chicago-condos Stephen on 24 Sep 2007 02:57 pm

East Garfield Park to get new condo development

The East Garfield Park neighborhood of Chicago could be seeing a major new condo development.  An empty warehouse on Carroll Street could soon be converted into 63 luxury condominiums.

GenOne Group is the company behind the project.  The developer, led by former city planner David Doig, plans to price the units in the $200,000 range.

Amenities will include high ceilings and open spaces, suitable for professionals and artists who want to work and live in the same space.

The project was announced amidst bad news coming from the real estate sector.  The market for condominiums is slowing due to problems in the credit market for many buyers.

East Garfield Park is a small market for condominiums, with only 20 sold during the second quarter of 2007.  This is a 33 percent increase over the same period of 2006, according to the Chicago Association of Realtors.

With average sales prices in the neighborhood above $250,000, this new development may be an economical choice for young professionals and artists looking to move into their own home.

East Garfield Park is one of the few neighborhoods that saw a decrease in turnover time during the second quarter.  Condo owners must now wait an average of 85 days to find a buyer, down from 117 last year.

Keep up with the latest new Chicago Luxury Condos around the city.

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