Monthly ArchiveOctober 2008

chicago-condos Dave on 24 Oct 2008

15 units available at Randolph Place

Buyers on the market for an affordable condo in the Loop will want to check out Randolph Place.  This 16-story building at 165 N Canal is home to a total of 341 one, two, and three-bedroom condominiums.  There are currently a total of 15 units available on the market at Randolph Place.

The most affordable condo currently for sale here is a one-bedroom and one-bath unit located on the 7th floor.  This condo has a huge floor plan, offering more than 1,163 square feet of living space.  Priced at $315,000, this condo has assessments of just $300 per month.

If you need more space, you’ll love the two-bedroom and two-bath condo currently available on the 5th floor.  This unit has a total of 1,200 square feet of living space.  The price for this two-bedroom unit is just $375,000.  The largest condo currently on the market is a three-bedroom and 2.5-bath unit that offers a total of 2,000 square feet of living space.  This unit is listed at $669,900, and has monthly assessments of $720.

Randolph Place is a great choice for buyers looking for Downtown Chicago Condos.  The completely restored development offers an in-unit washer and dryer, 24-hour doorman, great views of the Chicago River and downtown skyline, and heated garage parking.

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chicago-condos Dave on 23 Oct 2008

Condo sales strong on Near South Side

While most neighborhoods around the city of Chicago are seeing a continual drop in demand for condos and lofts, there is one area of the city enjoying strong demand.  Sales of condos and lofts were up by nearly 10 percent during the third quarter.

According to data from the Chicago Association of Realtors, a total of 302 condos and lofts were sold during the third quarter on the Near South Side, up from 276 units sold during the same period a year ago.  However, while it was the second highest sales total seen since 1991, sales were still well off the high of 545 units sold during the third quarter of 2006.

Prices were up sharply during the third quarter as buyers picked up luxury units around the neighborhood.  The average sales price soared by 29 percent during the quarter, a strong result in the current economic climate.  However, strong sales weren’t enough to keep inventory numbers from rising.

If you’re planning on selling your condo in the area, you may want to get ready for a long wait.  Chicago Condos sold on the Near South Side were on the market for an average of 228 days during the third quarter, up from just 122 days a year ago.

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chicago-condos Dave on 22 Oct 2008

Lawsuits filed against Chicago Spire

The Chicago Spire is one of the most anticipated new projects on the real estate market in the city.  However, the future of the project could be in jeopardy as contractors and even the building’s architect have filed liens against the developer.

Santiago Calatrava filed a lien for more than $11 million against the developer, Shelbourne Development.  The Chairman of Shelbourne Development, Garrett Kelleher, has also filed liens against the owner of the site, Shelbourne North Water Street LP, also owned by Mr. Kelleher.

Construction on the 150-story building is scheduled to wrap up in 2010.  Buyers can currently choose from a total of 1,193 condominiums, with floor plans ranging from one to four bedrooms.  Prices for these units start at $750,000 for the smallest one-bedroom and one-bath unit to as much as $40 million for the largest four-bedroom and three-bath penthouse.  The development will offer the finest amenities, as well as unbeatable lake and city views.

However, buyers will have to keep up with the latest news to understand the complex legal issues surrounding the Chicago Spire.  Keep up to date with the latest news on Chicago Condos and stay on top of the market.

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