Monthly ArchiveJanuary 2009
January 31, 2009 - If you’re looking for a new condo in the North Kenwood-Oakwood area you may be interested in the new Chicago real estate development currently under construction on 1223-1249 East 46th Street. Lake Park Getaway consists of 23 units in all, and developer Stratagem Home Builders will have two buildings with 8 condos in each ready for first deliveries and occupancy soon, according to a press release in the Tribune.
Some of the standard features and details of these condos include kitchens with custom made cabinets, quartz counter tops, pantry and island breakfast bar. The living room has what the article described as “display niches” and built-in bookcases beside the fireplace, which boasts a wood mantle and tile hearth. Bathrooms have spa showers, there are closets with pocket doors and the master bedroom has a “tray ceiling” and terrace access.
Lake Park Getaway lives up to its name in that it is only about two blocks from the lake. The condos come with two to three bedrooms and have from 1,380 to 1,500 square feet of living space. Right now there are nine condos that are ready for move-in, and prices vary from about $249,900 to $349,900.
You can find other great Condos In Chicago and all the latest development news by checking back here with us regularly.
January 30, 2009 - Taking a page from Fannie Mae’s new policy, Freddie Mac announced that they will begin letting some former homeowners rent back their foreclosed houses and condos. The move isn’t altruistic, but an effort to keep the homes from being vacant and possibly vandalized or becoming run down. The new program will also allow those who are currently renting to remain in their condo or home even if their landlord faces foreclosure, according to an AP News press release.
David Moffett, Chief Executive with Freddie Mac stated in the article that, “Keeping foreclosed properties occupied and in better repair will support local property values and promote a faster recovery in the housing market.”
In Illinois, foreclosures in 2008 rose nearly 55% from 2007 foreclosures. The country as a whole experienced an 81% increase in foreclosures. The Chicago market area showed a 53.4% increase from 2007 to 2008, with 77,226 housing units facing foreclosure, according to RealtyTrac.
Right now some 8,500 residences in the nation, including some parcels of Chicago real estate, are affected by Freddie Mac foreclosures. To be eligible to stay in a foreclosed condo or home, residents must first provide proof that they can pay the rent. Also, the mortgage company will review loans to see if any are able to be modified and reinstated.
And for those Condos In Chicago as well as others across the U.S. that are facing foreclosure proceedings and possible eviction, Freddie Mac and Fannie Mae are standing by their promise to halt evictions until March.
January 29, 2009 -According to date released from the Commerce Department, sales of new homes fell to their slowest rate even in December 2008. There was a 14.7% drop, which was the worst recorded in over 20 years. Interestingly, sales of existing homes actually rose in December ‘08, up 6.5% from November ‘08 due to buyers purchasing foreclosed homes at slashed prices.
A report published by MSNBC stated that the currently inventory of unsold new homes in the U.S. would take over a year to deplete at their rate of sale right now, in part because of the influx of foreclosed homes and condos. Not good news for developers of Chicago real estate.
“Builders just can’t cut back fast enough, so prices remain under downward pressure,” the chief U.S. economist for High Frequency Economics, Ian Shepherdson, was quoted as saying in the report.
That sobering news aside, there are still some buyers able to put down money on luxury Condos In Chicago. Chicago Magazine profiled two recent January ‘09 sales at the 74 story Water Tower Residences on 180 East Pearson Street. A three bedroom, three bath condo on floor 41 sold for $2.1 million and a similar condo in size and layout on the 37th floor sold for $2.125 million. And there are at least two more condos in the building listed for sale if you’re interested; a $3.35 million unit on floor 43 and a $4.55 million duplex on floor 52.