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        <title>Chicago Real Estate News &amp; Community Happenings</title>
        <link>http://www.seechicagorealestate.com/blog/</link>
        <description>Find out about Chicago real estate and community information </description>
        <item>
            <guid>http://www.seechicagorealestate.com/blog/new-listing-at-175-e-delaware-place.html</guid>
            <link>http://www.seechicagorealestate.com/blog/new-listing-at-175-e-delaware-place.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>New Listing at 175 E. Delaware Place</title>
            <description> <![CDATA[ 
Updated John Hancock Condo Sure to Impress!


Looking for a spacious, updated high-rise condo in downtown Chicago? Does the thought of living in one of Chicago’s most recognized skyscrapers seem like a good fit for you? Well, just listed at the renowned John Hancock Center in the heart of Streeterville is a fabulous high-end condominium with everything you could possibly want in a new home. Situated high-above the busy streets of Michigan Avenue on the 62nd floor, condo residence #6206 is sure to meet all the demands on your new-condo wish-list. Upon entering unit#6206, the first thing you’ll notice is the roomy open floor plan and the beautifully remodeled kitchen with all the bells and whistles. Complete with stainless steel appliances and tastefully upgraded white cabinetry, you’ll have plenty of counter space to work with and more than enough storage space for even the largest dishware collection. In addition, the breakfast bar is a great addition to the overall space and perfect for entertaining and hosting dinner parties once you’re all settled into 175 E. Delaware Place. The diagonal cherry hardwood flooring throughout blends perfectly with the condo’s upgraded finishes and I think you’ll be pleasantly surprised with the amount of living space #6206 offers. Each of the two bedrooms is easily large enough to fit TWO queen size beds and the closet space should be enough to satisfy a medium-to-large-sized wardrobe. Each bathroom in #6206 brings its own taste of luxury with floor-to-ceiling marble, contemporary vanities, and eloquent glass showers with hand-held body spray. But despite everything that’s appealing on the interior of this condominium, it’s the extraordinary east-facing exterior views that truly make this space remarkable. Living in the John Hancock center on the 62nd floor in unit #6202 allows you to enjoy unobstructed, breathtaking outlooks of Lake Michigan, Navy Pier, and the surrounding beauty of the awesome Streeterville neighborhood every day you’re there! So don’t miss out on the opportunity to own something special at one of Chicago’s grandest addresses! To schedule a showing or learn more ab


out 175 E. Delaware Place #6206, contact Ted Guarnero with Baird &amp; Warner at (312) 810-6693!      





 


 


 


 


 





 


 


 


 


 


 


 


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            <pubDate>Wed, 01 Feb 2012 13:16:00 -0600</pubDate>
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            <guid>http://www.seechicagorealestate.com/blog/new-cta-train-tracker-options-now-available.html</guid>
            <link>http://www.seechicagorealestate.com/blog/new-cta-train-tracker-options-now-available.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>New CTA Train Tracker Options Now Available </title>
            <description> <![CDATA[ 
CTA Releases New Train Tracker Amenities





The CTA is continuing to make progress towards bettering Chicago’s grossly outdated “L” system as it recently unveiled a couple new tech-savvy options riders can access in order to track where a train is located and how long it will take before arriving at your station. Unfortunately, many of us still haven’t experienced the new, highly publicized rail cars that were part of a massive $1 billion order of 706 cars. Unknown safety concerns have been the culprit behind this unexpected setback, but I can obviously understand why these issues weren’t addressed before coughing up the one billion dollars. I mean that kind of money MUST be like pocket change to a high-end outfit such as the Chicago Transit Authority, right? But to give the CTA some credit, riders have actually been able to track trains and CTA busses using smartphone technology since the beginning of 2011. However, now riders won’t even need to hassle with pulling out their phone or dealing with a slow moving internet connection your phone may or may not have. Now, the CTA is FINALLY starting to install monitors or LED screens at various bus stops and train stations throughout Chicago that will tell passengers all the timing and location information they need without using their phone at all. The screens at each stop look just as if you’re accessing the CTA Train Tracker app on your phone, but now when you walk up (or down) the stairs at the station you’re at, there will be a nice, big flat-screen available telling everyone how long it will be before the next train or bus arrives! And for all of you out there who are addicted to texting, there’s good news for you too. Along with these modern updates, the CTA is also releasing a Train Tracker text message system that allows users to text “ctatrain” along with a station code you can get via the CTA website, and the system will automatically text you back with the same information you can see on the screens I was just describing above. Personally, glancing up at a screen and literally taking 3 seconds to read how long it will take before your train arrives seems much easier than looking up a station code and texting back and forth with an automated computer system, but with the growing popularity of text messaging, I don’t doubt this additional train tracking feature will be a big hit amongst many Chicagoans. In any case, it feels good to know our local public transit system is now making a strong effort to escape outdated technology from 1976 and will finally be joining the rest of today's tech-minded society. I just hope they stop teasing us about new and exciting improvements, like they've done with the rail cars, and simply wait to make an announcement until we know it will actually start benefiting us right away.     


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            <pubDate>Thu, 12 Jan 2012 09:55:33 -0600</pubDate>
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            <guid>http://www.seechicagorealestate.com/blog/chicago-union-station-streeterville-development.html</guid>
            <link>http://www.seechicagorealestate.com/blog/chicago-union-station-streeterville-development.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>Chicago Union Station &amp; Streeterville Development</title>
            <description> <![CDATA[ 
New Union Station &amp; Streeterville High-Rise in the Works?  


Chicago’s housing market may still be muddled, but that hasn’t stopped new and exciting development plans from surfacing that will impact the Chicago West Loop real estate market. In case you missed it, the Chicago Architecture Blog recently highlighted expansion plans that would accommodate approximately 40% more trains Metra plans to run over the next 30 years. According to the Chicago Architecture Blog post, Chicago’s Union Station handles roughly 120,000 passengers a day, which ranges from long distance Amtrak and Metra patrons to local and regional commuters. Because Union Station is the only historic train station still operating in Chicago, it’s important for the city to maintain its longevity, while still being able to balance the increased train usage we see today and in future years to come. Amazing as it may seem, Union Station is still Chicago’s ONLY intercity rail terminal, as well as the main terminal used for commuter trains coming and going from the Chicago suburbs. While the long-term plan includes new CTA subway lines under Canal and Clinton Streets and two jaw-dropping skyscrapers on South Canal Street, the shorter term goals are to improve the street traffic flow to the already existing structure that will allow for construction to begin on some of the other major components to the plan. If you haven’t already read the post in full, I definitely urge you to check it out, as it details nearly every aspect of the plan in full.


In addition, the Chicago Architecture Blog also recently covered the revised plans to 410 East Grand Street in a separate post, which seems to have many Streeterville residents pleasantly optimistic. Changes to this proposed idea include a residential tower that is taller and thinner than the old proposal and the 10-story building that was slated for 87 homes for low-income qualifiers has been done away with and replaced with a smaller, unobtrusive office structure. If approved and construction moves forward, the new residential tower will have 45 stories and a sleek, blue-glass façade, which should blend in nicely with the Streeterville landscape. To read this post in full-detail, check it out here.   


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            <pubDate>Fri, 06 Jan 2012 11:47:54 -0600</pubDate>
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            <guid>http://www.seechicagorealestate.com/blog/800-s-wells-501-now-250000-after-selling-for-130000.html</guid>
            <link>http://www.seechicagorealestate.com/blog/800-s-wells-501-now-250000-after-selling-for-130000.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>Doubling the sales price in 30 days - Really ???</title>
            <description> <![CDATA[ 
800 S. Wells #501 Price Hike After Short Sale


It’s not unusual for a downtown Chicago condo that just came onto the real estate market to catch my eye or grab my attention in some way. Usually, it’s either an upscale residence in the prominent Gold Coast neighborhood or a terrific deal in the neighborhood I happen to live in, which is Streeterville. Today was a little different, however. As I was scanning through the MLS, I noticed 800 S. Wells #501 was just put back on the market with a list price of $250,000. If you’re not familiar with the listing or the location, this particular condo is in the River City building in Chicago’s South Loop neighborhood. I’ll be the first to admit that the finishes in unit #501, which include granite countertops, beautiful cherry cabinets, stainless steel kitchen appliances, and fabulous Brazilian hardwood floors, are very tastefully done and at first glance, the $250,000 asking price seems like a reasonable deal. But what the current listing for 800 S. Wells #501 fails to tell potential buyers is that this condo was actually on the market roughly 6 months ago with many of the same features and listed at only $140,000. In fact, 800 S. Wells #501 was not only on the market recently, but closed at a price of $130,000 right around November 4th.


Now of course the space and square footage in this South Loop Condominium is the same as before, the number of bedrooms and bathrooms certainly hasn’t changed, and even the upgraded cherry cabinets were already installed at this time. Granted, I’m not the smartest guy in the world, but if my calculations are correct, there’s now a $110,000 difference in price for some hardwood floors and nice looking appliances? That must be some high quality wood they’re using over there at River City. And I could be mistaken, but I’m almost sure even the hardwood floors and appliances were also installed prior to the closing in November! However, to be fair, when this condo sold for only $130,000, it did close as a short sale and the buyer likely paid cash. But given the history at River City, the condition of the building, and so on, most lenders will not provide traditional financing for condos in River City.


So in other words, the flipper trying to profit $120,000 off 800 S. Wells #501 will also have to find another cash buyer who’s willing to pay a quarter of a million dollars at River City, when dozens of other units can be bought $100,000 cheaper and provide the opportunity for personalized customization. Although it may be hard for me to pass on an already rehabbed condo, and the inconvenience of having new appliances delivered and installed while I’m relaxing comfortably on my couch might be a hassle, I think I’d rather opt for the $100,000 savings if I’m a homebuyer looking in Chicago.


Moral of the story: Trying to profit $100,000 on nothing more than a short sale really isn’t the best idea when the real estate market has yet to recover from an on-going collapse. In addition, I also think River City is a great building and has tremendous value for most of the units on the Chicago real estate market-but not when listed in this manner.  


Check out the 2 bedroom/ 2 bathroom condos listed at 800 S. Wells Street below. You'll see that the average sales price really isn't near $250,000 and is actually driven up considerablly by unit #1301. 


 


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            <pubDate>Thu, 15 Dec 2011 13:59:31 -0600</pubDate>
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            <guid>http://www.seechicagorealestate.com/blog/4953-n-st-louis-1-now-199900.html</guid>
            <link>http://www.seechicagorealestate.com/blog/4953-n-st-louis-1-now-199900.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>4953 N. St. Louis #1 Now @ $199,900</title>
            <description> <![CDATA[ 
4953 N. St. Louis Units 1 &amp; 2: Let's Compare


4953 N. St. Louis in Chicago’s Albany Park neighborhood is a charming brick condo building with exceptional character and desirable modern upgrades. For those not as familiar with Albany Park, this section of St. Louis Avenue is a quiet, tree-lined street that dead-ends at the Chicago River to the north and runs through Lawrence Avenue to the south. Even better, if you’re a Chicago homebuyer needing nearby public transportation, the Kimball Brown Line Stop is only a short walk away, with the CTA 81 bus route conveniently running alongside Lawrence Avenue. If any of this information sounds even the slightest bit intriguing, keep reading; it gets MUCH better. Below, I’ve posted pictures of 2 different condos at 4953 N. St. Louis Avenue, each with similar upgrades and interior features. I want all my readers to study each set of pictures carefully and at the bottom of this post, I’ll reveal all the specific details for each condo and the listing price for each. In the end, I think you’ll be quite surprised at what you see. 


                           Condo 1                                                                 Condo 2


  


  


  


  


Pretty similar, right? Well, now comes the intersting part:


Condo #1 Features:                                                   Condo #2 Features: 


3 Bedroom/3 Bathroom Duplex Down                              2 Bedroom/2 Bathroom


2 Jacuzzis, Updated Kitchen, 2 Parking Spaces                 Den, Fireplace, Parking Included


Total Rooms: 8, HOA Fees: $200/month                          Total Rooms: 6, HOA Fees: $189/monthly


Listing Price: $199,900 &amp; Still Available!!!!             Listing Price: $220,000 Sold (2/7/2011)


Yes, you're reading this correctly: condo #1, 4943 N. St Louis #1, is 2 levels, contains 1 additional bedroom and similar features to condo #2, and is roughly $20,000 CHEAPER!  In closing, all I'm going to say is this: you can reach me at (312) 810-6693.      


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            <pubDate>Wed, 07 Dec 2011 12:16:36 -0600</pubDate>
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            <guid>http://www.seechicagorealestate.com/blog/streetervilles-bar-toma-now-open.html</guid>
            <link>http://www.seechicagorealestate.com/blog/streetervilles-bar-toma-now-open.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>List of What to Expect at Bar Toma in Streeterville</title>
            <description> <![CDATA[ 
Bar Toma NOW OPEN in Streeterville!





The much-anticipated and newest Tony Mantuano endeavor, Bar Toma, has officially opened its doors TODAY and is already making noise around Michigan Avenue and Chicago’s Streeterville neighborhood. Just on Facebook alone, I’ve seen several articles about the brand-new Streeterville restaurant and even a great interview on ChicagoMag.com with Tony Mantuano, the chef behind so many fabulous Chicago eateries and now the trendy 250-seat Bar Toma. Given the tremendous 110 E. Pearson Street address, the location alone should give Bar Toma a great jump on business, but given the restaurant’s unique style and mouth-watering dishes such as the Insalata di Mare or the Seared Mortedella with homemade Giardinera, it’s likely this new Magnificent Mile hotspot, named after Tony Mantuano himself (Toma being the first 2 letters in his first and last name) will be a favorite among Streeterville residents and Chicago tourists alike. So, what can you expect from Bar Toma? Below are just a few of the key bullet points:




According to the interview from ChicagoMag.com, Tony Mantuano wanted Bar Toma to have more of an Italian-style bar atmosphere than a general pizzeria bar. Although a pizza bar is a definitive aspect of Bar Toma, other authentic Italian features include customers having the option to walk inside each morning, grab an espresso or a house-baked cornetto, and have a quick breakfast standing up; just as they do it in Italy.






The pizza at Bar Toma will be a unique style that differs from both the traditional deep dish Chicago pizza and also the pizza you’d expect to see in Italy. Instead, special attention is paid to the flour and crust of each pizza, making for each piece to be especially delicious from end-to-end! That being said, I can’t wait to try it!!






It’s not all about the pizza! Tons of salads, wines and authentic Italian small dishes will be offered, making for a complete menu that’s sure to please just about anybody!






The prices are moderately low and the atmosphere is completely casual-a combination that I’m sure nobody will mind.  So if you’re a tourist sporting jeans or a local Chicagoan looking for a quick bite after work, Bar Toma may just be the newest place for you to give a shot. 




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            <pubDate>Tue, 29 Nov 2011 11:54:33 -0600</pubDate>
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            <guid>http://www.seechicagorealestate.com/blog/10-things-to-do-during-chicagos-holiday-season.html</guid>
            <link>http://www.seechicagorealestate.com/blog/10-things-to-do-during-chicagos-holiday-season.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>10 Things to do During Chicago's Holiday Season!</title>
            <description> <![CDATA[ 
10 Best 2011 Holiday Events in Chicago!


I am hoping that my recent blog about the Magnificent Mile Lights Festival generated a smidgen of holiday spirit, as I realize we’re still barely into November and the thought of Christmas, Hanukkah and New Year’s may be a bit overwhelming for many of us right now. But despite where we’re at on the calendar, The Magnificent Mile Lights Fest is still only one week away [roughly] and I thought this was the perfect time to generate a list of fun-filled activities happening on November 19th and throughout this year’s holiday season in downtown Chicago. So without further ado, I present to my readers 10 things to do during this year’s celebration:


1)      November 1st-December 31st: Winter Wonderland  @ the John Hancock Observatory




Believe it or not, this year is the 40th anniversary of holiday festivities at the John Hancock Observatory. Santa Claus will stop in at the JHO every weekend from 12-4pm and various dates throughout the holiday season offer different fun-filled activities for kids of all ages. Check out the JHO web site for more details!




2)      November 5th : Macy’s Great Tree Lighting &amp; Holiday Windows




Although you may have already missed the kickoff to Macy’s fabulous holiday window displays (oops!), the 45-foot Great Tree with 10,000 LED sparkling lights and 1,200 ornaments and this year’s window display, themed “Yes Virginia, there is a Santa Claus, will be up all season!  




3)      November 17th-January 8th:  Museum of Science &amp; Industry “Christmas Around the World &amp; Holidays of Light”




On display will be more than 50 trees, beautifully decorated by members of Chicago’s ethnic communities to represent global cultures during the holiday season. As you stroll through the Museum halls, sporadic “falling snow” allows for the ultimate holiday experience!




4)      November 19th: Live concerts on the BMO Harris Bank Stage 




11am: Justin Roberts and the Not Ready for Naptime Players


12pm: The Never Land Pirate Band


  1pm: Radio Disney AM 1300 Road Crew, Radio Disney’s Next Big Thing Artists




5)      November 19th – January 1st: Michigan Avenue Holiday Lights




Who doesn’t enjoy walking down Michigan Avenue and enjoying the ultra-urban atmosphere of the Streeterville neighborhood in downtown Chicago? Well, during the holiday season, Chicago’s most recognized thoroughfare displays breathtaking light displays, with some of the city’s best shopping options along the way so you can get some of that dreaded holiday shopping out of the way!




6)      November 24th: Chicago’s Thanksgiving Day Parade




Kicking off at 8:30am, the Chicago Thanksgiving Day Parade will boast awesome inflatable, beautiful floats, marching bands from around the Midwest, dancing groups, and more! The parade runs on State Street from Congress Parkway to Randolph Street. Get there early to get a great spot!




7)      November 24th-December24th (Fridays &amp; Saturdays): Christkindlmarket Chicago




This year marks the 16th year that the open-air, German-style market will display a wide-variety of handmade ornaments, holiday accessories, clothing and gifts. Over 50 vendors are expected to participate and delicious German-inspired food and drinks that include hot spiced wine, potato pancakes, bratwurst, chocolate desserts and more will also be on hand!




8)      November 25th – December 16th (Friday Evenings): Caroling at Chicago’s Bean




Starting at 6:50pm, every Friday evening from November 25th to December 16th, the Chicago Office of Tourism and Culture will showcase various Chicago choral groups and also invites visitors to participate in a holiday sing-along. Now labeled as one of Chicago’s most cherished traditions, participants can also stay warm at the event with complimentary beverages provided by Caribou Coffee! Also, be sure to stop by Millennium Park’s McCormick Tribune Ice Rink while down at the Bean, as this too is also one of the most popular winter destinations in Chicago!




9)      December 16th – January 1st (Open nightly 5-9pm. Free!): Lincoln Park Zoolights




Along with putting on an unbelievable lights display, don’t forget to check out all the great things to do at the Lincoln Park Zoo during the holiday season, which includes visits with Santa, animals from around the world, live ice carving, and holiday arts and crafts!




10)   Dates to be released at a later Date: CTA Holiday Train




Every year, the Chicago Transit Authority decorates a CTA “L” train with an array of lights and runs it down each line at pre-determined dates. On board will be Santa and his elves, passing out candy canes and holiday cheer to all the passengers on-board. The open-air flat car holds Santa’s seat and reindeer, making this an awesome spectacle for kids as the train pulls up to each station! 



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            <pubDate>Thu, 10 Nov 2011 13:30:29 -0600</pubDate>
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            <guid>http://www.seechicagorealestate.com/blog/new-listing-175-e-delaware-8908.html</guid>
            <link>http://www.seechicagorealestate.com/blog/new-listing-175-e-delaware-8908.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>New Listing @ 175 E. Delaware #8908</title>
            <description> <![CDATA[ 
Unobstructed Views @ 175 E. Delaware


I don’t have to tell you that the John Hancock Center is one of Chicago’s most distinguishable high-rise buildings that define our city’s remarkable skyline. I also don’t have to tell you how special condo-living can be at 175 E. Delaware, as this amazing Streeterville location truly speaks for itself. But what I can say is that the tremendous value at 175 E. Delaware #8908 is offering potential homebuyers the fantastic opportunity to make a big splash in the downtown Chicago real estate market and the chance to reside in luxury at this ultra-high-profile address.


First off, the easterly, panoramic views of 175 E. Delaware #8908 provide breathtaking angles of Lake Michigan, Navy Pier and much of the beautiful Streeterville neighborhood and beyond. In addition, this particular floor in the Hancock building is just high enough to clear the Ritz-Carlton Chicago, allowing for this outstanding viewpoint of Chicago and further boosting the uniqueness of this particular condo. Inside, 175 E. Delaware #8908 boasts 3 bedrooms, 2 and a half bathrooms and an awesome floor plan that flows together like no other. Matching white marble floors grace the kitchen and foyer area, with contrasting black granite countertops and a similarly-styled breakfast bar completing the condo’s kitchen space. This specific floor plan actually contains two master suites with attached baths, and the third bedroom being partially opened into the main living area.


If this isn’t enough, the Hancock building also offers residents top-of-the-line amenities, with a fabulous indoor pool overshadowing nearly everything else. However, once situated in this gorgeous new condo, you’ll also get to enjoy a modern fitness center, 24-hour door service, resident and visitor parking and a private market inside the building specifically catering to Hancock residents. The current listing price of 175 E. Delaware is $799,000.     



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            <pubDate>Wed, 09 Nov 2011 12:24:20 -0600</pubDate>
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            <guid>http://www.seechicagorealestate.com/blog/the-magnificent-mile-lights-festival-in-streeterville.html</guid>
            <link>http://www.seechicagorealestate.com/blog/the-magnificent-mile-lights-festival-in-streeterville.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>The Magnificent Mile Lights Festival in Streeterville </title>
            <description> <![CDATA[ 
The Magnificent Mile Lights Festival! 


The holiday season around the Streeterville neighborhood and Chicago’s Magnificent Mile represents the ultimate urban winter-wonderland. Whether it’s the thousands of holiday shoppers bustling up and down Michigan Avenue, the snowy walkways lining our city or the ceremonious Magnificent Mile Lights Festival held annually along Chicago’s most celebrated thoroughfare, the holiday season is truly a special time for many Chicagoans. I know you’re probably thinking, “is it time to start thinking about the holidays already!?” But the answer to that question is a definitive “YES!” This year, the 20th Annual Magnificent Mile Lights Festival will take place on Saturday, November 19th from 11 a.m. to 10 p.m. Recognized as the nation’s largest evening holiday event, the lighting spectacle will feature a full day of festivities that are fun for the whole family. Whether it’s live music, getting some holiday shopping out of the way, or the event’s main lighting procession led by Mickey Mouse and Minnie Mouse, tons of activities will be available to keep everyone occupied the entire day. This year’s parade will boast more than 30 floats, tons of giant balloons, several marching bands and various celebrities and musical performers. Finally, the parade will conclude with a majestic fireworks display along the great Chicago River, capping off what should be an incredible holiday celebration in Streeterville! 
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            <pubDate>Thu, 27 Oct 2011 11:02:38 -0500</pubDate>
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            <guid>http://www.seechicagorealestate.com/blog/one-museum-park-facing-foreclosure.html</guid>
            <link>http://www.seechicagorealestate.com/blog/one-museum-park-facing-foreclosure.html</link>
            <author>ted@seechicagorealestate.com (Ted Guarnero Admin)</author>
            <title>One Museum Park Facing Foreclosure</title>
            <description> <![CDATA[ 
One Museum Park in Hot Water, Sales Office Closes


A recent post by Joe Zekas at YoChicago is questioning the serious possibility that the bank may be taking possession of the highly touted Museum Park condo development located at 1211 S. Prairie Avenue in Chicago’s South Loop. Although Museum Campus has been rumored to be under water for some time now and in serious danger of bank repossession, the YoChicago blog also goes on to read that a local Realtor has confirmed the liklihood of foreclosure with Alderman Fioretti’s office. As the bank presumably takes over One Museum Park on November 1st, 1901 S. Calumet (Museum Park Place South) will also be included in the foreclosure suit, with 1629 S. Prairie (The Residences at 1600 Museum Park) not being affected. According to a report from Crain’s Chicago Real Estate Daily in early September, approximately 22% of the condos at One Museum Park West had closed as of the second quarter of 2011, further indicating the on-going financial trouble facing the high-profile South Loop development.


So what can we now expect from the apparent struggles at Museum Park? Well despite being marketed as “the most desirable lakefront community in Chicago” and most of the condos within the development featuring luxurious finishes and ultra-convenient amenities, residents already living in each building should now start to worry about the possibility of developers buying units in bulk and perhaps renting many out to tenants who were much-less likely to have been qualified to buy in that very same building (an unfortunate trend that’s all-too-common to condo owners who have invested in new construction over the past several years). Don’t think that will happen? Tell that to owners at nearby 1935 S. Wabash and 1454 S. Michigan Avenue, also located in Chicago’s South Loop. Walton in the Park, a recent new construction project at 2 W. Delaware, also fell into the same rental trap not long ago, which may arguably be the most comparable luxury condo building to Museum Park facing various past and present foreclosure challenges. In any case, whatever the future holds for One Museum Park, rentals or no rentals, the [expected] announcement of the sales office closing and the inevitable bank repossession of one more high-profile condo building in Chicago is certainly another tough pill to swallow for both condo owners and real estate professionals alike.     
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            <pubDate>Tue, 25 Oct 2011 14:41:03 -0500</pubDate>
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