Monthly ArchiveMarch 2008
chicago-condos Dave on 31 Mar 2008
While many areas around the Chicago region are seeing a decline in demand for condominiums and lofts, many neighborhoods south of downtown continue to see rising sales.
According to data from the Chicago Association of Realtors, a total of 301 condominiums and lofts were sold in the area during 2007, a 10 percent increase from sales seen in 2006. While it is not the highest sales seen in the neighborhood in recent years, it is good news for condo owners and developers.
The increase in sales led to a slight drop in the inventory of unsold units sitting on the market. The average turnover time for condos and lofts for sale in Hyde Park has dropped to 114 days, the quickest turnover time seen in the neighborhood in three years.
Rising demand and a steady supply led to higher prices for condos and lofts in Hyde Park. The average sales price for units sold during 2007 rose 7 percent, and could continue to rise if demand remains steady in the neighborhood. Buyers can still find great deals on Chicago Condos For Sale around Hyde Park, but the neighborhood’s popularity and excellent location could mean fewer deals in the future.
chicago-condos Dave on 30 Mar 2008
The Gold Coast is home to some of the most expensive real estate in Chicago. However, the neighborhood also offers several new developments that offer affordable condominiums.
One of the newest affordable developments to come to the Gold Coast is 10 East Delaware. This development offers a number of floor plans, with one, two, and three-bedroom condominiums available. Prices for a one-bedroom unit start in the high $300s, while the largest three-bedroom penthouse is priced at more than $1.7 million, making this development an excellent choice for both young professionals and families.
Residents of 10 East Delaware enjoy a number of luxurious amenities, including hardwood floors, a brand name appliance package, stone countertops, private balconies, and a washer and dryer. The development will also offer a full range of common amenities provided by the Talbott Hotel located right next store on a paid basis.
Residents also have access to a modern fitness center, swimming pool, a rooftop deck, and private club. Parking is available in the underground parking garage.
The location of 10 East Delaware is one of the main draws for buyers. The development is steps from the best restaurants, clubs, and cultural events in downtown Chicago. Commuters can do away with the daily trip to work and enjoy a leisurely walk to the downtown Chicago business district.
10 East Delaware is one of the most unique Chicago Condos For Sale on the Gold Coast. Check out the many new preconstruction deals on the market today.
chicago-condos Dave on 28 Mar 2008
Sales of condos and lofts around the Chicago suburbs fell for the second straight year. According to data from the Chicago Association of Realtors, a total of 21,871 units were sold in the area during 2007, down from 28,776 units sold during the previous year.
It was the poorest showing for the real estate market in the Chicago suburbs since 1998, when 20,257 units were sold in the region.
Buyers continued to see prices move higher around the Chicago suburbs. The average sales price for condos sold during the year was $182,183, up more than four percent from prices seen in 2006. However, prices could start coming down in the short term.
According to the C.A.R. report, condo owners and developers are facing one of the slowest markets in recent memory. The average turnover time for units sold in 2007 moved past the 100-day mark to stand at 109 days, up from 74 days in 2006. This is the longest average turnover time seen in the region in more than 16 years.
Financial difficulty could lead many condo owners around the suburbs to offer incentives to attract more buyers. Keep an eye out for great deals on Chicago Condos For Sale in neighborhoods around the Chicago suburbs.