Attn: Chicago Condo Shopper... Prices Have Plummeted To 2003 Levels!
You, The Buyer, Hold All The Cards Today...
2011 Is The “Year Of The Deal”
Right Now, Chicago Developers with brand new construction... guys who said
they’d never cut their prices... Well, they’re eating crow, dropping their pants…
Auctions, Close Outs, “bank forced sales”… Price cuts of $100k and more.
Look at 565 Quincy, a new construction development downtown...
Today, October 21, the Developer is advertising his new pricing...
Knocking a jaw dropping $93,000 off a new 1 bedroom and $110,00 off a 2 BR.
Can you Imagine... buying a brand new place for $100k less than your neighbor who bought the same place a year ago?
And that’s just one example... prices 20-50% off the peak thru most of Chicago.
Even though the bubble has burst and prices are down, you still must guard
against public enemies #1 & 2... clueless real estate agents/ greedy developers.
Many of them (whose income depends on you buying) will try to “sell you”...
Naturally they’re gunning for the quick deal... They’ve been telling you that now’s a great time to buy for years… all the time the market was falling.
So smart buyers, are making their own decisions, taking their time and not drinking the kool aid... You’re calling all the shots now.
Right now, Click on the link below and start searching the Chicago MLS.
See for yourself and check out all your options...
October Chicago Condo Market Update
Condo sales down 35.6 percent, average sales price unchanged in Chicago
October sales of new and resale condos and lofts in the city of Chicago fell more than 35 percent in October. According to data gathered from the MLS, a total of just 919 Chicago Condos and lofts were sold in the city during the month, down from 1,429 units sold during the same period a year ago. Sales are more than 50 percent off the high seen in October 2006, when 1,907 condos and lofts were sold in the city.
All areas of the market were hit by the recent downturn in sales during October. While sales have been slow for the most affordable Chicago condos for the past few months, October was the second straight month where we've seen a drop in demand for the most expensive units in the city. A total of 34 condos were sold for more than $1 million in October, down from 42 units sold in the same price range a year ago. Sales were off more than 37 percent for condos priced below $250,000 in the city. Just 303 condos were sold in that price range in October, down from 482 units a year ago. The drop in demand for the most expensive units helped keep prices flat in the city during the month. The average sales price in October was up by just under $1,000 from a year ago, reaching $377,570.
Sales continue to plunge in downtown Chicago. According to MLS data for October, a total of just 54 condos were sold in the Loop in October, down from 113 units sold during the same month last year, and far below the 268 units sold in October 2006. The Near North Side, including Streeterville and the Gold Coast, saw sales fall by more than 43 percent during the month. The neighborhood continues to see a lot of new development, with an estimated 13,000 new units coming on the market in the next two years. Slumping demand combined with a rising supply of new construction Chicago condos on the market in downtown is leading many developers to start offering new incentives to buyers.
Overall, however, inventory numbers are starting to come down citywide. As of November 11, a total of 14,374 condos are listed on the market in the city of Chicago, down five percent from the last time we checked in September. This is good news for condo owners and developers looking to sell. With an average turnover time nearing 5 months, patience has become the byword for the Chicago real estate market.
Latest Development News
There are several major developments currently for sale around downtown. Many developers are rolling out new incentives for pre construction Chicago condos.
The Chicago Spire has hit some difficult times as six liens have been filed for a combined $34 million against the developer, Shelbourne Development. However, recent comments from the developer have mentioned no plans to halt construction on the landmark project currently underway downtown.
The Waterview Tower, a 90-story tower planned for 111 W Wacker Drive, could lose its financing as the Chinese lender put the loan on hold. Construction is on hold until financing becomes available. About two-thirds of the 156 units have been sold.
Buyers can save thousands on furnishings at CA23, a 48-unit development located at 23 N Aberdeen St. The developer, the Brixton Group, is offering a $30,000 credit towards furniture as well as the services of a professional interior designer to buyers who sign before the end of January.
Construction continues at the huge Central Station development. Buyers can still pick up several available units at 1400 Museum Park. The first deliveries will begin at this 32-story building before the end of the year. Prices here start at $400,000 for a one-bedroom unit and range up to $725,500 for a three-bedroom condo.
If you're on the market for a condo in the South Loop, you'll still be able to take advantage of the free parking for new contracts signed at the Columbian. This 46-story building still has units available, with prices ranging from the mid $400s to $1 million.
The first deliveries are planned for the end of the year at the Mondial, a 14-story mid-rise development at 900 W Huron Street. This development offers 141 units with one, two, and three-bedroom floor plans available. Prices range from $240,000 to $610,000.
The developers of Lincoln Park 2520, RMI Development and GE Pension Trust may be locked in a court battle with former broker American Invsco Realty, but buyers can still take advantage of several available floor plans. This Lucien Lagrange-designed building will be delivering units in 2009. Prices range from $500,000 for a one-bedroom condo to as much as $10 million for the largest penthouse.
Three units have been sold in recent weeks at 565 Quincy, a condominium conversion located in the West Loop. A total of 28 units in the 241-unit building were listed on the MLS when we last checked in September, and there are now 25 units available today. Prices for these condominiums start at $218,900 for a studio unit and range up to $447,900 for a two-bedroom condo. The developer is currently offering a price guarantee on new contracts signed.
These are just a few of the many deals for new and preconstruction Chicago condos currently available on the market.