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Drexel Commons

Hyde Park and Kenwood are home to many new condo and loft developments that offer excellent amenities and a convenient location close to the downtown Chicago business district.

Drexel Commons is one of the newest additions to the real estate market in the area.

The development is a renovation of a courtyard building into 34 luxury condominiums.

Amenities at Drexel Commons include stainless steel appliances, washer and dryer, cherry cabinets, and granite countertops. The units also come with central air conditioning and heating.

Bathrooms come with marble countertops, Jacuzzi tubs and designer fixtures.

Units also come with private balconies, stain resistant carpeting, and oversized windows.

Drexel Commons offers condos for sale and rent. A one-bedroom and one-bath condominium can be rented for about $1,100.

A three-bedroom condo at Drexel Commons recently sold for $420,000. There are also several three-bedroom condominiums still available, with prices ranging from $330,000 to over $400,000.

Floor plans range from 1,700 to 1,800 square feet for a three-bedroom condo.

Owners are currently offering a year’s worth of mortgage payments to new buyers at Drexel Commons.

The Hyde Park and Kenwood neighborhoods are among the most sought after areas of the city. The neighborhood offers excellent condominiums and lofts for young professionals looking to live close to downtown Chicago.

There are several connections to the downtown Chicago business district via public transportation. The 47th Street Metra station connects the neighborhood with the Chicago suburbs. There are several bus lines and the El train within just a few blocks.

Residents can also enjoy several square miles of parkland within minutes of home. The Lake Michigan shoreline is a few blocks east, offering walking trails, bike paths, and excellent views of downtown.

Washington Park is also a popular park for enjoying a summer day with the family.

Drexel Commons is close to several restaurants, bars, retail shops, and convenience stores around Kenwood.

Buyers looking for a new condominium in Kenwood should be aware of the most recent changes in the real estate market for the neighborhood.

Kenwood continues to see steady growth in sales in the neighborhood, but the mortgage crisis that has affected demand across Chicago could mean a rocky future for Kenwood.

According to the Chicago Association of Realtors, a total of 61 condominiums were sold in the neighborhood during the second quarter of 2007. This is just two more than the same period last year.

The average sales price has also continued it’s steady march upwards. A condo now sells for an average of $286,653 in Kenwood, more than double the average seen in 2000.

The turnover time for condos on the market in Kenwood has been far higher than the Chicago average for several years. If you are selling your condominium in the neighborhood, it will now take an average of 166 days, 66 percent longer than the average for all of Chicago.

Kenwood has not been developed as heavily as other neighborhoods around the city such as the Near South Side and the Near North Side. This could work to keep any potential drop in condo prices to a minimum over the short term.