Monthly ArchiveJuly 2008

chicago-condos Dave on 31 Jul 2008

Lombard Condo Market Update

Sales of condominiums plunged to their lowest level in 11 years in Lombard during the first quarter.  The neighborhood saw a 50 percent decline in demand for new and re-sale units in just one year.

According to data from the Chicago Association of Realtors, a total of 26 units were sold in the neighborhood during the first quarter, down from 52 units sold during the same period last year.  The high for the first quarter was seen just two years ago, when 68 units were sold during the first quarter.

Buyers, however, may have stayed away as a result of the high prices in the area.  The average sales price climbed by 13 percent despite the drop in sales.  Prices were higher even though the number of unsold condos on the market continued to increase during the first quarter.

Condo owners and developers are facing one of the slowest markets in recent memory in Lombard.  The average turnover time for condos currently on the market is now at 135 days, up from 101 days a year ago.  Historically, average turnover times have ranged from 30 to 50 days in the neighborhood.  If you’re looking for a great deal on Chicago Condos, you could start to see some low prices in Lombard.

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chicago-condos Dave on 30 Jul 2008

2800 N Orchard offers affordable condominiums

Lakeview continues to attract young professionals and students looking for affordable real estate north of downtown Chicago.  The area is home to some of the best new developments as well as several older buildings offering a great deal on units.

One development that has several condominiums for sale is located at 2800 N Orchard.  This low-rise building offers a total of 58 studio and one-bedroom condominiums.  The most affordable condominium currently on the market is a studio unit located on the third floor.  This unit has been reduced in price from $164,900 to $154,900.  Buyers can also take advantage of a one-bedroom unit that is priced at $269,000.

Amenities at 2800 N Orchard depend on the unit, but many of the condominiums on the market come with modern touches.  These include granite countertops, stainless steel appliances, and a breakfast bar in the kitchen.  Residents also enjoy plush carpets in the bedroom and hardwood floors throughout the rest of the unit.

The development offers all residents a sundeck, laundry room, and plenty of storage space.  You’ll love the convenience of the attached heated parking garage.  Don’t miss out on these Affordable Chicago Condos at 2800 N Orchard.

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chicago-condos Dave on 29 Jul 2008

Sales of condos down 20 percent Uptown

Sales of condominiums and lofts continued to drop in Uptown as buyers face added difficulty when it comes time to apply for a new mortgage.  The neighborhood was one of several around Chicago to see lower sales during the second quarter.

According to sales data from the MLS, a total of just 264 new and re-sale condominiums were sold in Uptown during the second quarter, down from 330 unit sold during the same period last year.  It was a 20 percent drop in demand for the quarter.

However, sales of the largest condominiums showed signs of relative strength during the quarter.  Sales of units with three or more bedrooms were down by just 10 percent from the same period last year.  A total of 60 units were sold during the quarter.  Sales of one- and two-bedroom condominiums were off by 20 and 22 percent respectively.

Prices are starting to come down in the neighborhood.  The average sales price for all Chicago Condos sold in Uptown during the second quarter fell by 2 percent, while prices for condos with three or more bedrooms fell by an impressive 8 percent.

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