Archive for October, 2007

Get Your Own Atrium At the Edgewater Beach Apartments

    Who doesn’t drive by the Pink Palace on Lake Shore Drive, ala the Edgewater Beach Apartments at 5555 N. Sheridan, and smile?  It’s a historic landmark, built in 1929.  And yes, it really is pink. It’s a co-op which means high assessments and you have to have 20% for the downpayment.  But there are some […]

Countrywide Still Making Dubious Loans in Chicago

If you listened to the media, you might think that all of the crazy exotic loans have gone away and now all you’re left with is a 30 year fixed at 7.25%. You’d be wrong. I was in a new downtown Condo development recently and saw an interesting flier in the sales office.  It was […]

Pre-Foreclosures Appearing in Park Millennium Conversion

  Lots of investors bought in the massive Park Millennium conversion at 222 N. Columbus near the Lakeshore East project (is this in Streeterville?).  There are 480 units in the former apartment building.  Parking is rental only (and runs around $225 a month.) The units do have in-unit laundry.  Many of the units look as […]

Flipper Alert: Flippers in Pain at 1720 S. Michigan

  1720 S. Michigan is the new CMK building in the South Loop.  It looks like most of the other CMK buildings (white, modern, lots of glass.) Units are still available from the developer but closings have begun. That means the flippers are out to play!  Craigslist has several units and several are on the […]

More New Condos Planned for the West Loop

According to Crain’s, Greektown in the West Loop could see another 146 condos for sale as soon as the end of next year. My question:  why? They are still selling The Emerald, the two building development right in the middle of Greektown that is already under construction.  The developers can’t even sell many of the projects […]

How are the Green Buildings Doing in Chicago?

There are several developers that are playing on the “green building” phenomena to set themselves apart in a crowded downtown condo market.  First there was The Emerald in the West Loop, near Greektown. Recently, a building to announce it was going all “green” was Eco 18 at 1830 S. Wabash in the South Loop.  But Eco […]

Lots of “Motivated Sellers” in 2000 N. Lincoln Park West

    Are these flippers getting burned or original owners suffering through the pain of the syndrome known as “no appreciation in two years”? Probably a bit of both. 2000 N. Lincoln Park West is a two year old conversion of a 1931 vintage apartment building right on Lincoln Park.  The developer offered an upgrade package on […]

More Distress in River City with 50% Reductions

How low will the prices fall in River City at 800 S. Wells in the South Loop? Ever lower- so it seems.  And the foreclosures continue to mount.  This building is in serious trouble. The latest foreclosure: Unit #554: likely a 3 bedroom, 2.5 bath duplex (I don’t have the exact size of the unit […]

Foreclosures Seeping Into Lakeshore East

  It shouldn’t come as a surprise that foreclosures are starting to pop up in the newly developed Lakeshore East condo buildings given the number of investors in those buildings and the ease of loans in the past few years. This week a foreclosure has popped up at the Lancaster at 201 N.  Westshore Drive. Unit […]

Developer Trying Sealed Bid Auction in Lakeview

433 W. Briar in Lakeview is a conversion of an 11 story vintage building with 34 units.  It hasn’t been selling very long- maybe six to eight months or so. It’s a nice building with two bedroom and larger units and there is parking available (rare for vintage buildings.) But apparently the developer wants to […]