Monthly ArchiveNovember 2010



chicago-condos & Chicago Real Estate & downtown chicago condos pcherry on 22 Nov 2010

Luxury Condos Still Selling

November 22, 2010 - Sales of high-end Chicago condos have picked up a bit recently, and several towers like Ten East Delaware and the Ritz-Carlton Residences have inked some high dollar sales lately. The latest pricey condo to go under contract is at Aqua though, according to a recent article in Chicago Magazine.

According to the article, the condo that sold at this 87 story Lakeshore East Chicago real estate development was a 3,600 square foot unit on floor 80. The report states that the list price had been $2.5 million and the sale price was $2,299,999. It also said that this sale was just the third condo in the tower that had gone under contract for a price of over $2 million.

One of the other high dollar sales at Aqua was a $2.8 million condo on floor 79. The other was a $2.24 million condo also on floor 80. The article also stated that there could be more condos at Aqua that sold for $2 million or more but just haven’t been made public record yet.
In any case, there are still some much lower priced condos at this tower if you can’t scrape up a couple million dollars. You can find some studio or even one bedroom units on some of the first for-sale residential floors, which start on level 53, priced from the $270,000s.

You can find more Chicago luxury condos like those at Aqua by checking out the development section.

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

Chicago Spire Developer Loses Second Sales Office

November 21, 2010 - There doesn’t seem to be any good news lately for the Chicago Spire. The latest chapter in the ongoing saga of the dream tower is that Garrett Kelleher of Shelbourne Development, the developer behind the mega project, has now moved out of his offices on one of the upper floors of 111 South Wacker Drive.

Crain’s is reporting that the move is most likely to avoid being evicted, as there is about $27,600 owed in back rent. The lavish NBC tower sales center for the Chicago real estate project was surrendered this past May as well. The article states that Shelbourne was nearly evicted back in February over around $110,000 in unpaid rent at the Wacker Drive offices.

Of that dispute, Mr. Edelman, legal representation for Mr. Kelleher stated that, “That lawsuit was amicably resolved and all payments were made in full.”

The tower on Wacker is owned by German investors and managed by the John Buck Company, accoding to the article. The suit to evict Shelbourne from the 6,700 square foot offices was filed in October. The rent on the space was around $16,500 per month and Shelbourne had been there on the 50th floor since 2006.

The Spire may never make it out of the hole it’s in, both literally and figuratively. But although developers are having a difficult time right now, it often provides opportunities for buyers to purchase Chicago foreclosures at lower prices.

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

Just 15 Developer Units Left At SoNo

November 19, 2010 - The decision by Chicago real estate developer Smithfield Properties to keep SoNo a solo tower seems to have been the right one in terms of sales anyway. The 28 story high-rise, which is lcoated on 860 West Blackhawk Street, is nearly sold out now. According to a recent Tribune article there are just 15 of the 199 Chicago condos in this tower left for sale from the developer and prices have been reduced.

The remaining condos at SoNo have been cut by 7% to 21%. The article stated that buyers can now get one bedroom, one bath units that have 796 square feet priced from $249,900 to $256,900.

One bedroom, one bath condos that measure 905 square feet are now listed from $287,900 to $293,900.

The remaining two bedroom, two bath units with 1,416 square feet have been lowered and range from $399,900 to $421,900.

And the three bedroom, two bath condos that size up at 1,656 square feet are listed from $481,900.

A parking spot in the heated garage will cost another $9,000 to $21,000.

Finishes include hardwoof floors, floor-to-ceiling windows, 9 foot high ceilings, stainless steel kitchen appliances, granite counter tops and marble baths. Building amenities include a 24 hour doorman, fitness center, bike storage and resident storage lockers.

You can check out the models at SoNo on weekends from 12pm to 5pm. You might also want to visit the sales centers for a few other new Chicago condos for sale to compare prices.

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