Monthly ArchiveDecember 2008

chicago-condos & Chicago Real Estate pcherry on 27 Dec 2008

Baker’s Dozen Units Left at Superior 110

December 27, 2008 - For those of you who might be interested in a condo at Superior 110, there are still a baker’s dozen units left. That’s 13 for those of you not familiar with buying fresh from the source. The 28 story River North high-rise is around ten stories taller than most of the nearby structures, thanks to a zoning exemption the developer was granted, according to a press release in Chicago Magazine.

Because of that upper edge, residents at Superior 110 will be treated to some pretty good views. The tower itself is an eye-catching shade of blue and the 58 units in the building come with some pretty nice finishes. The ceilings are covered with drywall, which is something you don’t normally see. That little extra design feature allows for both electrical wiring and lighting to be hidden in the small dropped space. Another nifty thing is that the window shades recess into that space and disappear when raised. Speakers are also able to be recessed into the ceiling as well as having the HVAC vents hidden there.

Of the 13 units that are still available in this Chicago real estate development, you can pick from a one to three bedroom layout. Square footage runs anywhere from around 1,150 to 2,550 depending on the unit. Prices start in the $540,000s an move up to more than $1.6 million. Parking will cost you an additional $42,000. All of the condos in this tower will be finished and ready for occupancy sometime in March 2009, and will join a smaller than usual number of Condos In Chicago delivering this spring.

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chicago-condos & Chicago Real Estate pcherry on 26 Dec 2008

Possible 2009 Housing Trends

December 26, 2008 - With 2008 nearly over, most of us naturally wonder what the new year will bring, not only personally, but in terms of the economy and Chicago real estate market. We can all make educated and wild guesses, but the Tribune offered up a list of eight predictions from local real estate agents and developers as to what trends will be for 2009. So with due credit to that article, we’ll paraphrase the highlights.

Number one was smaller homes with better finishes and upgrades added on as needed or could be afforded. No big surprise there as the base price would be cheaper and a smaller home is less expensive to heat and cool. Two was more people opting to rent instead of buy. Economics at play again there. Three was developers focusing more on downtown neighborhood projects.

The number four prediction tends to contradict number one a bit. Four was that the buyers that are shopping for a new condo want more space. According to the article, a typical single-family home is 2,456 square feet and buyers want that much space in a condo as well. Five was that because more and more buyers are using the Internet to shop for a new home, realtors and developers will focus more on tweaking their websites as sales tools.

The sixth prediction was that Chicago residents will crave more room outside, so developers will set aside more green space. Seven stated that row homes will gain popularity with both renters and buyers in Chicago. And finally number eight is that more developers will try to foster a better connection between buyers of their units and local businesses to encourage community growth.

We’ll have to wait and see if any of these predictions bear fruit or not. Spring is typically the best time for sales of Condos In Chicago.

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

Chicago Area Home Sales Drop 32% In November

December 24, 2008 - The latest bit of Chicago real estate market stats for November don’t show any improvement in home sales. In fact, sales of single-family homes and condos in Chicago dropped by 32%, according to numbers from the Illinois Association of Realtors. In a recent article in Crain’s, there were 3,910 home and condos sold in the nine Chicago area counties during November 2008, compared to 5,774 in November 2007. For sales of condos and houses in the city of Chicago, the drop was even larger at 41.3%. November 2008 posted sales of 1,057 units in the city while November 2007 had 1,801 sales.

The median sale price for a single-family home or condo in the Chicago area cashed in at about $207,745 for November 2008, which was down 15.9% from last year. In November 2007 the median sale price was about $247,000. For condos and homes located in the city limits, the median sale price was $222,500 last month, compared to $290,000 in October of 2007.

Nationally, the average sale price for a home dropped 13.2% in November to $181,300. A year ago the median home price in the U.S. was about $208,000. According to the article, that number was the largest single year drop in home prices since 1968 and thought to be the largest devaluation since the Depression. Roughly 45% of all home sales in November 2008 were from distressed properties.

With numbers like those above, you can see why Condo Marketing is even more important than ever before if you want to sell your home.

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