 |
|
|
Chicago Sun-times: Condo King in Front
By Larry Finley
Chicago Sun-Times
February 2, 2000
|
One
of Chicago's most established names in real estate, American Invsco,
was in top form during 2000.
The Nicholas S. Gouletas family business took
first place in the Sun-Times' Top 50 Builders survey with more than
$ 323.9 million
in closings on 1,241 condominiums.
In the suburban new home market, the perennial
leader, Cambridge
Homes, was once again out in front with 1,227 homes closed for a
dollar volume of $301.4 million."
|
|
Other familiar names filled out the Top 10 list.
They were , in order of closed sales: Kimball Hill Homes, Concord
Homes, Lakewood Homes, Ryland Homes, Neumann Homes, Town & Country
Homes, Centex Homes and MCZ Development Corp.
American Invsco's record growth was fueled by the
runaway success in converting the 593-unit New York apartments at
3660 N. Lake Shore Drive. "We
have sold probably 255 units and closed around 200 of those at the
New York," said Nicholas V. Gouletas, vice president of American
Invsco. |
|
New
York studios start at about $150,000 and 2-bedroom units are in
the $300,000 to $400,000 range.
The developer also saw the beginning of construction
on the Millennium Centre, a 60-story high rise at 33 W. Ontario,
in partnership with Cataldo and Marovitz.
"The Millennium Centre has sold very nicely,"
he said. "About 85 to 90 percent of that has been sold, about
341 units."
Building the Millennium Centre is a local departure
for Invsco, which is best known for a continuing series of upscale
continued below
|
|
Builders
Continued
condo
conversions, such as the Gold Coast Galleria at 111 W.Maple.
Gouletas said some of the buyers at the Millennium
are previous customers who purchased Invsco conversion condominiums
during its more than 30 years in the Chicago market.
Millennium offerings range from 2-bedroom units
starting at about $500,000 to penthouses and townhouses at 2 million.
Gouletas said his father, Nicholas S., and his
brother, Steven, will be expanding their national operations and
announcing new Chicago projects in six to eight weeks.
"We consider Chicago our backyard. That's
where most of our energies are focused," Gouletas said. "We
are very grateful to be where we are at and we count our blessings.
We'll keep doing what we're doing."
2. Cambridge Cos. ($301.4 million with 1,227
closings). With 35 years in the business and 32 different developments
currently available, Cambridge Homes knows what the people want.
Cambridge sales were down slightly last year compared
to 1999 (1,227 vs. 1,315) but dollar volume increased to $301.4
million from $280.7 million.
"We have kept abreast of what the buyers
want as the market
|
|
changes," said Cambridge CEO Richard Brown. "A great number
of people who live in Cambridge Homes recommend them to friends. We
are getting the second generation, people who grew up in Cambridge
Homes who are buying their own."
Cambridge has a wide variety of single-family and
town house developments throughout the area. They also are a major
factor in the "active senior" housing market with their
Carillon developments in Plainfield, Crest Hill and Grayslake.
Some of those Carillon buyers are selling at a big
profit the Cambridge homes they bought decades ago, so they now can
buy a town house or condominium, Brown said. Cambridge will be unveiling
several new projects this year,including more small infill developments
of 50 to 100 homes in nearer suburbs, Brown said. Brown forecasts
slowing sales this year.
"I see it dropping a little, 5 or 10 percent,"Brown
said.
"Consumer confidence is down. The stock market is wavering. A
lot depends on the economy. I tend to be conservative. I have a saying,
I tell our people'hurry up, slowly.'"
3. Kimball Hill ($208.8 million with 744 closings). The big
national builder continues to establish its presence in the Chicago
area's move-up market.
Buyers are responding to Kimball |
|
Hill's large, open floor plans with an emphasis on light
and architectural extras, according to Jack Wexelberg, area manager.
Their single-family homes sell for an average of about $290,000,
Wexelberg said, with prices as high as $800,000. "I think the
market has accepted the more spacious and open spaces.
That has been well received," he said. "We go up to 4,500
square feet with 5 bedrooms and 3- and 4-car garages."
The company is among the select few building at
the new Glen, the former naval air station in Glenview. They will
be using their semi-custom designs to create a neighborhood of 168
traditional homes.
|
|
