May 5, 2012 – Like so many other suburban and North Shore Chicago condo developments, Grand Bend at Green Bay has been leasing unsold units. The option to buy a condo at this six story, 49 unit building located on 1228 Emerson Street in Evanston is still on the table as well. But offering rentals seems to be the focus right now, so we thought we’d give you an update on that.

Right now you can get a $1,000 credit on your second month’s rent at Grand Bend at Green Bay. Rental rates on one bedroom condos at Grand Bend at Green Bay start at $1,500 per month. The two bedroom condos are renting from $2,350 per month. If you need more space, there are three bedroom units with leases starting from $2,950 per month.

One heated garage parking space, storage space, condo heat and gas are all included with the rent.

Condos come with a balcony or terrace, GE stainless steel appliances, Wellborn cabinets, granite counter tops, ceramic tile flooring in the kitchen, bath and laundry, carpeted bedrooms, Kohler soaking tubs per bath plan, Fridgidaire washer and dryer plus high speed phone and cable outlets in the living room, kitchen and bedrooms.

If you’re looking for Evanston condos to rent, you may want to check out Grand Bend at Green Bay. Remember that there are also plenty of other Suburban Chicago condos for sale and rent in Evanston and other North Shore communities.

Technorati Tags: Grand Bend At Green Bay, Evanston Condos, Suburban Chicago Condos

April 28, 2012 – Buyers looking for Chicago real estate deals can still find a few out there as developers try to clean house and sweep the last units into the sold corner. Luxury Chicago condos aren’t showing many price cuts or developer incentives, but there are some current promotions at a few area developments.

It’s still a buyer’s market, too. Chicago condos are at about the same prices they were in 2000 (from S&P/Case-Shiller) and fixed 30-year interest rates for April are at around 3.98% (1949 levels say Freddie Mac) according to a recent article in the Sun Times.

One of the developments offering incentives is Wolf Ridge Condominiums in Northlake. Right now buyers can get a free year of taxes and assessments which adds up to about $8,000 to $10,000 in savings.

The one to three bedroom, one to two bath condos there range in size from 1,080 to 1,790 square feet. Prices start at $149,900 and go up to $239,900. If you want an indoor heated parking space, expect to add another $7,500.

At Lake Park Crescent in North kenwood-Oakland the remaining one bedroom condos are sporting close-out prices from $139,800. The duplexes start at $229,800.

200 North Dearborn is still slashing prices on the remaining condos by up to 51%. If you can pay cash you can knock another 10% off the sale price.

If there are Chicago condos you’re interested in but they aren’t being offered at a reduced price, don’t be afraid to ask the developer about any incentives that may not be advertised but still available.

Technorati Tags: Lake Park Crescent, 200 North Dearborn, Chicago Condos

April 20, 2012 – In last week’s post we told you that even though Chicago real estate developer Donald Trump probably isn’t going to make a profit on his Trump Tower, a majority of the re-sales in the building are making money for investors. The units in the luxury high-rise have appreciated in value about 9% while units in 60 other downtown buildings have depreciated about 19% since 2007.

So have any other developments seen an increase in value for their units? According to the Crain’s article that highlighted data from Appraisal Research Counselors, the answer is yes, a few have. Below are some of the luxury Chicago towers that have had units sell at a gain, although none did quite as well as Trump’s condos.

Out of 49 re-saleresidential condos at Trump Tower on 401 North Wabash, 18 were sold at a loss and 31 at a profit. Of the 10 hotel condos that were re-sold, half were at a profit and half at a loss. The article states that re-sale condos have bounced from making as much as a 58% profit to a 25% loss.

The Palmolive Building on 159 East Walton Street had 24 re-sales. Of those, 11 were sold at a gain and 13 at a loss.

The Waldorf Astoria Chicago on 11 East Walton Street had 7 re-sales. A profit was made on 5 of those and a loss was had on 2 condos.

Luxury Chicago condos have seemed to hold their value better than many of the new developments these past four or five years. But don’t rule out all Chicago condos that aren’t considered luxury units. Location, the quality of the building, unit finishes and number of owner-occupied units plus several other factors all contribute to the re-sale value of a condo.

[tags]Palmolive Building, Chicago Condos, Chicago Real Estate{/tags]

April 14, 2012 – Donald Trump may not have made a profit on his iconic 92 story luxury high-rise, but most of the owners who have re-sold their Chicago condos in the tower have made some money.

According to numbers from Appraisal Research Counselors that were quoted ina recent Crain’s article, 31 of 49 residential condos at Trump Tower have been re-sold at a profit. That adds up to 63% of the re-sales being sold at gains. The re-sales at 60 other downtown Chcago real estate developments have had an average 19% drop in value since late 2007. Trump Tower condos managed to increase in value by 9%.

There are 486 residential condos and 339 hotel condos at Trump Tower. Just 69% of the residential condos have sold at the development as of the end of last year. Many of the owners who did well on their resales were the ones who bought into the development early and got the “friends and family” discount on prices.

The hotel condos at Trump Tower haven’t fared as well in terms of sales or re-sale profits. The article states that of the ten hotel condos that have re-sold, only five have made a profit.

Next week we’ll tell you what other Chicago condos have re-sold for a profit.

[tags]Trump Tower, Chicago Condos, Chicago Real Estate{/tags]

April 7, 2012 – It’s taking longer for many large-scale Chicago real estate developments to completely sell-out, but another one is getting closer to that benchmark goal. At 550 St. Clair there are just 10 Chicago condos left for sale from the developer, Southern Pearsall.

According to a recent profile in the Chicago Tribune, six sales have already been inked in the 26 story, 112 unit high-rise during the first quarter of this year. Four condos were sold to investors and two units to first-time buyers. But the ten condos that are still available are a good mix, so interested buyers should be able to find something they like.

The condos still for sale at 550 St. Clair and listed in the aforementioned article are detailed below. All of the units come with hardwood floors, stainless steel appliances, floor-to-ceiling windows and 10 to 11 foot high ceilings.

Condo units #1702 and #2002 have one bedroom, one bath and are listed from $299,000.

Units #2005 and #2105 are also one bedroom, one bath condos but include a terrace. They are priced from $399,000.

If you’re interested in a two bedroom, two bath condo then unit #1004 is available for $499,00.

Penthouse units #2401 and #2501 come with two bedrooms, three baths and views of Lake Michigan. Prices for these units start at $949,000.

Penthouse unit #2303 is a little larger with three bedrooms, three baths, a terrace and lake views for $1.099 million.

And if you need even more room, penthouse units #2302 and #2502 have three bedrooms, four baths and terraces. The price also goes up with the space, and these penthouses are listed from $1.3 million.

You may want to visit the sales center at 550 St. Clair this weekend if you’re in the market for new Chicago condos.

Technorati Tags: 550 St Clair, Chicago Condos, Chicago Real Estate