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39 Condos At 757 Orleans Up For Rent Soon

Saturday, May 26th, 2012 by loren

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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Renovated Penthouses For Sale At The Columbian

Saturday, May 19th, 2012 by loren

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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Trio Penthouses For Rent

Saturday, May 12th, 2012 by loren

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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Incentives For Chicago Condo Buyers Still Out There

Saturday, April 28th, 2012 by loren

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.

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Luxury Chicago Condos Still Retain Value

Friday, April 20th, 2012 by loren

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]