Monthly ArchiveDecember 2010

chicago-condos & Chicago Real Estate pcherry on 22 Dec 2010

Library Tower Sale

December 22, 2010 - The end of the year usually means more promotions, sales and incentives for Chicago real estate developments. Lennar Homes is known for having sales on a fairly regular basis, and this time they are advertising their “YES Event.” Yes is short for Year End Sale and there are eight area developments that have Chicago townhomes and Chicago condos ready for immediate delivery.

There aren’t a lot of condos left for sale from the developer at Library Tower. There had been a single one bedroom available, but that one must have gone under contract during the last sale since it isn’t advertised anymore. Library Tower, located on 520 South State Street, is FHA approved, so buyers who qualify can score a low down payment.

The five condos currently being advertised are below.
3BR / 2Bath / 1,805 sq ft / from $442,990
3BR / 2.5Bath / 1,780 sq ft / from $519,990
3BR / 2.5Bath / 2,130 sq ft / from $699,990
2BR / 2Bath / 1,530 sq ft / from $449,990
2BR / 2Bath / 1,680 sq ft / from $489,990

Finishes in these condos are what you’d expect; hardwood flooring, large windows, granite counter tops, 42 inch cabinets, stainless steel appliances and natural stone baths. There is a 24 hour doorman, fitness center, bike storage space, business center, party room, movie room and sun deck.

You can tour the models at Library Tower on Monday through Saturday from 10am to 6pm and on Sundays from 12pm to 6pm. You may want to compare them to some other South Loop Chicago condos for sale and see which ones have the best deal for your money.

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

Price Cuts At Evanston Developments

December 21, 2010 - Yesterday we told you about how sales are nearly non-existant at Grand Bend At Green Bay in Evanston. The Bluewater Group purchased 38 suburban Chicago condos in the six story low-rise this March and even though they cut prices by almost 40% they have made only six sales. They need to sell the other 32 units before a $6.75 million loan comes due in March of 2012.

Another couple of suburban Chicago real estate projects in Evanston are creating some competition for Grand Bend. Sienna and One Evanston, which had been called Winthrop Club Condos, are also promoting price cuts right now according to a Crain’s report.

Sienna, which is a 111 unit tower on 1720-40 Oal Avenue in Evanston, is advertising reduced prices of $160,000 for their unsold one bedroom condos. The three bedroom condos in this tower are priced from $385,000. There are just seven units left for sale from the developer.

At One Evanston, which is located on 1570 Elmwood Avenue in Evanston, the prices have been cut around 20%. The one to three bedroom condos are starting at $234,400 and go on up to $999,900. Free parking is included in the purchase price and guest parking is also offered at no cost.

So if you’re shopping for suburban Chicago condos you should probably visit the sales centers for all three of these developments.

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chicago-condos & Chicago Real Estate pcherry on 20 Dec 2010

Grand Bend At Green Bay Still Struggling For Sales

December 20, 2010 - Several posts ago we told you about the ongoing rent-to-own promotion at Grand Bend At Green Bay in Evanston. The Bluewater Group Inc. purchased a block of 38 unsold suburban Chicago condos at this 49 unit development in March of this year for about $6.75 million and cut many of the prices by almost 40% before launching the rent-to-own promotion. But according to a recent Crain’s report, sales are still not happening at this suburban Chicago real estate development.

Bluewater has made only six sales at Grand Bend since they bought the condos, and with a $5.3 million loan coming due in March of 2012 they need to sell the other 32 condos soon.

Ferris Homes was the original developer for Grand Bend in 2005 but they only made 11 sales before the Northbrook Bank sued for an unpaid loan of $13.5 million in 2009. Northbrook Bank then issued a $5.3 million loan for Bluewater to purchase the 38 condos

Prices on the junior one bedroom condos at Grand Bend at Green Bay now start from $179,900. The larger upper floor condos start at $639,900. The old prices had been listed anywhere from $295,900 to $765,000.

There are a couple of other developments in Evanston that have suburban Chicago Condos for Sale at reduced prices and we’ll talk about those tomorrow.

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