Monthly ArchiveNovember 2008

chicago-condos & Chicago Real Estate pcherry on 25 Nov 2008

December Auction For 22 Jazz On The Boulevard Units

November 25, 2008 - With the news that Chicago real estate developer Thrush Companies is being sued by lenders over financing for the purchase of a West Loop building site, it’s probably not surprising that the developer is putting several units up for auction in another project. On December 10th Rick Levin will auction off 22 units in Jazz on the Boulevard. The event will be held at the Ramada-Lake Shore and start at 7PM.

The units being auctioned at Jazz on the Boulevard break down into 12 Chicago condos and 10 town homes. Buyers may be able to score a deal on some of these residences. Previously the condos has been priced by the developer as high as $363,000 per unit. At auction, the condos will open bidding at $130,000.

The town homes may have even steeper price cuts when the final sale is over. The homes had been listed for as much as $625,000 but the suggested opening bid is only $150,000. Depending on how much interest this auction generates and how big of a turn out there is, you could potentially have a new home for the holidays at a great price.

And speaking of home prices, Crain’s reports that nationally home prices fell by the biggest annual rate for the third quarter since records have been kept. According to data from Standard and Poor and the National Home Price Index, prices dropped 16.6% in Q3 of 2008 from Q3 of 2007. But the good news is that Chicago scored better than the national average and home sale prices only dropped 10.1% from September ‘08 from September ‘07. Home owners can take a little comfort in knowing that Condos In Chicago are retaining their value better than the national average.

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chicago-condos & Chicago Real Estate pcherry on 24 Nov 2008

Chicago Zip Codes Affect Home Prices

November 24, 2008 - There is some good news for those of you living within the zip code of 60605 on the Near South Side. According to an article in the Tribune and data from Zip Realty, the most recent housing report indicates that homes in that area are selling an average of 106.4 percent of their listed price. That’s certainly not bad considering that the Chicago Association of Realtors puts the third quarter single-family home and condo sales in Chicago down 23.3% from last year. They also found that the average median sales price went down 4.5% from last year.

The bottom three areas with homes selling below the listed price according to Zip are 60617 (South Chicago) at 88.5% of the asking price, 60609 (New City) at 88.4% of the asking price and 60033 (Harvard) at 71.1% of the asking price. This could be some valuable information to those of you who are buying or selling.

In the month of October this year alone, home sales fell 17.7% from the same month last year. This includes both new and existing inventory of Chicago condos and single-family homes. The average sale price for a residence in town Chicago during October 2008 was about $260,000 which is around 9% less than $285,900 during October 2007, according to the Illinois Association of Realtors.

No one can say for certain when prices on Condos In Chicago will bottom out or if they have already. Some economics experts target late 2009 or even 2010 for recovery of the Chicago real estate market and U.S. housing market in general.

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Chicago Real Estate & Chicago Homes pcherry on 22 Nov 2008

Dartmore Homes Offering $150,000 Discount

November 22, 2008 - For those of you who may be in the market for something a bit larger than an average Chicago condo and yet still get a great discount, you should probably check out some of Dartmore Homes single-family houses and townhomes in locations such as Inverness, Kildeer, Hoffman Estates, Western Springs and Lake Zurich. The developer is currently advertising an incentive of up to $150,000 discount when you purchase one of the homes included in the offer, according to a press release in the Tribune.

The houses and townhomes vary widely in both price and layout. A single-family home can run from about $600,000 to about $1.08 million. The townhomes range from the low $500,000 to high $800,000s.

Breaking it down a little more, Timber Trails in Western Springs is a 234 home development that consists of some showy residences, both ranch style and two story, surrounded by woods. For between $749,000 and $1.08 million you get from 1,983 to a sprawling 5,062 square feet of living space. The townhomes there have from 2,217 to 3,872 square feet and are priced from $529,000 to 870,000 each. The $150,000 discount would knock a considerable amount off of one of those homes.

Inverness has the Weatherstone Townhomes also that size up at 2,217 to 3,872 square feet and the same price of $529,000 to $870,000.

Rounding out the list of homes eligible for the discount are Devonshire Woods in Hoffman Estates, Kildeer Estates in Lake County and Lake Zurich’s Coventry Creek where you can find a home ranging in size from 2,446 to 5,062 square feet for from $599,900 to $779,900.

If you’re serious about finding the best deals in Chicago Real Estate there are some nice incentives being offered out there so check back often.

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