Monthly ArchiveJuly 2009
July 31, 2009 - There is a new rental development ready for occupancy on 479 North Harlem Avenue. Oak Park Place Apartments, a 14 story tower with “soft-loft” residences, has two furnishes models ready for buyers to visit and is already 30% leased, according to an article in the Tribune.
Studios at Oak Park measure up at 506 to 531 square feet with monthly rents ranging from $1,185 to $1,325. The one bedroom, one bath apartments have from 749 to 853 square feet and rent between $1,680 to $2,040 per month. For a one bedroom, 1.5 bath unit you’ll get 853 square feet of living space with rents between $1,970 and $2,020 per month. The two bedroom, one bath apartments are currently all leased, but there are several two bedroom, two bath units available with 1,267 square feet and rents of $2,805 to $2,865 per month.
All of the apartments require a $500 deposit. Additional monthly fees include $50 for parking, $15 for having a cat, $35 for having a dog, $10 for trash pick-up and $200 as a short term lease premium.
Most of the apartments at this Chicago real estate development have a balcony or patio and many of the layouts include a den. Building amenities at Oak Park Place Apartments include bike storage, indoor parking, a green roof deck, fitness center, business center, club room and coffee bar with Internet access plus low VOC paints and carpets were used.
And if Oak Park Place isn’t exactly what you’re looking for, remember that there are quite a few Chicago Condos For Rent in many new high-rises.
July 30, 2009 - If you’re a fan of Toll Brothers Chicago real estate developments, then their National Summer Sales Event promotion that is in effect from now until August 9th may be of interest to you. The company is advertising 50% off of upgrades and custom options at seven of their Chicago area projects, according to a press release in the Tribune. This promotion has never before included Chicago area developments, so it might be a good time to take advantage of it.
Some of the finishes included in this half-off offer are upgrades in the type of flooring and tile used in the units, upgraded kitchen cabinet selections and granite counter top finishes. The promotion also allows in some instances for 50% off of design changes like a conservatory addition, larger master bedroom or installing a sunroom or roof top deck.
Toll Brother’s Chicago area developments that are participating in the 50% off promotion include the following:
Bowes Creek Country Club - The Townhome Collection in Elgin (upper $200,000s).
Crossings at Morton Grove - Rowhomes in Morton Grove (low $300,000s).
Hawthorn Woods Country Club - Townhomes in Hawthorn Woods (upper $300,000s).
Lake Run Estates - Single Family Homes in North Aurora (upper $300,000s).
Patriot Commons at The Glen - Condominiums in Glenview (upper $300,000s).
Patriot Commons at The Glen - Townhomes in Glenview (upper $500,000s).
Regency at The Woods - Single Family in South Barrington ( low $500,000s).
The Woods of South Barrington -Single Family in South Barrington ($600,000s to $1 million).
You can check out even more Condos In Chicago and the suburbs in the development pages.
July 29, 2009 - The Illinois Association of Realtors has released the home sales number for the month of June. For in town Chicago Condos and single-family homes, June sales were down 13.1% from June of 2008. Total sales for June 2009 were 1,982 units, compared with 2,282 units in June of last year. Despite being down from the same period last year, it was a 27.2% increase in sales from last month. May ‘08 sales totaled 1,158 units.
The median price of Chicago homes also increased by 7.7% in June ‘09 to $242,275. Last month the median price was $225,000. That was still considerably less (a 21.8% drop) than the $309,945 median price of Chicago homes in June of last year.
The month-over-month increase is still being attributed to single-family home sales which are being fueled by the abundance of foreclosures, short sales and incentives like the $8,000 first-time homebuyer tax credit. Because lenders have put in place so many restrictions on loans for condos in Chicago, in many cases it is easier for buyers to get financing for single-family homes.
But whether you are in the process of purchasing one of the many single-family Chicago homes for sale right now or Condos In Chicago, to qualify for the $8,000 tax credit you must close by December 1, 2009. That’s close, not sign a purchase agreement. Remember that it can sometimes take as much as couple of months even when everything goes smoothly, so sooner really is better in this instance. Don’t wait until the last minute.