Monthly ArchiveDecember 2009

chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 28 Dec 2009

Chicago Homes Sales Up In November

December 28, 2009 - According to the latest numbers released from the Illinois Association of Realtors, sales of single-family homes and condos in Chicago were up 69.9% in November this year compared to last year. For November 2009, there were 1,859 total home sales compared to 1,094 in November 2008. However, the median price of Chicago homes in November 2009 was down 3.4% to $215,000 compared to the median price of $222,500 in November 2008.

Most experts attribute the increase in sales to the first-time homebuyer tax credit as well as the availability of lower priced distressed properties, foreclosure sales and REOs. With the tax credit deadline now extended into the first half of 2010 it should continue to help Chicago real estate sales to rebound.

Taking a wider look, sales of single-family homes and Chicago condos from January ‘09 to November ‘09 were down 10.4% with a total of 17,633 units sold, according to the same report from the Illinois Association of Realtors. There were 19,681 single-family homes and condos sold in Chicago last year from January ‘08 through November ‘08. The median price year over year was also down 22.9% in that reporting period to $225,000 in comparison to $291,800 for 2008.

Chicago foreclosure sales also probably played a part in quite a few of the November ‘09 sales as well, and will most likely continue to do so into at least part of 2010.

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chicago-condos & Chicago Real Estate pcherry on 26 Dec 2009

Aqua Construction Wrapping Up

December 26, 2009 - The latest update from Chicago real estate developer Magellan is that Aqua has been certified for occupancy through floor 71. They also plan on having residents be able to move in through the 75th floor by late in the second week of January. And even the dry wall is up through the 81st floor, which is all the way to the top of the high-rise. The developer also stated that all construction will be completed on the Lake Shore East tower in a matter of a few months.

The update also confirmed that buyers of condos through the 70th floor would be receiving closing notices now, so it will be interesting to see in the coming weeks if any of those contracts will fall though due to the Fannie Mae issue of too much commercial versus residential space in the tower. But Magellan lined up both Harris Bank and MB Financial who are willing to work with buyers to provide 90% or more financing for the condos.

At last count, there were still less than twelve condos left for sale at Aqua and about 313 of the 474 apartments already leased and occupied. Those apartments may face some more competition next year with new apartment towers that are going up right now as well as the over supply of Chicago lofts for sale and condos for rent.

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chicago-condos & Chicago Real Estate pcherry on 23 Dec 2009

Price Cuts At 2930 Sheridan

December 23, 2009 - If you’re interested in purchasing a condo in Lake View, you may want to check out the units for sale at 2930 Sheridan. Kroupa Development has reduced prices on the remaining units at this 23 story, 252 Chicago condo conversion project, and you can expect to find prices cuts anywhere from about 8% to 16%, according to a profile in Chicago Magazine.

There are quite a few one bedroom, one bath condos at 2930 Sheridan that measure out at around 750 square feet of living space and are priced from $209,000. If you need more room, you can get a 1,100 square foot two bedroom condo at this tower from about $359,900. For indoor heated parking you can expect to pay another $30,000 for one space and $50,000 if you want two.

According to the article, there are several floor plans available and once you get past the 15th floor most of the condos have views that reach the Lake and Lincoln Park. But no matter which condo you buy at this tower, you can have all the view you want from the resident terrace on the roof top.

There are quite a few developers cutting prices on condos right now, so check back here for the most up to date news about Chicago real estate.

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