Monthly ArchiveApril 2008

chicago-condos Dave on 26 Apr 2008

The Flats on LaSalle

The Flats on LaSalle offer plenty of options for executives looking for a hassle free condominium in the heart of Chicago.  The development is located at 1140 North LaSalle Street, in the heart of the Gold Coast.

Buyers can choose from several floor plans at this 34-unit development.  Studios at the Flats on LaSalle are priced in the $120s, making this development one of the most affordable on the market in downtown Chicago.  Studio-plus units give a little more living space, and are priced in the $140s.  One-bedroom units are also available, and are priced in the high $100s.

Residents of the Flats on LaSalle enjoy a number of luxury amenities.  The development offers a rooftop deck, the perfect place to entertain friends or get to know the neighbors while taking in the incredible views of downtown Chicago.  The building also offers onsite laundry, extra storage, and a garden in the courtyard.

Living in the Gold Coast area means easy access to the best restaurants, nightlife, public transportation, and cultural events that Chicago has to offer.  The neighborhood is within walking distance of the downtown Chicago business district.  Find other great Gold Coast Condos For Sale today.

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chicago-condos Dave on 25 Apr 2008

Gurnee condo market cools off

The market for condos in Gurnee cooled off in 2007. After reaching its peak in 2006, sales of condos and lofts slipped in the neighborhood.

According to data from the Chicago Association of Realtors, a total of just 196 condos were sold in the neighborhood in 2007. This is a 28 percent decline in sales from the previous year, and the lowest total sales seen in Gurnee since 1993.

The neighborhood also saw a significant increase in the market time for units on the market as demand slowed. Condo owners and developers waited an average of 91 days to find a buyer in 2007, up from 59 days during the previous year. While this may be a strong result when compared to most other suburbs, it is the longest average turnover time that the Gurnee market has seen in more than 16 years.

At one point in 2003, condo owners were waiting just 15 days to find a buyer in the market, one of the quickest average turnover times in the Chicago region.

However, despite the downturn in the market in the area, prices for Chicago Condos For Sale in Gurnee continued to rise, moving up 2 percent during the year.

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chicago-condos Dave on 24 Apr 2008

Burnham Pointe to be converted to rental units

Terrapin Properties, the developer of the Residence of Burnham Pointe, is looking to sell the nearly finished development in the midst of a difficult condominium market in Chicago.

About half of the units have already been sold at the 298-unit development at Clark and Polk Streets.  However, waning demand has put financial pressure on the developer, leading to the decision to put the building on the market.

The South Loop development started marketing units about two years ago, when condo sales in downtown Chicago were at a peak.  However, difficulty in the credit market and reluctant buyers have hurt sales in recent months.

The development offers a number of luxury amenities that could mean high rental rates for the new owner.  Standard amenities include granite countertops, stainless steel appliances, and excellent views of the downtown Chicago skyline.

This isn’t the first development by Terrapin that has faced financial difficulty.  The company faced a foreclosure suit from one lender in January to collect more than $13 million in past due loans to the company.

However, a difficult condo market in the city is leading to many deals on Chicago Condos For Sale in some of the best neighborhoods around downtown.

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