Monthly ArchiveOctober 2007

chicago-condos Dave on 31 Oct 2007

Condo sales in West Town show slight improvement

Condo sales in West Town rebounded during the third quarter, according to the third quarter report from the Chicago Association of Realtors.

The neighborhood saw a total of 440 sales during the period, a 6 percent increase from last year but still well off the high of 534 condos sold in 2005.

Condo owners and developers looking to sell their property in West Town are facing a turnover time of 86 days.  This means that if you are selling your property in the neighborhood, it will take you just under three months to find a buyer.

Prices continued to increase for condominiums in the neighborhood.  The average sales price was up by 6 percent during the third quarter, and now stands at $394,474.

Whether the neighborhood will be able to remain untouched by the general decline in prices and demand for condominiums around the city remains to be seen.  Problems in the credit market have kept many potential buyers out of the real estate market.

Total sales of condominiums throughout the city were off by 12 percent during the third quarter.  If demand continues to drop, buyers may start to find excellent deals for Chicago Condos in neighborhoods throughout the city.

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chicago-condos Dave on 30 Oct 2007

Alderman sued by X/O developer

The developer of X/O Condominiums is suing 2nd Ward Alderman Bob Fioretti in a dispute over a proposed zoning change for the property.

Plans for X/O Condominiums, which call for two high-rise towers, were approved by the City Council last year. Now, Fioretti is trying to halt a zoning change that allowed the developers to build the towers. If he is successful, he could force the developer to cut the height of the buildings in half.

Kargil Development LLC, the company behind X/O Condominiums, has already pumped more than $25 million into the development and sold more than 200 units. The company is asking the court to preserve the current zoning for the property.

The development is one of the most modern to come to the area, and has been criticized by some neighborhood groups over its architectural design.

In the meantime the developer will have to convince buyers that they will get a favorable decision from the court.

X/O Condominiums are one of the most important new developments of luxury Chicago condos on the Near South Side. The development promises to bring many new residents and businesses to the neighborhood.

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chicago-condos Dave on 29 Oct 2007

Astoria Tower brings luxury condos to the South Loop

If you’re in the market for a luxury condominium in the South Loop, check out the Astoria Tower at 8 East 9th Street.

The Astoria Tower is a development by Frankel & Giles. The Chicago-based company has several years of experience in neighborhoods throughout the city. Current projects include X/O Condominiums and Motor Row Condominiums.

Buyers can choose from several floor plans at the Astoria Tower. One-, two-, and three-bedroom condominiums are available, with floor plans ranging from 561 square feet to as much as 1,893 square feet.

Prices range from $164,800 for the smallest units up to as much as $899,800 for the largest three-bedroom condominiums. A total of 241 condominiums are being built at the Astoria Tower.

Residents will enjoy luxury amenities such as 24-hour doorman service, a 12,000 square-foot spa and health club, and deeded parking.

The South Loop is one of the most popular new neighborhoods in the city. The area has been transformed from a symbol of urban decay into one of the most vibrant parts of downtown Chicago.

Buyers can find some of the best Downtown Chicago Condos on the market in the South Loop.

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