Monthly ArchiveNovember 2009

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

More Units To Be Auctioned At Seven Bridges Condominiums

November 25, 2009 - The first auction at Seven Bridges Condominiums in Woodridge was in July 2009. Back on that date, Sheldon Good and Company auction services had 40 units to put up for bid. Most of the minimum bids then were set at $130,000 to $170,000. Now another auction is on tap for this Chicago real estate development on December 16th. This “phase II developer closeout auction” as it is being called will be for 18 luxury condos and minimum bids start from $125,000 this time.

According to an email from Sheldon Good, the auction will take place at the Lisle Hyatt on 1400 Corporetum Drive in Lisle, Illinois. Registration starts at 6PM and the bidding at 7PM. A 2% discount will be given to any high bidder who can close on the unit within 10 days of signing the contract. A 5% buyer’s premium will be added to each winning high bid

You can check out these condos by stopping by on one of the open house dates that include
November 29th and December 5th, 6th, 12th, 13th from noon to 3PM and again on December 9tha and 15th from 3PM to 6PM.

Seven Bridges is a 12 story, 140 unit building on 6420 Double Eagle Drive. Some of the condos up for bid this time are already finished out, but there are some unfinished where the high bidder can pick out what finishes he or she wants. Perks include the close proximity of the Main Street retail and golf club. Amenities include maple cabinets, granite counter tops, stainless steel appliances, oversized tub in the master bath, bike room, 24 hour doorman, party room, sun deck and pool.

And if you don’t feel like attending another Chicago real estate auction, you have a good selection of Suburban Chicago Condos for sale, many of which have prices at auction levels.

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

December Sale At Motor Row Lofts

November 24, 2009 - If you’re interested in buying a loft, you may want to keep your schedule clear for December 5th. That is the date when Sheldon Good and Company is holding a one-day closeout sale on the remaining units at Motor Row Lofts. The sale will take place at the Chicago real estate development from noon to 3PM on that day.

According to an email notice, the auction company is being authorized by the developer to try and sell nine units that weren’t part of the auction that was held a couple of weekends ago. Supposedly this is in response to a high volume of calls to the developer after the auction from people who either didn’t attend or were interested because of the much lower prices that the condo lofts were sold for during bidding.

Also according to the email notification, the developer plans to sell all 9 of these units on that day. If you are interested, you have to bring a certified or cashier’s check for $5,000 made out to River West National Title and Escrow LLC. For $20 you can get a bidder’s informational packet from the developer. No prices were listed in the announcement, but it stands to reason that they will be set around what the auction bids brought.

There are 4 units with three bedrooms and two baths being offered with anywhere from 1,649 to 2,049 square feet. Three of those are duplex units. There are also 4 units with two bedrooms and two baths up for sale with from 1,198 to 1,418 square feet. One of those is a duplex. The last loft is a one bedroom, one bath unit with 1,057 square feet.

This could be your chance to get a Motor Row Loft at a pretty cheap price. And you can also check out the other Chicago Condo Lofts that are for sale right now.

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chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 23 Nov 2009

October Chicago Home Sales Up

November 23, 2009 - According to the latest report from the Illinois Association of Realtors, Chicago area home sales were up 33.3% in October of this year, compared to last year. There were 7,286 Chicago condos and single-family homes sold in October 2009 compared to 5,467 in October of 2008. For just in-town Chicago, there was a 28.5% increase in October 2009 compared to the same month last year, with 2,012 single-family homes and condos sold. In October of 2008, there were 1,566 units sold in-town Chicago.

However, even with the increase in sales of Chicago real estate, the median price of homes in the Chicago area fell again. For October 2009 the median price was $190,000, which is a 15.6% drop from the median price in October 2008. For in-town Chicago, the median home price in October 2009 was $215,000, which is 18% lower than it was in October of 2008. This is said to be due to the high number of short sales and distressed properties that are being bought by buyers.

The extension of the $8,000 first-time homebuyer tax credit to qualified buyers who close by June 30, 2010 should help to keep the number of sales increasing. But according to a recent Crain’s article, even though FHA has decided to push back some of the new rules for condo mortgages it backs, it is still more difficult to get a loan for a condo than a single-family home. The article also pointed out that mortgage interest rates for a 30-year fixed loan ticked up to 5% in October 2009.

We’ll have to wait and see what the first quarter of next year brings for Chicago home sales. Even if the pace of sales continues to gradually increase, it will probably still be some time before we see the price of Condos In Chicago increase significantly.

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