Chicago Condo Directory

The Chicago neighborhood of O’Hare saw a steep decline in condo sales during the third quarter.

According to the most recent report from the Chicago Association of Realtors, a total of 31 condos were sold during the three month period, down from 53 during the third quarter of 2006.

It is the lowest total sales that O’Hare has seen since 2000.

Along with the drop in demand for condominiums, fewer units are on the market.  The average turnover time for condominiums for sale in O’Hare dropped to 61 days.

Many condo owners may be waiting for better market conditions before trying to sell.

Buyers are finding better deals for condominiums in O’Hare.  The average sales price has dropped to a four year low.  During the third quarter, the average sales price for a condo in the neighborhood stood at $168,250, a 17 percent decline from the same period last year.

The market for Chicago Condos in neighborhoods around the city is plagued by lower demand.

The drop in demand is due to the fact that many buyers are unable to qualify for a loan due to tougher requirements from banks.

Technorati Tags: Chicago Condos, Chicago Real Estate, Chicago Real Estate News, O’Hare Condos

Grant Park will soon get a facelift with a major new condominium development that will change the skyline of the south end of the park.

Developers are planning four luxury towers for Roosevelt Road.  Central Station Development Corp. is seeking city approval to change the original design of the towers to make them slimmer and taller.

The changes would add an extra 100 feet to the current design.  Construction on the first building has been underway for a while, and the building should top out as early as the end of the month.

The first residents will be moving in during the first part of 2008.

Ground has already been broken on the second tower.  Work is almost completed on the foundation.

Plans call for a mix of condominiums and retail space, and developers have promised to take steps to reduce congestion in the neighborhood by adding extra indoor parking in the development.

The new development comes on the market at a difficult moment, as condo sales are down around the city.

The market for Chicago Condos has seen a drop in sales of over 12 percent during the third quarter of this year.

Technorati Tags: Central Station Condominiums, Chicago Condo News, Chicago Condos, Luxury Chicago Homes

Grant Park will soon get a facelift with a major new condominium development that will change the skyline of the south end of the park.

Developers are planning four luxury towers for Roosevelt Road.  Central Station Development Corp. is seeking city approval to change the original design of the towers to make them slimmer and taller.

The changes would add an extra 100 feet to the current design.  Construction on the first building has been underway for a while, and the building should top out as early as the end of the month.

The first residents will be moving in during the first part of 2008.

Ground has already been broken on the second tower.  Work is almost completed on the foundation.

Plans call for a mix of condominiums and retail space, and developers have promised to take steps to reduce congestion in the neighborhood by adding extra indoor parking in the development.

The new development comes on the market at a difficult moment, as condo sales are down around the city.

The market for Chicago Condos has seen a drop in sales of over 12 percent during the third quarter of this year.

Technorati Tags: Central Station Condominiums, Chicago Condo News, Chicago Condos, Luxury Chicago Homes