Monthly ArchiveNovember 2010

chicago-condos & Chicago Real Estate pcherry on 26 Nov 2010

Third Quarter Chicago Condo Sales Down

November 26, 2010 - The third quarter sales numbers for downtown Chicago condos and Chicago townhomes this year didn’t quite add up to the number of sales in the second quarter of this year. According to the data gathered by Appraisal Research Counselors and published in a Crain’s article, there were only 111 downtown units that went under contract for Q3 of 2010. There were 150 units sold in the previous quarter (Q2 of 2010). The number of downtown Chicago condos and townhomes that sold during the third quarter of 2009 was just 56 though.

ARC predicts that Chicago real estate developers should be on track to make about 600 sales by the end of this year. The article says that number is comparable to the number of downtown sales for the past couple of years.

Basically the only condos that are going under contract are ones that have seen price reductions or ones that have gone to auction. First time buyers are still the biggest segment of sales right now.

However, the article goes on to state that ARC numbers indicate that there are 3,402 unsold Chicago condos as of the end of the third quarter of 2010, which is much smaller than the 7,689 units that were unsold at the end of Q3 in 2007. Developers have learned to roll with the market and have pulled around 1,041 Chicago condos and townhomes off the market last year and yanked another 1,420 units this year. Those developments and condos either were converted to rental projects or scrapped altogether.

But even with so many units never making it to market, buyers can still find some great pricing deals on Downtown Chicago Condos right now.

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chicago-condos & Chicago Real Estate pcherry on 24 Nov 2010

Price Drop On Last 4 Units At Baer Lofts

November 24, 2010 - For buyers who are interested in traditional loft features, Baer Lofts on 1927 North Milwaukee Avenue has lowered prices on the remaining unsold units. According to a recent crain’s report, Chicago real estate developer Gabriel Chavez is hoping to sell out the project in order to pay off a $1 million balance on the $4 million construction loan he owes to Harris Bank.

A complete sell-out at Baer Lofts will only just pay off the loan and leave no profit, according to the article. Mr. Chavez stated that he has sold 12 of the 16 units at the development, with three sales closed over the past five months and a single buyer interested in purchasing a ground floor unit and the top floor penthouse.

Prices at Baer Lofts have been dropped by around 15% from the original pre-sales prices. The remaining one bedroom, one bath units that were listed from $325,000 are now priced from $275,000. And the two bedroom lofts that had been priced in the $600,000s are now listed in the $400,000s.

The price cuts may help move those last condos at Baer Lofts into the sold column, so if you’re interested you may want to act soon. And there are plenty of other Chicago Lofts to compare these units to and see which ones are the better deal.

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chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 23 Nov 2010

October Chicago Home Sales Down 36%-39%

November 23, 2010 - October 2010 sales of Chicago condos and homes took another dive, according to the latest report from the Illinois Association of Realtors. Chicago area sales dropped 35.9% in October 2010 as compared to sales in October 2009. A recent Crain’s article that detailed the IAR report stated that there were 7,286 Chicago area condos and single-family homes sold in October 2009 as compared to only 4,672 in October 2010.

The numbers weren’t any better for in-town Chicago. Last October there were 2,012 units sold in town as compared to only 1,217 this October. That translates to a 39.5% drop in sales year-over-year. This includes both new construction Chicago real estate developments and already existing Chicago homes.

For the entire year though, sales of condos and single-family homes both in-town Chicago and in the 9 county Chicago area are up 4.6% from last year.

The October 2010 median price for the Chicago area dropped 6% to $177,000 and is down about 6.1% year-over-year.

For in-town Chicago, the October 2010 median home price fell 4% to $183,000 as compared to the median price in October of 2009.

Sales and prices of Chicago homes will probably continue to decline for at least one more year, according to most real estate experts. But while the lower prices aren’t good news for sellers and developers, they are for anyone planning on making a new home purchase.

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