Monthly ArchiveFebruary 2011

chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 17 Feb 2011

Metropolitan Tower Developer Down To One Unsold Condo

February 17, 2011 - Chicago real estate developers touting a “final closeout sale” or “developer closeout” is nothing new to buyers. But at Metropolitan Tower this really is your last chance to purchase a developer units that has never been bought or lived in before.

There is just one three bedroom, 2.5 bath condo left for sale from the developer at Metropolitan Tower. This unit measures up at 2,650 square feet, according to the building site. The original price for this condo was $1.7 million but it is now up for slae at $1.25 million. One free indoor parking space is included.

If you want to get specific on size, the combination living and dining room is very roomy, measuring 35′, 10″ by 14′, 10″. The kitchen isn’t huge, but servicable at 16′, 10″ by 8′, 5″. The condo has an open floorplan.

This final developer unit comes with a huge living/dining room combination that measures 35 feet, 10 inches by 14 feet, 10 inches. The kitchen measures 16 feet, 10 inches by 8 feet, 5 inches.

The master bedroom comes in at 14′ by 15′. The second bedroom measures 15′, 2″ by 13′, 5″. The third bedroom measures 15′, 9″ by 12′, 1″.

Standard interior finishes and features at Metropolian Tower include oversized windows, oak hardwood flooring, walk-in bedroom closets plus a GE washer and dryer in each unit. The kitchens come with GE stainless steel appliances, granite counter tops, double bowl sink, Woodmode cabinets and Grohe faucets. Twelve inch marble floor tile, marble shower surround and marble vanity tops are in the baths along with a 6 foot coaking tub, Toto fixtures, Kohler sink and Grohe faucets.

building amenities include a 24 hour doorman, fitness center, rooftop sundeck, storage lockers and party room.

Resident building amenities include a rooftop dun deck, fitness center, storage lockers, party room and 24 hour doorman.

If you don’t think this last unit at Metropolitan Tower is right for you, there are lots of other new Chicago condos for sale.

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chicago-condos & Chicago Real Estate pcherry on 16 Feb 2011

Chicago Apartment Rents Expected to Increase This Spring

February 16, 2011 - By now most people who follow Chicago real estate news know that there is more demand for rental Chicago apartments than market rate Chicago condos. What you may not know is that rental rates are expected to go up this spring, according to a recent Crain’s report. And the expected hikes in monthly rental rates won’t be limited to downtown apartments. Units leased in other Chicago neighborhoods and the suburbs are also expected to rise.

Appraisal Research Counselors data shows that rents increased by around 7% last year and are expected to go up another 7% to 8% this spring. Many rental towers are 98% or more occupied and landlords have plenty of would-be tenants waiting for a unit to become available. That means that incentives and concessions like free parking, a free month’s rent or free appliances or televisions may not be offered as much.

ARC vice president Ron DeVries was quoted in the article as saying that, “The concessions are still out there, but as soon as you hit that April market you’re going to start seeing a lot of push on rents.”

Two rental towers that are planning a rent hike are Presidential Towers with up to an 8% increase and Flair Tower with a 4% to 6% increase this spring.

The shadow market of condo owners and investors who are trying to rent out units that aren’t selling hit the 5,718 unit mark last year, according to the article. But with no big new developments on the horizon there may not be many units added to that total. It also may not be as big of a threat to the apartment market because many renters are concerned that if they rent a condo it might go into foreclosure.

The article also went on to say that while last year brought over 2,500 new downtown Chicago apartments onto the market, this year just about 312 new apartments in Randolph Tower will be ready. For next year (2012) around 650 new apartments are expected to be completed and about 2,000 new rental units in 2013. All of that may sound like a lot of apartments, but in the twelve month period from the fourth quarter of 2009 to the fourth quarter of 2010 there were more than 2,000 new downtown Chicago apartments leased.

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chicago-condos & Chicago Real Estate pcherry on 15 Feb 2011

EnV Apartment Tower Gets LEED Certification

February 15, 2011 - EnV, located on 161 West Kinzie Street, is the latest Chicago apartment tower to receive LEED certification. Lynd Development Partners issued a press release announcing the achievement made by the 29 story, 249 unit mixed-use tower. The features that helped EnV score the rating include a green rooftop, energy efficient heating and cooling systems, efficient lighting, a non-smoking policy and using low VOC materials and recycled materials.

The high-rise just started leasing units last September. The apartment sizes and rates are listed below.

Studios / 470 - 632 Sq Ft / $1,724 - $1,993 Per Month
1 BR, 1 Bath / 771 - 907 Sq Ft / $2,058 - $2,818 Per Month
1 BR,1 Bath+Den / 926 - 1,008 Sq Ft / $2,654 - $3,308 Per Month
2 BR, 2 Bath / 1,145 - 1,207 Sq Ft / $3,058 - $3,903 Per Month

Building amenities at this rental Chicago real estate development include a 24 hour fitness center that offers both private and group workout classes, a pool terrace with chaise lounges and cabanas, BBQ area, an all-season bar with catering kitchen, bike storage room, extra storage lockers and wine lockers for residents. Other perks include a 7th floor Internet lounge, juice and coffee bar, dog run, fire pit and garden, media room with surround sound and big screen television plus Ipod docking stations.

EnV residents have complete building Wi-Fi access, concierge service, Zip-Car access plus dry cleaning and package receiving.

The apartments at EnV feature bamboo flooring, 9 foot ceilings, floor-to-ceiling windows, pendant and track lighting, exposed ductwork, built-in wine racks, built-in desks, a washer and dryer and a balcony. Kitchens come with custom hardwood cabinets, granite counter tops, islands and stainless steel Whirlpool appliances. The baths have ceramic tile flooring and marble vanity tops.

The leasing office is open on Mondays, Tuesdays and Fridays from 9am to 6pm. It is also open on Wednesdays, Thursdays and Saturdays from 9am to 5pm and on Sundays from noon to 5pm.

There are also lots of Chicago condos for rent as well, so check back with us for updates.

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