Monthly ArchiveJune 2008



chicago-condos Dave on 30 Jun 2008

Chicago Spire expands incentives

The sales team of the Chicago Spire has come up with some not-so-new and not-so-innovative ways to sell condominiums in the ultra luxurious tower.  The development by Garrett Kelleher is now offering a guaranteed return to investors who buy a unit in the landmark building.

The deal being offered to investors is basically a guarantee that they will receive a 7.5 percent return in rental income for the first two years.  This, sales representatives hope, will calm some nerves that have seen the condo market fall apart in many popular cities such as Miami.  The deal is only being offered to buyers of the smallest units.

The developer has already sold more than 350 units in the building.  This represents 30 percent of the 1,193 units available.  Prices for these condominiums start at $750,000.  Units are being marketed heavily by the sales team to foreign buyers.  The team has traveled extensively throughout Asia marketing the project and bringing Chicago onto the international scene.

The 2,000-foot tower will be home to the most expensive real estate in the city, with the most expensive penthouse unit priced at $40 million.  However, the buyer will almost certainly enjoy incredible views for decades to come, as this tower will rise far above other Chicago Condo Developments in downtown.

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chicago-condos Dave on 27 Jun 2008

Sales down in Edgewater

Sales of condominiums and lofts were down sharply during the first quarter in Edgewater.  According to data from the Chicago Association of Realtors, a total of just 145 units were sold during the period in the neighborhood.

The sales total for the first quarter was the poorest showing for the neighborhood since 1998, and represented nearly a 20 percent drop in sales from the same period last year.  It was the third straight year that sales have fallen during the first quarter after reaching a peak of 214 units in 2004.

The drop in demand led to yet another increase in the amount of time it takes to get a unit sold in Edgewater.  Condo owners and developers are now waiting an average of 154 days to find a buyer in the neighborhood, up from 141 days a year ago.  This is the longest it has taken in more than 10 years to sell a condominium in the neighborhood.

It’s not a surprise to see falling prices for condominiums in the neighborhood.  The average sales price during the first quarter posted at 5 percent decline from the same period in 2007, and could continue to fall if demand doesn’t recover in the short term.  Buyers should be able to find great deals on Chicago Condos For Sale around the area.

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chicago-condos Dave on 26 Jun 2008

Condos available at 1529 S State

The South Loop is the perfect choice for young professionals looking to live close to downtown Chicago while enjoying an affordable condominium.  The area offers a number of new and re-sale condominiums for sale.

One development that currently has several units for sale is located at 1529 S State.  This high-rise tower offers a number of one, two, and three-bedroom units for sale.  The most affordable condominium on the market at 1529 S State is a one-bedroom and one-bath unit that has 750 square feet of total living space.  This unit is priced at $239,000.  Other one-bedroom units are priced up to $300,000.

Two-bedroom condominiums at 1529 S State are priced from $268,000 to as much as $390,000, and offer floor plans from 1,000 square feet.  The largest three-bedroom condominiums on the market in this development are priced from $349,000 to as much as $599,000 for units on the upper floors.

This development offers everything you’ll need to enjoy a luxury lifestyle in the South Loop.  From gourmet kitchens to incredible views to downtown Chicago, the developer has paid attention to every detail.   Browse through these and many other Chicago Condos For Sale today.

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