walk-in closets and the high-rise is pet-friendly.

There are three studios with a South view up for lease right now.
Unit #0416 / 570 square feet / $1,511 per month / Available 10/05/2010.
Unit #0516 / 570 square feet / $1,511 per month / Available 10/05/2010.
Unit #0916 / 570 square feet / $1,521 per month / Available 11/05/2010.

There is also one convertible with a South view.
Unit #2904 / 600 square feet / $1,805 per month / Available 10/05/2010.

The convertibles with North views are as follows.
Unit #2809 650 square feet $1,721 per month / Available 10/05/2010
Unit #4809 650 square feet $1,857 per month / Available 10/15/2010
Unit #4109 650 square feet $1,789 per month / Available 11/05/2010

The convertibles with South views are listed below.
Unit #0810 605 square feet $1,764 per month / Available Now
Unit #0910 605 square feet $1,764 per month / Available 10/05/2010
Unit #3210 605 square feet $1,815 per month / Available 10/05/2010
Unit #4306 700 square feet $1,943 per month / Available Now
Unit #2506 700 square feet $1,859 per month / Available Now
Unit #4406 700 square feet $1,943 per month / Available Now
Unit #3008 690 square feet $1,900 per month / Available Now
Unit #1108 690 square feet $1,812 per month / Available Now
Unit #0908 690 square feet $1,808 per month / Available Now

If you’re at a point where leasing is no longer attractive to you, there are plenty of Chicago condos for sale with price cuts.

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