Category Archivedowntown chicago condos

chicago-condos & Chicago Real Estate & downtown chicago condos pcherry on 20 Sep 2010

Low Prices On Last Condos At Michigan Avenue Tower II

September 20, 2010 - Around a month ago we posted about Michigan Avenue Tower II still having a few Chicago condos left for sale. That is still true, and the prices we listed for the remaining unsold units are actually being advertised a little bit lower now than they were then. You probably aren’t going to get a condo as cheaply as you might have at the auction that was held for this Chicago real estate development last fall, but prices are still reduced. The tower is FHA approved, so qualified buyers can benefit from that as well.

According to a recent Tribune profile, there are just 14 condos left for sale at Michigan Avenue Tower II, which is located on 1400 South Michigan Avenue. The high-rise has a total of 257 condos and the units that are included in this closeout pricing offer are one bedroom layouts.

The one bedroom, one bath condos and one bedroom, one bath plus den condos are now priced from $199,990 to $259,990. An indoor heated parking space will add at least another $37,500 to the total cost.

The high-rise has a 24 hour doorman, fitness center, outdoor pool, sun deck, dog run, party room with catering kitchen and bike storage room.

Units come with finishes like hardwood floors, ceramic bath tile and surround, marble vanity tops, granite kitchen counter tops, stainless steel appliances, 42 inch upper cabinets, stainless steel appliances and a washer/dryer hook-up.

Be sure to check back here for updates on price reductions for condos in Chicago.

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chicago-condos & Chicago Real Estate & downtown chicago condos pcherry on 11 Jun 2009

Foreclosures, First Time Buyers May Kick Start Market

June 11, 2009 - According to the National Association of Realtors, in the first quarter of 2009, 50% of all home sales were distressed homes (short sales and foreclosures). First time buyers also made up 50% of the total sales in the first quarter. These first time home buyers are actually the reason many experts are predicting a real estate recovery sooner as opposed to later. And the widely advertised $8,000 tax credit is another incentive to first time buyers.

But even with some increased sales activity, Appraisal Research Counselors found that downtown Chicago condo sales are down by more than 65% from 2005 when almost 4,400 units were sold. A recent article in REJournals also stated that there are about 4,700 unsold units in the Chicago real estate market. They are predicting that those unsold condos and townhomes will be under contract within the next three years partly due to the fact that developers are planning no big projects in the near future.

Another potential factor that could kick start the housing market is if Chicago is selected to host the 2016 Olympics. In fact, even Chicago Spire developer Shelbourne has hinted at that event possibly being a catalyst for finally getting that high-rise off the ground.

And another prediction the article made was that “green” construction would still be popular among future buyers. Younger buyers are often more aware of eco-friendly practices and are apt to be inclined to purchase homes with more eco-friendly and energy efficient features, especially as they become more affordable in the future.

But until this housing market revival takes place, there are still plenty of Downtown Chicago Condos ready and waiting for you.

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chicago-condos & Chicago Real Estate & downtown chicago condos pcherry on 24 Feb 2009

Chicago Apartment Rents Continue To Slide

February 24, 2009 - Apparently now is the time to rent, especially if you want a Chicago condo or apartment in the South Loop. According to the latest numbers gathered by Appraisal Research Counselors, rents for downtown apartments fell to their lowest rates since 2001. Rents are averaging about $2.11 per square foot in the last quarter of 2008. That is down 6.2% from the same period in 2007. ARC noted that this is the first time rents have fallen since 2003.

The main culprits in the decline are of course the worsening economy and influx of some 3,200 new condos from 2008 and this year as well. With fewer jobs there is less demand for apartments, and according to Crain’s there will be a loss of 133,000 jobs in Chicago this year. Also, there were 1,016 new apartments added to the South Loop in 2008, with more developers turning to rental Chicago real estate projects instead of condos. Developers and often investors will opt to rent out a condo when it doesn’t sell in an attempt to buy some time until the market improves.

This so-called shadow market of condo rentals is putting more pressure on Chicago apartment managers. Many try offering one or two months rent free in an effort to keep from lowering rent prices on units. The Crain’s article mentioned one apartment building in particular that is having a difficult time finding tenants. 1401 South State Street is a luxury apartment high-rise that so far has only leased about 60% of its 278 units during the 10 months it has been open for occupancy. Appraisal Research Counselors stated that in a normal market, a quality apartment building would be around 90% full.

For those who aren’t ready or able to buy one of the New Chicago Condos for sale right now, it might pay to check for any units in the building that may be for rent. You could find a deal where you might not expect it.

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