Monthly ArchiveJanuary 2011
January 31, 2011 - Moving in the middle of winter doesn’t sound very appealing to many people, but if you purchase a Chicago condo now, by the time you close it will just about be spring. Chicago real estate developers will probably be rolling out their wagon load of incentives, and one project is already blazing a trail. At 235 Van Buren they are running a special buyer incentive for the next 20 buyers. If you’re one of those buyers, you can get up to $5,000 in closing cost credit and a year of free assessments. If you qualify, you can also lock in a 2.875% 5-year FHA ARM or 4.375% 30-year FHA Fixed Rate mortgage.
This promotion is only good for FHA approved units. Buyers also must be able to close on their unit by April 15th of this year (2011) and have the 3.5% down payment. If the unit you purchase is priced below $211,000 you won’t get the full $5,000 closing cost credit.
Condo interiors have custom lighting, hardwood flooring and are pre-wired for high-speed phone, Internet and cable television. The units have a washer and dryer plus wire shelving with vinyl covering in the closets. Kitchens come with the standard granite counter tops, stainless steel appliances, double bowl sink and pull-out spray. The baths have marble vanity tops, ceramic tile and an oversized mirror.
You can check out the 19 model units weekdays from 11am to 6pm and weekends from 12pm to 5pm.
The City Homes or one bedroom condos start at $146,900. The two bedroom, two bath units are priced from $269,900 and the penthouse condos run from $339,900.
You can find other affordable Chicago condos for sale by following the link.
January 29, 2011 - 565 Quincy is one of Chicago real estate developer Belgravia Group’s hottest projets and according to the building site, it is now over 85% sold. The company is pretty blunt when it comes to promoting 565 Quincy. They state that, “Missing this would suck. Over 200 people have made their move. It’s time you made yours.”
There seem to be more of the condo units left than the loft units, but in any case, there are still enough developer units left to give you a good selection of floor plan choices.
It has been about a year since Belgravia broke down and lowered prices at 565 Quincy, and that move has obviously worked in terms of sales. The free parking space (valued at $35,000) with all purchases except the junior one bedroom units has also helped sales.
These are the units that Belgravia is currently marketing at 565 Quincy.
Tower Unit #12 / 548 Sq Ft / Studio / 1 Bath / Available Now / $155,900
Tower Unit #14 / 700 Sq Ft / Studio / 1 Bath / Available Now / $192,900
Tower Unit #8 / 1,104 Sq Ft / 2 BR / 2 Baths / Available Now / $341,900 Includes Parking
Loft Unit #2 / 985 Sq Ft / 1 BR / 1.5 Baths / Available Now / $269,900 Includes Parking
There are some other nice Chicago lofts for sale at competitive prices, so check back with us for updates.
January 28, 2010 - By now, hearing about another Chicago real estate development that is facing foreclosure is nothing new. But what is new is the steps that developers are taking to avoid having a lender take control of a building and buy some time to possibly get their finances in order. By filing Chapter 11 bankruptcy, the foreclosure process is halted for a short time, and that may be enough to keep a bank at bay and convince them to restructure a payment plan with a developer.
According to Crain’s, that may just be what Paramount Homes president Bruce Fogelson is doing. The report states that he filed Chcapter 11 on his Bucktown Station project last week and hopes to somehow recover the four story, 15 unit development which is located on 1845 North Western Avenue.
Mark Pearlstein of Levenfeld Pearlstein, a lawyer not associated with the filings, told Crain’s that, “Some developers use bankruptcy as leverage. It provides some relief for them to get a new deal.”
It may be working. The article states that the court appointed receiver of Bucktown Station since November 2010 has given up control of the property because of the bankruptcy filing and a motion was filed by Mr. Fogelson’s laywer for him to take control again.
The balance of the construction loan is a little less than $5.6 million. It matured in September of 2008 and although Mr. Fogelson couldn’t pay if off in full, he did keep making monthly payments. PNC Bank finally stopped accepting the checks about midway last year though.
Only three of the fifteen Chicago condos at Bucktoan Station have sold since the project was finished in 2008. Of the 12 that are left, 10 are being leased. The condo finishes were high-end, with oak hardwood flooring, ventless gas fireplaces, granite kitchen counter tops, stainless steel appliances, marble baths and separate tuns and shower.
If you’re looking for a condo in Bucktown, you may want to see how this development debate plays out. Or you might want to find a good deal on Chicago foreclosures yourself.