Category Archivecondos for sale in chicago
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.
January 28, 2010 - By now, hearing about another Chicago real estate development that is facing foreclosure is nothing new. But what is new is the steps that developers are taking to avoid having a lender take control of a building and buy some time to possibly get their finances in order. By filing Chapter 11 bankruptcy, the foreclosure process is halted for a short time, and that may be enough to keep a bank at bay and convince them to restructure a payment plan with a developer.
According to Crain’s, that may just be what Paramount Homes president Bruce Fogelson is doing. The report states that he filed Chcapter 11 on his Bucktown Station project last week and hopes to somehow recover the four story, 15 unit development which is located on 1845 North Western Avenue.
Mark Pearlstein of Levenfeld Pearlstein, a lawyer not associated with the filings, told Crain’s that, “Some developers use bankruptcy as leverage. It provides some relief for them to get a new deal.”
It may be working. The article states that the court appointed receiver of Bucktown Station since November 2010 has given up control of the property because of the bankruptcy filing and a motion was filed by Mr. Fogelson’s laywer for him to take control again.
The balance of the construction loan is a little less than $5.6 million. It matured in September of 2008 and although Mr. Fogelson couldn’t pay if off in full, he did keep making monthly payments. PNC Bank finally stopped accepting the checks about midway last year though.
Only three of the fifteen Chicago condos at Bucktoan Station have sold since the project was finished in 2008. Of the 12 that are left, 10 are being leased. The condo finishes were high-end, with oak hardwood flooring, ventless gas fireplaces, granite kitchen counter tops, stainless steel appliances, marble baths and separate tuns and shower.
If you’re looking for a condo in Bucktown, you may want to see how this development debate plays out. Or you might want to find a good deal on Chicago foreclosures yourself.
January 27, 2011 - The year 2010 will go down in Chicago real estate history, but not in the way most developers or anyone who was trying to sell a home would care to remember. According to the latest Illinois Association of Realtors report as detailed in the Tribune, sales of existing Chicago area single-family homes and Chicago condos droped 0.5% from 2009 levels. There were 69,010 units sold, which is the lowest amount since the IAR started recording data in 2000.
If we look at just December 2010 sales for Chicago area homes, the free-fall is even steeper. There were 5,204 homes sold in the Chicago area last month and that is a 9.9% decrease from December of 2009 when 5,779 units were sold. The median price of Chicago homes sold in the area during December 2010 was $167,850, which is down from the median price of $182,000 for December 2009.
For Chicago condos that sold within city limits, the drop wasn’t as bad. Chicago condo sales for 2010 were down 2.5% with a total yearly volume of 11,051 condos. The median price for 2010 was $267,900, which is a 4.3% drop from the median price of 2009.
We’ll have to wait and see if buyers make 2011 another slow year for Chicago homes for sale.