Monthly ArchiveMarch 2010
March 31, 2010 - Whoever said luxury Chicago condos are selling hasn’t spoken with the sales team at the Elysian. A buyer recently purchased the whole 37th floor of the 60 story mixed-use high-rise for about $6,884,500 according to an article in Chicago Magazine. The developer for this Chicago real estate project made the decision not long ago to cancel the contracts for the hotel condos in the tower and just focus on the hotel portion and the residential condos.
The full-floor purchase was made by James J. McNulty who was previously the CEO of the Chicago Mercantile Exchange. The floor was originally designed to be two individual condos, and the combined space measures up at 7,400 square feet of living space.
This recent purchase isn’t the biggest dollar sale for the Elysian though. The article went on to say that Caryl Dillion, sales agent for the tower, revealed that a unit on floor 52 was recently sold for $7.5 million. There are several resales listed for the Elysian and of the 52 total condos, there are 6 developer units still not under contract.
Even with these two high dollar sales, we probably can’t say that the market for luxury Chicago conods is on the rebound yet. Right now, Chicago homes for sale that are distressed properties are still making up the bulk of the contracts being signed.
March 30, 2010 - We hear a lot about how sales are averaging in the Chicago real estate market, but often those numbers include sales of both Chicago condos and single-family homes. The MRED (regional Multiple Listing Service) recently put out some statistics that dealt just with sales of Chicago condos for the first two months (January and February) of 2010.
When compared to Chicago condo sales in 2009, the first two months of 2010 showed an increase of about 30% in revenue. That translates to a total of around $356 million.
There was also an increase of 41% when it came to the number of Chicago condos that closed in January and February of 2010 compared to the same two months in 2009. There were 1,097 condos that close in the first two months of this year.
The amount of time it took to sell a Chicago condo slimmed down as well. In January and February of 2010 it took 8% less time for a condo to sell than it did those same months last year. On average, a condo sat on the market for 143 days before it sold this year.
The average median sales price did decrease as well though. For January and February of 2010, Chicago condos sold for 12% less than they did those same two months of 2009.
We’ll keep you posted as new data becomes available for first quarter 2010 sales of condos in Chicago, so check back with us regularly.
March 29, 2010 - We probably all knew it was coming once the $40 million foreclosure suit was filed against Silver Tower by Bank of America. Price cuts are here, and they are pretty significant. Stonegate Development still has at least 145 of the 225 Chicago condos in the tower left for sale. The River North high-rise, located on 303 West Ohio Street, is now being marketed by Jameson Real Estate and these new lower prices may net some contracts.
The 38 story Silver Tower has a good assortment of one and two bedroom units for sale, and the one bedroom condos with 728 square feet are now listed from the $170,000s to $230,000s. Previously those condos had been listed between the $260,000 and $320,000 mark.
If you need a little more space but still want a one bedroom, there are some 783 square foot units that are priced from the $230,000s. Those condos had been priced from the $260,000 to $350,000 range.
The one bedroom units with 813 square feet now are listed from the $240,000s. The old priced ranged from the $260,000s to the $310,000s.
For a 930 square foot condo with one bedroom you can now expect to pay from the $290,000s which is down from the old prices that were between the $330,000s to $390,000s.
If you need a two bedroom unit, there are plenty of those left as well. The 1,080 square foot condos are now listed from the $350,000s. Previously they had been listed between the $380,000s to the $410,000s.
For two bedroom condos with 1,138 square feet you can expect to now pay from the $320,000s. Those units had been priced between the $440,000s and $500,000s.
And the largest two bedroom condos at Silver Tower with 1,190 square feet have new pricing from the $400,000s. Those units had been listed between the $410,000s to $550,000s.
We could see more price cuts at this Chicago real estate development if these new lower prices still don’t result in sales.