Monthly ArchiveNovember 2010
November 30, 2010 - For those of you who have been interested in living at Astoria Tower but maybe just aren’t in the position to buy a Chicago condo there right now, you may be able to rent a unit in the near future. According to a recent Crain’s article, Miami-based Crescent Heights is working on a deal to purchase about 200 of the unsold units at Astoria Tower for around $45 million and convert them to rental units for the time being.
Crescent Heights is making a name for themselves lately by purchasing Chicago real estate developments that are already rentals or switching them over to rentals. Last year the company bought Cityfront Place in Streeterville for about $80 million.
The condos at the 30 story Astoria Tower range from studios to two bedroom units. Prices for the studios start at $164,800 and the one bedroom condos start at $199,800. One bedroom plus den units are priced from $245,800 and the two bedroom condos are priced from $328,800.
The sales center at Astoria Tower, which is located on 8 East 9th Street, is open seven days a week from noon to 5pm if you want to check out the available units. You might also want to pencil in a few other developments with Chicago condos for rent to compare with Astoria’s.
November 29, 2010 - Most of you familiar with Chicago real estate will remember the problems that plagued Pure, the 64 unit mid-rise that developer Sunrise Equities left in a financial mess. Salman Ibrahim and Mohammad Akbar Zahid of Sunrise are thought to have returned to Pakistan, but federal fraud charges have finally been filed against them, according to Crain’s.
Most of the buyers who lost their investment money and earnest money with these developers aren’t likely to get any compensation. The article states that the federal case claims that about $44 million was raised by Pure pre-sales and other sales. That money didn’t go back into Pure though, and wasn’t used to pay off construction loans for the tower. The men used it to invest in other ventures and pay off other bills.
Sunrise Equities was declared bankrupt in 2008. Pure was almost finished by then and the lender, Mutual Bank, assumed control of the project with the intent of completing it and selling the units. But the FDIC was forced to shut down that bank and its assets were sold. A Texas based bank, United Central, aquired Pure and as of right now they aren’t certain if they will sell the condos or rent them until the market improves. There are 67 Chicago condos in Pure, but just four actually closed.
We will keep an eye on the Chicago real estate listings to see if the bank starts marketing any of the condos again and let you know if they do.
November 27, 2010 - Any buyers who have thought about purchasing a unit at the Mondial still have a good selection of Chicago condos at this West Town high-rise. The building, which is located on 910 West Huron Street, is also FHA approved. So qualifying buyers could lock in a low down payment of 3.5% and save some cash.
The one to three bedroom units at the Mondial are priced anywhere from $189,900 to $549,900. A parking spot in the heated garage will only add another $9,000 to the price tag.
Standard condo finishes at this new construction high-rise include KitchenAid stainless steel appliances, an island in some units, granite counter tops, oak cabinets, Grohe fixtures with pull-out spray faucet and double bowl sink. The baths come with 12 inch marble tile and separate steeping tub and shower. Eash unit has a wahser and dryer and a balcony.
Building amenities include a rooftop deck, landscaped park and community room.
You can compare the prices and perks at the Mondial with other new Condos In Chicago to see which ones offer the best deal for your investment.