Monthly ArchiveMarch 2011
March 21, 2011 - Several posts ago we talked about the stalled sister tower of SoNo finally moving forward as a rental high-rise. Chicago real estate developer Smithfield Properties ditched the idea of marketing more Chicago condos and opted for the current trend of switching plans to rental apartments. But they have at least almost reached a milestone at SoNo, and that is having just 11 condos left for sale.
A recent profile in Chicago Magazine stated that Smithfield only has 11 units that are up for sale now at SoNo. The 28 story tower has 199 condos and is located on 860 West Blackhawk Street. The 11 units that are left are located on no higher than the eighth floor and are one and two bedroom condos.
The smallest unit is a 756 square foot one bedroom on the second floor that comes with a price tag of $250,900. The largest is a 1,416 square foot condo with two bedrooms on the fourth floor and a price of $404,900. A few more one bedroom units are scattered up to floor eight with prices of about $299,900. An indoor parking space will cost another $9,000 to $21,000.
These prices are about as good as it’s going to get because in the article Smithfield said that SoNo is free and clear on loans, so there is no rush to sell these final few Chicago condos in the tower.
March 18, 2011 - Chicago apartment hunters have now got another target in sight; Lexington Park, lcated on 2138 South Indiana Avenue. The 35 story, 33 unit high-rise built by Ireland-based Chieftain Group reverted back to ST Residential LLC in May 2010 in a deed-in-lieu of foreclosure agreement. Now Crain’s is reporting that ST is converting the tower to apartments. The units should be available for rent in three months and residents can move in this summer.
Construction on Lexington Park was finished in 2009 but a flood damaged much of the interior of the building, according to the article. The tower sat in limbo for a year and a half, presumably while decisions about whether to try and re-market the Chicago condos or rent them were made. Repairs also had to be made, and a new sales/leasing center is being built along with renovations to the fitness center and other areas.
The article also goes on to say that about 55% of the condos were under contract but ST opted to cancel them. The one bedroom units at Lexington Park are predicted to rent between $1,300 and $1,600 per month. The two bedroom units will probably be leased for between $1,700 and $2,100 per month.
We’ll have to wait and see what concessions ST may offer, be a free parking for a year, a month’s free rent or something else. With so many other developments switching to rental as well as a lot of investors temporarily renting out Chicago condos for rent, they may have a lot of competition.
March 17, 2011 - Yesterday we told you about some Chicago condos that were for rent at Trump Tower. If you thought those units were pricey, Frankel&Giles is also marketing a couple of condos at the Elysian on 11 Walton Street that even have Trump beat on rates.
One condo is a 3 bedroom, 3.5 bath half-floor residence with 3,750 square feet of living space. It comes with an eat-in kitchen, seperate dining room, two terraces, walk-in closets and an extra room in the master bedroom that can be used as an in-home office. Hardwood floors, spa baths, stainless steel kitchen appliances from Miele,Viking, Wolf and SubZero are standard. Building amenities include 24 hour room service, 24 hour doorman, maid service, concierge service and access to a 14,000 square foot health club and spa. Pets are welcome with some restrictions. The monthly rental rate is $13,500. Indoor valet parking for two cars will add $500 per month.
The other condo for rent at this luxury Chicago real estate development is a 3 bedroom, 4.5 bath half-floor unit with 4,000 square feet of living space. This Elysian condo comes with an upgraded kitchen with double oven, wine cooler, pantry and island. There is also custom lighting and a custom sound system. The monthly rental rate for this condo is $14,000 and that includes one indoor parking space.
With rents on Chicago apartments expected to rise anywhere from 7% to 10% this year, you may want to lock in a lease sooner rather than later.