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Articles for ‘Way Cool’

Hamptons of Hinsdale: Luxury Condos and Townhomes for Sale

Monday, October 24th, 2011 by Sari Levy

Looking to live in Utopia?  Then you might want to check out the Hamptons of Hinsdale.  Located near the intersection of 59th and Washington Streets in Hinsdale, the Hamptons plans to offer over 100 luxury units, both townhomes and condos set in a serene park like location with ponds and open space.  The infrastructure and site improvement work is virtually complete. The first four-unit town home building is complete (pictured below) and a 23-unit condominium building is also under construction. Foundation work and underground garages have been completed for two additional condominium buildings.

Hamptons-of_Hinsdale_Townhomes_For_Sale

Background

In 2002, Wextrust Development purchased the property for $18 million. Wextrust planned to construct 12 buildings on the Hinsdale site.  In the original plan, seven buildings would contain 23 luxury townhomes and five larger structures would house 93 condominium apartments. Prices were to range from $339,000 to $697,900 for the condos and $695,000 to $940,000 for the townhouses. But work on the project halted that year when Wextrust CEO and COO were indicted by a federal grand jury for involvement in a $255 million Ponzi scheme.

After sitting on the market for sometime, The Hamptons was purchased by a subsidiary of Oak Brook-based Inland Opportunity earlier this year from Citizen’s Financial Bank.  According to The Hamptons website, The Hamptons is “Well-funded, carefully planned and on schedule for completion in the near future.” Next Generation Development out of Wheaton will handle construction, sales and marketing.” The Hamptons sales trailer is now on-site along Grant  Street, well as the rear entry near Washington & Kennedy.

Located on a 12.5 acre parcel of land, The Hamptons offers 26 Villa Townhomes and 93 Condominiums set among landscaped grounds, featuring shingle-style architecture, open space with gazebos and a tranquil pond. The Hamptons is situated in the highly desirable Elementary school district 181 and in Hinsdale Central High School District.

Marketed as “affordable, intelligent living”, there are four town home designs that span 2,473 to 2,817 square feet and 9 condo floor plans are available, ranging from 1,262 to2,239 square feet.  In a small change from the original plan there will be four condo buildings and six villa buildings.  Below is a table showing the units being offered with links to more information for the units available now.

Unit Sq. Ft. Beds Baths Starting Price Type
Biltmore 1,262   1   1.5 $290,000       Condo
Chelsea 1,466   2   2 $355,000       Condo
Rushfield 1,673   2   2 $390,000       Condo
Felsted 1,702   2   2 $425,000       Condo
Lennox 1,740   2   2.5 $440,000       Condo
Kelmscott 1,807   2   2.5 $485,000       Condo
Oxford 1,833   2   2.5 $505,000       Condo
Shelbourne 2,000   2   2.5 $530,000       Condo
Wentworth 2,239   2   2.5 $550,000       Condo
Broadmoor 2,473   2   2.5 $598,000     T/home
Cotswold 2,647   3   2.5 $647,000     T/home
Prescott 2,689   3   2.5 $658,000     T/home
Nantucket 2,818   2   2.5 $698,000     T/home

The grand opening took place the weekend of September 9th.  There are two units listed for sale in the MLS as available now, the Broadmoor and the Cotswold.  Both are listed substanially higher than the starting prices listed on the table above -with the Broadmoor being listed at $689,900, and the Cotswold for $697,000.  Also, not in the MLS but listed as available on the Hamptons site is the Prescott for $722,000. As of October 20, 2011, one unit has sold, and that was for a Prescott unit back in 2008 for $1,036,058.  Bet that guy is anxious for some neighbors who are going to pay about 30% less than he did.  Ouch.

Hinsdale Condo Market Conditions

Currently, there are a total of 68 units on the market in all of Hinsdale priced from $60k to $1mm.  In the last 12 months,  in the Hinsdale Market, 16 condo/townhome units have sold ranging in price from $142,500 – $950,000.  Simple math indicates that there is already a 4 1/4 years supply of inventory.  With The Hamptons adding an additional 112 units, the time triples.  It will be very interesting to see what sort of demand the Hamptons is able to create.

Villa Taj, BACK ON THE MARKET!

Tuesday, September 28th, 2010 by Sari Levy

Around a year ago, I wrote about a 30,000 plus square foot home fit for only a king, Villa Taj in Burr Ridge.  In February, with a potential client trying to buy the place for $6mm, I learned that the seller wasn’t entertaining any potential buyers who can’t back up their interest with a $10mm documented net worth.

As of August 13 2010, the auctioneer has listed the property on the MLS for $13mm.  My guess of the place selling for $12mm may not be so far off.  As suspected, the co-op commission is listed as 1%.  That means buying the place using a traditional agent, the buyers agent gets paid $130k.  We think that is a bit much and under our model we’d rebate at least 50% of that amount to our client who closes on the purchase of this home.

French Country Estate, Yours for the Bid!- Riverside, IL Auction

Saturday, July 17th, 2010 by Sari Levy

122 Nuttall Rd, Riverside, IL 60546

Always on the lookout for opportunity, I spotted a beautiful home coming to the auction block on July 27, 2010.  Grand Estates is selling this home at an “ Absolute Auction”  with “No Minimum or Reserve – Regardless of Price”; that is,  free and clear of all liens.  Basically, you can name your own price to get this home.   If you think you are interested in bidding on this home, below are a few things you need to know/do.

  • Schedule an appointment to look at the home during the preview period which starts July 23rd. 
  • Review the extensive Property Purchase Package™ (PPP™) booklet that has been prepared to assist the buyers in evaluating and bidding on this property. The PPP™ is available for $75. 
  • Register for the auction.  To register to bid, one must submit a $50k certified check made payable to the bidder or personal check along with bank letter of guarantee.
  • 10% down payment will be due immediately after being declared the buyer.  (The registration fee is applied against the ten percent down payment)
  • The balance is due in cash at closing within 30 days 
  • A “Buyer’s Premium” is added to your bid.  How much?  7.5% will be added to the winning bid price. So basically, in this case, the BUYER and not the seller is paying the real estate commission, marketing costs, etc.  in this transaction.  The auction house is kind enough to offer a  cooperating commission of 3%.  Of course, if you work with us on the purchase we would rebate you over $25K from our commission!

More about the house…..

Built in 2003 and originally listed on the MLS in 2007 at $3.85mm, this Orren Pickell designed and built home offers a breathtaking mixture of imported stone,wrought-iron works and  one-of-a kind architectural detailing.  Six bedroom suites, great room, media room, family workshop, dual utility rooms and wine cellar are coupled with state-of-the-art media and electrical components. Despite all that it brags, the home sat on the market for over four years.   

Property Features

  • 6 Bedrooms
  • 7  full and 2 half Bathrooms
  • Heated Freeform Pool with Waterfall Spa
  • Gourmet Kitchen with Viking & Sub-Zero Appliances
  • SmartHome System w/8 Programmable LCD - Displays Control: Lighting, HVAC, Security, Audio/Video, Pool/Spa
  • Home Theater
  • Library
  • Wine Cellar w/ Tasting Area
  • Gameroom w/ Kitchenette
  • Home Gym
  • Oversized, Heated 3.5 Car Garage

The most expensive listing on the MLS in the town of Riverside is a $1.35mm - 13 room home with 5 bedrooms and 4.5 baths.  The most expensive sale in Riverside is 1.725mm in September of 2006 and that home has 11 rooms  with 5 bedrooms and 4.5 baths. 

It will be interesting to see how much this home fetches.  My guess is that someone will be happy to snap it up at $1.5mm.  Before jumping in to purchase, be aware that the current tax bill is $56k per year.

Villa Taj Update

Monday, February 8th, 2010 by Sari Levy

Last October, I wrote about an outrageous mansion, Villa Taj in Burr Ridge.  Since then I have obtained some interesting tidbits of updated information.

  • The auction reserve price was $12 million dollars – the auction failed
  • The current broker thinks the place could be sold for scrap for a mere $6mm
  • The seller isn’t entertaining any potential buyers who can’t back up their interest with a $10mm documented net worth

While the cooperating commission is  not published my guess is about 1.0-1.5% on a sales price  around $10mm, which of course, we’d split with you if we represented you in the transaction. When I first wrote about this home, I thought it would sell for north of $12mm.  My optimism has diminished.

Way Cool Loft – 1910 S Indiana, Unit 522

Saturday, November 7th, 2009 by Gary Lucido

This loft at 1910 S. Indiana( the Engravers Lofts) gets my Way Cool rating. Most of what I see on a day to day basis is so much the same that I can’t usually keep them straight. However, this loft is really neat with some very unique finishes that make it stand out from all the other drivel out there.

The unit is priced at $399,900 plus an additional $30,000 for the parking space and the monthly assessments are $484. It is a 1659 square foot northeast corner unit with 2 bedrooms, 2 baths, and a fabulous view. You get to see a nice mix of high rises, green space, and smaller buildings.

viewIn this photo of the living room you can see that the unit has expansive floor to ceiling windows and a steel ceiling – you don’t see too many of those.Living room

The kitchen island has a polished concrete counter top with a swerve design embedded, supported by a metal pipe – one of the many interesting architectural details in this unit.

Kitchen

The master bedroom has a partially dry-walled ceiling to break up the monotony and you can also see two other unique design elements. All the HVAC ducts are flattened as opposed to the standard circular shapes seen in almost every other loft. And on the left side of the picture you can barely tell that the bathroom door hangs from a metal bar above the doorway and rollers allow it to glide across. I can’t remember if there are multiple types of doors in the unit but I do remember that the front hallway closet door is made of a heavy metal screen.

Master Bedroom

Check out the interplay of several unique design elements in this master bathroom: mosaic tile wall, circular mirrors, high neck faucets, single wide basin sink, and a vanity supported by a metal pipe.

bathroom

There are two things people might not like about this unit: 1) The balconies are bright yellow and 2) the ceilings are unfashionably low – not the 17 feet that seems to be irrationally popular. In particular, the clearance can be a bit tight when standing under the duct work. Nevertheless, I think this place is way cool!

The unit is listed by Keller Williams and has been on the market for 90 days now.



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