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Tuesday, February 09, 2010
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Latest blog posts
Posted 2/8/2010 by Joseph Askins
 Climb up the Fordham, 25 E Superior St, and you get a pretty clear view of your River North and Gold Coast surroundings. The 37th floor was a good place to see the three new towers on North State Street between Delaware Place and Walton Street -- Walton on the Park (above), The Elysian (featured prominently in the photo at right), and Ten East Delaware (the sandstone-clad tower to the left of The Elysian).
I visited the Fordham a couple weekends ago during Tricia Fox's whirlwind trolley tour through several luxury condos. Check back later for a short video from inside this Fordham residence. Posted 2/8/2010 by Joseph Askins
Every month, Keller Williams agent Tricia Fox rents a trolley and guides Realtors and buyers through open houses of similar units in the Streeterville, Gold Coast, River North, and Loop neighborhoods. In December, for example, she took guests to a variety of new-construction condos. Three weekends ago she focused solely on three-bedroom units.
The first place we visited was unit #3702 at the Fordham, at 25 E Superior St. The home's current owners bought the unit new and have used it as a second home, Fox says. Now they're selling it for $1.43 million. Tricia showed me around the home and pointed out some of its features; later we went down to a similar unit on a lower floor, where I was able to see how much a few changes in finish can change the nature of a home. (You'll see that unit in another video.)
Unit #3702 comes with one garage parking spot and the option of a second for an additional $45,000. Estimated monthly assessments are $1,666, and taxes are $15,711, according to Fox's listing. Posted 2/8/2010 by Joseph Askins
 Closings have been underway at The Legacy at Millennium Park, 60 E Monroe St, long enough for a number of resales to start popping up inside the tower. Of the 10 units listed by companies other than Equity Marketing Services (Legacy's exclusive brokerage), at least three are listed for amounts less than their closing prices.
The one-bedroom / one-bath unit #2405, for example, was listed for $389,900 back in 2007 and closed last month at $397,161. Last week it went back on the market for $374,900. Another home in the same tier, unit #3505, sold for $443,390 last month and was relisted today at $420,000. The one-bedroom / 1.5-bath unit #2906 was listed at $448,000 last week, little more than two months after closing at $454,900.
These are minimal reductions -- somewhere between 1 and 6 percent per unit -- and there are several instances of resales being listed above their original sale prices, but it'll be interesting nevertheless to watch resale trends here as Equity continues to market its unsold units. Equity's listed units, which don't represent all of the new homes available in the tower, are priced from the $480s for a 929 square-foot one-bedroom up to $4.26 million for a 4,757 square-foot three-bedroom penthouse. Posted 2/8/2010 by Joseph Askins
Want to move up to your dream home in time to take advantage of the tax credit? Town and Country Homes is offering four luxurious Blackstone single-family model homes at the Providence community in Elgin, all filled with deluxe features and ready for spring delivery.
Four DesignerEXPRESS model homes, ranging in price from $427,000 to $495,000, are outstanding values for the attractive architecture and high level of elegant finishes they provide. Providence is one of the premier locations in the far west suburbs, convenient to the Randall Road corridor on the west side of Elgin.
The community consists of homes set amid 110 acres of open space, including ponds, parks and a hiking and biking trail. A boathouse-style community center offers a pier, tot lot and fully stocked fishing pond, and two parks feature tennis courts and pavilions. Providence children attend desirable Burlington District #301 schools.
The DesignerEXPRESS model homes include the Cullen, a 2,696 square-foot home priced at $435,000; the Wilkinson, at 2,825 square feet, priced at $427,000; the Aldrich, a 2,914 square-foot home priced at $455,000; and the Corliss, at 3,544 square feet, priced at $495,000.
The Aldrich is a two-story DesignerEXPRESS home with four bedrooms plus bonus room, 2.5 baths, basement, and two-car attached garage. A two-story foyer sets the tone for the formal living room on one side and the study on the other. Adjacent to the living room is the dining room, and the expansive informal living area includes a kitchen with island and walk-in pantry, breakfast area, and activity-sized family room. The extra-large laundry room with closet has access to the two-car garage.
Upstairs, the master suite has a coffered ceiling, two closets including a large walk-in closet and ultra luxury master bath. Two other bedrooms and the bonus room are served by a hall bath.
The Aldrich provides an example of the many luxury options the model homes include, such as a full brick front, full deep basement, gourmet kitchen with deluxe cabinets, bonus room, fireplace in the family room, hardwood flooring, maple railings, designer wall and window treatments, and many more extras.
Models are open daily from 11 a.m. to 6 p.m. To visit Providence, take I-90 (Northwest Tollway) west and exit at Randall Road. Take Randall Road south to Route 20 (Lake Street) and turn right. Continue west to the community entrance.
A trusted builder in Chicago for over 50 years, Town and Country Homes is currently building homes in eight neighborhoods throughout Chicagoland. For more information visit TownandCountryHomes.com or call 866-902-6670. Posted 2/8/2010 by Joseph Askins
The Forest Glen Community Area encompasses the Northwest Side neighborhoods of Sauganash and Edgebrook, as well as the "micro-neighborhoods" of Middle Edgebrook, North Edgebrook, Old Edgebrook, South Edgebrook and Wildwood. The area that's commonly referred to as Forest Glen today, however, is a small pocket south of the Indian Road Woods forest preserve, bounded by Metra's Milwaukee District North line, the Chicago River, and Cicero, Foster, and Forest Glen avenues.
The neighborhood, described by its community club as "Chicago's Finest," comprises about 550 homes. The eight that are on the market right now -- all single-families -- were built between the early '20s and late '60s, have two to four bedrooms and one to two baths, and range in price from the $220s (a short sale situation) to the $570s.
To learn more about the neighborhood, visit the Encyclopedia of Chicago, WalkScore, Yelp, and MoveSmart.
To see dozens of pictures from Forest Glen and thousands more from all around Chicago, browse the YoChicago photostream at Flickr.com. Posted 2/6/2010 by Joseph Askins
Can't keep up with YoChicago throughout the week? Here are some stories you may have missed:
Posted 2/6/2010 by Joseph Askins
Since new price points went online at 565 Quincy last month, buyers have snatched up all or most of some of the building's individual tiers.
For example, the 09 tier on the 565 Quincy's new-construction floors has sold out completely, says Belgravia Group sales rep Erin Mandel. Belgravia had sold only two of the two-bedroom / two-bath units prior to January, meaning nine have gone under contract in just a few short weeks.
Buyers are running out of chances to get a new-construction 03- or 04-tier condo, too. The 795 and 800 square-foot one-bedrooms proved to be popular once prices dropped down into the $250s. You can see floor plans for both homes below.
 
Posted 2/5/2010 by Joseph Askins
 Did we really make it through January without a single South Loop condo auction? Holy moley, it's time to play catch-up!
The last 13 condos at Gammonley Group's Prairie Pointe tower will hit the auction block on March 14 at the Chicago Hilton, with bids starting as low as $189,000, according to Inland Real Estate Auctions.
Twelve of the units are located on floors 11 through 21 of the 24-story high-rise at 1600 S Prairie Ave and feature fireplaces, hardwood flooring, granite countertops and top-of-the-line appliances. A white-box penthouse with 2,800 square feet and a 900 square-foot terrace will be offered with reserve. Deeded parking for all units will be sold separately.
Wells Fargo will offer financing for all remaining units with owner-occupant and investor-financing programs, the Tribune reports.
Construction wrapped at Prairie Pointe in 2006. Amenities at the tower include indoor parking, 24-hour door staff, fitness center, entertainment room, sundeck with whirlpool, adjacent park and dog run, business center, conference room, and valet.
 
Posted 2/5/2010 by Joseph Askins
"This is a traumatic time in this country and the future isn't something we're 100% sure about now either. What's left? The answer for most home buyers is authenticity."
- Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, speaking last month at the International Builders Show in Las Vegas.
A Builders Show report from MarketWatch outlines 10 "must-have" features for a home in today's market. They are:
- A large kitchens with an island
- Energy-efficient appliances, insulation, and windows
- A home office or study
- A main-floor master suite
- An outdoor living room
- Ceiling fans
- Master suite soaker tubs
- Stone and brick exteriors
- Community landscaping, paths, and playgrounds
- Two-car garages
The story also notes that features like granite countertops are a must among move-up buyers but "on the bubble" for first-timers, and that home theater rooms and upstairs laundries are on the way out.
Does this ring true among any of the single-family home / townhome buyers or sellers out there?
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