Monthly ArchiveDecember 2007
chicago-condos Dave on 30 Dec 2007
The real estate market around the Chicago region continues to suffer from a drop in demand that could affect prices in many areas. Wheeling is one Chicago suburb that has seen a pronounced drop in demand.
According to recent data from the Chicago Association of Realtors, a total of 79 condos were sold during the third quarter, down 33 percent from the same period last year. It is also the lowest total for the third quarter since 1991.
If you’re selling your condo in Wheeling, it may take a lot longer than you expected to find a buyer. The average turnover time in the neighborhood is now at 163 days, a 140 percent increase from last year and the longest turnover time in more than 16 years.
Despite the dismal numbers coming out of the market in Wheeling, prices continued to rise. The average sales price during the third quarter was three percent higher than during the same period last year.
However, if the market continues to suffer from low demand and a rising inventory, prices should start to come down for Chicago Condos in Wheeling over the next few months.
chicago-condos Dave on 29 Dec 2007
A River North hotel will soon be converted into an upscale boutique hotel in the latest news highlighting a strong hotel industry in Chicago. Oxford Capital Group LLC has bought the property for $24 million.
The 12-story building is located at 111 West Huron Street in one of the most desirable neighborhoods in the city. However, the hotel will face competition from several other projects currently underway around downtown Chicago. There are a total of 12 hotels currently under construction around the city.
Oxford Capital bought the property from BAC Corp, a Chicago based company. The 90,000 square-foot historic hotel was built in 1926.
It’s the second hotel acquired by Oxford Capital Group in recent years. The company bought the Hotel Cass, located at 640 North Wabash Ave, in 2006. The hotel was converted into a Holiday Inn Express.
Hotel room rates are increasing around the city as business and leisure travel to Chicago hits all time highs. Room occupancy rates are also up. However, with the addition of so many new properties over the next few months, rates and prices could start to come down around downtown.
Several projects include a mix of luxury hotel rooms and luxury Chicago Condos.
chicago-condos Dave on 27 Dec 2007
Sales of condominiums around Palatine dropped during the third quarter, amidst difficult market conditions marked by problems in the mortgage market.
According to the Chicago Association of Realtors, a total of 163 condominiums were sold in the neighborhood during the third quarter, down 38 percent from the same period last year and the lowest total for the quarter since 1994.
The drop in sales meant longer waits for condo owners and developers with a property on the market. According to the C.A.R. report, if you are selling your condo in Palatine, it will now take you an average of 119 days to find a buyer. This is a 49 percent increase in the turnover time from last year, and the longest average turnover time seen in more than 16 years.
However, despite declining demand and increasing turnover times for units on the market, prices in the neighborhood continued to rise. The average sales price during the third quarter was up 4 percent from the same period last year.
Buyers should beware of getting in the market at the peak. If demand for Chicago Condos in Palatine doesn’t increase, then prices may start to come down in the short term.