Chicago Condo Directory

July 21, 2009 - The controversial Fountain Square Tower or Evanston Spire as it has been called has been out of the spotlight for some time now. The ailing Chicago real estate market hasn’t done much to improve public opinion about the project or it’s chances of being built anytime soon. But Tim Anderson of Focus Development, the firm behind the proposed Fountain Square Tower, has several other projects that have kept him busy according to a recent Tribune profile.

Anderson has worked for David Hovey, architect and developer of Optima before forming his own company in 1993. His projects are typically constructed in the north and west suburbs and consist of condos buildings near convenient public transportation, according to the article. Focus Development generally likes to build in downtown areas that appeal to buyers in terms of location and amenities.

His buyers have been both first-time condo buyers and downsizers. The two groups are often looking for different design elements, but Focus caters to both. The company also incorporates many green building and eco-friendly elements in their projects.

Some of the Focus developments already standing are the Residences at the Grove in Forest Park, Euclid Commons in Oak Park and Courthouse Square in Wheaton. Prices range anywhere from around $169,900 to over $1.4 million for the units.

You can find out more about other Suburban Chicago Condos in our development pages.

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July 20, 2009 - Nationally, more houses are being built but that doesn’t necessarily mean the Chicago real estate market is on the mend. For the month of June this year, housing starts across the nation were up 3.6% from May and there was a 14.4% increase in single-family home construction. Even with the increase, housing starts are still only at half of what they were last year and for new Chicago condo projects, the buyers still just aren’t there.

“One-third of the projects out there are basically shut down. There’s a note on the door, ‘If you’re interested in this project, call this number.’ They aren’t manned anymore.” That was the quote from real estate consultant Steve Hovany of Strategy Planning Associates in a recent Tribune article. With a lack of daily walk-ins, many condo sales centers have indeed shut down or drastically reduced the number of days and hours they are open.

Strategy also stated in the article that locally last month (June) over 2,300 potential buyers toured 117 area housing developments but only 150 actually signed a purchase contract. Competition from foreclosures, short sales and developer drastically lowering prices are making it tough to sell new construction condos or Chicago homes right now. According to data from the Federal Housing Finance Agency, there were 14,200 foreclosed homes sold by Fannie Mae and Freddie Mac in April ‘09 alone, a significant increase from the 9,300 sold in March ‘09.

The moral of the story is the same as it has been for some time now. If you’re looking for a New Chicago Condo or single-family home don’t be afraid to ask for incentives or discounts. With the oversupply of homes, $8,000 tax credit and FHA approval for many condo projects, it’s a good time to buy if you can.

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July 19, 2009 - You can check out a new “G” model at the Lincolnshire Place at Village Green, located off HWY 45 east of Milwaukee Avenue. Weiss Development is showing off the unit at their four-story, 62 condo low-rise project. A recent profile in the Tribune stated that the model has a generous 2,041 square feet of living space and open floor plan with two bedrooms and 2.5 baths plus a den.

Other features of the G model include two walk-in closets in the master bedroom along with a large master bath with large soaker tub and shower. The article pointed out that one unique feature of this model is that it has two balconies, one of which has a roof so it can be used in any weather. The base price for the G model is $546,700.

The 62 condos each have between 1,784 to 3,272 square feet and prices range from $399,700 to $899,500. The units come with laundry rooms and extra storage, plus some floor plans also have private terraces on the roof.

Lincolnshire Place also has an Infinity Terrace for residents. The Terrace has views of the nearby ponds, woods and gardens plus a reflecting pool, grilling area and fireplace. Next door to the Terrace is an exercise room and party room with big screen TV, surround sound and catering kitchen. The building also has a bike room and extra storage for residents.

If you’re looking for new construction Condos In Chicago right now, you may want to start with some of the smaller Chicago real estate developments. It’s possible to find some good deals in unexpected places.

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