Ruth Karel Chicago Real Estate » New Developments

UNIQUE NEW BUILDING–AQUA

Ruth Karel — Mon, 09 Nov 2009 20:26:01 +0000

Wow! Am I glad I had a good day on Friday and it was wonderful to be out of the city on a delightfully warm sunny day. I really enjoyed t! Back to realilty today–the address book in my Blackberry vanished–just a quick trip to the AT &T store to restore it and then my monitor died. Still no biggie–quick trip to the nearby Best Buy and it was replaced and blessedly my trusty assistant, John Holt, was around to carry it for me and to install it. Kindly grandmothers should not begin a week with these challenges–right?

In today’s blog I want to share with you one of the most unusual buildings that has been recently built in Chicago–Aqua. Now that the Spire is on hold, Aqua is going to have to be our newest most unique building for quite awhile. Blaier Kamin has written a wonderfully perceptive review of Aqua. I went to a broker open house on a lovely day last summer–the amenities are terrific. The view of the balcony from the pool deck was a bit strange and we did not get to see the condo homes in the building–just the rental homes. The rental homes were quite nice but nothing spectacular. To read the entire review, just click here.

If you would like to discuss Chicago real estate with an experienced broker–just call me, 312-981-2360 (direct) or 312-607-1306, cell phone. E-mail works too!

DOES TRUMP TRUMP ALL IN CHICAGO?

Ruth Karel — Mon, 28 Sep 2009 21:55:14 +0000

Since the Spire is not going to be built–at least not in the foreseeable future–Trump Tower is probably the most exciting new residential building in Chicago right now. Aqua is a close second of course. Blair Kamin’s article in yesterday’s Chicago Tribune is a wonderful critique of the building. I agree with most of what he says–the building has a split personality. From some angles it is slim, trim and elegant and from others it is heavy, frumpy and dowdy. One of the best things that it does is open up the Riverwalk truly an exciting new space that has been neglected for entirely too long. If you are at all interested in Chicago architecture, Kamin’s article is worth a read. Since I am a former architectural historian–I loved it! To read the entire article, just click here.

Here are a few other posts having nothing to do with buying, selling, financing, staging or remodeling real estate–you might enjoy!

Sullivan Saved and Restored

Chicago Spire Construction Stops

If you would like to discuss buying, selling, financing, staging, or remodelling real estate in Chicago–please call me! Direct, 312-2360, cell, 312-607-306–or e-mail.

A PLACE TO REMEMBER

Ruth Karel — Tue, 08 Sep 2009 19:18:07 +0000

Aqua is undoubtedly the most innovative new building Chicago has seen for a long time. The young architect, Jeanne Gang, is rapidly making a name for herself in the world of architecture. This name is based on her largest project to date, Aqua. A recent Business Week article, Name to Know: Architect Jeanne Gang, gives us an idea of what this new building has given to the world of Chicago condos and rental properties. The wavy exterior is visually attractive and also has an energy saving function–the balcony overhang shields the glass windows from direct sun during the summer months. It makes me think of the ripples of sand next to the ocean that are left when the tide goies out. We are blessed to have someone who is giving us a break from the endless new condo buildings that mostly look alike with a few exceptions such as Helmut Jahn’s 600 North Fairbanks building. It is good to have a few buildings that aren’t unimaginative people warehouses. Have we turned the corner on yet another phase in Chicago Architecture? High rise buildings were conceived in Chicago 100 plus years ago, Modernism was the word here with Mies van der Rohe–is there a new architectural wind blowing in our city? Maybe. Both Aqua and 600 North Fairbanks are LEED buildings–this adds to their desirability.

Here are a few other articles that might interest you:

The Flag of Chicago

Old Chicago — A Few Facts

Sullivan Saved and Restsored

Questions about buying or selling a Chicago property–plese call me at 312-981-2360 (direct) or 312-607-1306 (cell) or e-mail me.

NEED TO SPRUCE UP YOUR HOME AND STRETCH YOUR DOLLARS?

Ruth Karel — Wed, 17 Jun 2009 22:06:08 +0000

Money is tight right now, you are staying home more and there are some corners that look a bit tired or you are trying to get your home ready to sell and don’t have a lot of extra cash to spend on sprucing up. Here are some ideas. Time to get your creative juices working!

Paint is one of the cheapest ways to freshen a space. Try an accent wall in a different color. Paint can rejuvenate old furniture as well as walls–faux finishes and metallic finishes can be a great accent in a room.

Can’t afford new cabinets in the kitchen–try new knobs and drawer pulls to are like jewelry or a great scarf–accessories that can make a huge difference. New towel bars are also a great dresser-upper. Inexpensive window treatments can be made more attractive with rods, rings, and finials.

Accent pillows are wonderful brighteners–replace all the ones you have or mix new ones with the old. Be sure that the pillws have some down inside so that you can squish them into shape for TV watching or reading.

Recover some of your present furniture–get a great fabric that you love and don’t worry about what it costs–a really fine fabric can give an expensive aura to everything around it.

Light fixtures can make a huge difference–think of that bathroom light bar that is right out of the eighties. Home Depot and other stores like Home Depot have tons of inexpensive fixtures that will freshen your bathroom and bring it into the present century.

Re-use and re-purpose what you have. Get it all out–all of the accessories and pictures, etc., from every room in the house and mix it up. Think of a new place for that picture and this poster and that vase–create new groupings. Family pictures can add lots of atmosphere–be careful, though. A few years back I had a listing with one whole wall of family pictures going back to the immigrant founders of the family–potential buyers were fascinated by the pictures and I just had to allow them time to peruse.

Think out of the box–change your furniture arrangements–try pulling things into the center of the room, move the pieces around and place them in different spots. Visit antique stores and junk shops. Try Fort Pitt Furniture Liquidators in Chicago–they buy used furniture from hotels and have a monster warehouse.

Art and other pieces to be used as accents and focus pieces can be bought at summer art fairs. We are just now in the heart of the season here in Chicago.

Related Articles: A Door Is A Door Is A door, 4-09; 5 Things Buyers Really, Really Don’t Like, 3-09

LEPRECHAUN GOOD NEWS

Ruth Karel — Tue, 16 Jun 2009 03:07:19 +0000

Our jolly leprechaun has good news for us–at least according to Don DeBat’s column in last week’s Chicago Sun Times. As we know, our home prices have not fallen off the mountain as they have in California, Nevada and even Washington and Oregon. DeBats column says that there is an improvement in the downward slide of home prices from a steep decline to a more moderate one. The article is well worth reading because it clearly explains how the different statistics affect home prices and it quotes several excellent sources.

MOVING MISERIES MAGIC

Ruth Karel — Fri, 29 May 2009 16:29:59 +0000

Moving is cruel and unusual punishment! I decided that five years ago–the last time my husband and I moved and we only moved across the hall. It doesn’t matter if you move across the hall or across the world–you still have to touch and think about every blooming thing you own. Here are a few suggestions to ease the pain. We’re assuming that you are past the rent-a-truck and buy a few beers for friends kind of move.

Start early–as soon as your contract to buy or sell is out of the inspection and attorney approval phase, start calling moving companies. Get several quotes. ask about insurance and tell them about any special items like a piano or a valuable antique.
Decide what you want to pack your self and save money and what you want the movers to pack. For fragile items like stemware and porcelain figurines it is probably a good idea for the pros to do it–that way they also have the liability.
For the self-packers get your supplies in–bubble wrap, boxes, foam peanuts, a dispenser with heavy tape, a marking pen to identify where each box should go in the new home. Many storage places have all of these supplies including blank newspaper which is wonderful to use for extra cushioning between breakables–regular newspapers have ink that can rub off on things.
This is a big job–allow plenty of time. Put heavier things in the bottom of a box and lighter things on top–don’t overload a box. You can also use towels and other linens between layers.
Check out what is in your storage locker or basement–most of us have stuff we don’t use and are saving for “later.” This is “later.” Weed out as much as you can–remember you have to pay for everything you move. Throw out everything you possibly can–and you will still have things that you will wonder why you ever moved THAT. Check boxes for rattle–re-pack if it rattles.
For absolutely supreme organization and ease of settling into the new place, make a list and attach it to the box, of what is in each box, where it came from in the old home and where it will go in the new home.
Keep a box or two marked NOW with the absolute necessities for the morning after the move–coffee pot, tooth brush a change of clothes, whatever you will need first thing on the morning of your first day in your new place.
Remember to keep all medications with you at all times–this is no time to be looking frantically for your pills.

Hope these suggestions help you–if you need help selling a home or finding a new home–just call me, 312-981-2306 or e-mail me.

Related Articles: What Will Win Your Blue Ribbon, 5-09; Old Versus New–What Is The Best For You?, 5-09; 5 Things Buyers Really, Really Don’t Like, 3-09; For Sale By Owner–Yes or No?, 3=09

HOME AFFORDABILITY AND MORTGAGE RATES

Ruth Karel — Wed, 11 Feb 2009 18:32:18 +0000

There is just no doubt about it–mortgage rates have a tremendous impact on a buyer’s ability to purchase a new home. Here are some examples of the difference a drop in rates can make–the comparisons are July, 2008, with February, 2009.

$150,000 mortgage ($144 Savings each month)

July 2008: $958 monthly
February 2009: $814 monthly

$250,000 mortgage ($240 savings each month)

July 2008: $1,597 monthly
February 2009: $1,357 month monthly

$350,000 mortgage ($335 savings each month)

July 2008: $2,235 monthly
February 2009: $1,90 monthly

Lower interest rates have created momentum for buyers. Properties in good condition are selling–if they are priced at market value.

Related Articles: Refinance Your Chicago Home, 1-09; First Time Buyer Down Payments, 1-09

CHICAGO SPIRE CONSTRUCTION STOPS

Ruth Karel — Thu, 23 Oct 2008 18:48:29 +0000

Our beloved Chicago Spire has stubbed its toe on today’s economic conditions. Liens have been filed against the developer and construction has stopped. An inside source said that the developer has been in Dubai looking for funds–one of the best sources of money in today’s world. A number of articles have been published in a number of publications–the one below is, in my opinion, the best and most comprehensive. If you like this blog post, please visit:

Spire pay dispute spurs doubt

Calatrava among consultants filing millions in liens against developer

By Mary Ellen Podmolik and Blair Kamin |Chicago Tribune reporters

October 18, 2008

The Chicago Spire’s penthouse may be sold but there is growing doubt whether the project will rise out of the hole that’s been created at 400 N. Lake Shore Drive.

Consultants on the project are starting to line up seeking payment for their work on the development, designed to become the tallest skyscraper in the United States and one of the tallest in the world. The most well-known of the consultants, architect Santiago Calatrava, filed a lien on Oct. 8 through his Lente Festina Ltd., seeking more than $11.3 million in payment from Spire developer Shelbourne Development Group Inc.

Separately, Chicago-based architectural design firm Perkins+Will Inc. filed a lien against Shelbourne for almost $4.85 million in payment. The two liens were filed with the Cook County recorder of deeds.

The liens suggest the project’s financing, as well as its feasibility, is shaky.

Reached at the family’s home in New York, Calatrava’s wife, Tina, declined to comment. Perkins+Will did not return phone calls for comment.

A spokeswoman for Irish developer Garrett Kelleher said the firm knew that the liens were coming and continued to have dialogues with the companies. However, Shelbourne disagrees with the amount the firms say they are due.

“These guys have been paid well,” said spokeswoman Kim Metcalfe. “It’s clearly a four-year project. The project payment and delivery is over that four years. The amounts are under dispute.”

The Spire captured the public’s imagination, not only because of its great height and uniquely twisting design, but also because of the charismatic Calatrava’s involvement. He has been the public face of the project, not only involved in every aspect of the project right down to custom door handles, but also wowing crowds as he made sketches of the design at public meetings.

Along with the city’s bid to host the 2016 Summer Olympics, the iconic proposal came to symbolize Chicago’s aspirations to become a “global city,” a worldwide center of culture as well as commerce.

But a faltering economy and seized-up credit markets have brought visible work on the project to a standstill. Currently the site is simply a circular hole, 76 feet deep and 110 feet across, that is surrounded by caissons to support the skyscraper’s concrete core. The East Water Place Townhome Association, which had been conducting weekly meetings with the developer about the project adjacent to its building, told residents earlier this month the meetings had been discontinued because the Spire’s construction had been halted.

News of the liens was first reported by Crain’s Chicago Business.

Just 21/2 weeks ago Shelbourne sought to inject a bit of optimism into the beleaguered project by announcing that Beanie Babies magnate Ty Warner had signed a contract to buy the two-level penthouse, a unit that was listed for sale at $40 million.

To date, 395 of the building’s 1,194 units have been sold.

“The sales are going very well,” Metcalfe said. “This is the normal course of business for companies to protect themselves, and the market is obviously the 800-pound gorilla in the room.”

mepodmolik@tribune.com

bkamin@tribune.com

RELATED ARTICLES:Chicago Spire Penthouse Sold, Chicago Spire 30% Sold

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CHICAGO SPIRE PENTHOUSE SOLD

Ruth Karel — Wed, 01 Oct 2008 20:36:44 +0000

Chicago Spire

According to the Chicago Tribune, the penthouse home in the Spire has been sold. It was purchased by the Beanie Baby tycoon, Ty Warner. Mr. Warner’s new home will have a 360 degree view of the city of Chicago and several neighboring states, Michigan, Indiana, and Wisconsin. The two story home is 10,000 square feet in area. The building itself was the feature of one of my earlier blogs. It is the world’s tallest strictly residential building–2000 feet high!I If you are like me, you can’t even imagine how many Beanie Babies it would take to yield anything like the $40,000,000 asking price. Well, at least he doesn’t have to come up with all the cash until 2012! or later! Are we all a bit envious?

Related articles: Chicago Spire Construction Stopped, Chicago Spire 30% Sold

CHICAGO SPIRE 30% SOLD!

Ruth Karel — Thu, 11 Sep 2008 19:11:32 +0000

The Chicago Spire is without a doubt one of the most attention getting new developments ever seen in Chicago. Trump Tower is a close second. The prices are astronomical for Chicago. What would usually be called a studio (534 square feet) is priced at $750,000 (approximately $1400 per square foot) and the prices go from there to a duplex penthouse for$40,000,000 (approximately $4,000 per square foot). According to the marketing firm, approximately 30 per cent of the units have sold. 15 per cent to citizens of the United States and 15 per cent to people from other countries. The architect, Santiago Calatrava, has designed more than just the building. He also designed the entry door hardware and many other details. Some of the features of the building follow.

There will be 1,193 residences in the building. No two will be exactly the same.
Generous 10 foot ceilings and windows. Windows combine vertical and trapezoidal glass panels. Other features include the following
Unique view of four states (Illinois, Wisconsin, Indiana, Michigan)
Natural materials include wide plank herringbone hardwood floors, elegant granite, marble and onyx stone, European cabinetry
American and European appliances
European plumbing fixtures

The amenities are exclusive to the residents only and include:

45,603 total square feet on floors five through seven will be devoted to the amenities
Full concierge services
Ringshaped lap and recreational pool
Cigar room with personal humidors
Residents’ library
Children and teen games area
Private movie screening theater
Business center and conference room
Private dining rooms

This unique property is being marketed in Europe and the Far East and Middle East. Apparently, enough people want to own what is essentially an art work AND a home that the project is going to happen. It will be interesting to watch it develop. For a current look at what is happening at the construction site go to the most recent Chicago Tribune article (scroll down past the 9/11 Memorial and Frank Lloyd Wright articles–the Spire article is third from the top.

Related Articles: Chicago Spire Penthouse Sold, Chicago Spire Construction Stopped