January 5, 2013 – Renters at one West Loop development are looking for a new place to live. According to Crain’s, Bill Senne, the developer of Emerald, has stopped renewing leases at his two eco-friendly 12 story towers on 123 South Green Street.

So why would Mr. Senne boot out paying renters? Because he has evidently found some paying buyers for these Chicago condos. There are 212 condos in this Chicago real estate project, which the article says was completed in 2008. The developer still had around 92 unsold condos by the end of 2009, according to Appraisal Research Counselors. He didn’t want to cut prices so he offered all kinds of buyer incentives like electric scooters and free parking.

But when the condo slump continued, Mr. Senne did what a lot of other Chicago real estate developers did, which was rent out units to generate some income. But the article states that
six units went under contract and two others closed at Emerald in the third quarter of last year (2012), and so with just 22 unsold units, the developer isn’t opting to renew leases amid this flurry of new sales activity.

Current prices at Emerald run about $378 per square foot. That’s a bit higher than what the condos were priced at in 2006, which was then $367 per square foot.

The article also says that leases at One Place Condominiums in the South Loop also weren’t renewed and 12 condos were sold during the third quarter of last year (2012) as well.

There are still plenty of North Shore Chicago condos available for sale and for rent. Just remember that if you’re leasing in a building that wasn’t originally a rental tower and the developer is only renting a few units, you may not be able to renew your lease at some point if buyers continue to come back into the market.

Technorati Tags: Emerald, Chicago Real Estate, North Shore Chicago Condos

December 29, 2012 – A few years ago it was common to see investors offering condos for sale at discount prices after the Chicago real estate market went into a nosedive. It was a buyer’s market for sure, and a lot of investors managed to cash out. Developers also offered condos at a discount, and some even offered bulk sales to try and avoid foreclosures. But now, according to a recent article in Crain’s, two different investors are offering bulk lots of condos for sale at Lincoln Park 2520.

One investor has 15 units and 30 parking spaces that he is marketing for $10.5 million through @properties. The article states that the investor is offering to pay the assessments and property taxes for a year after a buyer purchases the lot. Another buyer perk is that because the investor would just be assigning purchase contracts, the buyer won’t have to pay transfer taxes or closing costs, according to the article.

The investor bought the luxury condos and parking spaces before the 39 story high-rise was built, so what he paid is lower than what current prices are for units in the tower. The asking price for the 15 condos is about $700,000 per unit and that’s about 30% below current developer prices, the article points out. @properties didn’t specify what size the 15 condos are or how many bedrooms and baths they have but did say they aren’t the biggest units in the luxury building.

Another investor has a bulk lot of one bedroom condos at Lincoln Park 2520 that he wants to sell. The article didn’t have much information about those units, only that Coldwell Banker is marketing them.

According to Appraisal Research Counselors, developer Ricker-Murphy had only sold 43 of the 218 units at Lincoln Park 2520 at the end of the third quarter of 2012. Developer prices run from $465,560 on up to almost $11.5 million for the luxury units.

You may not be in the market for 15 condos, but the above information shows that there are still investors looking to flip units. So if you are in the market to buy, you can still find good pricing deals on Chicago condos.

Technorati Tags: Lincoln Park 2520, Chicago Condos, Chicago Real Estate

November 24, 2012 – What was originally planned to be Lexington Park condominiums on 2138 S. Indiana Ave. is now The Lex, a trendy new 296 unit apartment tower in the South Loop. It opened for occupancy back in March, and according to a recent Tribune article, is about 73% leased. But there are still units available at this tower, and there are quite a few perks that go with living there, too.

The apartments range from junior one bedrooms with one bath and 598 square feet starting at $1,549 per month to three bedroom, two bath penthouse units with 1,552 square feet that lease for $3,244 per month. There are 11 floor plans in all at The Lex.

The article states that all of the junior one bedrooms are already leased, as well as the penthouse units on floor 32 through 35, but there are one bedroom plus den and two bedroom, two bath units still available for lease. Those units are located on floors 7 through 31.

Finishes and features include floor-to-ceiling windows, 9 foot high ceiling heights, walk-in closets, a balcony, washer and dryer, high-end kitchen appliances and quartz counter tops.

The Lex building amenities include a 24 hour fitness center that they call the Boiler Room, 24 hour business center, free pinball machine in the lobby, trash and recycling centers on each floor, bike storage room, party room, overnight guest suite, 24 hour doorman, heated indoor parking and a rooftop pool, hot tub, grilling area and dog run.

This apartment building is smoke-free and has a lot of eco-friendly features. Besides the green rooftop and recycling stations, the common areas have furniture fabrics made from recycled cassette tapes and stools from old skateboards, according to the article.

So many Chicago condos have been switched to Chicago apartments, but not all of them have been successful or feature unique environmentally friendly touches like The Lex. If you’re looking for a South Loop apartment, you many want to check out this tower while there are still units available for lease.

Technorati Tags: The Lex, Chicago Condos, Chicago Apartments

September 22, 2012 – In our last post we talked about how there were more units for rent at Optima Old Orchard Woods in Skokie than for sale. The same seems to be true at Aqua. There are quite a few Aqua condos for rent at this Chicago real estate development. So either the developer is keeping a few for sale units in reserve and not advertising them or they really are sold out of developer units.

In any case, we’ll give you an overview of the Aqua condos that are available for lease. All of them come with a gas range, refrigerator with icemaker, microwave, dishwasher, ceramic kitchen and bath floor tile, marble bath vanity, full-size washer and dryer, floor-to-ceiling windows, curved balconies, walk-in closets, window treatments and carpeted bedrooms. The high-rise is also pet-friendly.

The Aqua condos up for rent right now are listed below.

Unit #2206 is a studio with 584 square feet. The rent is $1,765 per month and it’s available on
11/07/2012. Unit #4007 is also a studio with 582 square feet. The rent is $1,839 per month and it’s available on 11/07/2012.

Unit #4702 is a convertible with 564 square feet. The rent is $1,987 per month and it’s available on 10/07/2012. Unit #3402 is also a convertible with 564 square feet. The rent is $1,923 per month and it is available as of 10/11/2012. Another convertible is Unit #4402. It has 564 with square feet and rents for $1,952 per month. It’s available on 10/11/2012.

More convertibles include Unit #4004 with 681 square feet. It rents for $2,135 per month and is available on 10/07/2012. Unit #3104 has 681 square feet and rents for $2,135 and you can move in on 10/14/2012. Unit #2104 has 681 square feet, monthly rent of $2,062 and is available on 11/07/2012. The last convertible is Unit #2004 with 681 square feet. It rents for $2,060 per month and is available on 11/07/2012.

The one bedroom, one bath condos for rent at Aqua are listed below.

Unit #3801 with 854 square feet, a monthly rent of $2,640 and available on 02/07/2013.
Unit #3803 with 849 square feet, monthly rent of $2,599 and available on 10/07/2012.
Unit #3103 with 849 square feet, a monthly rent of $2,612 and available on 10/07/2012.
Unit #3812 with 734 square feet, monthly rent of $2,340 and available on 10/07/2012.
Unit #4712 with 734 square feet, monthly rent of $2,393 and available on 10/07/2012
Unit #3512 with 734 square feet, a monthly rent of $2,333 and available on 11/07/2012
Unit #2314 with 774 square feet, monthly rent of $2,375 and available on 10/07/2012
Unit #4614 with 774 square feet, a monthly rent of $2,461 and available on 12/07/2012

There are just two condos with two bedrooms and two baths available for rent at Aqua right now. Those are Unit #3409 that has 1,080 square feet and rents for $3,449 per month. You can move into it on 10/14/2012. Unit #4209 has 1,080 square feet and the monthly rent is $3,501. That condo is available on 11/07/2012.

There may be a large number of Chicago apartments about to hit the market next year, but there are still Chicago condos available for rent in towers that first started with for sale units only. So don’t hesitate to ask a developer if leasing is an option.

Technorati Tags: Aqua Condos, Chicago Condos, Chicago Real Estate

September 15, 2012 – It’s been quite a while since we took a look at Optima Old Orchard Woods in Skokie. This suburban Chicago real estate development still has one developer-owned condo for sale and several units available for lease.

The one condo still for sale from the developer is Unit #1407, which is a one bedroom, 801 square foot residence listed for $189,000.

The condos up for rent include a mix of one to three bedroom units. They all come with stainless steel appliances, granite counter tops, window treatments, hardwood flooring, stone baths and gas ranges. Building amenities include a fitness center, sundeck, tennis court, party room with catering kitchen and pool room with two spas.

The one bedroom condos for rent at Optima in Skokie include unit #1508 (801 sq. ft.) at 9725 Woods Drive for $1,645 per month. Another is unit #607 (1,200 sq. ft.) at 9715 Woods Drive for $2,350 per month.

The two bedroom condos for rent include these three at 9725 Woods Drive:
Unit #1107 (1,143 sq. ft.) for $2,310 per month.
Unit #813 (1,440 sq. ft.) for $2,450 per month.
Unit #1310 (1,111 sq. ft.) for $1,995 per month.

There are also two more two bedroom condos for rent at 9715 Woods Drive:
Unit #503 (1,269 sq. ft.) for $2,150 per month.
Unit #1803 (1,269 sq. ft.) for $2,350 per month.

There is one three bedroom condo for rent at 9725 Woods Dr ive. That’s Unit #1101 (1,999 sq. ft.) for $3,525 per month.

And last, there is one three bedroom condo for rent at 9655 Woods Drive. It’s Unit #1011 (1,675 sq. ft.) for $2,995 per month.

If you don’t find anything you like at Optima Old Orchard Woods, there are plenty of other Skokie condos for sale and for rent right now.

Technorati Tags: Optima Old Orchard Woods, Skokie Condos, Chicago Real Estate