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Archive for February, 2012

30 West Erie Finally Sold Out

Saturday, February 25th, 2012 by loren

February 25, 2012 – In today’s Chicago real estate market, selling out an entire luxury high-rise is something of a feat. But another luxury River North tower managed to pull it off, even though it took a few years. According to a recent profile in Chicago Magazine, the lasst condo at 30 West Erie has sold for $1.115 million.

The sale took place on February 9th of this year and the original listing price was $1.61 million. The condo obviously sold for less than that, but the price was nothing to scoff at either. The article states that previous to this sale, the last condo that sold in this tower was in April of 2010 and it brought $1.28 million. The most expensive condo that sold in this 20 unit tower went for $1,778,687 in February 2008.

This last condo to sell is a three bedroom, 2.5 bath with two balconies, a den and one heated garage parking space. The unit sits on floor 11 of the 12 story tower and has 2,775 square feet of living space.

Even though all 20 of the condos at 30 West Erie are now sold, you can still find plenty of luxury Chicago condos for sale if you’re in the market to buy.

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Flood Of New Downtown Apartments May Cool Rents

Friday, February 17th, 2012 by loren

February 17, 2012 – If you hear a pinging sound downtown, it may be the rental rates topping out on Chicago apartments. For the past couple of years rents, especially on downtown Chicago apartments, have climbed as Chicago condo prices have fallen. But according to a recent article in Crain’s, a flood of new apartments due to hit the market this year and next may drown out any more increases in rental rates.

Appraisal Research Counselors estimates that Chicago real estate developers will finish about 1,219 apartments this year, another 3,500 next year and 2,000 in 2014. So this year will probably be the last year that developers can squeeze in rent hikes before supply suffocates demand. That doesn’t mean you should look for rents to drop, just level out after this year.

According to the article, one of the bigger rental towers that will hit the market this year is Randolph Tower with 313 apartments. The 499 unit Coast in Lakeshore East will be ready for renters in 2013.

And if you’re in the minority and actually looking to buy, not rent, there are some fantastic North Shore Chicago condos priced to sell.

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New Lease On Life For The Legacy

Saturday, February 11th, 2012 by loren

February 11, 2012 – Even though all we’ve heard for the past two years is that lenders are reluctant to finance residential Chicago real estate developments, one luxury tower landed $60.6 million in refinancing. Mesa Development can now pay off the $91 million balance on the original $275.5 million construction loan for the Legacy with this new capital plus $30 million of their own equity, which was a condition of the refinancing. The balance would have been due at the end of this year. U.S. Bank and Private Bank & Trust provided the capital.

The Legacy, located on 60 East Monroe Street, has struggled to make sales and is only about 55% sold, according to a Crain’s report. The 72 story luxury high-rise wrapped construction in 2009 and has 355 units.

Prices start at about $358,800 for a one bedroom condo and go up to $5.5 million for a penthouse unit, according to the article. Equity Marketing has been handling sales, but recently was replaced by @properties. The brokerage firm states that while some unit prices have been “adjusted,” there aren’t any significant price cuts planned. So buyers can expect to pay about $600 per square foot for a condo in this tower.

If any price reductions do surface at the Legacy, well let you know. And be sure to check back here for the latest information and pricing updates on other luxury Chicago condos.

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Retail On Hold At Trump Tower

Sunday, February 5th, 2012 by loren

February 5, 2012 – For those of you who own a Chicago condo in Trump Tower and have been waiting for some high-end retailers to take up residence below you, it looks like the wait will continue. According to Crain’s, Mr. Trump has put the search for retail tenants on hold. In fact, he was quoted in the article as saying that he isn’t in any hurry to lease the 83,000 square feet of commercial space.

Whether Mr. Trump really isn’t worried about filling the space, wants to wait until demand (and rents) for retail space improves or is trying to save face, only he knows. Any or all of the three are possible. Right now there is just a salon there that is part of the hotel services offered at the 92 story luxury tower. It’s been about three years and still no takers on the retail front.

Mr. Trump even hinted that he may be tossing around other ideas for the space. The article mentioned that the location of the tower and retail space, which is on North Wabash Avenue, may be too much of a detour from Michigan Avenue to interest some retail tenants.

The condos in the high-rise have been slow to sell as well, with Appraisal Research Counselors stating that there were still 29% (159 units) of the 486 total condos not yet under contract as of the end of the third quarter 2011.

But all of that hasn’t done anything to stem Mr. Trump’s ambition. He told Crain’s that he would be interested in buying the failed Spire site if the price was right.

We’ll keep you posted with any updates about Trump Tower and other Chicago condos in the news, so check back with us next week.

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