Monthly ArchiveAugust 2010

chicago-condos pcherry on 12 Aug 2010

Second Quarter Chicago Home Sales Up 35%

August 12, 2010 - Sales of Chicago area homes hit a three year high in the second quarter of this year, according to data just released from the Illinois Association of Realtors. It was the highest sales quarter since the third quarter of 2007 and good news for the Chicago real estate market.

During the second quarter of 2010 in the Chicago area there was a 35% increase in sales of Chicago condos and single-family homes compared to sales during the same period in 2009. A recent Crain’s report states that there were 23,735 homes sold in the Chicago area in Q2 as compared to 17,620 in Q2 of 2009.

Sales of single-family homes and condos in-town Chicago rose 33% year-over-year in the second quarter of 2010 as compared to the second quarter of 2009.There were 6,567 units sold in Chicago during Q2 of 2010 compared to 4,945 during Q2 of 2009.

The median price of Chicago area homes dipped slightly again however. The 2.5% drop in median value of Chicago area single-family homes and condos for the second quarter of 2010 put the average price at $196,00. The median price of Chicago area homes in Q2 of 2009 was $201,000. The median price for in-town Chicago homes was the same in Q2 of 2010 as it was in Q2 of 2009, which is $230,000.

With the tax credit expired and no huge improvement in the unemployment rate, we’ll have to wait and see if sales of Chicago Homes continue to increase the second half of this year.

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chicago-condos & Chicago Real Estate pcherry on 09 Aug 2010

Few Condos Left At MoMo

August 9, 2010 - Yesterday we talked about what Chicago condos were left for sale by Smithfield Properties at their SoNo tower. Their other Chicago real estate project with a similar name is although it has been renamed The Residences at Joffrey Tower for some time now as the ballet company occupies lower floors in the 31 story, 174 unit high-rise on 8 East Randolph Street.

There are less than five units still listed for sale from the developer, and the one bedroom condos are running from the mid $240,000s to upper $290,000s and average about 834 square feet. The remaining two bedroom developer units are listed anywhere from the mid $460,000s to mid $540,000s and have around 1,348 to 1,460 square feet.

Condo finshes and perks include a balcony, maple hardwood floors, floor-to-ceiling windows, 9′ high ceilings, carpeted bedrooms, 12″ marble tile in the baths, soaker tub, designer lighting and a washer/dryer hook-up. The building is pet-friendly and common amenities include a 24 doorman and fitness room.

There are lots of other New Chicago Condos available, so pick a few to check out along with Momo.

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chicago-condos & Chicago Real Estate pcherry on 07 Aug 2010

SoNo Sill Not Sold Out Yet

August 7, 2010 - Another Chicago real estate project that we haven’t heard much about for a while is SoNo, located on 860 West Blackhawk. This Smithfield Properties tower still has a few Chicago condos left for sale from the developer. Since SoNo has been completed for some time now, all of the remaining condos are of course ready for move-in. The 27 story, 200 unit high-rise was over 70% sold back in March of this year and a few more sales contracts have been inked since then.

Right now Smithfield and @Properties are advertising one bedroom, one bath units with 905 square feet of living space from $287,900. The two bedroom, two bath condos that size up at 1,436 square feet are being marketed from $403,900. If you need more space, the remaining three bedroom, two bath condos that measure 1,656 square feet are currently listed from $481,900.

Interior finishes include maple hardwood flooring, carpeted bedrooms, washer/dryer hook-up, a balcony, kitchens with KitchenAid stainless steel appliances, granite counter tops and double bowl stainless steel sinks.

The baths come with marble tile and marble vanity tops, 6′ soaking tub in some plans, Grohe faucets and designer lighting.

Building amenities include a 24 hour doorman, fitness center, bike storage room and storage lockers for residents.

Don’t forget that there are also a few Chicago condos for sale in Smithfield’s other high-rise, MoMo, now called the joffrey Tower. We’ll talk about that in the next post.

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