Monthly ArchiveJanuary 2011



chicago-condos & Chicago Real Estate pcherry on 24 Jan 2011

After Buying Astoria Tower Condos, Developer Wants To Sell Cityfront Place

January 24, 2011 - When Miami-based Crescent Heights bought Cityfront Place for $82 million back in December of 2009, everyone speculated that the developer was trying to get a foothold in the rental side of Chicago real estate. Then when they just recently purchased 205 empty Chicago condos in Astoria Tower for $45 million and announced they would rent them cheaper than any in the area, most assumed they were in it for the long haul. But now Crain’s is reporting that Crescent Heights is looking to sell Cityfront Place, which is located on 400 North McClurg Court, and CB Richard Ellis may be asking $100 million for the 39 story, 480 apartment tower.

That may not be an unrealistic amount to ask for the Streeterville high-rise. According to teh article, the tower is 98% leased and there has been a 5% to 6% increase in effective rents in the past year. Leasing rates are $1,095 to $2,285 per month for studio to two bedroom units at Cityfront Place.

Crescent Heights also wants to sell a Hyde Park development they purchased for $128 million in 2005. Regents Park is located on 5020-5050 South Lake Shore Drive and the occupancy rate is at 95%. Another good investment for someone with the capital to make it work.

At some point Chicago real estate developers will be able to venture back into the market rate condo business, but for now, rental is where the action is.

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chicago-condos & Chicago Real Estate pcherry on 22 Jan 2011

More Apartment Towers Going Up

January 22, 2011 - At this point anyone who follows Chicago real estate knows that apartments and all things rental are what’s hot. Developers who haven’t been able to get financing to build Chicago condos are starting to find lenders willing to bank roll rental projects. Besides the new apartment tower that Smithfield Properties is putting up next to SoNo, Crain’s is reporting that quite a few more are on the way.

According to data gathered by Appraisal Research Counselors and printed in the article, around 2,324 downtown apartments were completed last year and as many as 3,400 could be added in the next year or two if developers can get financing. But the article went on to say that lenders aren’t likely to let that many be financed and flood the market. A more reasonable number would be around 1,200.

ARC also said that if the current leasing rate continues, there will be more renters than available downtown apartments by 2012 and rents could increase by up to 10%. The occupancy rate for downtown apartments was 94.7% in the thrid quarter of last year (2010) and that is up from the third quarter 2009 rate of 91.1%. The next effective rents for the third quarter of 2010 also increased 5.7%.

So what are some of those developments ready to break ground if financing is found? Well, a 321 unit apartment tower may be built on 73 East Lake Street by RMK. They need about $130 million.

Magellan Development wants to construct a 500 unit tower in the East Loop. No further details on that one.

Hines Interests L.P. out of Houston will begin construction in April on a 250 unit apartment tower to be located on 1233 North Wells in Old Town. They already have a loan for the $100 million high-rise. The tower is scheduled for completion in mid 2012.

And Village Green Cos. is renovating a 45 story office tower located on 188 West Randolph Street at a cost of $147 million. This project will add another 313 apartments in early 2012.

Remember that you don’t have to wait until next year to find some really great deals on Chicago apartments for rent and Chicago lofts for sale.

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chicago-condos & Chicago Real Estate & condos for sale in chicago pcherry on 21 Jan 2011

Price Reductions On Lincoln Park Condos

January 21, 2011 - If you’re shopping for new Chicago condos in Lincoln Park you can score some savings at 2053 North Sheffield Avenue. A vintage building has recently been renovated, but had a generous amount of the original brick left exposed, according to a profile in Chicago Magazine. Although it is a smaller Chicago real estate project development with just eight units in the building, you may find something you like there.

Jay Ok is the developer and @Properties is marketing the condos. Prices were reduced around 15% last fall, according to the article. Right now prices run from $199,000 to $349,000. From the report, there is only parking for four vehicles on the site.

The condos are desribed as having an open floor plan plus totally new kitchens and baths. The biggest condo is a first floor unit with 1,200 square feet of living space. It comes with two bedrooms, spacious living room with large windows and a 15 foot ceiling. This condo also has the distinction of having its own entrance. The price for this condo is $349,000.

The smallest condo is a one bedroom unit with 950 square feet of living space. It has the honor of being the most affordable at $199,000.

This development is probably worth checking into if you are interested in purchasing Lincoln Park Chicago condos.

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