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Archive for October, 2007

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Hotel conversion for IBM Plaza

Wednesday, October 31st, 2007

The former IBM Plaza building, located at 330 N. Wabash Street, could get a makeover if developers get their way.

A deal between Oxford Capital Group, LLC and Prime Group Realty Trust could pave the way for the conversion of the first 14 floors of the building into a luxury hotel.

Under the terms of the agreement, Prime Group Realty Trust will seek the designation of the property as a landmark building from the Commission on Chicago Landmarks.  The building was the last designed by famed architect Mies van der Rohe.

If the building is given landmark status, it would open up federal tax credits to fund the redevelopment.

A total of 300 rooms would be built, according to plans by the investment firm.  The building has lost two major tenants, and the addition of a luxury hotel would ease financial pressure for Prime Group.

The building would be one of many hotel projects underway around the city.  The Chicago Real Estate market is seeing a marked increase in hotel conversions around the Loop as well as in other neighborhoods around the city, including the Trump International Hotel and Tower.

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Home sales screech to a halt in Austin

Tuesday, October 30th, 2007

Home sales are at a 13 year low in Austin.  According to the third quarter report from the Chicago Association of Realtors, the number of homes sold in the area dropped to 43.

This is a 62 percent drop from the same period last year and the lowest total for the third quarter since 1994.

If you’re looking to sell your home in Austin, it may take a lot longer than you thought to find a buyer.  The average turnover rate for homes on the market in Austin is currently at 90 days.  This is a 23 percent increase from last year, but is still almost 25 percent below the average for all of Chicago.

Prices for homes in Austin continued to inch upwards.  Homes sold for an average 4 percent higher during the third quarter.

However, if demand continues to stay at levels not seen in over a decade, sellers may be forced to offer better prices to attract more buyers to the neighborhood.

If you’re buying a home in Austin, beware of getting in the market at the peak.  Negotiate for a price that reflects the current market conditions for the neighborhood.

The Chicago Real Estate market is facing a decline in demand in neighborhoods around the city.

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Arlington Market development continues

Tuesday, October 30th, 2007

Development continues on the Arlington Market, a mix of retail and residential space in the heart of Arlington Heights.

The developer of the project, Elliot Builders, plans to offer a total of 54 homes and 220 luxury condominiums at the development.  The project will also include over 42,000 square feet of retail space, with several tenants already signed up.

Amenities at Arlington Market include a modern fitness center, extra storage space, meeting room, and indoor parking.  The single family homes offer a large yard, fireplace, and four separate floor plans for buyers to choose from.

Floor plans for the condominiums start at 1,300 square feet and range as high as 2,250 square feet for the four penthouse units.  The single family homes offer about 3,000 square feet of living space, making them a great option for families.

Arlington Market is one of the best new preconstruction opportunities available in Arlington Heights.  The neighborhood is also home to much more incredible Chicago Real Estate currently for sale.

Prices for condos are dropping in the area.  According to the Chicago Association of Realtors, the average sales price during the third quarter was down by 6 percent.  Buyers should start to find better deals over the next few months for condos in Arlington Heights.

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