March 24, 2012 – Being last doesn’t suck. Or at least that’s what Chicago real estate developer Belgravia Group says in their ads about the last three furnished models for sale at 565 Quincy. Those three units that are still available consist of one Chicago condo and two loft models that are priced from $247,900 to $289,900.

The ad for these last three units also states that buyers get one free indoor heated parking space valued at $35,000 and some free furniture. Not too long ago Belgravia had a $5,000 furniture allowance so that incentive must still be in play.

The one furnished model at 565 Quincy is tower unit #17 which is a one bedroom, one bath condo with 765 square feet. The condo comes with hardwood floors, bedroom carpeting, GE stainless steel appliances, 42 inch kitchen cabinets, granite counter tops, marble bath and a private balcony.

Remember too that 565 Quincy has the 11,000 square foot Q Room that features bowling lanes, a putting green, gym, movie theater and billiard tables. The building also has a 24 hour doorman.

If you’ve thought about buying a unit at 565 Quincy you may want to take a look at these final three units that are available before they’re gone.

Technorati Tags: 565 Quincy, Chicago Lofts, Chicago Real Estate

March 17, 2012 – Lenders are still apparently more willing to finance rental Chicago real estate develpments rather than ones with market rate condos and a new suburban Chicago apartment project in Evanston is a prime example. Focus Development out of Northfield and Atlantic Realty Partners from Atlanta are getting close to breaking ground on Seventeen17, a 175 unit rental tower in Evanston.

The new apartment tower will actually be located near Sienna, the two tower, 120 unit condo development on Oak Avenue and Clark Street. Sienna’s developer, Roszak/ADC, scrapped plans to build two more towers there when the condo market went sour. Focus bought the one acre site and that’s where Seventeen17 will be built.

The Carlyle Group, an investment company out of Washington, have contributed $12 million in equity to the project. The developers also said in the article that they are on the verge of closing a construction loan deal and should break ground soon. The article states that Seventeen17 will be an eight story tower with an underground parking garage, fitness center, lounge and outdoor courtyard on floor three.

If you can’t wait until Seventeen17 is ready for renters, there are other Evanston apartments and Chicago condos avalable for lease right now.

Technorati Tags: Seventeen17, Evanston Apartments, Chicago Real Estate

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.

Technorati Tags: 30 West Erie, Luxury Chicago Condos, Chicago Real Estate

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.

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

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.

Technorati Tags: The Legacy, Luxury Chicago Condos, Chicago Real Estate