Monthly ArchiveFebruary 2011



chicago-condos & Chicago Real Estate pcherry on 11 Feb 2011

Chicago Apartments Hot, Chicago Condos Not

February 11, 2011 - Chicago apartments are hot, Chicago condos are not. At least that seems to be the sentiment of Chicago real estate developers. According to a recent Crain’s article, more and more developers are reversing the trend of converting apartments to condos and instead switching condos to apartments as buyers opt to wait out the market and rent for now.

In fact, many Chicago condo prices are down to 2002 levels, according to the article. That’s bad news developers. That tends to scare off buyers who look as home ownership as an investment.

Appraisal Research Counselors VP Ron DeVries was quoted in the article as saying that, “We keep setting records every year in terms of the number of units rented.”

ARC found that rents for high-end downtown Chicago apartments rose 7.2% last year, up to $2.23 per square foot, including free perks like a month’s free rent. Mr. DeVries expects rents to increase an additional 7% to 8% this year as well. Occupancy is also up in downtown apartments, with third quarter 2010 rates coming in at 94.7%.

There are just 312 apartments scheduled to opn this year in one new development, but there are 150 empty Chicago condos spread out over 7 downtown buildings. Those units could potentially turn into rental units.

ARC VP Gail Lissner was quoted as saying that, “The first thing developers are doing is talking to their banks. It’s really kind of decision time.”

With only around 600 downtown Chicago condos sold last year and almost 2,000 units scrapped, those 150 unsold condos may indeed be offered for lease. Ms. Lissner told Crain’s that she believes it will take another 3 to 5 years before we see new Chicago condo towers going up again. Until then, we will probably see more Chicago apartments for rent.

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chicago-condos & Chicago Real Estate pcherry on 10 Feb 2011

Few Units Available At Michigan Avenue Tower II

February 10, 2011 - If you wish you had attended the auction at Michigan Avenue Tower II back in November of 2009 and purchased one of the 43 Chicago condos that sold, you are in luck because there are still a few units for sale at reduced prices.

According to a recent profile in Chicago Magazine, Chicago real estate developer Russland Capital is marketing two 4 bedroom penthouse units and six remaining one bedroom condos in the 28 story, 257 unit high-rise.

The one bedroom units range from an 826 square foot unit to a 751 square foot condo with a den. previously the one bedroom condos at Michigan Avenue Tower II were listed in the $300,000s but right now you can purchase one from between $199,900 to $259,900.

The largest available penthouse condo is a 4,063 square foot with four bedrooms and a combo kitchen and living/dining room, according to the article. It also has a roomy master suite. It had been listed for $1.899 million but has been cut to $1.199 million.

The other available penthouse unit also has four bedrooms. This condo measures 3,400 square feet and also has a pair of terraces. Previously priced at $2.1 million, it is now for sale for $1.599 million.

Heated indoor parking will add another $37,500 to any of these prices.

Residents of Michigan Avenue Tower II have a fitness center, bike storage room, club room with kitchen for entertaining, dog run, outdoor pool and rooftop sun deck.

The condos at this high-rise come with a washer/dryer hook-up, 42 inch upper kitchen cabinets, stainless steel appliances, granite counter tops and hardwood flooring. The baths have a soaking tub, marble vanity top and ceramic shower surround and floor tile.

Interiors feature hardwood floors, carpeted bedrooms, washer/dryer hook-up, 42 inch upper kitchen cabinets, stainless steel appliances, granite counter tops, marble vanity tops, ceramic bath floor tile and shower surround plus a soaking tub.

If you’re not ready to buy, there are lots of Chicago condos for rent as well.

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chicago-condos & Chicago Real Estate pcherry on 09 Feb 2011

Trump Tower Model Units Open

February 9, 2011 - If you been looking forward to visiting the new furnished models at Trump Tower, you’ll be happy to know that they are finished and ready for touring. The five models in the 92 story luxury high-rise, which is lcoated on 401 North Wabash Avenue, were designed by Mary Cook & Associates. The models vary from a 580 square foot studio all the way up to a spacious two bedroom unit with 2,742 square feet of living space, according to a recent Tribune article.

The models are a new feature at Trump Tower. Since resolving construction loan issues with the primary lender for this Chicago real estate development, it looks as though the focus is now going to be on selling the remainder of the empty Chicago condos in the tower. The models aren’t for sale, according to the article, but buyers can visit them, get an idea and feel for how the unfinished units can be decorated and buy one based on one of the model floor plans. The remaining unsold condos at Trump Tower vary in price from $463,000 to $1.68 million. The residential condos are on floor 29 through 89 and consist of studios to fourbedroom layouts with 580 to 14,000 square feet of living space.

Located on floors 29 through 89, residential condos include studios, one- to three-bedroom plans, and four-bedroom penthouses and range from 580 to 14,000 square feet.

Mary Cook was quoted in the article as explaining that the models were decorated to appeal to certain buyers. “We have young singles, empty nesters, retirees, professionals, nonprofessionals, people where it’s their primary residence and people where it’s their fifth home.”

In model unit G, you’ll find a one bedroom condo that has a library and office. The bedroom is large and designed to appeal to a 40 something business man who travels a lot. And many of the model units have distinct features like 45 degree angles and walls that curve, allowing the windows to frame more of a panoramic view.

Buyers who purchase one of the Trump Tower condos will get the same lavish treatment and perks as hotels guests. Residents have a free membership in the Spa at Trump health club, room service is available from the Sixteen restaurant located in the tower and you get to enjoy the Rebar lounge and the Terrace at Trump.

As far as Luxury Chicago condos go, Trump may not be at the very top of the list but these condos certainly set a high standard.

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