Chicago Condo Directory

A new condominium development has been announced for North Kenwood.

A total of 80 new units will be built at 4501-4521 South Cottage Grove Ave.  The Chicago Community Development Commission has approved the sale of the property to Cottage Grove Development LLC.

The developer is still waiting for the final approval from the Chicago City Council before construction can begin.

Plans call for a seven-story building that will offer a mix of residential and 25,000 square feet in new retail space.

Cottage Grove Development plans to offer 10 units for affordable housing in the neighborhood.

Buyers will be able to choose from floor plans ranging from two- to three-bedroom condominiums.  Two-bedroom condominiums start at 1,250 square feet of total living space, while three-bedroom condominiums offer as much as 1,650 square feet.

Prices for market-rate condominiums start at $281,000 for a two-bedroom unit to as much as $370,000 for the largest three-bedroom condominiums.

The 10 units earmarked for affordable housing will be offered at $175,000.

The new development in North Kenwood is one of several new projects for Chicago Condos underway in neighborhoods around the city.

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With bad news coming out of the real estate market nationwide, it’s no surprise that many neighborhoods around Chicago are seeing a decline in demand for condominiums.

According to the most recent report from the Chicago Association of Realtors, demand across the city declined again during the third quarter.

A total 5832 condos were sold during the third quarter of this year, down almost 12 percent from the same period last year.

Some neighborhoods, such as the Near West Side saw larger drops in demand for condominiums.

Condo sales on the Near West Side were down 31 percent from the same period last year, with no end in sight for the battered neighborhood.

However, there are bright spots in the market for Chicago Condos.  The Chicago Loop saw a pronounced rise in condo sales during the third quarter.

Condo sales were up 80 percent during the third quarter.  Investors are still buying properties in the area as rising rents and low vacancy rates keep condos values from declining.

Professionals and retirees looking to move back to downtown have kept up demand for condos in the Loop.

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The Chicago Planning Commission will decide on two new proposals for apartment towers for downtown Chicago today.

JDL Development plans to build one of the buildings in the Chicago Loop.  The new building would be located at 212-232 W. Illinois Street.

The tower would offer 190 apartments and over 11,000 square feet of retail space.

The other project on the agenda is a tower that would house over 260 apartments and 25,000 square feet of new retail space.

The Chicago Loop continues to experience strong growth in the real estate sector despite weakness in the market for other neighborhoods in the city.

Downtown is seeing low vacancy rates and rising rents, causing many developers to focus on new apartment buildings in the neighborhood.  Rents are rising 4 to 5 percent annually and vacancies for Class A apartments are below 5 percent in the area.

According to the Chicago Association of Realtors, sales in the Chicago Loop jumped during the third quarter.  A total of 401 condos sold in the neighborhood during the quarter, up from 223 just a year ago.

The Loop continues to be one of the strongest neighborhoods for Luxury Chicago Condos in the city.

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