Monthly ArchiveDecember 2010
December 28, 2010 - River North is one of Chicago’s trendier neighborhoods, known for its variety of retail stores, arts & crafts shops, entertainment and restaurants. Chicago condos in this neighborhood have usually sold well, but sales have certainly suffered along with other neighborhoods in the past two years. One Chicago real estate project, Superior 110, only has 10 developer units left for sale but needs to move those last condos before the balance of a $39.9 million construction loan comes due in June 2011, according to a Crain’s report.
Developer Jonathan Zitzman of JFJ Development Co.has only closed on five condos since June, according to the article. Those sales were the result of a second round of price cuts. He first reduced prices in August of 2009 and right now prices are about 25% lower than they were a couple of years ago. The tower stands 27 stories tall and has a total of 57 condos. The article states that 47 of those are under contract, making the building 82% sold.
Back in 2009 when Superior 110 first started making deliveries it was 75% sold but 18 sales were lost as buyers walked away because they either couldn’t get financimg or just chose to walk.
Right now prices range from $457,900 to a bit under $1.3 million. There is a penthouse on the top floor though that is priced at nearly $2.3 million.
There are quite a few other Chicago condos for sale in River North at discounted prices as well.
December 27, 2010 - With Chicago apartment rents on the rise and vacancy low, leasing is a big business right now. Chicago real estate developers have been switching projects over to rentals and scrapping maret rate Chicago condo plans. In a sign of investor confidence, one of the bigger rental towers in Streeterville was recently refinanced with an $87 million loan from Massachusetts Mutual Life Insurance Company, according to a Crain’s report.
Streeter Place, which is located on 355 East Ohio Street, has 480 apartments. Construction on the high-rise was finished in August of 2009 at a cost of $175 million, according to the article. Right now the apartments are about 95% leased.
There is a rent special going on right now at Streeter Place. If you sign a 12 month lease for any floor plan you can get one month’s free rent. A 12 month lease on select floor plans can get you one and a half month’s free rent. Monthly parking rates are also discounted right now and cost $125 per space. Utilities included in the rent are wireless Internet, basic cable, HBO and DVR, gas, water and AC.
Amenities at the resident’s Club 355 include a fitness center, spa, whirlpool, steam room and sauna, outdoor sundeck with pool and BBQ area. There is also a resident lounge with billiard tables, big screen TVs, MP3 system, wireless Internet and a business center.
Apartment finishes include floor-to-ceiling windows, granite counter tops, stainless steel appliances, maple cabinets, ceramic kitchen and bath tile, stackable washer and dryer and mini blinds on windows. There are also recessed balconies, walk-in closets, linen closets and guest closets in certain floor plans.
If Streeter Place isn’t exactly what you’re looking for, there are still lots of Chicago condos for rent right now.
December 23, 2010 - Even though year-over-year sales of Chicago condos and single-family homes increased for the first half of 2010, sales numbers have dropped from July through November. According to the Illinois Association of Realtors, sales of Chicago area single-family homes and condos fell 34.3% in November when compared to November 2009 sales. The IAR report was highlighted in a recent Crain’s article.
The nine counties that make up the Chicago area are Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
For November 2010, there were 4,518 Chicago condos and single-family homes sold in the Chicago area, which is down from the 6,878 homes and condos sold during November of last year (2009).
The sales numbers for units sold strictly in-town Chicago weren’t any better. There were 1,144 single-family homes and condos sold in Chicago during November 2010. That makes for a 38.5% drop as compared to the 1,859 sold in November of last year (2009).
The report quoted association President and development/operations coordinator for Traders Realty Sheryl Grider Whitehurst as speculating that, “November home sales reflect the consumers’ cautious mood about the economy and jobs combined with normal seasonal slowdown in activity and a sizable impact from the tax credit that ramped up home sales a year ago due to the original tax credit deadline of Nov. 30.”
The median price of Chicago area single-family homes and condos also dropped 6.9% to $175,000. A year ago in November the median price was $188,000.
For single-family homes and condos in-town Chicago, the November 2010 price fell 4.2% to $206,000. The median price in November of 2009 was $215,000.
The inventory of Chicago homes and condos is slowly shrinking since no new large scale developments are in the works, so we’ll have to wait and see if Chicago real estate prices and sales pick up in 2011.