Chicago Condo Directory

February 18, 2009 - The latest news for Chicago real estate developers isn’t exactly encouraging, especially for those who have condo projects with unsold inventory. According to a recent article in Crain’s, downtown Chicago condo developers were hit with a net loss of 253 sales in the last quarter of 2008. Appraisal Research Counselors reported that it was the worst quarter for downtown condo developers since the early 1990s.

This negative sales number is the result of an increasing amount of pre-construction buyers who are now deciding it is better to give up their deposits than follow through with a contract when the unit may be worth less now than they agreed to pay for it a few years ago. Some buyers are also unable to get a loan when closing time comes and have no other alternative but to break the deal. Those buyers who were planning on a fast resell on their condos to make a profit are most likely to default on their contract.

The actual number of downtown condos sold last year is only 592, according to ARC. That is 84% less than the 3,724 condos that were sold in 2007. ARC stated that this is the third year of declining sales since the market topped out in 2005 at 8,162 condos sold.

A total of 4,734 downtown condos will be completed in 2009 and 42% of those are still not sold. The areas showing the highest glut of inventory are the West and South Loop. ACR estimates that only 620 condos will be completed in 2010 and a paltry 86 in 2011. With no major developments in the pipeline and demand for units still at record lows, it could be another two or three years before we see large scale New Construction Chicago Condos being built again.

Technorati Tags: Downtown Chicago Condos, Chicago Real Estate, New Construction Chicago Condos

February 17, 2009 - Even though the high-rise is said to be 90% sold, you can still find a pretty good assortment of units available at Michigan Avenue Tower II. This 28 story South Loop Chicago real estate development has a total of 269 studio to three bedroom condos, and just over a couple dozen of those left for sale. The current February incentive being advertised on the building’s website is a luxury upgrade package. No dollar amount was listed for this deal, nor what it entails specifically.

The expected delivery date for these condos is sometime this fall (2009) and prices on the units vary according to size and floor location. Basically the studios are about $209,990. The one bedroom condos run from $289,990 to $339,990 and with den $295,990 to $339,990. For the two bedrooms, prices range from $369,990 to $430,000 and with den are $449,990 to $489,990. On the penthouse floor, the two bedrooms run from $525,990 to $559,990. Parking will cost you another $37,500 to $65,000.

The floor plans are laid out as follows:
Floors 4 - 6
Studio 580 sq ft
1 BR 741 - 873 sq ft
1 BR plus den 751 - 933 sq ft

Floors 7 - 25
1 BR 692 - 783 sq ft
1 BR plus den 751 - 826 sq ft
2 BR 1,027 sq ft
2 BR plus den 1,260 sq ft

Floors 26 - 27
1 BR 736 sq ft
2 BR 1,100 - 1,425 sq ft
3 BR 1,540 sq ft

Floor 28
2BR 1,115 sq ft

You can check out other comparable Pre-Construction Condos In Chicago to get an idea of what the “Luxury Upgrade Package” might or rather should be.

Technorati Tags: Michigan Avenue Tower II, Chicago Real Estate, Pre-Construction Condos In Chicago

Some exciting big-ticket news in the high real estate world today: Terrapin-Taxman LLC bought a 79,000 square foot site at the intersection of Madison and Halsted in Chicago. Working togeter with The Taxman Corp. from Skokie, IL., they have bought the property they plan to develop on from MB Financial Bank.

The price of the primo property hasn’t been disclosed, but they have announced that there will be $100 million in new development in both condos and retail.

The bank that owned the property had it sitting around as surplus real estate, and the new developers are excited to acquire the property. Seeing as the land is highly visible and in a great location, whatever they paid for it will likely pay off in spades. Near downtown and visible to several major thoroughfares, good planning and development will definitely lead to a wise investment on the part of the new owners.

The development group has been doing other developments in the area that have been shaping up well, leading to an interest in this property.

The plans so far are to have two separate buildings. One will feature 100,000 square feet or more of retail. The developers would like to have a “great retail corridor” under their belt to compliment their mostly-residential portfolio so far. Taxman Corp. has much more of a retail bent, and their expertise is being called upon to make sure this is a success.

The Walgreen’s across the street is already interested in moving in, as is an as-of-yet unnamed high-end grocery store. The community so far seems interested in the development.

The other building will contain up to 230 condominiums. If you like keeping track of under-development real estate, be sure to take a look at the Chicago Spire which looks to be one of the most ambitious real estate projects in history—and almost definitely the biggest in Chicago.

Technorati Tags: New Developments, Taxman, Chicago Properties, Chicago Real Estate, Skokie, Future Development