Chicago Condo Directory

May 7, 2009 - For those you of who have ever been interested in living in Winnetka, the first ever planned development has gotten a green light from the village council to proceed. New Trier Partners intends to break ground in about a year on a $50 million project located at the former Fell Company store on the corner of Elm and Lincoln, according to a write up in the Sun Times. This will be a four story, mixed-use suburban Chicago real estate project, with 31 condos and 35,300 square feet of retail space.

The one acre site already has three structures on it with existing businesses. According to an article in GlobeSt., those buildings will be torn down to make way for the new low-rise. The current retail will be offered space in the new building once it is complete. Robert Goldstein of New Trier was quoted in GlobeSt. as saying that, “We’re the first developer to acquire this amount of land, and since this was the first-ever planned development, the process was an arduous one.” The development will also be Winnetka’s first LEED project, and the developer has pledged to make improvements to the surrounding neighborhood and install more streetlights.

The location is prime for retail, being in the North Shore and with local retail occupancy running around 90%, according to Goldstein. Lease rates haven’t been decided yet, but the pricing for the 31 one to two bedroom condos will run from the $800,000s to $1.8 million. A 76 car underground parking garage is already on site and will be part of the new development. With no other new residential competition, these condos may buck the economy and housing market and sell well.

We’ll keep you posted when more details about this development are released, and you can find more information about suburban and downtown Pre-Construction Chicago Condos by following the link.

Technorati Tags: Winnetka, Pre-Construction Chicago Condos, Chicago Real Estate

March 16, 2009 - Every developer probably loves to hear the word ’sold’ when it comes to the units in their building, and no doubt the bank who made the construction loan does too. In the case of the recent Vetro auction of 45 units, Thomas Roszak and Corus Bank are probably hoping to pass auction fever on to a few more buyers and have restructured the prices on the remaining 60 Chicago condo units in the building to reflect the prices brought at the auction.

The newly redesigned front page of the building website states that, “Recent auction buyers set the prices and we listened.” And just like at the auction, a parking space that was valued at around $37,500 is included in the sale price of the condos. The new prices at Vetro have dropped somewhere between 20% and 25%, which is pretty much in line with the discounts that buyers got at the auction. And as the site also points out, this building has received FHA approval and buyers may be able to qualify for financing with 3.5% down.

There are still one bedroom, 1.5 bath with den condos at Vetro which are now listed between the $250,000s and $260,000s. These units measure up at around 1,002 square feet.

For the two bedroom, two bath units the prices have been lowered to anywhere from the $280,000s to $330,000s. Sizes range from 1,133 to $1,343 square feet.

The slightly larger two bedroom, 2.5 bath condos remaining have 1,525 to 1,667 to 1,924 square feet of living space. Prices on these condos are now marked from the $370,000s to the $560,000s.

For a two bedroom, three bath condo with 2,067 square feet you can expect to pay anywhere from roughly $600,000 to $610,000.

And lastly, the three bedroom, three bath condos left for sale at Vetro have 2,003 square feet and are now priced in the $580,000 range.

It will be interesting to see if this auction or any others that may come up during the year set the market prices for any future New Construction Condos In Chicago.

Technorati Tags: Vetro, New Construction Condos In Chicago, Chicago Real Estate

March 6, 2009 - Now would be a good time to pay a visit to 757 Orleans because The Gammonley Group now has two new furnished models available for touring. According to a recent press release in the Tribune, the two units are a studio and a one bedroom condo, with a two bedroom, two bath 1,192 square foot corner unit model set to open this spring as well.

The studio model has 792 square feet and the one bedroom, one bath model sizes up at 983 square feet. There are a total of 198 Chicago condos at 22 story 757 Orleans and according to the developer they are just over 50% sold. The units come in 12 different floor plans, with studios to three bedrooms and one to two baths. Sizes range from 644 to 1,818 square feet and depending on the floor plan have a balcony or terrace.

Prices on the condos run anywhere from the $240,000s to the $530,000s and there are three penthouse units that start in the upper $700,000s. Parking will cost another $35,000 per space. Right now, Gammonley is offering buyers $5,000 to spend towards closing costs or upgrades and finishes. Some of the building amenities at 757 Orleans include a fitness center and outdoor pool with sun deck, business center, storage lockers and bike storage space.

Check back here for more information about the latest developer incentives for Chicago Condos for Sale.

Technorati Tags: 757 Orleans, Chicago Condos For Sale, Chicago Real Estate