Monthly ArchiveFebruary 2011
February 28, 2011 - We’ve been talking about how downtown Chicago apartments are in high demand right now and that rents are expected to rise this spring as demand for units increases in the typically busier season for moving. But what about suburban Chicago apartments? The answer is the same, according to a recent Crain’s article. Rents went up 7.4% for suburban Chicago apartments in the fourth quarter of 2010.
The median net rent for suburban Chicago apartments was $1.15 per square foot in Q4 of 2010, the article states. That price is identical to what rents ran in Q3 of 2010 but it was 7.4% higher than net rents per square foot in the fourth quarter of 2009. Appraisal Research Counselors crunched those numbers and also found that net rents are at the most expensive rate per square foot that they have been since 2003 when ARC started keeping records.
Occupancy at suburban Chicago apartments is also up, according to the article. The occupancy rate in Q4 of 2010 was 92.9% which is the same as it was in Q3 of 2010 but that is an increase from the Q4 2009 occupancy rate of 92.2%.
ARC vice-president Ron DeVries predicted earlier that downtown Chicago apartment rents would increase 7% to 8% this year and he states in this article that he believes that suburban Chicago apartment rents will also increase by around 5% this year and occupancy rates will go up to 94%.
The report also stated that area homeownership is down to 67.2%, which is the lowest it has been in eight years. Buyers are still holding back from purchasing Chicago condos due to high unemployment rates, difficulty in obtaining financing and the fear that home values will decline more. So it looks as though rental Chicago real estate will continue to dominate the news for a while.
February 22, 2011 - It hasn’t been very long since we told you about the new rental tower going up east of SoNo, which is located on 860 West Blackhawk Street. We thought we’d refresh you about what Chicago condos were still available at SoNo before it’s sister rental high-rise takes up all of the spotlight. That 22 story tower will house 324 Chicago apartments.
A couple of months ago Chicago real estate developer Smithfield Properties announced that they had only 15 condos left for sale at the 28 story, 199 unit SoNo. There hasn’t been any news about whether or not any sales have been made since that announcement, and we’re waiting on a new price list. But as far as we know, the prices, which had been reduced by 7% to 21% are still in effect. The units that had been left are listed below. SoNo is FHA approved.
1BR / 1Bath /796 sq ft / from $249,900 to $256,900
1BR / 1 Bath / 905 sq ft / from $287,900 to $293,900
2 BR / 2 Bath / 1,416 sq ft / from $399,900 to $421,900
3 BR / 2 Bath / 1,656 sq ft / priced $481,900
An indoor garage parking spot will add another $9,000 to $21,000.
Condo finishes include maple hardwood flooring, carpeted bedrooms, vinyl shelving in teh closets, pre-wiring for high-speed Internet, cable and phones, KitchenAid stainless steel appliances, Grohe faucets, granite counter tops and double bowl stainless steel kitchen sink. he baths feature 12 inch marble tile, marble vanity top, 6 foot steeping tub and designer lighting.
Building amenities include a 24 hour doorman, bike storage room, storage lockers and a fitness center.
Right now there are still quite a few condos in Chicago for rent, so don’t limit your search to apartment towers.
February 18, 2011 - Price cuts and promotions aren’t anything new at 200 North Dearborn. American Invsco is the Chicago real estate developer behind this tower and they make the most of any opportunity to launch a new marketing campaign. The last one was a “make an offer” promotion to try and meet new pre-sale requirements from Fannie Mae. They needed 36 new sales by January 31st. They must need a few more because now there are “huge discounts” being offered to the next 16 buyers who sign a contract.
There is a good selection of convertible to two bedroom units left in this tower and the price reductions range from 40% to 55% plus another 5% more off for cash sales.
Right now you can expect to pay from $125,500 to $146,500 for a convertible. They had been priced from $298,200 to $ 284,700 so that is a drop of 50.87% to 55.92%.
The one bedroom condos at 200 N Dearborn are now priced from $176,000 to $224,400 which is down from the old prices of $333,700 to $464,000. That saves you from 40.37% to 51.64%.
And the remaining unsold two bedroom, two bath condos that had been priced from $472,900 to $575,800 are now listed from $227,500 to $338,100. That is 41.28% to 54.34% off original prices.
Finishes include floor-to-ceiling windows, oak cabinets, ceramic bath tile, hardwood floors, walk-in closets and an appliance package. Building amenities include a 24 hour doorman, laundry room, sun deck with swimming pool, fitness center, bike storage room and extra storage space for residents.
You can also use the free Chicago MLS search to check up on the latest prices and availibility.