For Immediate Release
For more information:
Tricia Van Horn, 312/943-2100
Larry Schaffel, 312/642-8869

Condo Appreciation Could Mean Comfortable Buyers Now and Later

July 8, 2004

There are indeed many differences between the condominium lifestyle and that of a single-family home - and for many, the differences are what lead them to purchase whichever suits them best. But a recent study could give condominium owners another benefit.

The National Association of Realtors' recent survey showed that the median resale value of condominiums in the second quarter of 2003 was up by 15.l percent, compared with a rise of only 7.4 percent for the resale of single-family homes.

"This means that those who purchase condominiums now can live comfortably in their new home, and be just as comfortable when, and if, they ever decide to sell," said Tripti Kasal, sales manager at State Place, a community of 243 condos and 65,000 square feet of retail space on the former site of the Chicago Police Headquarters in the South Loop, on State Street between 11 th Street and Roosevelt Road.

The mixed-use complex, and example of the resurgent South Loop neighborhood, is being developed by State Street Associates LLC, a partnership of four distinguished real estate organizations: Mesirow Stein Real Estate Inc., Near North Properties, Northern Realty Group Ltd. and Canyon-Johnson Urban Fund. Loewenberg and Associates is the project architect, while DLK Architecture is the project designer.

The NAR study noted that both entry-level and top-of-the-line condo residences have seen resale appreciation rise dramatically, which also spells good news for State Place, where buyers can select from units at both ends of the spectrum.

State Place - a quartet of structures that includes the 24-story Tower Residences and three four-story Terrace Residence buildings, all set atop a three-story base - features a portfolio of 32 one- to three-bedroom floor plans with one to two baths, ranging in size from 750 to 2,511 square feet. The 159 Tower Residences range in price from $281,8000 to more than $1,000,000 while the 84 Terrace Residences are base priced from $380,800d to $649,800 (all prices and availability are subject to change without notice). A two-bedroom model is open for viewing at 1140 S. Wabash.

"Although we can't see into the future and guarantee that these or any homes will appreciate, of by how much, it is very likely, and even more so given Sate Place's downtown location, which will keep demand strong - remember, it's all about location," said Kasal. The new community is within convenient walking distance of Chicago's central business district and government offices, and just a short stroll from the Museum Campus and Burnham Park Harbor, and it's across the street from a large Jewel/Osco food market. The South Loop's first Target store will soon be built a few blocks away. Shopping on State Street and Michigan Avenue's Magnificent Mile of Michigan Avenue is accessible through fast and frequent public transportation, which is also enhanced by a new underground connection between the CTA's Roosevelt Road stops for the Red, Green and Orange lines. Closer to home, the South Loop has a growing array of entertainment choices, including fine dining restaurants, bistros and clubs.

"I believe that State Place will create a prominent profile for itself in the South Loop, one that will improve with time, and that is exactly what determines how much a property will appreciate over time," said Kasal. "The recent survey shows that condominiums have come into their own, at virtually every price point and the same is true for State Place."

Residences will include space-stretching nine-foot ceilings in all living areas, with 10-foot ceilings in the three-bedroom Terrace units and the top two floors of the Tower. Other amenities include finished wood flooring in entry, kitchen, living and dining areas and plush wall-to-wall carpeting in bedrooms. Each residence wil have a private balcony, terrace or yard, individually controlled heating and cooling system, energy-saving insulated windows, individually metered circuit breaker panel and pre-wiring for cable TV and high-speed telephone, data lines and Internet access. In-unit washers and dryers will be included.

The four residential buildings are linked by lush, park-like terraces, a series of large private gardens for the pleasure of residents that separate while joining them as a neighborhood. The largest of the outdoor terraces will have an outdoor swimming pool and sun deck. Adjacent to that will be a community room, a business conference center, and a guest suite for our resident's overnight visitors. An indoor bicycle storage area and storage lockers will be provided.

The Tower will have 24-hour doormen and a security desk serving the entire complex and each Terrace building will have a private entry lobby at street level, which will also feature a variety of neighborhood shops including Fitness Formula health club and spa; a Walgreens pharmacy, Charter-One Bank, and a hair salon, as well as a variety of restaurants and other merchants. Deeded and secured private parking for residents will be located on the third level with spaces for the vehicles of their guests as well as for those of retail patrons on the second level.

Rubloff Residential Properties is the exclusive residential sales agent for State Place, whose sales center and display model at 1140 S. Wabash Ave. are open weekends from 11 a.m. to 5 p.m., weekdays from 11 a.m. to 6 p.m., or by appointment. For additional information, please call (312) 957-1177 or visit the State Place Web site at www.StatePlaceChicago.com.

-END