Some factors behind builders' success

These days, there's no shortage of negative news about the state of the real estate market. But despite the current slowdown, some Chicago-area developers are posting sales that would exceed expectations in even the most favorable market conditions. Here's a look at the factors -- from lifestyle and location to price and product -- behind these builders' success.

Burr Ridge Village Center

Burr Ridge Village Center, a 20-acre mixed-use development that is creating a new downtown for Burr Ridge, set the bar high in 2006 by selling out its first phase in 10 weeks. A year later, Phase II sales are still outpacing the projections of developer Opus North, with the community 80-percent sold and six contracts signed in November, a traditionally slower month for sales. Local real estate professionals attribute this success to the community's unusual offering of an urban lifestyle in an area previously best known for its residential neighborhoods.

"Not too many years ago, Burr Ridge still had 5-acre zoning. And until Burr Ridge Village Center, there wasn't even a true downtown district in the village," said Andree Shields, broker/owner of Brush Hill Inc., Realtors, who has worked with many buyers purchasing a home in Burr Ridge.

"So the opportunity to live in a downtown neighborhood, with shopping and dining just steps away, is quite different for Burr Ridge. From the continued interest of buyers, it's obvious there's a real demand for that lifestyle in this area. In fact, Burr Ridge Village Center accounted for 152 of the 243 real estate sales in Burr Ridge in the last year," she added.

Located at Burr Ridge Parkway and County Line Road, near I-55, Burr Ridge Village Center offers luxury and estate condominiums measuring from 1,491 to 4,033 square feet and base-priced from the $490,000s to $1.6 million. The retail component of Burr Ridge Village Center, which opened this fall, includes a Kohler Waters Spa along with several popular restaurants and retailers.

The Ponds of Naperville

With base prices nearly $200,000 below Naperville's median home price of $329,000, The Ponds of Naperville has seen an influx of buyers seeking an affordable condominium in a suburb known for pricey single-family homes. When sales started this spring, the community sold more than 30 condominiums in three weeks. By now, more than 50 percent of the homes are sold.

"Naperville is consistently rated as one of the best places to live in the entire country, and high housing costs in the area reflect its popularity," said Art Bettuzzi, general manager for The Ponds of Naperville. "By comparison, homes at The Ponds of Naperville are simply an incredible value, and we've seen a tremendous response from buyers who want to get their foot in the door of this sought-after suburb."

Located at 1333 Modaff Road, just south of 75th Street, The Ponds of Naperville includes 216 conversion condominiums in three floor plans. Homes are priced from the $130,000s to the $170,000s, and come with one to two bedrooms, one to two baths, balconies or patios, extra storage space and one parking space.

Country Townes at Legend Lakes

Townhouses base-priced under $200,000 are drawing a stream of buyers to Country Townes at Legend Lakes, a Kimball Hill Homes' community in McHenry. In fact, the sales center recently posted four sales in 10 days, continuing a trend of steady sales since the Country Townes opened a year ago.

"While this price point gets buyers in the door, it's really the floor plans that are driving sales for us," said Jack Wexelberg, regional president of Kimball Hill Homes. "Our designs are bigger, wider and brighter than most other townhouses in this price range, which gives townhouse buyers a home that feels like a single-family home. Since our base-prices are low, some buyers also have more budget for upgrades, like a fireplace or extra bedroom."

Legend Lakes is a master-planned community of 674 homes located near the intersection of Bull Valley Road and Curran Road. The Country Townes neighborhood includes seven townhouse floor plans ranging in size from 1,156 to 1,987 square feet and base-priced from $159,990 to $194,990.

10 East Delaware

On the upper end of the price spectrum, 10 East Delaware, a 35-story luxury boutique high-rise in the Gold Coast, is chalking up swift sales among high-end buyers.

Three of the building's six penthouse residences sold within two months, and there is a waiting list for one of the building's most popular one-bedroom floor plans.

"Sometimes in a soft market the high-end properties take longer to sell, but it's been the opposite for us," said Michael W. Reschke, CEO and chairman of The Prime Group, Inc., developer of Ten East Delaware. "We've experienced some of our best sales lately. In times like these, some buyers may feel uncertain about a new-construction building getting built. But because we've broken ground, that's not an issue for us. Our buyers know they've made a sound purchase."

Designed by renowned architect Lucien Lagrange, Ten East Delaware will comprise 115 luxury condominiums. Buyers can choose from one-, two-, and three-bedroom floor plans ranging from 845 to 3,095 square feet. Residences include 1½ to 3½ baths; 9- to 10-foot ceilings; and oversized balconies. Prices range from $550,000 to $2.6 million with climate-controlled, indoor parking starting at $65,000.

For more information on Burr Ridge Village Center, call (630) 321-1001 or visit www.BurrRidgeVillageCenter.com; for The Ponds of Naperville, call (630) 848-0488 or visit www.pondsofnaperville.com; for Country Townes at Legend Lakes, call (815) 578-1529 or visit www.kimballhillhomes.com; and for 10 East Delaware, call (312) 397-1010 or visit www.teneastdelaware.com.