Monthly ArchiveOctober 2008
chicago-condos Dave on 28 Oct 2008
Fewer than 100 condos and lofts were sold in Hyde Park during the third quarter for the first time since 2002. The neighborhood was one of many around the city to see a continuing drop in demand for multi-family units in the past few months.
According to data from the Chicago Association of Realtors, a total of 69 condos and lofts were sold in the neighborhood during the third quarter, down from 106 units sold during the same period last year. The high for the market was seen in 2005, with 119 units sold during the third quarter. It was the worst result for the quarter since 1996.
Condo owners and developers are facing one of the slowest markets in recent memory. If you’re planning on selling your condo or loft in Hyde Park, it will now take you an average of 169 days to find a buyer in the neighborhood, up from just 99 days a year ago. However, this could lead to even lower prices in the neighborhood and rising demand from bargain hunters.
The average sales price for Chicago Condos sold in Hyde Park during the third quarter fell by 8 percent from a year ago, and could continue to fall in the short term.
chicago-condos Dave on 27 Oct 2008
Buyers on the market for a condominium or loft in the Loop will want to check out the available units at Millennium Lofts. This vintage building offers a total of 106 units, with floor plans ranging from studio to three-bedroom units. Millennium Lofts is located at 20 N State, in the heart of the Loop.
There are currently five units available here. The most affordable is a studio unit that is listed at $199,000. This third-floor unit has monthly assessments of $300. A one-bedroom and one-bath loft is also for sale on the third floor. This loft has a generous floor plan with 800 square feet of living space, and is currently listed at $224,900. If you need more space, you’ll love the two-bedroom and one-bath unit currently available. This unit is listed at $299,800, and is the largest loft currently listed at Millennium Lofts.
Residents enjoy a long list of luxury amenities, including a gourmet kitchen with granite countertops, an island, and a modern appliance package. Residents also up to 16-foot ceilings, large windows, and an in-unit washer and dryer. This development features a health club and private storage space.
Millennium Lofts is one of many Downtown Chicago Condos currently on the market around the Loop. Don’t miss out on the many other deals currently on the market in the city.
chicago-condos Dave on 26 Oct 2008
Sales of condominiums and lofts in Logan Square fell for the third straight year during the third quarter. The neighborhood followed the trend of lower sales seen in all but 4 neighborhoods in the city.
According to data from the Chicago Association of Realtors, a total of just 139 condos and lofts were sold during the third quarter, a 22 percent drop from the same period last year. It was well off the high of 218 condos sold during the third quarter in 2005. It was the lowest sales seen in Logan Square since 2000.
The drop in demand for Logan Square condos led to an increase in the inventory of units on the market and a drop in prices in the neighborhood. If you’re planning on selling your condo in the area, it will now take you an average of 139 days to find a buyer, up from 111 days a year ago. At the peak of the market, it took just 71 days to find a buyer in Logan Square.
Prices have started to come down for condos in the area. The average sales price fell by 4 percent during the third quarter, and could continue to fall if demand for condos in Logan Square doesn’t increase in the short term. Buyers should keep an eye out for great deals on Chicago Condos in the area.