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Sales update: Deliveries begin at Motor Row Lofts

Monday, May 5th, 2008

Motor Row LoftsI was in the middle of an interview with developer Paul Zucker this afternoon when he mentioned that buyers are moving into Motor Row Lofts, located at 2301 – 2315 S Michigan Ave in the South Loop's Motor Row Historic District.

Deliveries began on lower-level units last week and will continue as homes on the upper floors are completed, Zucker said. A little more than half of the project's 52 units are still available at prices from the $270s to mid-$600s, he says.

As Dan Schuyler wrote in January, buyers at the renovated Holabird and Roche-designed buildings will benefit from an eight-year tax assessment freeze followed by four years of modest adjustments under the Illinois Property Tax Assessment Freeze Program.

Still 10 left at Broadway Village Lofts

Friday, May 2nd, 2008

Broadway Village Lofts

This Edgewater loft development at 5427 N Broadway St has been on the market for about a year and a half, but still only about 60 percent of the units have been sold. Judging from the Jameson Realty Group's Web site for the Broadway Village Lofts, 10 of the building's 24 one-bedroom lofts are still available, and the price points are listed from the $220s to the $250s.

Broadway Village Lofts renderingThe photo above is from about a year ago, and it's quite a bit different than the rendering on the Jameson site. We haven't had a chance to get up to Edgewater to follow up on this one, but we'll try to get an update on Yo soon.

It looks like the developer is replacing a lot of cement with glass, which brings to mind the Baer Lofts in Bucktown. (What doesn't bring to mind the Baer Lofts?). Probably because of the location, the Broadway Village Lofts are priced a bit lower than the Baer Lofts, where one- and two-bedroom lofts are listed from the $270s to the $370s.

The Jameson site says the Broadway lofts will be ready for fall 2008 occupancy.

Added: IrishPirate was kind enough to take these updated photos.

Price reduction at 2105 West Concord

Thursday, May 1st, 2008

2105 West Concord

That dreary photo above is to remind us all what Chicago doesn't look like in the beginning of May. (Snow!) That's 2105 West Concord, a condo loft development in Bucktown, during construction last winter. Since that photo was taken, five of the building's seven units have been snapped up, leaving two two-bedroom / two-bath units.

According to Michael Battista of Jameson Realty Group, the prices for both of the available units have been reduced by $10,000, which means that the smaller of the two is now listed in the $430s, while the larger unit is listed in the $530s.

Just browsing the New Homes Quick Guide, that's still a bit more than the PAC Lofts to the west, which are two- to three-bedroom lofts listed from the $310s. As Mark Dalton noted in his post last year, they're also a bit pricier than the Baer Lofts, located a few blocks north on Milwaukee, which has one- and two-bedroom lofts listed from the $270s to the $370s. Location is one of the big selling points at 2105 W Concord Pl though, as it's just two blocks from the Damen Blue Line station.

The pricier of the two available units is a 1,550 square-foot condo on the penthouse level (second floor). It comes with a private roof deck and an extra 13-4' 6-6' penthouse study / loft. A floorplan for that unit is below.

2105 West Concord floorplan

Three remain at 154 Lofts on West Hubbard

Wednesday, April 30th, 2008

154 LoftsFour more homes at Foxford Development's 154 Lofts on West Hubbard have sold since the publication of Kate's lofts feature in the February New Homes.

That leaves just three lofts on the market out of the project's initial 18, and the price of one of those - a three-bedroom / two-bath home on the building's fifth floor - has just dropped in price, says Michael Battista, vice president of sales for Jameson Realty Group.

The loft, which stretches the full width of the building, was listed in the $850s but is now selling in the $790s. Two top-floor units, also with three bedrooms and two baths, are still priced at $999,900 and $1,049,900.

The two pricier units have rooftop decks with 360-degree views of the city, Battista says.

"Lofty" features in the Studio Dwell Architects-designed homes include 12- to 14-foot ceiling heights, industrial steel windows, exposed timber and brick, and wrought-iron balconies. Finishes include stone countertops and tile, Copat cabinetry and Whirlpool, Brizo and Kohler fixtures.

Parking is included with the purchase of a loft, Battista says. Deliveries are immediate.

Sales update: More availability at Odyssey Lofts

Tuesday, April 22nd, 2008

Odyssey Lofts

Sales for the Odyssey Lofts seem to be moving in the wrong direction.

Some of our more discerning readers might have noticed that between the sales updates we posted for the Odyssey Lofts in November and January, four units were returned to the market. It probably seemed like no big deal – four units in a 60-unit building aren't insignificant, but they aren't enough to cause a stir either.

According to Barbara Buchel of Jameson Realty, 27 units are currently available in the Odyssey Lofts, which is six more than had been spoken for in January and 10 more than had been available in our November sales update.

Some of the commenters in our previous posts found the Odyssey Lofts' location alongside the Kennedy Expressway to be a negative, but it seems unlikely that that could explain the number of buyers that have pulled out. Either way, it's probably time to take down that "Only 15 remain" banner that has been displayed on the building since last fall.

Buchel says they’re still waiting for the city to grant a certificate of occupancy. She expects to get it any day, and deliveries should begin immediately thereafter.

Of the remaining units, there is only one available three-bedroom, which is located on the top floor and listed in the $620s. The others are split pretty evenly between one-bedrooms, one-bedroom plus dens, and two-bedrooms. Price points have not changed, as they still range from the $270s to the $620s. Garage parking is an additional $27,000.

Lofts coming to 1739 N Milwaukee Ave

Thursday, April 17th, 2008

1739 N Milwaukee Ave

Patrons of the Wicker Park / Bucktown Aldi should recognize these buildings. The smaller structure (at left) walls off the store's parking lot in the 1700 block of Milwaukee Avenue, just south of the Bloomingdale line.

The larger building, located at 1739 N Milwaukee Ave, is slated for a gut rehab courtesy of Five Star Development & Design. Realtor Rich Kasper of Century 21 Sussex & Reilly isn't ready to release price points for the project, so for now I'll have to rely on what he's advertising on the site's big banner.

Five Star will convert the building into eight duplex and single-floor lofts with modern finishes. Living areas will have oversized windows once those glass bricks are gone, and kitchens will feature custom walnut cabinets, Dacor stainless-steel appliances and Grohe fixtures.

Our Quick Guide notes two other loft projects going on in the immediate area: The Baer Lofts at 1927 W Milwaukee Ave, and 2105 W Concord Pl. Jameson Realty Group lists Baer Lofts' one- and two-bedroom units from the $270s to the $500s, according to Mark's recent post, and two-bedrooms on Concord were starting in the $420s, as of last year. It's not a stretch to expect similar price points at Kasper's project if its units are of a similar size and layout.

The Baer Lofts, before and after

Thursday, April 17th, 2008

The Baer Lofts The Baer Lofts

The old Baer Fireproof Warehouse Company building's transformation is complete, and the finished product is looking modern and shiny.

Funke Architects and It Development knocked out most of the façade, swapping brick for glass and converting the 80 year-old storage facility at 1927 N Milwaukee Ave into a 16-unit condo development.

According to Jameson Realty Group sales associate Michael Downing, the building is almost ready for deliveries and he hopes to have at least two of the units filled by the end of the month. At least ten of the 16 units are still available, and they include one-bedroom / one-baths, two-bedroom / two-baths, and a larger penthouse-style home that was added to the roof.

According to Downing, the units are traditional lofts with exposed brick and three-quarter walls on the second bedrooms. Ceiling heights range from 11 to 14 units, and the rooftop unit has 22-foot ceilings in places.

Price points for The Baer Lofts range from the $270s to the $370s, and the larger rooftop unit will be more than $500,000. Downing estimates that assessments will be about $225.

GenOne preps East Garfield Park lofts

Wednesday, April 9th, 2008

Carroll Street Lofts, 3021 W Carroll AveA couple weeks ago, I blogged about the one-bedrooms at Renaissance Lofts in Rogers Park. At the time, they seemed to be the least expensive lofts in all of Chicago, followed closely by the one-bedrooms at Rogers Lofts, Shoemaker Lofts and McKinley Park Lofts.

An article in the latest Near West Gazette suggests that there may be a new king of the affordable loft market, however. GenOne Group, developer of the Flats on Fulton condominiums in East Garfield Park, plans to follow that project with a 63-unit live / work conversion one block north at 3021 W Carroll Ave.

The Carroll Street Lofts will start in the mid-$100s and top out in the low $200s, says GenOne partner Brad Anthony. (And yes, they should be the Carroll Avenue Lofts. Take it up with him, not me.) Floor plans will range from 700 square-foot studios to 1,200 square-foot two-bedrooms. A lot of the building's one-bedrooms should come in well below $200,000 and even below Renaissance's $184,900 price tag.

Anthony says the homes will have 10- to 13-foot ceiling heights, thick pillars, exposed brick and large windows, just as one would expect from a converted concrete warehouse. He didn't have specifics on the units' designs but said they would be "more in line with the old, original lofts than soft lofts," which may mean that we'll see fewer finishes there than at higher-priced lofts.

Anthony calls East Garfield Park "an up-and-comer" thanks to the Green Line and expects the lofts' location and prices to attract artists, self-employed workers and first-time buyers. He's pleased with the outcome of the Flats on Fulton condos and says GenOne will continue to build similar three-flats along Fulton Street.

Construction checkup: LV Lofts

Thursday, March 27th, 2008

Click to enlarge

There are new loft-style condominiums going up near the intersection of Belmont, Ashland and Lincoln avenues. They just aren't as large as the project we've been discussing for the past couple of days.

The same reader who asked for an update on the Lofts at Lakeview Collection also wanted to know about two other Ashland Avenue developments: New Haven Homes' LV Lofts and McHugh Development and Construction's The Vue.

I'll get to The Vue a little later, but here's the latest look at Sullivan, Goulette & Wilson-designed LV Lofts. (You can see the Lakeview Collection site on the far left of the picture, too.) This 24-unit building at 3245 N Ashland Ave is 50 percent sold, says developer Keith Esses, and first deliveries should begin in late April. Remaining one-bedrooms start in the $290s; two-bedrooms start in the $390s.

New Haven is putting the finishing touches on its model and should have the unit ready for touring within the next two weeks, he says. Hopefully I can get some more snapshots and a little bit of video once it's open.

Four available at Hubbard Street Lofts

Wednesday, March 26th, 2008

Click to enlarge

Believe it or not, YoChicago never made it out to 1050 W Hubbard St to get a streetside look at Ruttenberg Capital Management's Hubbard Street Lofts during its construction. I drove past the 21-home building yesterday and was pleased to see that the completed project looks a lot better than the uninspired, two-dimensional rendering we posted more than a year ago (at right).

Click to enlargeFour two- and three-bedroom condos are still for sale at prices ranging from the $310s to the $620s, according to Koenig & Strey GMAC Real Estate. Outdoor, covered parking spaces are also available from $19,900 to $24,900.

Ruttenberg is no longer offering $5,000 credits to buyers, but it does appear that the developer has adjusted its prices downward. In 2006, lofts were starting in the $440s; just last month, the New Homes Magazine Quick Guide listed price points from the $320s to the $650s.