Madison Place - 5105 Madison Street, Skokie
Buyers looking for luxury condominiums on Chicago’s north shore should check out what’s on the market in Skokie. This pleasant suburb offers some of the best new developments in a convenient location.
One of the newest developments in the area is Madison Place, a collection of three different buildings that offer a total of 172 units located at 5105 Madison Street. Norwood Builders is the company behind this incredible opportunity in Skokie. The company has a long history of excellent luxury developments around the greater Chicago region.
Buyers can choose from one, two, and three-bedroom condominiums. Floor plans start at 978 square feet and range up to 2,010 square feet for the largest units.
Prices for condominiums at Madison Place start in the low $200s and go up to as much as $400,000. Monthly assessments will run residents between $196 to $376 per month. A two-bedroom unit is currently listed on the market for $349,000.
Amenities at Madison Place include a gourmet kitchen stocked with stainless steel appliances, granite countertops, and custom cabinets. Residents also enjoy a formal dining room, laundry room, and large balconies.
The building offers a landscaped garden area, heated indoor parking, and extra parking for guests in front.
Madison Place is conveniently located in the heart of downtown Skokie, close to expressways, public transportation and several parks. Residents also enjoy several restaurants and shopping within a few blocks of home.
Commuters will love the easy connections to downtown Chicago via I-94. Metra connections are also available to downtown Chicago and the rest of the region.
Madison Place is close to several golf courses, including the Evanston Golf Club and Chick Evans Golf Course. Residents can also enjoy a picnic in the St. Paul Woods, located just a few blocks west.
If you’re in the market for a new condo in Skokie, keep up to date with the latest news coming out of the real estate market in the neighborhood.
Skokie has seen a large decline in sales during the past two years. According to data from the Chicago Association of Realtors, a total of 48 condos were sold during the third quarter, more than 50 percent less than during the same period in 2006. It is also the lowest total for the quarter in more than 16 years.
This pronounced drop in demand in the area has led to a marked increase in the average turnover time for condos on the market. According to the C.A.R. report, the average turnover time during the third quarter stood at 139 days, more than two months longer than during the previous year.
Rising inventory numbers and a decline in demand have caused prices to drop in the neighborhood. The average sales price during the third quarter posted a 9 percent drop from the previous year, and could continue to decline if demand doesn’t pick up in the area. Now may be the time for buyers looking to take advantage of incredible deals on condos around Skokie.
