87% Decrease in Condo Sales
May 13, 2008 Industry News No CommentsCrain’s recently reported first quarter condo sales compared to last year at this time: 201 vs. 1207. This amounts to a whopping 87% decrease quarter over quarter.
There is also thoughts that a good majority of those condos purchased in 2007 stemmed from investors. I’m curious as to what the drop off is of those investors, based on today’s sale data…
Las Vegas Condo Living
April 27, 2008 Industry News No CommentsI was recently in Las Vegas and couldn’t get over the amount of new construction happening on the Strip. One particular development, City Center, will have its own emergency call center and act like a mini city in the heart of Las Vegas.
I came across this post about the current state of condo living in Las Vegas. The current market downturn is affecting folks out west and the price drops are staggering.
Donald Trump Settles Lawsuits
April 23, 2008 Industry News No CommentsThe ‘friends and family’ owners that bought into Donald Trump’s new Chicago luxury condo/hotel development are happy campers, supposedly. Chicago Tribune reported that 25 of the cases have been settled .
I’m curious as to what the actual ’settlements’ are, but at the end of the day, it’s good to know that Donald Trump understands how business should be conducted in Chicago.
Miami Blacklists Condo Sales
April 23, 2008 Owner’s Corner No CommentsLooks like some lenders are making it difficult to buy and sell condos in Miami.
Terrapin Properties Burnham Pointe – Condos No More
April 23, 2008 Industry News No CommentsIt appears another condo development in Chicago’s South Loop may bite the dust. Burnham Point, the development that was picketed by many Printer’s Row dwellers, is looking to be sold to apartment investors.
Call for Authors
April 22, 2008 Site Enhancements No CommentsHello Everyone!
With spring condo season in high gear, I thought it was nice to enable more of YOU to provide your insights. From how to deal with maintenance issues to how to deal with a development being turned over to your association, there is PLENTY to talk about.
Why is this exciting?
1). More writers means more tips, ideas and information sharing
2.) All posts will be distributed to ALL CondoPerks sites
3.) You may find a condo or be able to sell a condo sooner
4.) Imagine the tips and pieces of advice you may be able to share with other owners.
If you are interested in contributing, please send me an note firstname.lastname@example.org
Wirtz Family to Build Condo In Lakeview
February 21, 2008 Industry News No Comments
With a slew of apartment buildings under their belt, the Wirtz empire will build a condo tower at 2950 N. Sheridan Road. The lot’s been empty for some time and the tower is set to be about 19 stories high. Given today’s market, I wonder what the interest level will be on the buy side. Then again, Sheridan Road hasn’t received a new building in some time.
European Development Sued by City of Chicago
February 12, 2008 Industry News No CommentsI just learned that a lawsuit will be filed in Circuit Court against developer, ‘European Development’. Looks like European Development failed to make the property code compliant.
Until the issue gets resolved European Development will not be able to touch any additional properties.
Did Regent Realty Group Steal?
Multiple Condo Reserve Funds Missing Cash
January 29, 2008 Industry News 1 CommentAs a condo owner, this is scary. A few condo associations in Chicago are alleging that Regent Realty Group stole hundreds of thousands of dollars from their reserve accounts.
I can’t imagine what my condo association would do if this happened to us. One of the condos in the Regent case claims that $400,000 is missing from their rainy day fund.
Lincoln Park Condo Project in Bankruptcy
January 25, 2008 Industry News No CommentsAlas, another condo project bites the bankruptcy dust.
WMC Development IV LLC owes the bank $5.3 million from their initial construction loan. All 39 units are complete, but initial buyers backed out of the project.
Hopefully, condo developments that survive will sign up for CondoPerks and allow future residents to stow some money away!