May 26, 2012 – With Chicago area condo prices down 5.1% from what they were last year and 39.5% from market highs in September 2007 (Case-Schiller), it’s no wonder that so many Chicago real estate developers have sold off blocks of empty condos to investors. The latest to do just that is the Gammonley Group, who sold 39 units at 757 Orleans in River North to Gamla Cedron Group out of Florida.

Crain’s is reporting that Shaoul Mishal, president of Gamla, paid $11 million for the 39 condos and plans on renting them until the housing market improves, then reselling them. Mr. Mishal said in the article that he plans to rent the condos at 757 Orleans for around $2.60 per square foot.

There are 198 condos at 757 Orleans and most of them are owner-occupied. That’s good news for future buyers since bothFannie Mae and Freddie Mac have limits on the number of rentals in a building and won’t back mortgages on condos where the rentals exceed that limit.

You may want to check into the Chicago condos for lease at 757 Orleans if you’re lookingfor a place to rent in River North. And remember that there are plenty of other North Shore Chicago condos for rent as well.

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May 19, 2012 – It seems as though Chicago real estate developers are motivated to get empty penthouse units filled. Last week we told you that five penthouses at Trio were up for lease. Now it looks like nine penthouses at the Columbian have been renovated and are on sale.

According to a press release in the Tribune, Garrison Partners is handling sales and marketing for the luxury units at the Columbina, which is located on 1160 South Michigan Avenue. There are 220 units at the Columbian and the nine renovated penthouses are located on floor 40 through 46.

Some of the new features of the penthouses include a more open floorplan and upgraded appliances. The condos have panoramic views, high-end kitchen appliances, walk-in closets and sliding glass doors to divide up living space in the rooms. The units have two bedrooms and two to 3.5 baths with 1,803 to 3,690 square feet.

Prices range from $800,000 to $1.89 million.

The article also states that there are 18 condos available on the Boulevard and Tower levels. Prices on those units run from $329,900 to $649,900.

Building perks at the Columbian are what you’d expect; a rooftop sun deck, dog run, fitness center, business center and party room.

You can still find deals on luxury Chicago condos, ad be sure to check back with us for updates on pricing.

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May 12, 2012 – If you’re looking for a luxury Chicago condo to rent, you may want to check out the penthouses at Trio. According to a recent article in the Tribune, there are ten penthouses at the 22 story high-rise and five of them are up for lease right now.

These two story penthouses are pretty spacious. The condos have from 1,426 to 2,868 square feet of living space and two to three bedrooms. They come with 10 foot ceilings, hardwood floors, floor-to-ceiling windows, granite counter tops, mosaic tile backsplashes, Wolf or Viking appliances and slate tile or ceramic tile bathroom floors. Depending on the unit floorplan, some of the penthouses also have wet bars, dens and a butler’s pantry.

Building amenities at Trio include a 24 hour doorman, fitness center, rooftop sun deck and a business center with WiFi lounge. Trio welcomes pets, so your cat or dog can live the high life, too.

Rental rates on the penthouse at Trio range from $4,200 to $8,600 per month and indoor garage parking is included with that.

Renting still seems to trump buying right now. A lot of Chicago real estate developers are leasing unsold Chicago condos, so keep that in mind and don’t limit you housing search to just new Chicago apartments that are available.

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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.

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