Monthly ArchiveSeptember 2009



chicago-condos & Chicago Real Estate pcherry on 27 Sep 2009

August Chicago Condos Sales Down 19.1%

September 27, 2009 - According to the latest report issued by the Illinois Association of Realtors, August sales of Chicago area single-family homes are up about 22.6% from the same reporting period last year. Chicago condo sales are unfortunately down 19.1%. The sales numbers weren’t the only thing to drop either, as prices of condos and town homes fell 15.3% as well to an average of $271,000. That wasn’t as steep of a decline as prices of single-family homes though, which dropped 30% to an average of $154,000, according to an article in the Tribune.

The increase in single-family home sales along with the dramatic price decline is being credited to the high number of bank-owned foreclosures and short sales. Chicago Association of Realtors president David Hanna was quoted in the article as saying that, “Condo sales, until the beginning of this year, were the best part of our market. There aren’t any buyers for this stuff because the lending process is tortuous.”

Stiffer rules regarding mortgages on Chicago real estate and condos in particular have made it harder for buyers to get a loan for that type of housing. Additional fees have also been added by Fannie Mae and Freddie Mac, compounding the financing problem.

Some experts though believe that those numbers will go up soon, mostly because of the push from first-time buyers to get qualified for the $8,000 tax credit before the December 1st deadline. Since it can take as long as a month or two to close on a Chicago condo, those sales won’t be reflected until the next report or even later.

If you are a first-time buyer and haven’t gotten busy yet, you need to try and speed up your search for Condos In Chicago if you want to cash in on the tax credit before it’s too late.

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chicago-condos & Chicago Real Estate pcherry on 25 Sep 2009

Aqua Apartments 60% Leased

September 25, 2009 - Along with the recent news first deliveries at Aqua have begun, co-CEO Joel Carlins of Magellan Development has stated that, “Our rentals at Aqua are also going fabulous. We started May 1st renting, and we’re already 60% preleased.” Mr. Carlins was quoted in a recent GlobeSt. article as also saying that the 262 Chicago condos were 92% sold at this point.

The remaining studio to three bedroom condos are listed from the developer at about $525 per square foot, with the units running averaging 1,200 square feet. The 474 apartments measure about 1,300 square feet and monthly rents run anywhere from $1,375 to $3,111.

Aqua is the latest high-rise in to near completion in Lakeshore East. Magellan’s other Chicago real estate developments there include The Shoreham, The Tides and The Chandler. At Aqua, Magellan plans on occupying most of the 40,000 square feet of office space. A hotel chain could be announced soon to take over that space, and of course CVS, which has been open for some time, has a 20 year lease in the retail section of the 82 story tower.

There are other Condos In Chicago priced to sell if Aqua isn’t quite what you’re looking for.

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chicago-condos & Chicago Real Estate pcherry on 24 Sep 2009

Park Monroe Offering Six-Figure Price Reductions

September 24, 2009 - Less than a dozen developer units are left for sale at the Park Monroe on 55 East Monroe Street. The prices on those final eleven condos have been reduced by quite a bit, so if you’re interested in a unit in this near-historic tower, you may want to act now. According to the ad on this Chicago real estate development’s site, the new prices are in effect until the end of this year.

There are about three one bedroom, one bath condos that have been lowered to $299,500. That’s down $100,400 from the previous price. A one bedroom, 1.5 bath unit that had been priced at $519,900 can now be bought for $399,500. There are five two bedroom, two bath condos that were listed between $729,900 and $999,900 which are now listed between $599,500 and $849,500. A larger two bedroom, two bath plus den is now priced at $499,500, down from $579,900. And finally, a two bedroom, 2.5 bath plus den condo is selling for $1 million, reduced from its previous price of $1.3 million.

The conversion process at the Park Monroe included adding hardwood flooring through the rooms plus European cabinets, granite counter tops and stainless steel appliances to the kitchens. Large windows, washer and dryer hook-up, luxury baths, Wi-Fi access, resident storage and individual heating and cooling controls are standard.

The high-rise sports the Park Monroe Club on the top of the building, complete with professionally landscaping. The tower also has a fitness center, pool, spa, sun deck, party room with attached kitchen and movie room.

With mark-downs of as much as $300,000 on these Park Monroe units, you may be hard pressed to find a deeper discount right now on Chicago Condos for Sale.

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