Monthly ArchiveDecember 2008
December 31, 2008 - Standard & Poor’s/Case-Shiller 20 city composite home price index was made public yesterday and the numbers probably aren’t surprising to anyone. The study keeps track of price changes in 20 large city markets across the U.S. and the 18% drop from October 2007 to October 2008 was the biggest ever recorded in the 21 years they have been keeping records. The numbers are crunched from tracking repeat sales of single-family homes in a given area.
Prices for single-family homes have been going down for 22 straight months now. In fact, current home prices have regressed to what they were in 2004. Prices seemed to be at their highest level in July of 2006, and since then they have dropped about 24%. The markets with the sharpest declines are Phoenix, AZ with a 32.7% drop, Las Vegas, NV with a 31.7% drop and San Francisco, CA with a 31% drop.
But Chicago managed to keep a little ahead of the national free fall with a 10.8% drop from October 2007 to October 2008. This is at least a little encouragement for owners of Chicago real estate. If Condos In Chicago can manage to retain more of their value even with major dips in sales numbers, then weathering the market storm may be possible for more home owners. Chicago home prices may not rebound any time soon, but they aren’t falling off the cliff as fast as other national markets either.
chicago-condos pcherry on 30 Dec 2008
December 30, 2008 - For those of you loft lovers who also have a passion for literature, you may want to check out the 30 or so units still left for sale at Odyssey Lofts on West Jackson Boulevard. There are 60 condo lofts in this Chicago real estate development, and with half the homes still available, you may be able to find a deal on one of these units.
The developer describes this building as “a touch of the Mediterranean in the heart of Chicago.” With its Greektown location and vintage design, the Odyssey Loft building does invoke a sense of Old World charm. The close proximity of several Greek restaurants adds to the feel. The vintage building is topped with new construction and the combination meshed well.
First deliveries on the condo lofts started this past summer (2008) and of the units that are left for sale there is a good selection of one to three bedroom layouts. Prices on Odyssey Loft’s units run anywhere from the $240,000s for the smaller one bedroom units to the $250,000s for one bedroom plus den condos. The two bedroom, two bath condos range from the $340,000s to the $390,000s. The largest three bedroom, 2.5 bath condo lofts start in the $620,000s.
If you aren’t quite ready to buy a new home, you can always check into the supply of Chicago Condo Rentals until the perfect condo in Chicago comes along.
December 29, 2008 - We’ve been telling you about the different grants that the Partnership for New Communities is offering to qualified buyers who purchase a unit in one of the participating Chicago real estate developments in the program. Previous grants have been for $10,000 or more, and right now there is a $20,000 grant available for buyers who purchase a condo from Greenline Development in Woodlawn.
The $20,000 can be used to cover closing costs or a down payment, according to the Partnership website. The units are two bedroom, two bath layouts in three different buildings located on Ingleside Avenue. The prices on these condos run from $159,900 to $189,900, depending on the floor plan and building.
The Hathaway contains 8 units, 3 of which are already sold. The Myers also has 8 condos, 6 of them already under contract. The Baldwin is the youngest of the three buildings and as of this writing all of the units in that one are still available. Finishes include hardwood flooring, bedroom carpeting, 42 inch maple kitchen cabinets, granite counter tops, ceramic tile in the baths and stainless steel appliance package. The windows are double glazed, there is a high-tech alarm system installed and some units can be made for handicap access. Parking for one and a secure storage space is also included in the purchase price.
Be sure to check back here with us for any updates on incentives and grants for Condos In Chicago.