Chicago Condo Directory

The downtown Chicago condo market has never offered more new developments than during the past few years.  The market is about to get even more crowded as a record number of new units come on the market in 2008.

The downtown market has become more popular among young professionals and families looking to trade in a suburban lifestyle for the urban amenities that are increasingly offered around the city.  This year, a total of 5,984 new units will be put on the market around downtown Chicago, according to a recent report by Appraisal Research Counselors.

The number of new luxury units on the market is driving up prices at an astonishing rate as buyers focus on million dollar condominiums in the area.  For example, according to first quarter sales data from the MLS, prices in the Loop skyrocketed by 51 percent.  18 condominiums priced at $1 million or more were purchased in April alone, up from just one unit a year ago.

Buyers looking for a luxurious condo in downtown will have their pick of the best new condominiums on the market this year.  Browse through the best Chicago Condos For Sale and find the right match for you and your family today.

Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Preconstruction Chicago Condos

Buyers continue to flock to neighborhoods south of downtown Chicago in search of affordable housing in a convenient location.  Despite a downturn in sales around the city, many neighborhoods in the southern part of the city are seeing a steady increase in demand.

Douglas was one neighborhood that enjoyed an increase in sales during the first quarter.  According to data from the Chicago Association of Realtors, a total of 45 condominiums and lofts were sold in the are during the first quarter, up from 26 units sold during the same period last year.  This is an all-time high for the market in Douglas.

Condo owners and developers enjoyed one of the healthiest markets in the city.  If you’re selling your condo in Douglas, it will take just 32 days to find a buyer, one of the lowest average turnover times in all of the Chicagoland region.  This is a dramatic drop from last year, when it took 102 days to find a buyer.

Prices are responding to the strong market conditions.  The average sales price grew by 27 percent in the neighborhood during the first quarter, and now sits at an all time high of $239,000.  There seems to be no end in sight for the increase in demand and prices for condos in this affordable section of Chicago.

Keep an eye out for excellent Chicago Condos For Sale around Douglas today.

Technorati Tags: Chicago Real Estate, Chicago Condos For Sale, Douglas Condominiums

A tight credit market and uncertainty in the real estate market in the Chicago region has led many would-be buyers to look at renting that condominium instead of buying.  A sharp increase in the number of renters has led to an increase in prices for rental units around the city.

According to data from Hendricks & Parners, a Phoenix-based company, the vacancy rate for rental units in Chicago was 4.7 percent during the first quarter.  In the city, a vacancy rate below 5 percent represents a favorable market for landlords.

The increase in demand for rental units is welcomed by landlords who have suffered stagnant rents for the past few years.  As people who traditionally opted for rental units were able to qualify for new mortgages, vacancy rates increased around the city, often hitting more than 7 percent.  Prices for rental units around downtown have risen by 5 percent annually in many neighborhoods.

Even as the government and local creditors work to provide funding for buyers, the uncertain real estate market keeps many buyers on the sidelines.  Sales of Chicago Condos were down 31 percent in April from the same month last year, and prices rose by 21 percent.

Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Chicago Rental Market