Chicago Condo Directory

April 23, 2009 - The numbers for March 2009 Chicago area home sales are in and they are sobering, as expected. The Illinois Association of Realtors reports that Chicago area home sales dropped 26% in March, while sales actually in the city Chicago fell a whopping 42%. This includes single-family homes and condominiums, as well as new and existing homes and condos, according to an article in Crain’s. This probably isn’t unexpected news for anyone who follows Chicago real estate trends lately.

For March 2009, a total of 4,260 condos and single-family homes sold in the region. That number is down from 5,759 sales for march of 2008. For the city of Chicago alone, March 2009 logged a total of 1,181 condo and home sales, while last year, March 2008, there were 2,044 home and condo sales.

The median Chicago area sales price also took a dive, dropping to $194,000 in March 2009. That figure is down 21.8% from last year’s March 2008 median area price of $248,000. In the city of Chicago, the median price dropped to $220,000 for March 2009 and that is a 26.9% fall from the March 2008 median city price of $300,980.

The area covered by this report is the nine county Chicago region that includes, Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.

Buyers are still benefiting from a glut of Chicago Illinois Condominiums for Sale right now, so if you are interested in making a purchase and can get financing, the time may be right for you.

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April 22, 2009 - Amid the housing market decline and credit crunch, many developers have been scaling back Chicago real estate projects or scrapping them outright. Some smaller developers who focused on low or mid-rise buildings, not high-rise towers, have fared better in some aspects because they have less inventory and normally less capital invested. Prospective Chicago condo buyers who don’t have their hearts set on living in the clouds can find some nice units in smaller developments if they do their homework.

One nice five unit Bucktown project is located on 2353 West Belden Avenue. The condos are all three bedrooms, two baths and at least one balcony. Prices run from $439,900 for a second floor condo with 1,500 square feet on up to $529,900 for a fourth floor 1,500 square foot condo with a rooftop deck. According to the article, the single unit on the second floor comes with the option for the buyer to put down another $20,000 for the rights to the roof of the five car garage, which would be perfect for an extensive private deck.

In a recent Chicago Magazine profile, Ivona Kutermankiewicz of Koenig & Strey GMAC who is handling sales for the project stated, “That’s why our units are a very good value. We’re priced closer to the area’s two-bedroom condos.”

All of the condos are ready for move-in, so if you’re interested it might be worth a trip to view them. While you’re out and about, you can always add a couple more Condos In Chicago to your list of units to tour.

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April 21, 2009 - The Legacy just recently topped off, bringing the 72 story tower to its full height, and sales of its 356 Chicago condos are close behind at just about 90%. All construction is expected to wrap up about halfway through 2010. The spectacular views of Millennium Park were probably a big selling point for this high-rise, and residents should be able to start moving in sometime in September, according to a report in the Tribune.

The $300 million Legacy was designed by Solomon Cordwell Buenz, and construction on the project first began in 2005. Residents can access the University Club next door via the 13th floor sky bridge that connects the two buildings. Amenities such as the 8,000 square foot squash courts, hotel services and catering services will be available.

Sizes of the 40 some condos still for sale in this Chicago real estate development run from about 875 to nearly 10,000 square feet. The one bedroom, one bath units are priced from the $480,000s while the two bedroom, two bath condos start in the $640,000s. The three bedroom, three bath units begin in the $$1.15 million range and the three bedroom, 3.5 bath condos run from about $2 million and up. For the largest three and four bedroom condos at The Legacy you will have to pay about $4.25 million. Monthly assessments on the remaining condos vary from around $330 to $3,000 per month.

The Legacy is located on 60 East Monroe Street in the South Loop, and if you can’t find a unit there that fits your lifestyle or budget, there are other New Chicago Condos for sale that might.

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