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Archive for June, 2012

Developer Scoops Up Big Lot Of Unsold South Loop Condos

Saturday, June 30th, 2012 by loren

June 30, 2012 – Anyone who has followed the sales, or lack of, at three South Loop (Central Station – Grant Park) Chicago real estate developments probably expected the towers to end up in foreclosure. One Museum Park West, 1600 Museum Park and Museum Park Place South all struggled with sales, but according to Crain’s a new owner is in control of the unsold Chicago condos in those three towers.

New York based Related Cos. has acquired clsoe to 500 units in those three South Loop buildings. The development firm got the condos in a deal with bank of America, which took over the empty units from original developers Gerald Fogelson, Rin Shipka Sr. and Forest City Enterprises who gave up the units in a deed-in-lieu of foreclosure.

Related Cos. now has 238 condos in One Museum Park, 157 units in Museum Park Place South and 98 condos in 1600 Museum Park. They don’t plan on offering them for rent or slashing prices like many developers do when taking over distressed properties. Related intends to refurbish the condos with better finishes and fixtures, according to the article. Building amenities will also perk up, with new finishes in the common resident areas and dog grooming and walking services will be added.

No new prices have been announced yet, but we’ll keep you posted as soon as we know anything. So if you’ve ever been interested in living in Central Station towers, you might want to keep an eye on these three towers and see how Related markets them. Or you can check out the selection of North Shore Chicago condos that are for sale right now.

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Prices Take A Dive At Lake Park Crescent

Saturday, June 23rd, 2012 by loren

June 23, 2012 – Chicago real estate developers are still cutting prices on condos and the latest dive is at Lake Park Crescent. Right now the one bedroom CityHome condos have been cut to $109,800 according to a press release in the Tribune. They were priced at $219,000. These condos are all on ground level and come with a patio.

There are two to three bedroom duplex condos located on floors two through three that were priced at $498,000 but have since been dropped and start at $229,800. These condos all have a balcony.

Standard features in all of the condos at Lake Park Crescent include stainless steel appliances, granite kitchen counter tops, hardwood floors in the common areas and marble tile and vanity tops in the master bath. Nearly all of the remaining available condos also come with one indoor parking space in the garage.

The press release also states that developer Draper and Kramer Inc. is advertising buyer grants of as much as $26,500 plus FHA financing.

You can check out the remaining condos and price cuts at the Lake Park Crescent sales center, located on 4012-1 South Oakenwald Avenue from 12pm to 4pm on Saturdays, Sundays and Mondays.

Check back here often for all the latest updates on price cuts and developer incentives for Chicago condos.

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Buy A Van Buren Loft And Get A Free Vespa

Friday, June 15th, 2012 by loren

June 15, 2012 – The days of wild Chicago real estate developer incentives have been over for a while now, but a new one just recently popped up. If you buy one of the remaining Chicago condos at Van Buren Lofts on 1224 West Van Buren you’ll get a free Vespa, according to their promotional email. Their catch phrase is “Don’t get taken for a ride by buying your new home anywhere else.”

The promotion applies to purchases of one of the remaining two bedroom, one bath condos that were priced from $307,900 and now start at $199,900. There are some two bedroom, 1.5 bath courtyard lofts are starting at $189,900 but the free Vespa offer isn’t available when you purchase one of those units. Free indoor heated parking is also included.

Condos come with 10′ to 12′ ceilings, 4″ wide plank hardwood flooring, carpeted bedrooms, a balcony and washer and dryer. Kitchens feature quartz counters, tile backsplash, stainless under mount sink and Bosch stainless steel appliances. Baths have porcelain tile floors, tub and shower surrounds, under mount vanity sink and Moen faucet.

Building features include a doorman, exercise room, club room, roof top sun deck and individual storage lockers.

Condo models and one of the Vespas are available for viewing on Mondays and Wednesdays from 11am to 6pm and on weekends from noon to 5pm or you can make an appointment.

If you don’t need a Vespa, there are other Chicago lofts for sale at reduced prices as well.

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Got $32 Million? You Could Buy Donald Trump’s Condo

Saturday, June 9th, 2012 by loren

June 9, 2012 – Last week we told you that Oprah Winfrey sold her Streeterville Chicago condo just a few days after slashing the price. Now Crain’s is reporting that Donald Trump has put his penthouse unit in the Trump Tower up for sale for a mere $32 million. Any bets on how long it takes to sell?

The article says that the penthouse has never been lived in and it’s currently the most expensive asking price on the market in Chicago right now. It even trumps the $29 million that Michael Jordan is asking for his Highland Park residence.

A couple of months ago Crain’s reported that Mr. Trump bought out the junior creditors on this 92 story Chicago real estate tower for $48 million. The face value on the debt was $130 million and he stated in the article that he still owes around $120 million that will come due in a year and a half.

About 337 of the 486 residential condos and 159 of the 339 hotel units have been sold, according to data from Appraisal Research Counselors. So if you don’t have $32 million to spare, there are still some less expensive units for sale in the high-rise as well as luxury Chicago condos in other towers.

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Oprah Takes A Hit On Streeterville Condo Sale

Saturday, June 2nd, 2012 by loren

June 2, 2012 – Apparently if you’re Oprah, you can sell a Chicago condo just two weeks after listing it. The fact that the selling price was around half of what the talk show host paid for the unit in 2006 also might have had a lot to do with the speedy sale.

According to an article in Crain’s, the Streeterville condo has three bedrooms with the master bedroom measuring 1,241 square feet, three full and two half baths, two fireplaces, a library, dining room, pantry, eat-in kitchen, wine room and solarium. The condo is located in a building with just 13 units total.

Winfrey had listed the condo for $6 million from 2008 to 2009 but recently dropped the price to $2.8 million. She paid $5.6 million for the unit in 2006 and never actually lived it in. Prudential Rubloff Properties handled the sale and the exact sale price isn’t known yet.

Iif you missed out on this celebrity sale, there are still some other well-known homes up for grabs if you have the cash, according to the Tribune. For $1.79 million you can buy the Kenilworth home where Steve Martin’s “Planes, Trains and Automibiles was shot in 1987. And if your new home doesn’t have to have a celebrity connection, remember that there are still some great pricing deals on Chicago condos.

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