Monthly ArchiveFebruary 2008
chicago-condos Dave on 29 Feb 2008
After four years of skyrocketing sales around Grand Boulevard, the market saw a steep decline in demand for condos in the area.
According to data from the Chicago Association of Realtors, a total of 35 condos and lofts were sold in the neighborhood during the fourth quarter. While this is a 57 percent drop in sales from the same period in 2006, it is still well above the total sales seen prior to 2002.
Also, despite the sudden drop in demand in the area, the average turnover time for condos on the market was basically unchanged. If you’re selling your condo in Grand Boulevard, it will now take you an average of 129 days to find a buyer, up just five days from a year ago. This should help keep the market relatively stable despite the drop in demand for condos in the neighborhood.
Prices were slightly lower for condos in Grand Boulevard during the fourth quarter. The average sales price was down 4 percent from the same period in 2006. While prices could continue to drop, the neighborhood should benefit from a relatively stable inventory of units on the market.
Buyers should stay alert for great deals on Chicago Condos around Grand Boulevard and many other Chicago neighborhoods.
chicago-condos Dave on 27 Feb 2008
One of the newest developments to come to the South Loop is currently offering $5,000 in free upgrades to new buyers. 1349 S. Wabash is a project by Wabash Properties.
Buyers can choose from several floor plans ranging from studios to two bedrooms. There are also several four-bedroom penthouses currently available at 1349 S. Wabash. Prices for studio condominiums start at $229,500 and range up to $348,500 for a two-bedroom unit.
Completion of this luxury development is planned for early 2009. The development is currently 56 percent sold.
Residents will enjoy a number of luxury amenities, including stainless steel appliances, granite countertops, and custom cabinets. Hardwood floors and oversized windows also come standard at 1349 S. Wabash. The development also offers a fitness center and a heated indoor parking garage.
The South Loop offers a number of excellent amenities, including new restaurants, bars, and shopping. The area is also served by the El, Metra, and CTA buses, allowing residents to get anywhere in the city in just a few minutes.
Find great deals on Chicago Condos For Sale today in neighborhoods around the city. Several new developments are currently offering great incentives for new buyers.
chicago-condos Dave on 26 Feb 2008
Sales of condos in many Chicago neighborhoods dropped during the fourth quarter. West Town was one neighborhood that saw a sharp decline in sales from the same period in 2006.
According to data from the Chicago Association of Realtors, a total of 223 units were sold during the fourth quarter in West Town. This is a 16 percent drop in sales from the same period in 2006, and the lowest sales for the quarter since 2000.
If you’re planning on selling your home in West Town, it will take you longer than you may have thought to find a buyer. The average turnover time for condos sold during the fourth quarter in the neighborhood rose to 107 days. A year ago the average turnover time was 89 days.
Despite a decline in sales around West Town, prices continued to rise in the area. The average sales price for condos sold during the fourth quarter posted a 6 percent increase from the same period in 2006.
Buyers could start to see prices stabilize and perhaps even pull back a bit in the neighborhood if demand doesn’t pick up in the short term. Look out for great deals for Chicago Condos around West Town and other popular Chicago neighborhoods.