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South Loop Scoop
September 2, 2010
If you are ready for some fun over the holiday weekend, check out the booth assisted by Weichert Realtors Frankel & Giles Agents, this Saturday 9/4/10. Agents are happy to help at the Wine booth, in order to mingle with neighborhood residents. It is a great event to relax and enjoy the festivities during the Labor Day weekend. If you want some fun and entertainment , this is the event to attend! One of the last Bashes of the summer! Taste of Wabash will be held this weekend at 13th and Wabash in the South Loop. Stop by and say hello to the WRFG team and receive your free goodies!
August 27, 2010
So the rumors about Lexington Park have come to fruition. Many real estate experts were convinced Starwood Capital would not move forward with the current buyers’ closings, and it now has been confirmed. Recent articles state buyers have now been notified, they will receive partial release of earnest money. Most buyers have said, they are not thrilled, but are at least relieved they can now put it behind them.
Buyers with email addresses on file have received emails notifying them of this news along with attachment outlining the details. In summary, 95% of their earnest money will be returned with interest, (less 5% processing fee). This applies only if they act within 30-days and keep the details confidential.
While this is not the best news to some, seeing they will not receive their dream home, and are being penalized for something out of their control. This is still good news for many, because quite a number of them paid premium dollars for a condominium, which has now lost a minimum of 20% in value, during this long wait. While some buyers have allegedly contemplated lawsuits, others are happy to receive a better return in the end. A few have said “losing 5% is better than 20%”, but it is unclear what percentage is feeling that sentiment.
This is truly a tragic end to a market that has brought so much heartache, to so many hardworking buyers, who just wanted to purchase their dream home.
If you were one of the unfortunate buyers who not yet been notified, it is best to contact the title company for information.
August 19, 2010
A reliable source alleges, the developer at a condominium development located in Chicago’s South Loop, is now returning earnest money but NO CONDO! After an extremely long wait, the buyers received a letter, via email, saying the new owners are returning earnest money, but with a catch. In short, they will receive only 95% of their 5% deposit plus interest, but only if they decide within 30-days and sign a confidentiality agreement. They also are calling it a “settlement agreement”, implying they are doing them a” favor” by returning their money.
After waiting one to four years, for their dream home, this seems like no consolation-prize. But it appears to be a sign of the times. The Developer was forced out when the economy tanked, and the bank went under. Assets were quickly snapped up by an investment company, with a sweet deal made with the FDIC. After a year of waiting to hear what would happen next, the buyers missed the original date of the first-time buyer program, extended their leases, and awaited an update. Nothing…no letter, no call, no response to requests for updates, complete silence.
Although we all know the market has been no picnic, it seems like there is a more sensitive way to handle these types of situations. It is hardship enough, when you have to put your life on hold for a home, but to receive a letter in an email, adds insult to injury. What do you think? What would you do?
August 12, 2010
Join the Greater South Loop Association for a social event this evening at 6pm!
Thier new business members, Whole Foods South Loop and Showcase Icon Lobby Lounge are providing free food and delicious drinks for the event.
Where: Whole Foods Lifestyle Center, 1101 S. Canal
Time: 6-8pm
Cost: FREE
You may also pick up your Bash on Wabash t-shirt and posters!
Please plan to attend and bring your neighbors!
July 28, 2010
Over the last 3 months the average time on the market for South Loop Condos in zip code 60605 has decreased almost 20%! While there is no doubt that it is STILL a buyer’s market, supply is dwindling with nothing new coming online for the foreseeable future. As the graph illustrates the trend line has not seen a blip in the last 90 days and I think this will continue. Basic economics tells us that price appreciation may not be too far away either – we have a shrinking supply and there is still definitely demand…at a price of course. We have even seem some bidding wars over the last month on desirable units that are priced right – something we have not seen in almost a year!
June 23, 2010
Join us Tuesday, June 29, 2010 at Three Peas Art Lounge located at 75 E. 16th St. Come Mingle from 5:30pm-8:30pm and enjoy a selection of complimentary wine and cheese while you enjoy the arts. State Farm, MetLife Home Loans, and your hostess Lona Reiling will be there to answer your Insurance and Real Estate questions. A Raffle Drawing will be held at 7:30pm!
RSVP at lreiling@frankelgiles.com for more information click the picture or call 773.507.1653.
June 22, 2010
Chess Lofts located in the south loop (320 E. 21st Street) is offering special ONE PRICE ONLY EXTENDED this weekend, Sat. 6/26 & Sun. 6/27 from 12pm – 5pm. The developer’s special pricing is on ALL units released in phase II. ALL one bedroom units will be $169,900 and ALL two bedrooms are an incredible $229,900! Even residences with incredible skyline & lake views, corners, and high floors will receive these incredible savings! DEVELOPER RELEASED 10 ADDITIONAL UNITS! BUYERS SHOULD ARRIVE EARLY FOR FIRST PRIORITY! With savings of over 50% off on select units, you will not want to miss this! All residences have been upgraded with exceptional finishes.
Call Sales Center for appointment 312.225.1300.
ATTENTION ALL STUDENTS! Fall Semester will be here sooner than you know, so why not have a worry free summer and find your housing now rather than waiting until the last minute?
Roosevelt Student Apartments, on the corner of Roosevelt and Wabash, is the perfect location if you are attending any college in Chicago. Steps away from the CTA buses and train lines ensure quick and easy transportation all across the city.
Now you can receive $250 off 1st month’s rent if you sign your lease this week! Hurry the offer expires soon! Don’t wait ‘til it’s to late call 312-225-9700 now!
June 3, 2010
The average days on the market for Condominiums in Chicago’s South Loop 60616 area code has decreased nearly 8% in the last 90 days. While the tax credit helped spur this activity we continue to see a
significant amount of contracts being written since April 30th not only in 60616 but throughout the rest of the South Loop as well.
May 17, 2010
Check out this very interesting article from YoChicago.com. They compare buying verses renting at 1400 Museum Park.
For more information contact us at 312-225-9700 or at info@frankelgiles.com!
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South Loop Scoop
