Chicago Condo Directory

The third quarter didn’t bring any relief to many neighborhoods around the city of Chicago.  Sales of new and resale condominiums fell for the third straight year during the quarter, hitting their lowest point since 1999.

According to data from the Chicago Association of Realtors, a total of just 123 condos and lofts were sold during the third quarter in Rogers Park, down from 200 units sold during the same period a year ago.  It was the third straight year of declining sales after hitting a high of 359 units sold during the third quarter 2005.

The drop in sales led to a marked increase in the number of unsold condos sitting on the market around Rogers Park.  If you’re selling your condo in the area, it will now take you an average of 195 days to find a buyer, up from 140 days a year ago.

Prices are also starting to come down in the area.  The average sales price fell by 2 percent during the third quarter.  It was the second straight year of declining sales in the neighborhood.  The average sales price has risen just 5 percent since 2003 in Rogers Park.   Buyers could start to see even more great deals on Chicago Condos for sale in the area in the short term.

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If you’re looking for a luxury condo in the Chicago Loop, you won’t want to miss out on the affordable condominiums currently available at City Center Club.  This 21-story building at 212 W Washington is home to a total of 183 one, two, and three-bedroom units.

The most affordable condo currently on the market at City Center Club is a one-bedroom and one-bath unit located on the eighth floor.  This unit offers a floor plan with 550 square feet of living space, and is priced at $235,000.  Another larger unit currently available here is a two-bedroom and two-bath condo with 1,180 square feet of living space.  This 14th-floor condo is priced at $319,000.  The largest condo currently available is a three-bedroom and two-bath unit that offers a generous floor plan with 1,410 square feet of living space.  This unit is priced at $485,000.

This vintage building offers all of the same modern amenities you’d expect from a newer construction building in the Loop.  The gourmet kitchen and marble bath come with the finest materials, and residents enjoy common amenities such as garage parking, a 24-hour doorman, and health club.  Don’t miss out on this and many other Affordable Chicago Condos on the market today.

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Sales of condos and lofts in the city of Chicago fell by more than 30 percent during the third quarter.  It was the second straight year of declining sales in the city for both new and resale units.

According to data from the MLS for the third quarter, a total of 4,217 lofts and condos were sold in Chicago during the third quarter, a 30.1 percent drop from the same period last year when 6,034 units were sold.  The drop was even more pronounced when compared to 2006, when the market was at its peak.  A total of 6,764 condos were sold during the third quarter 2006.

Despite the dramatic drop in sales, prices continued to rise in the city during the third quarter.  The average sales price was up by 8.4 percent during the third quarter, reaching $375,700.  A year ago, the average sales price was just $346,339.  The rise in prices may have more to do with steady demand for the highest priced units while demand for affordable condos falls.  Sales were off by less than 5 percent for units priced at more than $1 million in the city.  Sales of condos priced under $250,000 were down by more than 33 percent during the quarter.

Buyers are starting to see some great deals on Chicago Condos in neighborhoods around the city.  Keep an eye out for even lower prices in the short term.

Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Affordable Chicago Condos